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Greater Toronto Real Estate Housing Market Update

January 2024 | Toronto Real Estate Housing Market Update

Home sales were up in January 2024 in comparison to January 2023. This annual increase came as some homebuyers started to benefit from lower borrowing costs associated with fixed-rate mortgage products.More...



Home sales were up in January 2024 in comparison to January 2023. This annual increase came as some homebuyers started to benefit from lower borrowing costs associated with fixed-rate mortgage products.

New listings were also up year-over-year but by a lesser annual rate compared to sales. The resulting tighter market conditions when compared to the same period a year earlier, potentially points toward renewed price growth as we move into the spring market.

There were 4,223 sales reported through TRREB’s MLS® System in January 2024 – an increase of more than one-third compared to January 2023. The number of new listings was also up year-over-year but by a lesser annual rate of approximately 6%.

Stronger sales growth relative to listings suggests buyers experienced tighter market conditions compared to a year ago. On a month-over-month seasonally adjusted basis, both sales and new listings were up. Sales increased more than listings which means market conditions tightened relative to December 2023.

The MLS® Home Price Index Composite in January 2024 was down by less than 1% year-over-year in January. The average selling price was down by one per cent year-over-year to $1,026,703. On a month-over-month seasonally adjusted basis, both the MLS® HPI Composite and the average selling price also trended lower.

If you or someone you know is looking to buy or sell, connect with me as I’d love to Make A Difference For You!

Read Full TRREB Market Stats Report

December 2023 | Toronto Real Estate Housing Market Update

While the overall demand for housing remained buoyed by record immigration in 2023, more of this demand was pointed at the rental market. The number of Greater Toronto Area (GTA) home sales in 2023 came in at less than 70,000 due to affordability issues brought about by high mortgage rates.More...


While the overall demand for housing remained buoyed by record immigration in 2023, more of this demand was pointed at the rental market. The number of Greater Toronto Area (GTA) home sales in 2023 came in at less than 70,000 due to affordability issues brought about by high mortgage rates.

There were 65,982 home sales reported through TRREB’s MLS® System in 2023 – a 12.1 per cent dip compared to 2022. Despite an uptick during the spring and summer, the number of new listings also declined in 2023. The trend for listings has been largely flat-to-down over the past decade, which is problematic in the face of a steadily growing population. On a seasonally adjusted monthly basis, sales increased compared to November, while new listings declined for the third straight month.

The average selling price for all home types in 2023 was $1,126,604, representing a 5.4 per cent decline compared to 2022. On a seasonally adjusted monthly basis, the average selling price edged higher, while the MLS® Home Price Index Composite edged lower.

While the housing market faces challenges with affordability, high mortgage rates, and a dip in sales, we are committed to making a difference for you. Contact me today to discuss a winning plan!

Read Full TRREB Market Stats Report

November 2023 | Toronto Real Estate Housing Market Update

High borrowing costs and uncertain economic conditions continued to weigh on Greater Toronto Area (GTA) home sales in November 2023. Sales were down on a year-over-year basis, while listings were up from last year’s trough in supply. With more choice in the market, selling prices remained basically flat year-over-year.More...


High borrowing costs and uncertain economic conditions continued to weigh on Greater Toronto Area (GTA) home sales in November 2023. Sales were down on a year-over-year basis, while listings were up from last year’s trough in supply. With more choice in the market, selling prices remained basically flat year-over-year.

There were 4,236 sales reported through TRREB’s MLS® System in November 2023 – a 6% decline compared to November 2022. Over the same period, the number of new listings was up by 16.5%. On a seasonally adjusted monthly basis, sales edged up compared to October 2023, while new listings were down by 5.5%.

The MLS® Home Price Index Composite benchmark and the average selling price, at $1,082,179, in November 2023 were basically flat in comparison to November 2022. On a seasonally adjusted monthly basis, the MLS® HPI Composite benchmark was down by 1.7%. The average selling price was down 2.2% cent month-overmonth.

Home prices have adjusted from their peak in response to higher borrowing costs. This has provided some relief for buyers, from an affordability perspective. As mortgage rates trend lower next year and the population continues to grow at a record pace, expect demand to increase relative to supply. This will eventually lead to renewed growth in home prices.

Houses and condos are meant to be homes, first and foremost. We know the demand for homes, both rental and ownership, will grow for years to come. We have seen some productive policy decisions recently that should help with housing affordability, including allowing existing insured mortgage holders to switch lenders without the stress test. 

Additionally, in the interest of household and economic stability, we continue to call on the Office of the Superintendent of Financial Institutions (OSFI) to apply the same approach to uninsured mortgages. It also goes without saying that further policy work is required to bring more supply online.

Read Full TRREB Market Stats Report

October 2023 - Toronto Real Estate Housing Market Update

Despite the high interest rates and the “nervous” predictions of how prices will be impacted, sales stats were similar to last year, both in terms of numbers and prices.More...


Despite the high interest rates and the “nervous” predictions of how prices will be impacted, sales stats were similar to last year, both in terms of numbers and prices.

Toronto area realtors sold almost 4,700 homes in October, with the average home taking just 21 days to sell. Year to date the average sale price stands at $1,136,681 down 4.7% from the start of the year, but that’s not significant as one realizes the “mix “of homes sold favours less expensive homes due to the higher cost of borrowing.

The difference that I see today versus a year ago, is that the stock of homes for sale, the inventory, is now at almost 20,000, roughly 4 months’ supply and the highest we have seen for some time. This reflects the fact that while people want to buy, high borrowing rates and fear of the unknown is keeping them on the sidelines. This 4-month’s of inventory represents a great buying opportunity for those in a position to make a move.

Predictions of a drastic drop in prices just haven’t materialized. These predictions have been circulating since the year 2,000 whenever there has been a blip in stabilizing factors such as the financial system meltdown (U.S.) in 2008, mortgage policy changes to qualifying buyers in 2016 and tight inventory.  Today’s 4 months of inventory not only allows for more choice, it reduces competition and multiple offers.

Predictions for next year are that rates will decline, immigration will increase and with it will come buyer competition and a return to bidding wars. If you can, I  recommend getting off the sidelines and move up or renovate. Give me a call, lets chat about the excellent opportunities in this market and how they affect you specifically.

If you know someone thinking of buying or selling, please help us all connect. I will do my utmost for them, even if it’s only advice. I truly appreciate your continued support in making my business successful and at the same time helping someone you care about!

Have a great rest of November.

Read Full Market Stats Report

August 2023 - Toronto Real Estate Housing Market Update

Higher borrowing costs, continued uncertainty about the economy and Bank of Canada decision making, and the constrained supply of listings resulted in fewer home sales in August 2023 compared to August 2022. The average selling price remained virtually unchanged over the same period. On a seasonally adjusted monthly basis, sales and average price edged lower.More...


Higher borrowing costs, continued uncertainty about the economy and Bank of Canada decision making, and the constrained supply of listings resulted in fewer home sales in August 2023 compared to August 2022. The average selling price remained virtually unchanged over the same period. On a seasonally adjusted monthly basis, sales and average price edged lower. 

Greater Toronto Area REALTORS® reported 5,294 sales in August 2023 – down by 5.2% compared to August 2022. New listings were up by 16.2% year-over-over, providing some relief on the supply front, but year-to-date listings are still down substantially compared to the same period last year.

Seasonally adjusted sales were down slightly by one per cent month-over-month compared to July 2023, while new listings were up slightly by 1.3% compared to July.

The MLS® Home Price Index Composite benchmark for August 2023 was up by 2.5% year-over-year. The average selling price was also up, but by less than one per cent to $1,082,496 over the same timeframe. On a monthover-month seasonally adjusted basis, the MLS® HPI Composite benchmark was virtually unchanged and the average price edged lower by 1.6%.

Read Full Market Stats Report

July 2023 - Toronto Real Estate Housing Market Update

Greater Toronto Area (GTA) home sales, new listings and home prices were up in July 2023 in comparison to July 2022. On a seasonally adjusted basis, the market experienced more balance in July compared to June, with sales trending lower while new listings were up.More...


TRREB: 2023/July GTA REAL ESTATE MARKET MORE BALANCED IN JULY TORONTO, ONTARIO,

Greater Toronto Area (GTA) home sales, new listings and home prices were up in July 2023 in comparison to July 2022. On a seasonally adjusted basis, the market experienced more balance in July compared to June, with sales trending lower while new listings were up. Home sales continued to be above last year’s levels in July, which suggests that many households have adjusted to higher borrowing costs. It does appear that the sales momentum that we experienced earlier in the spring has stalled however, since the Bank of Canada continued to raise rates.

Compounding the impact of these higher rates has been the persistent lack of listings for people to purchase compared to previous years,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron. GTA REALTORS® reported 5,250 sales through TRREB’s MLS® System in July 2023, representing a 7.8 per cent increase compared to July 2022. Over the same period, new listings were also up, but by a greater annual rate of 11.5 per cent. The MLS® Home Price Index Composite benchmark was up by 1.3 per cent year-over-year. The average selling price was also up by 4.2 per cent to $1,118,374 over the same timeframe. On a seasonally adjusted monthly basis, the number of sales trended lower for the second straight month, whereas new listings trended upward. The seasonally adjusted average selling price edged lower while the MLS® HPI Composite benchmark edged higher.

“Uncertainty surrounding the direction of borrowing costs, jobs and the overall economy has impacted home sales over the last two months. Over the long term, the demand for ownership housing will remain strong on the back of record population growth. However, many homebuyers will continue to be on the sidelines in the short term until the direction of monetary policy and the economy becomes clearer,” said TRREB Chief Market Analyst Jason Mercer.

Housing availability continues to be out of synch with public policy. The federal and provincial governments need to connect better. Targeting record levels of federal immigration for the foreseeable future while lacking provincially in housing supply is a route to frustration an even pain as will fail to meet housing needs for owners and renters. We see very little tangible progress in order to accommodate this growth. While population growth is imperative for Canada’s economic development, it will be unsustainable if people can’t find an affordable place to live. All three levels of government need to be on the same page to fix this problem,” said TRREB CEO John DiMichele.

As you can see by the above numbers there is success to be had for both Buyers and Sellers and I am here to make that happen for you or someone you care about. For straight talk that leads to the right results at the right time, connect with me and let’s see if it’s your time. Let me Make a Difference for You!!

Read Full Market Stats Report

June 2023 - Toronto Real Estate Housing Market Update

Home sales and the average selling price in the Greater Toronto Area (GTA) in June 2023 remained above last year’s levels. Seasonally adjusted sales dipped on a month-over-month basis.More...


This was the opening paragraph of my newsletter exactly 1 year ago:

“Despite the psychological impact of higher borrowing costs, the whispered fear of the “R” word and supposed experts expounding on the falling sky, 6,474 homes sold throughout the GTA. While this number was down from last year’s record-breaking levels, it shows the continued strength of the market and the consumers’ appetite for real estate.”

Sound Familiar?

We can all agree that the real estate market is in a constant state of flux. One year down and the other up. But the long term trend is always….UP! Can we also agree that the hunger and desire for home ownership is the underlying driver of this trend?

This June’s sales came in at 7,481 homes sold in the GTA on the Toronto Regional Real Estate Board. That is up 16.5% over June of 2022. Even with the continuing uncertainty surrounding the Bank of Canada’s outlook on inflation and interest rates, buyers were out and active and the average home price increased again. High demand and low listing inventory of homes available for sale continues to be the headline.

Are we heading for a perfect storm for the housing market, a storm that will continue to drive prices even higher than they have been before. Let’s review the elements of this coming storm:

1. A resilient economy that refuses to slow down despite sharp increases in borrowing costs.

2. A serious lack of homes for sale

3. Fewer homes being built as builders slow down construction due to higher borrowing costs.

4. Government red tape slowing building permit approvals.

5. Anticipated population growth of 1,500,000 new immigrants to Canada by 2025.

6. Generation Z (those born from 1995 on) representing 20% of the population and looking to get out of their parents’ homes and explore life.

And those who can’t afford to buy will be renting. Not everyone can expect to, or perhaps even want to be, owners.

As a Realtor, I am constantly asked, “How can people afford today’s prices?” Well, to be blunt, in the same way I did 45 years ago. We worked hard, saved all we could making home ownership our number 1 goal. We could not afford to buy in Toronto so bought in the suburbs, at that time Thornhill. Today those choices are more like Bradford or even Innisfil, Oshawa and others outside of the city, where prices are more affordable.

How high can prices go? Look at New York, Paris, or London to get a preview of Toronto’s future. My recommendation has not changed over the last several years. This is a great time to buy-in to the market, upgrade your home  or perhaps buy an investment property. From where I sit, it’s the best route to building for the future and enjoying life at the same time. Sure, there will be stress, but I heard it said: “No Pain….No Gain!!”

If you are considering these options remember, you have a friend in real estate! I encourage you to contact me and let me guide you to making great choices for you and your family. Let’s explore your options together! Have a great rest of the summer and remember, I am….

Your Point Man in Real Estate and I am here....

To Make A Difference For You or someone you care about!

Read Full Market Stats Report

May 2023 - Toronto Real Estate Housing Market Update

The Greater Toronto Area (GTA) housing market continued to improve from a sales perspective in May 2023. Unfortunately, the supply of homes for sale did not keep up with the demand for ownership housing. Sales as a share of new listings were up dramatically compared to a year ago. This is a clear signal that competition between buyers increased substantially compared to last year, resulting in the average selling price reaching almost $1.2 million last month.More...


The Greater Toronto Area (GTA) housing market continued to improve from a sales perspective in May 2023. Unfortunately, the supply of homes for sale did not keep up with the demand for ownership housing. Sales as a share of new listings were up dramatically compared to a year ago. This is a clear signal that competition between buyers increased substantially compared to last year, resulting in the average selling price reaching almost $1.2 million last month.

GTA REALTORS® reported 9,012 sales through TRREB’s MLS® System in May 2023 – a 24.7 per cent increase compared to May 2022. Conversely, new listings were down by 18.7 per cent over the same period. On a month-over-month seasonally adjusted basis, sales were up by 5.2 per cent compared to April 2023.

The MLS® Home Price Index (HPI) composite benchmark was down by 6.9 per cent year-over-year in May 2023, but up by 3.2 per cent on a seasonally adjusted monthly basis compared to April 2023. The average selling price, at $1,196,101, represented a small 1.2 per cent decline relative to May 2022. On a seasonally adjusted monthly basis, the average selling price was up by 3.5 per cent compared to April 2023.

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 Package

April 2023 - Toronto Real Estate Housing Market Update

The Greater Toronto Area (GTA) housing market continued to tighten in April 2023. On a year-over-year basis, sales edged lower compared to April 2022, but new listings were down by more than one-third. Fewer listings relative to sales meant there was more competition between buyers, supporting an improvement in selling prices since the beginning of this year.More...

March 2023 - Toronto Real Estate Housing Market Update

Greater Toronto Area (GTA) housing market conditions tightened in March 2023. Sales accounted for an increased share of listings in comparison to March 2022, suggesting that competition between buyers is on the rise. The average sale price was above the average list price for the first time since May 2022.More...


The Spring Market is in full bloom!

March numbers are in, and the results are flabbergasting to most observers! It seems that GTA buyers have already adjusted to the increase in borrowing costs, much quicker than imagined, and have been out purchasing.

Toronto Real Estate Board members reported the sale of 6,896 homes, 47.5 % more than February! Low priced homes lead the sales with 70.5% selling for under $1,250,000 (52.5% were under $1,000,000). Despite those facts, the average sale price for March stood at $1,108,606, a small 1.1% increase over the previous month, but a positive indication for the future.

The biggest challenge remains that of supply of homes available for sale. Unfortunately, prices will continue to increase as the competition for homes is fierce! With a limited inventory of 11,184 homes for sale and projected sales in April to be about 9,500, bidding wars for homes will continue with the resulting increase in prices.

But….. don’t be fooled when a novice or part time agent says, “a house sells itself” or “sold over asking”. It’s maximizing value that counts and that depends on the realtor they choose. The price a seller gets for their home is a function of correct pricing, the number of buyers a realtor exposes a home to and the negotiating abilities of the realtor. Let’s not forget protecting your legal interest, but that’s another story!

We are in puzzling times. Consider higher borrowing costs, anticipation of a recession… which seems slow to develop, lower prices and fewer sales than a year ago. Many people are in a quandary, they don’t know what to expect or to do. This is where I come in.

Understanding your needs and objectives is my priority. This leads to uncomplicating  the market and guiding you to make the best decisions for you and your family’s future. As a full time, professional realtor, working for a worldwide brand like RE/MAX!....you will find success. With your patience and my experience  opportunity will come knocking!

If you have any questions about the market or what the future holds for GTA real estate, give me a call, let’s talk, I am here for you or someone you care about!

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

Watch Video
Read Full Market Stats Report

February 2023 - Toronto Real Estate Housing Market Update

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.More...



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

January 2023 - Toronto Real Estate Housing Market Update

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.More...


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

Watch Video
Read Full Market Stats Report

December 2022 - Toronto Real Estate Housing Market Update

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.More...


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

November 2022 - Toronto Real Estate Housing Market Update

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.More...

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