Wednesday, May 18, 2022 / by Sushma Khinvasara
The Toronto housing market has seen a sharp decline in sales as interest rates climb. Home sales dropped by 41.2% from last year and 26.2% from previous month. The same is true to the condo market with a 15.6% decline in sales year-over-year. These numbers give a very clear sign that the Toronto market is indeed cooling down with the mortgage rates at highest since 2020. The central bank has lifted the interest rate from 0.25% to 1% and expected to rise to 1.5% by June 1.
More properties sitting on the market
With prospective buyers putting a hold on homebuying, a lot of properties are now just left sitting on the market with some listed for more than 20 days. This is a sharp contrast to what it was like months ago when buyers were up to their necks to secure bookings to visit condos and other properties on the market. Now, viewing appointments has declined as demand in the market slowed down.
We have also seen a 12% drop in listings as properties newly listed decreased from 2m ...
Wednesday, May 11, 2022 / by Sushma Khinvasara
Photo by BAB2056
Mind Your Mom
Just about every May I sit down to write Homeward Bound; I write about Mom's Day. And why not- it is a very special day for very special people.
My Mom used to tell me, seemingly repeatedly, to do this and do that, not to do this and not to do that. ALL, I recall, very valuable advice. Looking back on it all these many years later, I can say she was, and still is, a very wise woman.
Time reveals, in fact, just about every caring Mother is a Wise Woman. I can see why we carve out a special day each year to acknowledge Moms. So here is a shout out to all Moms - Happy Mother's Day!!
For ALL those whose Mom is no longer with us, may you remember the best about them. In addition to that, there are also many who never knew their Mom due to unfortunate circumstance. I bet someone played that roll in their life and they too deserve a Happy Mother's Day!
Regardless, we can celebrate this Mother's Day knowing Moms both here and no longer here are ...
Wednesday, April 13, 2022 / by Sushma Khinvasara
Prices for single family homes in Toronto has slightly dropped from February with average selling price at $1,286,136. However, it still up by 18.5% year over year from last year's $1,097,351. This latest data suggests that this could be the start of a shift in the housing market that has seen steep increase in prices due to historically low interest rates and desire for more space. That is not the case now, where we can notice a cooling down in the market with buyers being more cautious unlike the previous heat in the market as spring approaches. Whether single family home prices continue to decline for the rest of the year remains to be seen. What we know for sure is that condo prices are still going up.
Hiking interest rates
The shift in the market comes right after the interest rate increases that the Bank of Canada has initiated to combat the rising inflation. Last month, interest rate rose by 25 basis points and likely more will come to bring the inflation down from record-m ...
Wednesday, April 6, 2022 / by Sushma Khinvasara
Photo by Bich Tran
Give Me 30 Seconds and We'll Save a Kid's Life Together
Welcome to the month of April. By the time you are reading this, you will be deep into it. That means I can't play any April Fool jokes on you. Never been a fan of those anyway.
Another BIG deal in April is TAX day! Yep! Deadlines for filing those personal income tax returns. I don't think most people mind paying taxes as long as they are being put to good use. I think it's the waste that bothers most us citizens.
Both days I mention above are for sure conversation starters, one full of funny stories, the other maybe not so much, but there are few days more memorable than the day you buy your dream home. That day is supposed to be fun, exciting and great feeling of accomplishment.
Therefore, we offer guarantees and assurances to our clients. We call this Our Risk Removal System. Like our Guaranteed Sale Program: Your Home Sold at a Price Agreeable to You or We'll Buy It*. And our VIP Buyer Satisfact ...
Wednesday, March 30, 2022 / by Sushma Khinvasara
What can we expect from the housing market for the rest of 2022? The first two months of this year have seen some record-breaking prices in the Greater Toronto Area. People are now starting to move back to live closer to their work. Let’s take a look now at what’s currently happening in the market and how it would look like for the rest of the year.
Price to increase by 12%
According to The Toronto Regional Real Estate Board (TRREB), home prices could go up by 12% this year. The average selling price for all home types is expected to reach $1,225,000 within this year. In a year-over-year basis, single-detached homes have seen the greatest price increase with last month's $1,797,203 compared to $1,371,791 of February 2021. It is then followed by townhouses that reached $1,121,641 from $858,025 while condo prices increased to $799,966 from $642,346 the previous year. Clearly, it is a strong seller’s market and will likely remain so unless supply and demand strike m ...