February sales were down from the pre-rate hike levels of early 2022 in addition to the number of new listings also dropping year-over-year.  The average selling price and MLS® HPI continued to level off after trending lower through the spring and summer of last year.

4,783 sales were reported through TRREB’s MLS® System, down 47% compared to February 2022, the last full month before the onset of interest rate hikes. 

The number of new listings entered into the system was down by a similar annual rate of 40.9% to 8,367. The average selling price was $1,095,617 – down 17.9% compared to February 2022. 

Some of this decline is attributable to the fact that the share of sales below $1,000,000 was 57% in February 2023 versus only 38% a year earlier. On a monthly basis, the average price followed the regular seasonal trend, increasing relative to January 2023. 

The MLS® Home Price Index (HPI) Composite Benchmark was down year-over-year by a similar annual rate of 17.7%, but was also up on a monthly basis.

Sam Chaim⁠ - Your Point Man in Real Estate
Making A Difference For You
Re/Max Realtron⁠
416-543-7252⁠
sam@samchaim.com⁠

Read Full Market Stats Report

No great surprises in January as the Toronto Real Estate Board reported 3,100 homes sold out of 9,299 homes available for sale. Throughout the GTA, homes on average sold in 29 days provided they were priced within 5% of realistic value. As volumes decrease averages become a poor determinant of values. Therefore diving into your home area’s values becomes more critical. And that is where I can help. Let me do a realistic valuation and guide to the best strategy as a Seller or a Buyer.

Consider the following: prices have fallen from their high and have for now leveled off a true buying signal. Will they fall further? Possibly. But with the shortage of available homes and immigration ramping up, how likely do you think that is? Supply and demand still determine the market. Interest rates appear to have peaked so if you need financing consider a shorter-term mortgage to start and adjust to a lower rate in a year or 2. Another option is to ask a Seller to take back a mortgage. With rates up, that becomes attractive for the Seller, and you can possibly bridge your financing needs.

There are great opportunities in this market if you can get past your fears. Because It’s a great time to buy an investment property, to upgrade your home or trade in your condominium for that white picket fence in suburbia. Two such opportunities are on this page (see below).  And for Sellers, keep things in perspective. The fall from last year's highs is not your losses. We are still well ahead of pre-pandemic values.

There is never an obligation when you contact me with questions or to “pick my brain”. I am here to guide you, or someone you know, through the process and find it very gratifying to be helpful with good decision-making. So let me Make A Difference For You or someone you care about and get you to your next step.

Sam Chaim⁠ - Your Point Man in Real Estate
Making A Difference For You
Re/Max Realtron⁠
416-543-7252⁠
sam@samchaim.com⁠

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Read Full Market Stats Report

Read Full Market Stats Report

We are heading into the holiday slow down and that gives me pause to reflect on the many blessings that have come my way. I am blessed and grateful to be in a loving family, to live in a wonderful city and country, to have the freedom others just dream about, to be generally healthy and financially comfortable. I am also grateful for our friendships and business relationships and your support of what I do over the years. Whether that be as little as agreeing to receive my emails or as much as using me as your agent and most referred realtor, it all counts and I thank you for it. Whatever your plans, enjoy the next few weeks!!

Unlike Rudolph, my real estate nose is still working well, masked or not and so here's the latest news and my thoughts:

If the real estate market we are in is different, can we expect the values to be the same as they once were? I think not, but that doesn’t mean to say it’s bad news. 

Consider that Toronto real estate board members sold 4544 homes in November. As of November 30, the average price of a home sold is $1,242,793 compared to January 1, 2022, where the average price was $1,079,395. For perspective, pre-pandemic at the end of November 2019, the average price was $843,637. In a “normal” market based on past years we would expect about 6,000 homes to be sold, so while we are down from that number it’s still a pretty good month considering the multiple increases in borrowing rates. The number of available homes for sale remains very low at just under 12,000, a tight market. This helps to supports the pricing levels we see today.

Premier Ford’s recent statement that 3,000,000 new immigrants are expected into Ontario over the next 10 years, highlights the value proposition for home ownership. Homes in the GTA can only go up Long-term. Despite the government’s announced plans to increase housing supply through the “More Homes Built Faster Act”, I am not overly optimistic that the good intentions will soon result in a supply increase. The bureaucracy and red tape of governing bodies in Ontario cause change to be a slow and somewhat painful process.  Expect home prices in the GTA to reverse course and rise in the new year, although slowly. Caveat to that is…. provided the economy and unemployment remain positive.

Notwithstanding the challenging times the 4544 sales in November and the expected 4,000 home sales in December underscore the fact that people can still qualify under the higher mortgage rates and are taking advantage of the reduced competition to buy a home.

If you qualify to buy, this is the time to step up because of the lower prices than 1 year ago. Consider that a home last year at $1,7million with lower borrowing costs will carry for virtually the same as a home today bought for $1,5. We are at, or very near, the peak of interest rate hikes and expect rates to decline over the next 24 months. So, If you need financing, consider a variable rate mortgage so that you can lock in down the road when rates are lower. At the same time, in the GTA, in my humble opinion, expect prices to rise due to demand. Whether buying that bigger property or purchasing an investment property, now is an opportune time to explore those options.

It’s at times like these having a friend in real estate really pays off! And I am here for you. Talk is free but never cheap, so give me a call to talk about how 2023 can be a better year for you and your family through real estate.

All the best over the holidays season. Wishing you and your family good health and happiness in 2023.

Sam Chaim⁠
Re/Max Realtron⁠
416-543-7252⁠
sam@samchaim.com⁠

Read Full Market Stats Report

We are heading into the holiday slow down and that gives me pause to reflect on the many blessings that have come my way. I am blessed and grateful to be in a loving family, to live in a wonderful city and country, to have the freedom others just dream about, to be generally healthy and financially comfortable. I am also grateful for our friendships and business relationships and your support of what I do over the years. Whether that be as little as agreeing to receive my emails or as much as using me as your agent and most referred realtor, it all counts and I thank you for it. Whatever your plans, enjoy the next few weeks!!

If the real estate market we are in is different, can we expect the values to be the same as they once were? Well, unlike Rudolph, my real estate nose is still working well, masked or not and so here's the latest news and my thoughts.

I think not, but that doesn’t mean to say it’s bad news. Consider that Toronto real estate board members sold 4544 homes in November. As of November 30, the average price of a home sold is $1,242,793 compared to January 1, 2022, where the average price was $1,079,395. For perspective, pre-pandemic at the end of November 2019, the average price was $843,637. In a “normal” market based on past years we would expect about 6,000 homes to be sold, so while we are down from that number it’s still a pretty good month considering the multiple increases in borrowing rates. The number of available homes for sale remains very low at just under 12,000, a tight market. This helps to supports the pricing levels we see today.

Premier Ford’s recent statement that 3,000,000 new immigrants are expected into Ontario over the next 10 years, highlights the value proposition for home ownership. Homes in the GTA can only go up Long-term. Despite the government’s announced plans to increase housing supply through the “More Homes Built Faster Act”, I am not overly optimistic that the good intentions will soon result in a supply increase. The bureaucracy and red tape of governing bodies in Ontario cause change to be a slow and somewhat painful process. Expect home prices in the GTA to reverse course and rise in the new year, although slowly. Caveat to that is…. provided the economy and unemployment remain positive.

Notwithstanding the challenging times the 4544 sales in November and the expected 4,000 home sales in December underscore the fact that people can still qualify under the higher mortgage rates and are taking advantage of the reduced competition to buy a home.

If you qualify to buy, this is the time to step up because of the lower prices than 1 year ago. Consider that a home last year at $1,7million with lower borrowing costs will carry for virtually the same as a home today bought for $1,5. We are at, or very near, the peak of interest rate hikes and expect rates to decline over the next 24 months. So, If you need financing, consider a variable rate mortgage so that you can lock in down the road when rates are lower. At the same time, in the GTA, in my humble opinion, expect prices to rise due to demand. Whether buying that bigger property or purchasing an investment property, now is an opportune time to explore those options.

It’s at times like these having a friend in real estate really pays off! And I am here for you. Talk is free but never cheap, so give me a call to talk about how 2023 can be a better year for you and your family through real estate.

All the best over the holidays season. Wishing you and your family good health and happiness in 2023.

To A Good Life

Contact me with questions as to how this impacts your buying or selling decisions!⁠

Sam Chaim⁠ - Making A Difference For You!⁠
Re/Max Realtron⁠
416-543-7252⁠
sam@samchaim.com⁠

Read Full Market Stats Report

Despite another rate hike from the Bank of Canada, activity remained similar to last month with 4,961 sales taking place, and homes available for sale staying around the 13,000 mark. This low number of available homes helped keep the average price stable, more or less flat for the last three months.

Note: This is still 9.9% higher than the end of 2021.

The Bank of Canada’s most recent messaging suggests they are reaching the end of their tightening strategy and bond yields dipped. As a result, fixed mortgage rates may trend lower moving forward which would help affordability and thus sales.

While this seems like good news, I must admit, it makes me nervous. There are so few homes for sale, any kind of small uptick in demand could lead to a repeat of rapid price increases as we have experienced earlier this year. Despite the economic uncertainty, the inventory shortage coupled with continuing strong demand for housing could cause a quick rebound to a hot market.

This is a complicated and somewhat unpredictable real estate market. Yet, it is an ideal time for those looking to benefit as up-sizers or investors

While everyone’s circumstances, wants and needs differ, for most, sitting on the sidelines and waiting is a mistake. If you’re not sure, or if you know of someone who needs to talk about their situation, please give me a call, I’ll be happy to consult objectively! Let’s assess together when the right time is to move forward. My role is not to make a sale, it’s to address any real estate uncertainty you may have and propose your next steps. That may result in a recommendation of “do nothing”.

Regardless of your needs, it's important that you work with a strong, experienced realtor and a worldwide brand that can help you navigate and make great decisions in this market. Take advantage of my combined experience of 17 years in real-estate and 4 decades as a business owner. Give me a call and let’s talk because after all, I am Your Point Man in Real Estate and I am here to Make a Difference For You!

Sam Chaim⁠
Re/Max Realtron⁠
416-543-7252⁠
sam@samchaim.com⁠

Read Full Market Stats Report

Borrowing rates are up and so are sales prices while volume is down. Are you surprised? The recent trend continues as 5,038 homes sold in September, down from last year’s record levels. The average sale price also is up 10.7% since the start of the year to $1,212,963. It’s confusing, isn’t it? Prices are supposed to be down but yet are up. This disconnect is because prices increased 28% in February and March this year. Prices are averaging down slowly from those highs, as we expect to end 2022 with a 6-8% price increase over 2021.

This also explains why despite the negative news and borrowing rate increase the market continues to move forward. Some got lucky a few months ago and sold near the peak but in most of those cases, they also bought at that same peak. Trade-up buyers are seeing this as an opportunity to upgrade before prices make their next charge forward, and they will. Increases of 12-15% in rental rates combined with prices being off their peak have attracted investors back into the market.

Bottom line, Toronto and the GTAA is not likely to suffer any sustained value retraction. Living in and near Toronto there are always people on the move because of personal circumstances and of course immigration bolsters demand on top of that. The area governments are so far behind in creating a path to easing demand it will still take years to change the dynamics.

You’ll pardon me for beating the same drum again and again but there is a continuing shortage of available homes for sale for trade up buyers while downsizers are staying home longer. Therefore, the future of home valuations in the GTA remains extremely positive if we stay focussed on the long term.

Let’s talk because you have a friend in the business who cares!

Sam Chaim⁠ - Making A Difference For You!
Re/Max Realtron⁠
416-543-7252⁠
sam@samchaim.com⁠