Real Estate Blog

When Parents Are Involved in Your Real Estate Transaction

Thu, 26 Feb 2026 13:58:21 GMT

Leo Tolstoy once wrote, “All happy families are alike; each unhappy family is unhappy in its own way.”

One of the easiest ways to create an unhappy family? Ask for advice from your parents just before you make an offer on a home.

Buying a property is a big decision, financially and emotionally. It’s only natural to want advice from someone you trust with past experience. Often, that means parents - especially if they’re helping with the down payment.

Parents are protective by nature. That doesn’t stop when their children become adults. They have the life experience and want to make sure you’re making the right decision.

The problem isn’t asking for advice. The problem is asking for it at the very end, when they haven’t been through the experience you have as you go through the process of buying a home in today’s market.

The problem arises if parents only see the final property - the one you’re ready to make an offer on. If they haven’t experienced the weeks of showings and ridden the ups and downs of properties that didn’t work, or didn’t see the properties that were overpriced, poorly laid out, or unrealistic and they haven’t experienced the trade-offs that led you to this decision, they won’t quite understand the work you’ve put into finding “the one”.

Without that information, it’s easy for questions to surface:

Have you seen enough places?

Is this really the right one?

Should you keep looking?

Those questions are reasonable - but they’re much harder to answer at the eleventh hour.

If you’re going to involve your parents, involve them early. They don’t need to know every detail of your pre-approval or monthly budget, but they should understand what’s happening in the market. Bring them to showings when possible. Loop them in on listings. Keep communication open throughout the process.

When they’ve been part of the journey, they’re far less likely to derail it at the end. They may very well have good reason to “derail it” based on how they know you and your needs but without seeing all you’ve seen, they won’t understand how you’ve come to the moment to make the big decision.

I learned early on in my career to identify who the real decision-maker is. If a parent is going to influence the purchase, there is absolutely nothing wrong with that BUT they need to be part of the conversation from the beginning so they understand the market and stay as informed as you are as listings come in.

Buying a home is stressful enough. Keeping everyone informed early makes everything smoother later.

February's Newsletter: Why the Toronto Market Feels Slow - and Why That’s Not a Bad Thing + Toronto Sketch Comedy Festival & TO's Best Vegan Restos

Fri, 20 Feb 2026 14:20:47 GMT

Alrighty! We’re deep enough into winter that we might as well lean into it - there's no point in grumbling about shovelling and iced-over sidewalks at this stage... And if you’re going to brave the cold, you might as well do it with laughter!

First up: The Toronto Sketch Comedy Festival is taking over the city next month, bringing us live comedy shows, big laughs, and late-night energy. And if you’re spending a little more time indoors these days, this fun look at kitschy décor ideas is a nice reminder that your home can have personality, not just neutral walls.

Sometimes the best market news is when nothing dramatic happens. The Bank of Canada held the key interest rate at 2.25% as expected, and January looked like a typical start of year market with quieter sales, softer prices, and no real surprises.

Click here for the complete newsletter

Why the Toronto Market Feels Slow - and Why That’s Not a Bad Thing

Tue, 20 Jan 2026 13:37:16 GMT

Sales numbers released by TRREB for December revealed no surprises - it was a typical December market. With the exception of detached homes (sales were up by 10% compared to last December), both average prices and number of sales were down, year-over-year.

On average, it’s taking 65 days for a listed property to sell. As a comparison, in December 2021, it took an average of 19 days for a property to sell. Buyers know there is no sense of urgency to make a decision.

Another number to look at is the percentage of list price that’s being paid. In December, it was 97%. This tells us two things: Properties, in general, are being priced close to market value, and there is some room to negotiate. In a hot market, that number goes over 100%, when many properties are purposely underpriced and receive multiple offers.

What will 2026 bring?

There are many factors affecting the market. The uncertainty of what’s happening south of the border, not to mention internationally, has an impact on how confident people feel about making a big purchase.

Right now, the key rate is 2.25%, and based on information from the big banks, rates.ca is predicting that the Bank of Canada is going to keep the key rate steady for the next six months. If this happens, confidence in the market will improve and we’ll see more buyers coming out of the woodwork.

My prediction for the next six months is that we won’t see any dramatic changes. Condo sales will remain sluggish, especially smaller one-bedroom units. Prices will only drop where owners can’t afford to wait. As for the single famil home market, I feel we will continue to see some stability there.

Increasing inflation also has an impact on buyers. Even if people have the down payment, a higher cost of living impacts their monthly budget, so even with lower interest rates and softening prices, the carrying cost may feel like a stretch when you factor in everything else.

Bottom line:

We won’t see a huge difference in the first half of 2026 because the market doesn’t generally turn around that quickly. Inventory levels will remain high. Many properties that didn’t sell in late 2025 will be re-listed, and there will be other sellers who want to take advantage of the spring market. Buyers should be prepared to hold on to a property for the long-term before they see any significant profit. But ultimately, home ownership is about how you want to live and what kind of space makes sense for you.

If you’re trying to make sense of the current market - whether as a buyer or a seller - I’m happy to talk through your options and give you a realistic view of what makes sense right now.

December's Newsletter: Is Toronto's Market Broken... or Just Scared? Plus, TO's Best Indian Restaurants - Holiday at The Well - 7 Canadian Wines To Bring To Your Next Dinner Party

Thu, 11 Dec 2025 15:07:03 GMT

December always feels like Toronto is in “full-festive mode” - shorter days, twinkling lights, and calendars filling up. Between client get-togethers, office celebrations, and family dinners, it is a month built around connection.

Holiday at The Well is a great excuse to get out, enjoy the city, and soak up a bit of holiday atmosphere. You will also find a few ideas for standout Canadian wines to bring to dinner parties or gift to your favourite host.

As expected, the Bank of Canada held the prime rate steady, signalling a continued wait-and-see approach as we head into the new year. This is unlikely to affect December’s sales, but it may help shape buyer confidence heading into the spring market.

Click here for the complete newsletter

Is Toronto’s Market Broken… or Just Scared? What 2026 Is Really Going to Look Like

Tue, 09 Dec 2025 17:04:51 GMT

It’s hard these days to talk about the market without sounding a bit negative; that’s especially true right now. Not only are we experiencing a multi-year slowdown in the market, it’s compounded by the traditional December downturn. I feel as though the winter slowdown started even earlier this year – I noticed fewer and fewer listings hitting the market, beginning in November.

Last month, I predicted that the housing market is going to be quiet throughout 2026 and, regardless of what happens with interest rates, I think that still holds true. The Bank of Canada is releasing the last rate announcement of the year on December 10, but whether it holds the prime rate steady as predicted, or surprises us with a .25% rate cut, it’s not going to move the needle.

As for interest rates in 2026, each of the big banks is predicting different things, but recent history has shown that it won’t be interest rate reductions that start to get the market moving again.

So what will it take? I think it’s going to happen when the global economy feels more stable. When the threat of tariffs has settled, the potential renegotiation of the United States–Mexico–Canada Agreement (USMCA) happens and we’re not at the whim of the leader of the US, people will feel more confident. It’s hard to commit to a long-term investment when the cost of living continues to rise and there is less job security.

With prices continuing to soften, people are hesitant to make a long-term investment if they think the market will continue to go down. It’s less about the numbers than about the outlook. People are confused, don’t feel confident, and life is expensive.

Of course, there are always outliers in the market, though. There’s been a lot of chatter about the sale of a home on Shaw Street in November, which sold for over $400,000 over asking!! We can surmise two things from this sale. One is that the home was way underpriced to generate interest. Two, because there were 28 offers for the house, consumers do have money to spend.

The bottom line is, in any market, people are going to need to buy and sell. While it’s true that sales numbers are far lower than average, over 1,900 properties changed hands in November. We’ve become conditioned to think of homes in Toronto as an investment rather than a place to live. I think that properties are still strong investments, but we’re not going to see the rapid growth we saw a few years ago. Even if prices continue to drop, it’s impossible to time the bottom of the market and it should be more about how you want to live than whether you can make a quick buck.

For people who are looking for something super specific, like a particular unit in a particular building, if it comes up, you should jump on it. But if you’re not that specific, wait. In the spring there will be even more listings, so your selection will be greater then as will your negotiating power.

If you have any questions about the Toronto real estate market or are curious about what is happening in your neighbourhood, please get in touch!

The Shocking Truth About Toronto’s 1-Bedroom Condo Market

Tue, 18 Nov 2025 21:32:25 GMT

This is a difficult blog to post. It’s going to sound a bit negative and might not make a lot of people happy but it’s the reality of today’s condo market sentiment....

For many years, a one-bedroom condo was a great way of taking your first step on the property ladder. Although you were, maybe, only buying a compact 600 square foot (or smaller!) condo, it was a start. From the early naughts on to about 2022, history told you properties values were only going to increase. You could even buy a condo pre-construction and it would be worth more by the time it was finished. This was a tried and true, good strategy – until everything changed.

Post pandemic, the prime rate increased, mortgage rates followed suit and all of a sudden, the carrying costs of owning a smaller property out weighed the benefit; even more so as the prices started to soften.

Traditionally, not many consumers buy a one-bedroom condo and stay there for life. It sometimes home for a while and sometimes bought as an investment to live in first and then rent it out. Oftentimes, they partner up, start a family, and inevitably, want more space. Regardless of their situation, the plan is to sell the unit and use the profit to help buy something bigger.

Since 2022, prices have been softening and rents are too. Some feel it’s hard to justify the purchase of a small condo that you’re only going to be in for a few years and run the risk that prices will continue to soften. In addition, with mortgage rates higher than they were, the monthly cost of carrying that condo is higher so many feel they would prefer to rent, at a lower cost than what it would cost to carry a purchase, until they feel more stability in the market.

This new reality also applies to the investor market. Ideally, any investor’s goal is to at least breaking even month to month. If you were losing a little, you knew the value was going up. For some it’s becoming harder to stomach holding onto an investment property that is losing money month after month, regardless, rightly or wrongly, of the tax write-off benefits. Because of this, some/many investors have been trying to sell their suites and this has resulted in a substantial increase of 1 bedroom condos on the market (over 1200 right now, not including studios). With an increase of listings for sale, many investors who find it difficult to sell with the increased competition, have turned to renting again. This now has increased rental listings which in turn has started to soften the rental market.

What will the future bring?

I suspect that prices aren’t going to return to the peak of 2022 for at least five and, quite honestly, maybe closer to ten years. With any large investment, the mindset of a buyer should always be to hold on for 5-10 years, even in good times.

Is now a good time to buy or should I continue to rent?

Obviously, there are considerations other than financial when it comes to buying a condo. For one thing, stability. When you own your own condo, there won’t be any surprise rent increases (maintenance fees will go up every year, and if you have a variable mortgage, that will fluctuate). There’s also no chance you’ll be evicted because the owner wants to live there. There’s also the idea of being able to make the place your own… that brings comfort to many.

The opportunities are there for buyers with cash and/or sizeable down payments. If you’re looking to live in a space for a number of years, this could be an excellent time to jump into the market. There are definitely deals to be had. If you can get it at a good price now, even if the market continues to soften, the market will have to climb less for you to be assured you’ll get your equity out if ever it comes time for you to sell.

Why would I sell in today’s market?

Some people have to sell. Some don’t have to but really want to and they’re having to make some tough decisions. There are those that need more space and can’t buy another property without selling. There are those who put down the minimum amount on a purchase at the peak of the market and are now renewing their mortgages and are feeling the pinch. Some are looking at the reality of selling for less than they paid, and sometimes they may not even be able to sell it even for what they’ve mortgaged it for.

But if selling at a loss means getting on with a new life experience, then you do what you have to do.

The challenge is preparing today’s sellers for this reality. The type of conversations I’m having with sellers right now is setting expectations. Chances are they will be insulted, disappointed, surprised, and offended at how low someone’s coming in with an offer. Right now, an offer is an offer, and you work with what you get.

If there are a couple of similar units in your building for sale, you want to be the first one to sell, because current buyer sentiment is to get a property at a lower price than the last sale. As a seller, you want to set the precedent in a down market so you don’t sell for less than the last sale.

Moving into 2026, I think there will still be more play with prices and availability. I don’t think anybody will miss out by waiting, but I don’t think you’ll regret by buying now either as long as you understand the risks in whatever market you’re buying into. The market will come back but it depends on your timelines and your expectations.

If you want to have a conversation about your situation or are curious about how much your home is worth, please get in touch!

October's Newsletter: Fall Market: Less FOMO; More Thoughtful & My Latest Listings (plus the best lobster rolls in TO + vintage bedroom tips)

Thu, 09 Oct 2025 13:30:59 GMT

Fall is in full swing, and with Thanksgiving around the corner, it’s the perfect time to enjoy delicious local eats and fun events in the city.

The September housing market numbers are in and it looks like the fall market has started off slower than usual. We'll have to wait and see if the recent Bank of Canada rate reduction spurs buyers to make a move. Although it's possible that prices will go lower, there are no guarantees, and with the amount of inventory on the market, now is a good time to find your dream home!

And speaking of finding your dream home, scroll down to check out my latest listings, including a serene townhome in the heart of downtown, a one bedroom + den condo on the waterfront, a trendy loft on King West, and a newly renovated condo in Radio City!

Click here for the full newsletter

A Brighter Fall Market: Why Timing Still Matters for Sellers

Wed, 08 Oct 2025 13:25:11 GMT

These days I am happy to see a bright spot in Toronto’s real estate market news.

Home sales in September 2025 were up by 13% compared to the same month in 2024, which is the good news. But (and you know there’s always a but), sales in 2024 were exceptionally sluggish due to a higher interest rate climate and consumer confidence riding lower than current levels.

The other qualification to keep in mind is that the number of sales is still historically low. Last month, 2,063 properties sold. Compared to September 2021 where TRREB recorded 3,377, sales were down 39% from the high’s of 2021!

Now, just because there are sales doesn’t mean the market trajectory is going up. It means to me that people are taking advantage of a down market as opposed to thinking they have to get in on a hot market.

This time last year, people were sitting on the fence thinking that the sky was falling and it wasn’t the right time to move. Now I’m detecting a shift in mindset. There’s definitely money out there that people are itching to spend, but they want to spend it wisely. They're taking time to make decisions and there’s so much more inventory out there, they can. It feels more stable now, less of a guessing game and more strategic.

In a hot market, people make a purchase in the fear that they’ll be priced out of the market; classic FOMO. In a down market, buyers are now confident that they’re not overpaying, despite the fact that prices continue to soften in some sectors.

If you’re looking to sell a property this fall, there are two reasons to list it sooner rather than later:

1. It’s better to lead the market than chase it. Should prices soften, each new buyer expects to pay less than the one before — so waiting can mean selling for less.

2. People used to list in November and sell within a week, but considering the length of time it’s taking to sell, listing in November could be a little late in the game. Historically, we see lower average prices in December, January, and February.

My prediction? I think we’ll continue to see an increase in the number of sales. Last October, there was a bump in sales (almost 2,500 properties sold in Toronto) so whether we beat that is hard to say. I also think we’ll continue to see price softening across the board, but not significantly.

The big banks are predicting another rate cut before the end of the year (there are two more announcements, with the next one being October 29). Keep in mind this affects variable rates, not fixed ones.

Overall, it’s a more balanced market - one where patience and strategy matter more than panic or hype. If you’re thinking about selling, now’s the time to position your property ahead of the next wave of listings and before prices dip further.

Ready to talk strategy? Let’s discuss the best timing and approach for your sale - reach out anytime to start the conversation.

Numbers Down, Listings Up: What’s Really Happening in Toronto Real Estate

Fri, 26 Sep 2025 20:19:55 GMT

Market Snapshot:

The numbers are in for the Toronto housing market and to nobody’s surprise, fewer properties sold than last August and the average price for all housing types were also down. As a rule, August is almost always one of the slowest months of the year so this isn’t groundbreaking news. I was hoping that there might be a turnaround in September, but unfortunately, much of the market is still feeling sluggish.

Echoes of the late ‘80s??

I don’t think we’re anywhere close to that yet but, depending on the housing type, it might feel that way to some. Way back then, there was an overall malaise to the market in general. Interest rates hovered at about 10% (unfathomable now!) and inventory levels were very high. The average days on market soared and nothing was selling, so sellers were dropping their prices like a rock. We’re not there in our overall market, but the sense of uncertainty and the wait and see attitude from buyers is familiar, especially in the condo market.

Why is this happening?

The media has been reporting a slight increase in mortgage defaults, but I believe (and this is backed by CTV) that some are secondary and investment properties. I imagine that investors are the ones defaulting because it’s difficult to rent an investment property where the rent covers today’s rates and price points, and they are having trouble selling their units because there’s so much inventory. People that live in their homes have a higher incentive to keep paying their mortgage as best they can. Investors are more likely to walk away and take the loss if pushed to that point.

Everyday expenses - groceries, utilities, gas - are eating into budgets. Even if people qualify for a mortgage, many feel stretched and hesitant to take on more debt.

When the news is full of economic warnings, international conflicts, and shifting government policies, it’s no wonder people hit pause. Big moves feel risky when the future is so unpredictable.

Rate cuts aren’t enough

With the recent Bank of Canada rate decrease, interest rates are at the lowest they’ve been in three years. However, I don’t see anything on the horizon that’s going to change buyer sentiment any time soon unless we get back down the interest rates we had during the pandemic, and I don’t foresee that happening.

In addition to that, even if the prime rate decreases, the big banks aren’t adjusting their fixed mortgage rates so there really isn’t much of a savings being felt. Lowering the prime rate really only benefits those with variable mortgages or lines of credit.

Short-term outlook

My prediction is that the market will remain stagnant for a while. Investors who can’t sell are renting out their units for less as the rental market becomes flooded, which means it’s a good time to be a renter… and with the continued sense of market unpredictability, some may feel that renting is a safer bet for their situation at this time.

My advice for sellers

Sellers will continue to face increased competition. In an up-market, every sale sets a new precedent at a higher price. In today’s market, precedents are still being set - but in the opposite direction.

If there are multiple listings on your street or in your building, your goal should be to sell first out of all of them. That requires standing out, both in presentation and in price. An attractive price often means going lower than you’d like, but that’s the reality we’re facing. You can list at any number you choose, but pricing too high only guarantees your property will be overlooked while someone else sets the benchmark.

My advice for buyers

The leverage you have as a buyer right now is fantastic, regardless of whether a seller is willing to accept an offer, they’re willing to negotiate. You may end up paying a little more now than if you hold off and buy in a year, but if you’re secure in your finances and living in a space that no longer suits your needs and moving into a different space would mean a better quality of life, it’s something to strongly consider.

My prediction for the September numbers?

We will see a huge uptick in the number of new listings. There are over 11,900 listings currently available. I don’t think we’ll see a significant number of sales. Of course there will be sales but prices overall will also/probably continue to slowly soften.

The bottom line

Waiting and watching can cost you - or it can set you up for the right move. If you’re unsure which way to lean, reach out today and we’ll walk through your options together.

August's Newsletter: Why Smart Buyers are Making Their Move Now - The CNE Is Back - Toronto's Best Italian Restaurants

Wed, 13 Aug 2025 15:35:14 GMT

Can you believe it’s already August? Summer always seems to fly by, but there’s still plenty of time to soak it up. Whether you're catching some patio sunshine, sneaking away for a weekend escape, or just enjoying a slower pace, August is all about taking a breath and enjoying the little things.

In this issue, you’ll find a few ways to make the most of what’s left of summer - from spots where you can escape the city buzz to where to find the best Italian food in town.

Before we look ahead, here’s a quick glance back at July's real estate stats: sales were actually up compared to July 2024, though prices have continued to soften. That being said, sellers continue to list their properties giving buyers more options to choose from. Considering the Bank of Canada continues to hold interest rates steady, the hope is that with this stability, it might just help move a few more buyers into action and sales numbers will continue to grow.

Click here for the complete newsletter

Why Smart Buyers are Making Their Move Now (and What Sellers Need to Know)

Mon, 11 Aug 2025 14:11:40 GMT

In July 2024, interest rates were still high and that was reflected in the number of sales. Now that rates are lower, it’s not a surprise that sales were up this July (not by much, but it’s an improvement!)

Why? People are seeing more stability in the market and are beginning to see the value again. There is a ton of inventory (over 11,700 properties are currently on the market), which means that power has swung back into buyers’ hands, and they’re able to negotiate. Yes, there are still multiple offers in the key neighbourhoods for the perfect house but for the most part prices have softened.

While the Bank of Canada may hold rates steady for the next little while - with a potential cut later this year - smart buyers are moving forward now.

If you're both buying and selling, it's better to sell first in this market. That way, you're in a stronger position to negotiate on a new home and, once your home is sold, you can focus on finding the right place without all the what-ifs. Buyers sometimes worry there won’t be anything out there, but once we start looking, they usually feel a lot more confident. With so much on the market, there will be something that ticks all the boxes.

If you’re a seller, with so much competition, this is not the time to “test” the market to see if maybe you can get a jaw-dropping sale price. You have to set a realistic price, otherwise you’re just wasting your time.

This is a different market than it was a year ago, and some sellers aren’t adjusting well to this new reality – they hope that what they read in the news about softening prices isn’t what’s going to happen with their property.

Even with a property that’s priced well, it’s the properties that are “totally done” where a buyer can move right into and live in their dream aesthetic, that are selling the fastest. Unless a home is in a specific neighbourhood, it’s rare that something in need of renos goes over asking, unless it’s priced really low… and even then it’s rare.

If you don’t have to sell, my advice is just relax and enjoy the rest of summer. Let’s see what the fall brings!

If you’re thinking of making a move this fall, let’s talk. Whether you’re buying, selling, or still figuring things out, it’s worth a conversation. The market may be shifting, but that doesn’t mean you can’t move forward with confidence.

A Market in Motion: Why This Summer Might Be the Right Time to Buy

Fri, 18 Jul 2025 13:18:55 GMT

Toronto’s real estate market is anything but traditional this year. There was a very slow start to the spring market, but it feels like things are starting to move again.

Prices might have dipped, so while some folks are still doom-scrolling real estate headlines, others are out there making moves - and finding deals. With more listings to choose from and a little less competition, now might just be the moment to strike (or at least sneak in an offer and see what happens).

With the amount of inventory available, I don’t think it’s any surprise that prices came down a bit. I think that we’ll continue to see a slight price drop when July stats are released– it’s certainly not unusual for activity levels to slow in the heat of the summer.

As well, I believe we’ll continue to see inventory levels grow with sellers who feel now is the right time to sell. It feels like there’s more positivity in the market, perhaps because people are willing to invest again or they’re feeling like there’s a good opportunity out there and it’s worth taking the plunge.

As has been the case over the past few months, there are a number of variables affecting the market. Most banks are predicting that we won’t see another interest rate deduction on July 30, though there are mixed opinions about where rates will be at the end of the year.

And then of course, there are “the tariffs”. The latest announcement is that a tariff of 35% will kick in on August 1, but nobody can predict if that will actually happen. I think people will be watching, but are going to be less incensed, concerned and/or bothered by them than they were in April.

There could be a slowdown, but I don’t think it will stall the market as it did this spring, unless something more dramatic happens, which would not be unprecedented. Crystal ball, anyone?!?

What we really need for the market to pick up again is stability because that will help people feel confident that the turmoil is nearing it’s end.

On the bright side, homes are still selling (2319 properties sold in June) so there is still movement. The properties that sell the fastest are renovated homes in the more popular neighbourhoods, especially those that are priced right. The challenge is pricing it properly because as prices continue to go down, buyers are looking at recent sales, and they want their purchase to be for a little bit less.

Where are the opportunities right now?

Properties that need some work are a smart place to start. Homes that have been sitting on the market for a while can also present a real opening. They might be appear overpriced to the hopeful buyer, sure - but many sellers won’t budge until there’s an offer in front of them. Sometimes, you don’t truly spot the opportunity until you take that first step and put something on paper. You can’t win unless you play!

If you're thinking about entering the market, this could be your moment to act. Let’s talk about what’s out there and how to make it work for you.

June's Newsletter: TO’s Best Vietnamese Food - 13 Trips in Europe to Take in Your Lifetime + Market Update: The Power Shift Continues

Wed, 11 Jun 2025 16:39:15 GMT

Summer’s almost here, along with long days, warm nights, and all the sunshine we’ve been waiting for. Let’s soak it up and make the most of it!

Toronto is home to some amazing restaurants. If you’re curious about where to find the city’s best Vietnamese spots, you’ll find more information below. And if you're planning your next getaway, you'll find some great ideas for European vacations.

The Bank of Canada held the key interest rate steady at 2.75%. While it’s not the rate drop many were hoping for, it’s still 2% lower than where we were last June. Combine that with lower average home prices, and the carrying costs on a new property are far more manageable than they were two years ago. With so much inventory on the market, it’s a great time for first-time buyers or investors to take a serious look.

Click here for the complete newsletter

June 2025 Market Update: The Power Shift Continues

Tue, 10 Jun 2025 12:27:16 GMT

The May numbers from the Toronto Real Estate Board reveal it’s absolutely a buyer’s market, and TRREB had a positive spin on their press release (GTA Homebuyers Benefited From More Listings in May).

The May real estate market brought no real surprises, just more of what we’ve been seeing for the past few months. It’s not unusual to see 50+ homes hitting the market on any given day, with only ten to fifteen sales being recorded. At the same time, the number of showings across the board is down considerably.

So what’s driving this? Buyer confidence, or lack of it, is playing a huge role. Even with interest rates holding steady, people aren’t necessarily rushing into the market. Some are betting that we’ll see a rate cut before 2026, but others aren’t so sure. The result? Buyers feel like they hold all the power and are perfectly comfortable waiting it out if they don’t see the right deal. If the deal’s not great, many are simply waiting for something better.

Despite all this, I expect we’ll see sales numbers creep up slightly this month, simply because it’s that season when people think more seriously about making a move. But don’t expect prices to rise. Inventory levels should stay high, and while prices may soften further, I’m not predicting a major drop.

What is selling, you may ask?

You have to be in the sweet spot of a totally renovated home in a key neighbourhood. I’m still seeing lots of showings in Riverdale and other very popular and high-demand neighbourhoods. Offer dates being set which oftentimes, result in multiple offers. But elsewhere, nobody’s showing up on offer night. And how about condos? Well, they aren’t showing much movement but there definitely are still some sales being recorded. Sadly, just not as many as most sellers would hope for.

Right now, there’s an opportunity for buyers to get into a home at a price that would have been unthinkable a year or two ago. Sure, the home you’re selling might not fetch what it would have back then either, but in a down market, moving up makes more sense. If everything’s down 10 percent, your loss on the sale is more than offset by the savings on the purchase of your next home.

So what does this all mean? There are deals to be had, but we’re also seeing consumers pull back, hesitant to make a move. They’re hanging on to their money, watching the headlines, and waiting for a sign that NOW IS THE TIME. The truth is, you can’t time the market. You’ll only know when a market has hit bottom after prices have started to rise. But if you buy smart and hold onto your property for a while, you’ll still come out ahead.

Thinking about making a move while the market is in your favour? Let's talk about your options and how to take advantage of today's conditions. Reach out anytime.

Rough Market, Real Opportunities: How to Make the Most of Toronto’s Downturn

Thu, 15 May 2025 20:23:33 GMT

Some may find it a challenge to put a positive spin on Toronto’s real estate market right now, but as you’ll see, it’s not impossible.

According to the latest data from the Toronto Regional Real Estate Board, the number of new listings rose by 8%, while sales dropped by 23% compared to April 2024. Prices across the GTA finally saw a decline of around 4%. Given the recent election, I expected to see even more listings, but I suspect we’ll see inventory numbers trending upwards in May’s stats when they are published at the end of the month.

This is the longest downturn I’ve experienced in the real estate market since I started working in the late 1990s. Still, I believe it’s a bit of a blip, if you will, just what seems to be a long one. Buying real estate is never for the faint of heart but if you’re planning to hold onto a property for the long term, values will almost certainly rise.

Case in point: In April 2025, the average price for a detached home in Toronto was just over $1.7M. In April 2015, it was $1,056,114. Current prices are definitely down from the peak we saw in 2021-2022, but a $700k increase in value over 10 years is significant. Condos also saw similar growth, from an average of $407,612 in April 2015 to $710,000 in April 2025.

As always, it’s important to remember that Toronto is a city of micro-markets and that sales in some areas, such as Cabbagetown, Riverdale, Roncy or Bloor West, just to name a few, don’t usually reflect the trends we see in the rest of the city.

So, what needs to happen for Toronto’s market to bounce back?

Another rate decrease would be beneficial and could fuel a little more interest. But it won’t be until relations between Canada and the US, and their global partners, stabilize that people will feel more confident.

From the reports coming out of Washington after Carney met with Trump, it sounds a little positive, but we’re a long way off from a new trade agreement. Once that is in place, we’ll see more confidence in the market. People are checking their portfolios daily, unsure if they’ve lost or gained money. Stock markets wobble with every new headline.

So, where are the opportunities, you might be asking? There are many listings that are just sitting on the market, waiting for showings, or waiting for offers. Some owners want to sell, but others need to.

Right now, the deals are primarily in the condo market. Approximately 1,500 one-bedroom condos are listed across Toronto, starting at just $199,000. If you’ve got a solid down payment and can hold onto it for a decade, there’s strong potential for profit. With new condo projects being canceled, put on hold, or converted to rentals, inventory could stagnate, pushing affordability even further out of reach.

Another promising option? Properties that need significant renovation. Not as quick flips, but as principal residences. Renovation costs are unlikely to drop before the market rebounds, so buying now means securing a lower purchase price even if you pay a bit more for construction. Just recently, a semi-detached home in Cabbagetown in need of some TLC sold for under $900K, on a street where a renovated semi fetched $1.5M in 2023.

If you’re curious about your home’s current value or want to discuss the market, feel free to reach out. Let’s talk real estate.

April's Newsletter: Why Toronto’s Spring Market Feels Different This Year - 19 Best New Restaurants in TO - Top Home Designs for 2025

Thu, 17 Apr 2025 23:30:49 GMT

April is when Toronto really starts to come alive. With the promise of sunnier days ahead and hopefully warmer temperatures, you can feel the energy on the streets slowly starting to build! There’s a lot happening in our city, including the return of Yayoi Kusama’s Infinity Mirrored Room at the AGO. Scroll down for a list of more April events, design trends, and budget friendly restaurants.

Earlier this week, the Bank of Canada held the key rate steady after 7 consecutive rate reductions! As we can see from the number of new listings, sellers are still optimistic about the market, but what will it take for the buyers to come back? That article is below.

That said, properties are still moving, but it takes an experienced agent and a combination of timing, pricing, staging, and marketing to get a home sold. If you're thinking about making a move this spring, now is the time to get in touch!

Click here for the full newsletter

Why Toronto’s Spring Market Feels Different This Year

Thu, 17 Apr 2025 16:22:07 GMT

The Bank of Canada surprised many this month by holding interest rates steady in response to the instability of what’s happening in the US. Governor Tim Macklem said “We still do not know what tariffs will be imposed, whether they'll be reduced or escalated and how long all of this will last.”

There are massive industries being affected right now, and even though there’s currently a 90 day hold on the tariffs, things could change tomorrow because the US is so erratic. It’s a scary time, so understandably, buyers are not confident that this is the right time to make a move.

A rate reduction would have been more positive, but perhaps we’ll see that happening on June 4, when the next rate announcement is scheduled. However, 7 rate reductions in a row weren’t quite enough to move the dial a ton, so another rate reduction likely wouldn’t have had a major impact. Sellers seem to be feeling positive though. In March, Toronto saw over 6,400 new listings, but just 1,908 sales. And I think we’ll see another uptick of increased listings after Easter Weekend. I expect we’ll see hundreds of new listings hit the market over those two days; we usually do every year at this time.

Personally, I try to stay ahead of the curve – I have two new listings that I brought to market this week! Click here to see those!

It’s not just rates and tariffs that people are concerned about. The upcoming Federal election is also affecting the market. Elections always slow the market to a certain degree, because people are waiting to see what happens. Although people here are fairly polarized, it’s not as extreme as the differences in the US between left and right. I do think the housing market will be affected by our next PM. There is a sense that if Carney gets in, there will be a little more respect for Canada, which could boost confidence. Talk of us becoming the 51st state hasn’t been in the conversation since Carney went to visit the White House and was actually addressed as Prime Minister. I’m not confident the same would be true should Poilievre be elected.

Regardless of what happens with the numbers of buyers or sellers taking action, I don’t think there will be a major change or downturn price-wise. But certainly all this craziness happening is making people think “I need to squirrel away my nuts,” and not do anything until they have more certainty that their job is secure, the economy won’t collapse – and they can afford groceries.

Despite all the doom and gloom, there are opportunities in the market. With the sheer number of listings out there, if you are particular about what you’re looking for, there is a good chance you’ll be able to find it. Also, there are sellers on the market who really need to sell and will have to face the reality of what the market will bear right now. The houses selling quickly and for top dollar are the ones in the right neighbourhoods and have been completely renovated. Few buyers want to move into a place that requires some work, especially now with how high construction costs are these days.

If you’re curious about what’s happening in your neighbourhood or want to chat about the market, please reach out!

Hot Deals or Cold Feet? Why Toronto Buyers Are Holding Back

Wed, 19 Mar 2025 13:34:51 GMT

The recent interest rate cut has been a hot topic but it wasn’t exactly a surprise.

Does that mean its great news for the market? Well... yes and no. It could help people looking at variable-rate mortgages, making those options a little more affordable. But the banks haven’t moved their fixed rates much yet (they depend on the bond markets, which are a whole other story), so I wouldn’t expect a dramatic shift in affordability right away.

We’re seeing some interesting trends right now. Single-family homes are still selling over asking — and often well-over asking — while the condo market has been quieter. In fact, the number of condo sales in the 416 area are down 17%.

That said, there’s a silver lining: the average condo price actually rose slightly in February, up about 5% from January, though that’s likely due to larger condos being sold to end users rather than investors buying one bedroom units. So, that means more expensive properties are the ones currently selling, hence the average price increase.

On average, condos in downtown’s C08 and C01 districts are selling for about 97% of asking. While that’s a slight dip, it’s also a sign that savvy buyers are finding value — and sellers who are patient are still getting solid offers.

For sellers, patience is key. Showings have slowed down, and with plenty of inventory out there, buyers are feeling confident enough to make bold initial low offers. But don’t worry — there are buyers out there, and properties are still selling. And keep in mind, just because the initial offer submission is low, it doesn’t mean buyers are willing to go up when it comes to securing the property they love.

Historically, we tend to see the market pick up after March Break when the weather improves and families start planning moves to align with the school year. While condos are less tied to that cycle, the same seasonal patterns do still apply.

If you’re thinking about buying or selling, this is a great time to prepare. Buyers can take advantage of motivated sellers, and sellers, who position their properties well, can still attract strong offers.

Curious about what this means for your situation? Let’s chat! Reach out today, and we can create a strategy that works for you.

Toronto Real Estate in 2025: Market Resilience, Surging Listings & Tougher Negotiations

Tue, 18 Feb 2025 16:06:27 GMT

As we move further into 2025, Toronto’s real estate market continues to show resilience, despite ongoing economic uncertainties, which I realize is a massive understatement.

The good news is that the average price for a home in Toronto is up by 1-2% compared to January 2024. That’s largely led by the single-family home sector where there are still a lot of multiple offers happening, especially on homes that are modern and renovated. Those are always the ones that sell the fastest and for the most money.

The one number that jumps out at me from TRREB is the how many new listings were recorded: 12,392 across the GTA, over 48% more new listings than we saw in January, 2024. A caveat: there’s no way to track how many of those are genuinely new listings. Some may have been terminated before the holidays and re-listed in January. One statistic that is tracked on properties that have sold: The average number of days a listing was on the market was 39, the average number of days a property was on the market was 57, so clearly, there’s been some re-listing happening.

At least it shows some optimism on the point of Sellers, and if the average property is taking 57 days to sell, we could see an uptick in sales when the March numbers are released in April.

These numbers are from before the Bank of Canada reduced the interest rate on January 29, so we’ll have to wait and see if that decision affects February sales. The next rate announcement is on March 12. I think the BoC will hold rates steady, but again, it’s impossible to predict.

So how is this reflected in the real world?

There are over 5,600 condos currently on the market. One trend we’re seeing is that if a condo seller even receives an offer, it’s significantly under asking. Like sometimes, six figures less.

While this can be insulting, in a busier market the offer can just be ignored, but today my recommendation is to negotiate. Often Buyers are just putting out feelers to see what the lay of the land is on the part of a Seller. Also, half the battle these days is just getting a Buyer to submit an offer so it’s best to keep the conversation going instead of just outright refusing an offer. If you, as a Seller, don’t like the offer you receive, counter it with one you would accept. Never let the ball die in your own court, I always say.

My advice is always for Sellers to swallow their feelings and sign an offer back. If you don’t have another offer, there’s no risk in doing so. Somebody may put in a low offer to test the waters and you never know what they’re really prepared to offer until you counter. Articles like this also don’t help – some people sense desperation in the market and are trying to take advantage of an opportunity.

One major unknown is how (or if) what’s happening in the US will affect the housing market.

Should the tariffs come through, homes in need of renovations will be affected because costs such as appliances and fixtures will be affected. There are still people who want to renovate, but tariffs will narrow the market of interested buyers and they of course will not want to take on the extra cost.

With more listings hitting the market and Buyers being more cautious, strategic pricing and negotiation are more important than ever. Whether you're buying or selling, staying informed and adaptable is key in this evolving market. If you're unsure how to navigate these shifting dynamics, let’s connect—I’d be happy to help you make sense of the numbers and create a strategy that works for you.

February's Newsletter: TO’s Most Romantic Restos - Tax Incentives for Homeowners - This artist is creating tiny replicas of Leslieville’s lost diners

Tue, 11 Feb 2025 15:01:18 GMT

We are officially in February, which is significant for a number of reasons. One, Valentine’s Day is around the corner. Two, Family Day means most of us get a day off. Three, it’s my birthday month which I, for one, am very excited about. The days are getting longer too, which is also a bonus!

Scroll down for a few noteworthy items...

To start, how many times have you tried to book a reservation at a favourite spot, only to find out the restaurant was closed? One local artist has found a way to keep the memory of some lost spots alive, by making miniatures!

Also below, there’s an article on some homeowner tax incentives and romantic restaurant options for Valentine’s Day.

Lastly, the Bank of Canada reduced the key interest rate again, which is great for anybody holding a variable rate mortgage, and also good news if you’re looking to make a move this spring!

Click here for the complete newsletter

Toronto Real Estate: Market Surprises, Tax Hikes, and Opportunities

Wed, 22 Jan 2025 19:29:05 GMT

This month, I’m discussing both the real estate market and a potential increase in property taxes.

If you’re interested in the specifics of the market, you can see the stats here.

There were more sales than I expected to see, perhaps prompted by a drop in interest rates. If there was anything surprising, it’s that there wasn’t an even further decrease in condo prices. Judging by the amount of interest (or lack thereof) in the condos currently on the market, I’d have expected that owners who really needed to sell would be more accepting about the current state of the market and be willing to negotiate.

So far in January, I’ve seen a ton of new listings, but I don’t think we’ll see a huge number of sales until we’re further into the spring market, like March or April. But it’s so hard to make predictions, not knowing the fallout from what’s happening in the US, not to mention potential elections here.

There are always opportunities in the market, it just depends on what you see as an opportunity. There are a number of condos available for sale that have been sitting for a while. If you’re an investor with a lot of cash to put down, there are deals to be had.

If you’re curious about what’s happening in your neighbourhood, send me a message.

The other news that will directly impact all homeowners is the proposed property tax increase coming for 2025, which works out to a total of 6.9%. There is an actual tax increase of 5.4% and a city building levy of 1.5%.

It sounds like a lot, but keep in mind that the taxes are calculated on assessments from 2016. If the city kept the tax rate the same but homeowners were taxed on the 2024 value of their home, people would be in shock.

To put it into dollars and cents, if your home was worth $1M in 2016, the proposed increase (city council will vote in February) would be $388. Annually.

There is a program for seniors who earn a low income (and may have been living in their home since the 50s) to apply for a tax grant. Hopefully the majority of Toronto homeowners can find an extra dollar a day to add to our property taxes.

The bottom line is that yes, property taxes have gone up by 24% over the last three years, but It’s about time. We’ve had the luxury of super low taxes and, although everyone wants to dump on Olivia Chow because the increases are happening during her tenure, I think we can blame past administrations that let things get to this point. And still, we have a very low taxation rate. For example, someone living in Ottawa would be paying almost $12,000 in taxes on a million dollar home, compared to $7,153 in Toronto.

Nobody wants to pay more tax than they have to, but I am ok with the idea of paying more because the city is suffering. The only other option is for the province to fund more, but that would mean it has more control of our city, which is something we definitely don’t want. Let’s just hope that city council uses the funds wisely and we see improvements.

November’s Real Estate Surge: What It Means for Buyers and Sellers This Winter

Wed, 18 Dec 2024 21:34:20 GMT

There was significantly more movement in November’s real estate market than last year and the first half of December was quite active, but the signs of the holiday slowdown are definitely taking hold. Fewer properties are coming to market and there are fewer showings on the properties that are currently available. That being said, I have just listed a cute one bedroom in the Annex!

What’s not uncommon for this time of year is that it isn’t just the new listings that are selling. What I often see at the end of a traditionally busy real estate season is that there is also an uptick in the sales of properties that have been sitting on the market for months. In my neighbourhood, one home sold that had been for sale since June! One reason for the action could definitely be attributed to the Bank of Canada rate cut in October and consumers were expecting another in mid-December. Turns out they were right!

Of course, who isn’t happy with the latest announcement from the BoC (a .50% rate reduction)? I think it will definitely help propel the market forward well into 2025, but I’m not confident it’s going to light a huge fire under people’s butts to take action during late December. Even with new mortgage rules coming into effect, I think the holidays will override the immediacy of the market taking off.

I do think we could see the spring market begin sooner than usual. I’m already meeting with homeowners to discuss what they’re going to do in the spring, so that’s a positive sign.

There’s another rate announcement due on January 29th, and if it’s a cut, or even a hold, that should give some confidence to hesitant buyers that things are settling down.

On the flip side, the other thing to consider is the incoming regime in the U.S. As much as the stock market has been doing really well, there’s a lot of talk about it being another bubble, not to mention concern about how the tariffs will affect us, along with the weakening dollar. There are still a lot of unanswered questions until Trump gets into power. Expect the next 4 years to be a bumpy ride!!

Although average home prices are actually lower than they were in 2021 (according to TRREB), the cost of living has gone up significantly and if the U.S. comes through with tariffs as threatened, affordability could get worse. So low interest rates alone won’t be enough to get the market going again.

So when is the right time to buy?

Some colleagues will always telling people that NOW is the time to buy regardless of market conditions, but with this market, they probably have a point.

If someone buys now, they won’t be closing for 60 to 90 days, which would be the end of March. There will be two more rate announcements between now and then. If rates go down, buyers get the benefit of that. It’s unlikely rates will go back up so soon, if anything, they’ll stay consistent.

I’m frequently being asked what I think will happen in 2025 and the bottom line is that it’s impossible to predict. There are lots of little things happening to encourage movement in the housing market. No single change is going to have a big impact, but at some point, we’ll reach critical mass and then we’ll see action when people feel confident enough to move forward.

I still feel like there’s restraint to the market, some hesitation, and people are just sitting on the sidelines waiting to see what’s going to happen.

If you’re curious about what’s happening in the market or are curious about what’s happening on your street, please get in touch!

December's Newsletter: Best Splurge Sushi - Holiday Hills @ STACKT - End of Year Market Trends: Why Now Might Be the Best Time to Buy

Thu, 12 Dec 2024 16:10:30 GMT

The holidays will be here before you know it, as will 2025! In the meantime, there’s a tonne of happenings in the city to enjoy — in addition to holiday parties and spending time with friends and family!

Top of my list this year is STACKT where, currently, they have a winter wonderland complete with a 100-foot-long light tunnel! I suspect it's perfect for Instagramming! And speaking of light, we’re all dealing with a lack of it these days. You’ll find a great piece below with some pro tips on how to maximize the light in your home.

Also below are three listings that you don't want to miss... if you're running out of Christmas ideas maybe one of these properties would make a great stocking stuffer !?!

Toronto's real estate market is heating up, or at least it was in November! Sales surged 40% from last year. The market tends to slow in December but with the prospect of even lower interest rates expected in the New Year, buyer activity has ramped up as prices hold steady. December could still bring surprises though. There's a Bank of Canada rate announcement on the 11th and new mortgage rules being implemented on the 15th—typically a quiet month, but perhaps not this year!

Click here for the full newsletter

End-of-Year Market Trends: Why Now Might Be the Best Time to Buy

Thu, 28 Nov 2024 16:37:15 GMT

Now that it’s almost the end of November, we’re seeing fewer homes coming to market; a trend that’s likely to continue through the holidays. My guess is that you can expect to see a flurry of new listings at the beginning of the year, which is all a part of the natural heartbeat of the real estate business.

That wasn’t the story in October, though. Home sales were up significantly compared to the same time in 2023. The number of single family homes sold was up by over 37%, and even the number of condos sold was up by over 32%. Interestingly, despite increased sales, prices remained fairly steady. If you want to see specific data, click here for the TRREB press release.

I think the numbers make sense. There is a plethora of inventory out there that has to be absorbed so, even with an increase in sales, there’s more supply than demand.

But does this make it a buyer’s market? Not quite. Homeowners who don’t have to sell aren’t budging significantly from their asking price. Is it a balanced market? Not quite. The decrease in interest rates is definitely getting more people committed to buying, but buyers still have power, and the story they tell when they’re bringing in an offer is that if it’s not your place we buy, it’s going to be somebody else’s.

With so many properties available, sellers have to understand that the power is less in their hands than it is in the buyers. They still have to price competitively and worry about all the other properties that are coming onto the market.

Here’s an example. In October, I listed a co-op on Gloucester. On the same day, the identical unit two floors down was listed, for $50,000 less.

I was confident my listing was priced fairly and we ultimately sold first. (Plumbed in ensuite laundry helped, the other unit didn’t have it!) Both sold within two weeks of being listed and a little under asking. Both were listed for realistic prices and that’s among the reasons they sold quickly. Properties that are listed too high are languishing.

What’s coming down the pipeline?

The majority of buyers and sellers are going to wait until spring. Buyers are counting on interest rates to go down and sellers are counting on more buyers with the idea that home prices go up.

If you’re a buyer, I actually think that waiting is potentially a mistake. Now is the time to get into the market because there is so much to choose from and the majority of sellers are willing to negotiate. There may very well be more homes and condos available in the spring, but there will also be more competition from other buyers. With the lowering interest rates more buyers inevitably will enter the market.

I doubt condo prices are going to soften in the spring. If you run the numbers (a good mortgage broker can do this for you), you would see that the difference in your monthly payment if you buy at today’s prices and today’s interest rate compared with spring prices and rates, the difference would be under $100 per month.

If you’re a seller who has to sell first before buying, I suggest sitting back, enjoy the upcoming holiday season and think about going to the market at the beginning of 2025… rates will be lower and many more buyers will have renewed interest after the holidays are over.

Also in the news, the Globe and Mail recently reported that the number of members of Toronto’s Real Estate Board (the licensing body) went down by about 8%. Don’t panic, we’re not quite an endangered species. There are still 73,000 licensed realtors, it’s just as one person put it, ‘a culling of the herd.’ People are retiring, and some who thought they could make some easy money found out it wasn’t quite so easy. When the market picks up, we may see another increase.

Although 73,000 is a big number, there are a lot of realtors who don’t sell any properties. In October, 6658 properties sold in the GTA. So clearly, the majority of realtors aren’t making money. It’s the 80/20 rule; 20% of the realtors do 80% of the work. Quite honestly, there are a lot of realtors who don’t sell any properties.

Bottom line: choose someone who does this full time! If you ever want to discuss the market or are curious about what your home is currently worth, please get in touch!

Is Now the Time to Buy in Toronto? Why Mortgage Rule Changes Could Help You

Thu, 24 Oct 2024 20:09:34 GMT

There was some drama in Toronto’s real estate market in September, but it didn’t have anything to do with what was bought or sold, it’s in the changes to mortgage rules that were announced to roll out in the coming months.

What we saw was normal market activity. We always see an uptick in September once people are back from summer vacations. And based on watching the market every day, I expected that both sales and listings would be up.

One change is that my phone is ringing a lot more. People are asking questions and being more engaged with the market. There’s still a somewhat low sense of urgency, but potential clients and long-standing ones too, are calling to talk about their plans for 2025 and asking about further rate decreases.

Many economists were predicting that the Bank of Canada would lower the key interest rate by another 50 basis points this month and as I write this now, the news hit all the channels. Will this be the last of the rate decreases? Chances are NO. There is talk of further future reductions as long as we’re able to keep inflation in and around the sweet spot of 2%.

So my advice to homeowners right now? Probably not a popular one in real estate circles but, unless consumers really need to sell, I’m advising people to wait I think we’ll see a busy spring market. We’ll just have to see if the buyers will be ready to buy…

Having said that, I do think that now is a good time to buy: The average price in the 416 was down slightly from 2023, and by slightly, I mean less than one percent ($7,555). And despite so many condos being on the market at the time of writing this (7185), the average price for a condo was down by 3.5%, or just over $24,000.

You may wonder, why am I telling you about this? If you’re in the market to buy, especially a condo, you have an incredible amount of choice. Prices are actually lower than they were in 2022.

If you came here for a little drama, here it is:

In August, a rule change came into effect that allows first-time buyers purchasing new builds, (including condos) to qualify for 30-year mortgage amortizations.

The next round of changes comes into effect on December 15:

If your down payment is less than 20%, you need to have mortgage insurance. However, you can only get that insurance if your mortgage is under $1M. As of December 15th, the amount of mortgage you can insure increases to $1.5M to reflect how much prices have increased since 2012.

In theory, this is good news. It’s a move in the right direction to get people to transact in real estate. It will make homes that were less accessible more accessible – to those who can afford it.

Let’s crunch some numbers.

The minimum down payment for a $1.5M home would be $125,000.

(That’s 5% of first $500,000 plus 10% of the remaining amount)

This means that a home buyer could pick up a $1.5M home for just $125,000 down; if their income qualifies. Buyers also have to take into consideration land transfer taxes ($52,500 or $44,475 if they’re a first-time home buyer), which means the buyer has to come to the table with about $175,000, plus legal fees.

And that’s even before the carrying costs. When you’re buying a home, you have to take other expenses into consideration. Monthly, the mortgage on that property would be about $8000. Property taxes would be about $900 and the insurance would be about $50.

The carrying cost on that property would be about $9000 per month and that doesn’t include utilities or regular maintenance.

In order for this to have an impact, there would have to be a large number of buyers out there grossing at least $250K annually and currently unable to save enough for a down payment. I don’t think this is as risky as it sounds - CMHC has pretty strict requirements for approval.

Other new rules will be rolling out over the coming months, including the ability to refinance to help cover the cost of building secondary suites.

Another change coming in December, all first-time buyers and all buyers of new builds will be eligible for 30 year amortizations, lowering the monthly payment.

The next change will come into effect on January 15, 2025, when homeowners will be able to refinance their insured mortgages to access the equity in their homes and help pay for the construction of a secondary suite, such as basement rental apartments, in-law suites, and laneway homes.

As always, your best resources are a good mortgage broker and a good realtor. If you have any questions about how you can take advantage of these new rules, please get in touch.

October's Newsletter: Best Health Food Stores in TO - New to Netflix in October - Toronto International Dance Festival

Thu, 10 Oct 2024 18:46:07 GMT

Fall is in full swing and it’s time to embrace the vibrant season with some can't-miss local events.

The Toronto International Dance Festival is returning to the city. Experience Toronto’s diverse cultural landscape through the art of dance at this 3 day event. If you’re also looking for the best spots to grab some healthy ingredients and meals, check out the top health food spots in the city.

The market news is in and, you're not wrong, you did see a lot more for sale signs last month. Over 7,000 new listings hit the MLS last month, an increase of almost 500 more than last September. The good news is that sales were up as well. Even though the difference isn't dramatic, it's still a good indicator that buyers are gaining more confidence in the market.

Click here for the complete newsletter!

September Market Watch: Why Sold Signs Speak Louder Than Listings

Mon, 16 Sep 2024 13:35:24 GMT

If you’re noticing a lot of For Sale signs in your neighbourhood, you’re not alone. No matter how slow the market appears to be, there are always new homes hitting the market in the fall, and this month is no exception. However, it’s SOLD signs that are actual indicator of whether the market is getting busier.

You may not be keeping track the way I as a Realtor does, but not all of the ‘new’ listings are actually new. Many properties were for sale over the summer and, when the buyers didn’t materialize, some listings were terminated and then those home were re-listed. Pick almost any street with past listing inventory, homes were taken off the market in August and re-listed since the day after Labour Day.

Currently, there are slightly more than 10,000 residential properties up for sale in Toronto. (Ranging from $250,000 for a one bedroom condo at Jane and Finch to $34,918,778, for the penthouse at 1 Bloor Street West.) How many of those are new? It’s a tough stat to follow. Realtors are able to track the listing history of an individual property but the practice of re-listing makes it hard to analyze the statistics as a whole segment of the market.

What the numbers can tell us is that there is a lot of inventory available compared to the number of properties that are selling. In August, in the City Toronto (not GTA), 4,177 new listings were entered in the system which meant there were 8625 available properties for sale. There were only 1,718 properties sold meaning only 19.9% of the properties listed actually sold.

As you’ve probably heard, the other news is that the Bank of Canada lowered the key interest rate for the third time in a row. Will this have a major impact on the market? I don’t think it’ll be MAJOR but it’s a step in the right direction. It’s still not enough to bring investors back in droves, which was a large part of what was driving the large part of the condo market and in small part single-family homes. Every decrease helps though and once we start to see a level of stability with the rates, it will create more confidence in the market and that’s when we’ll see marked increase in sales.

Of course, any decrease will really help buyers that really needs to buy. It makes buying a home that much more affordable. For buyers who are stretching their budget, every dollar counts.

Quite honestly, my guess is that it’s too soon to say this is the new bottom of the market. I think it’s still wise to take more of a conservative approach and anticipate another rate decrease… or three. The only exception would be if you’re looking for a particular kind of property, and the opportunity presents itself, it’s a good time to make a move because that opportunity may never cross your path again.

Sellers are still holding firm to what they believe the value of their home is, but if they’re serious about selling, they may be more flexible on price if and when they get an offer. Right now, it’s still not uncommon to see some major negotiating happening.

Here's what I will predict for the next few months:

Many buyers will continue to take a wait and see attitude. They’re waiting for rates to go down further and it won’t be until rates are stable that we’ll see more activity in the market. Consumers will then accept that this is what the market is, rather than waiting to see what it will become.

It won’t be until interest rates are under 4% that we’ll see any level of excitement coming back into the market, if at all.

We’re going to continue to see a further uptick of listings hit the market. A lot of sellers are thinking they’ll get more money now that interest rates are a quarter point lower but, because there’s such a glut of product available, there’s possibly going to be downward pressure on prices since there is so much more product for buyers to choose from.

Toronto’s real estate market is constantly changing – if you’re curious about what’s happening in your neighbourhood, get in touch!

Navigating Toronto Condos with Pets: What You Need to Know

Thu, 05 Sep 2024 13:22:39 GMT

Did you know that pet ownership in Toronto skyrocketed by 18% during the pandemic? That's right, according to narrativresearch.ca, more and more people in the city welcomed furry friends into their homes. While our pets bring us joy, not everyone is as enthusiastic about them as we are. With so many animals and people in close quarters, it's crucial to have rules in place to keep the peace.

Looking for a new home for you and your beloved pet? You need to know the rules! Watch out for buildings that don’t allow pets at all. These are often older buildings from the 1980s when pet ownership wasn’t as common.

Most Toronto condo buildings are pet-friendly, but they come with some restrictions. Cats and dogs are usually welcome, but exotic pets might not make the cut. Some condos also have weight limits for dogs—many new buildings require you to be able to carry your pet through common areas to avoid any accidents. And, of course, your pet must always be leashed.

How much have things changed? Some new buildings go above and beyond. The Merchandise Lofts feature a rooftop dog run, X condos offer a green space for dogs, 76 Shuter has a dog bath area, and Fabrik at Richmond and Spadina even boasts a pet spa. Plus, three buildings in CityPlace share a large dog run.

The building's pet rules are available in the status certificate and condominium documentation. Although you might not see this info until you make an offer, your friendly neighborhood realtor should be able to help you find the details.

Even if you follow all the rules, if your pets are barking when you’re not home or aggressive in common areas, the condo board has the right to ask you to remove them. I know one woman who had to move because her two boisterous dogs generated too many complaints. While it's rare, it can happen. Everyone has a right to quiet enjoyment—so if you have a yappy dog, expect some complaints.

Living in a Toronto condo with your pet can be a fantastic experience, but knowing the rules and choosing the right building are key to a happy home for everyone!

August 2024 Newsletter: Best Cinnamon Buns in TO - Featured Listing - Toronto Korean Fest - Ontario Island Getaways

Fri, 09 Aug 2024 19:40:03 GMT

I know it's hard to fathom but, yes, we’re already in August! Even though the summer months seem to have flown by, there is still plenty of time left to enjoy the warm weather and all the exciting events happening in the city.

With so many cultural festivals this month, it’s hard to pick the best one. For a full list, click here. If you’re looking for an event with tons of tasty cuisine, The Toronto Korean Fest is definitely a top pick. And, after indulging in those savoury delights, be sure to follow it up with a sweet treat at one of city’s top spots to get a delicious cinnamon bun.

On the real estate front, there was some promising news from the Bank of Canada in July - the key interest rate dropped by .25%, bringing the prime rate to 4.5%. This may not significantly impact the slower August market, but coupled with a potential rate drop in September, it could fuel the fall market in a very positive way.

Click here for the complete newsletter

Navigating Toronto's Shifting Market: Tips for Buyers and Sellers in 2024

Wed, 07 Aug 2024 13:11:09 GMT

The Bank of Canada recently announced the second interest rate reduction in a row! In my opinion, it’s a step in the right direction, and not to be a naysayer, but I don’t believe it will have much of an impact. For homeowners with variable mortgages, the difference is negligible, and the change doesn’t really affect those with fixed mortgages.

The main problem for the condo market is that Toronto’s rental market is not as strong as it was. So, when rent won’t cover the carrying costs, it’s not an attractive purchase for most investors. Considering the majority of available properties are smaller studio or one bedroom apartments, without investors, sales will continue to be low.

I was optimistic and hoping for a .5% reduction. But even if that had happened, we’re in the dead of summer and inventory remains high. How high is it, you may ask? Realtor.ca currently lists over 7,000 condo units available in Toronto and over 2,700 houses. For example, in areas like the MLS district of C01 (Yonge to Dufferin, Bloor to the lake) and C08 (Yonge to the DVP, Bloor to the lake, there were 2595 condos listed for sale and 352 sales in July alone. That means that only 13.5% of the condo listed for sale were selling.

Interestingly, prices aren’t dropping. Year-over-year, condo prices were down by .9% in July, which is less than $8,000. Those who bought in 2020 and 2021 obviously don’t want to lose money on their property if they were to sell now. In some areas prices have dropped significantly since then; thankfully not in most areas though. According to this Toronto Star article, prices are down by an average of $60,000.

My opinion? I don’t think the market will rebound until people get used to the fact that interest rates will never be as low as they were during the pandemic.

When we hit the sweet spot of interest rates being at 4% or lower and when buyers accept the reality this may just be as good as it gets for a while, we’ll see some action in the market and eventually, we’ll start to see prices go up again

I know some realtors are trying to scare people into thinking that if they don’t buy now, they’re going to lose out. But with the amount of inventory on the market, many sellers don’t have a lot of leverage. The harsh reality is that buyers are in the driver’s seat; unless of course you are selling a very unique, exceptionally appointed home in a highly desirable neighbourhood. Those homes will always fly off the shelves regardless of the market.

The other factor here is that even though inflation is being kept in check, people are being conscious about their spending habits. In addition to increased mortgage payments, we’re all looking at higher prices for groceries, gas, and utilities.

My advice for potential sellers is to be realistic in terms of what’s happening in the market. Some sellers are of a mindset to list their property to see what happens, which is something I recommend against. An up-market where there are motivated buyers is the market in which to test the waters, not this one.

By “just trying” to see what happens, sellers who don’t need to sell are flooding the market with listings. This will make it more likely that people who have to sell will reduce their price. If your neighbour is forced to sell their home at a lower price, that’s the comparable you’ll be facing when you list your home again.

Keep in mind, in markets like we’re in, there are always opportunities for qualified buyers. Some sellers really need to sell, so there can be room for negotiation. If interest rates scare you, one thing to consider is starting with a variable rate mortgage with the knowledge (or at least hope) that rates will continue to go down, then in many cases (check with your mortgage broker) you may be able to lock into a fixed rate when you feel that rates are as low as they’re going to go.

You know I love to talk real estate, so if you have any questions, please get in touch!

Should a house without parking be a deal breaker?

Thu, 20 Jun 2024 14:29:45 GMT

I’m going to make a bold statement: just because you own a car doesn’t mean you have to buy a house with parking. In fact, you may end up saving money by buying a property without a parking spot.

At one point in time, I said I would never buy a house that didn’t have parking, but that’s exactly what I ended up doing, and for the time that I owned the house, finding parking wasn’t ever a problem - and it was smack dab in the middle of downtown.

It’s pretty common to find homes in the older part of Toronto being sold without dedicated parking because the homes were built before cars were ever a consideration. For many years, homeowners solved the problem by converting their lawns into front pad parking. The problem is that front pad parking comes with drainage issues, aesthetic problems (they’re ugly) and the fact that every new parking pad effectively removes at least one street parking spot.

There is currently a moratorium on new parking pads in the old city of Toronto. Homeowners outside the city can apply for permission to build a parking pad, but it often takes years.

Fun fact: You may buy a home with a licensed front parking pad, but the license does not follow the property. You’ll have to apply to have the license agreement transferred.

There are obvious benefits to having a parking spot, including not having to circle the block, hunting for a spot. As well, people feel it’s safer to park their car right by their house, but let’s be honest, if someone’s going to break into your car or steal it, a few steps either way isn’t going to deter them. Many years ago, I owned a house in prime Cabbagetown that had laneway access to parking and the car was broken into four times – so having a parking spot is no guarantee that your vehicle is safe!

How can buying a home or condo without parking save you money? Keeping in mind that most people own their homes or condos for 3-7 years; paying monthly for a parking spot is going to cost you far less than the actual cost of buying a parking space or the price differential between homes with or without parking. While it’s true that having a dedicated parking spot or two can add re-sale value and that having a house without parking can limit the people who will even come to see your house, it’s going to cost you more upfront, if not also in the long run.

According to MPAC, a house with a parking spot is valued at about 3% more than a home without one. And a condo will cost between $40K and $100K more with a parking spot, depending on the building and your neighbourhood. If your budget is stretched, are you going to get more use out of additional space or some pavement? In addition to the money for the parking spot in a condo building, your maintenance fees are also going to be higher, as much as $80-100 per month on average.

Street parking is available almost everywhere in the city and it’s only $300/yr, including HST. If you’re considering buying a home without parking, you should check with the city to make sure there isn’t a waiting list for that street. In that case, it’s possible to get a temporary permit for surrounding streets in your neighbourhood.

Many condos are being built with reduced amounts of parking. In fact, some new developments have no parking at all! Reducing the number of parking spots being built increases the cost per spot as the builders still have to dig – and the cost is spread out amongst fewer spots, making them more expensive.

The reality is that buying a property without a parking spot is less expensive in the long run and you can end up with extra money in your pocket when all is said and done. If you don’t own a car, it’s an easy decision. If you do own a car, you have to figure out your priorities and whether the convenience is worth it to you.

The main exception is if you’re buying a condo as an investment – condos with parking command higher rents and if the tenant doesn’t want the spot, you can rent it out for $100-$200 per month, maybe even more.

If you have any questions about the pros and cons about parking spots, please get in touch!

Market Surge: Listings Soar 47%

Mon, 10 Jun 2024 17:56:29 GMT

According to the most recent sales statistics from May, the listings to date for this year have been coming fast and furious. Considering the amount of choice available, there really isn’t a better time to be a buyer, if you’ve got the funding. There were 47% more listings available this April 2024 than there were last April and and in May that number was up another 21% year over year. Add to the mix that The Bank of Canada began decreasing the prime rate by ¼ point and that there are fewer buyers out there looking, it’s an excellent time to jump into the market.

Chances are, when the Bank of Canada lowers interest rates further as they are predicting, there is going to be a crush of buyers out there, and prices are only going to go higher.

Where are the buyers right now? I think it’s a bit of a mob mentality; people think ‘if nobody else is buying, why should I?’. The same thing happens sometimes with properties. A house can languish on the market for weeks without an offer, leaving buyers wondering what’s wrong with the house. But then someone makes an offer and all of a sudden, a second offer comes along.

Now that the numbers have come in for May, it’s no surprise that numbers were even more dramatic than they were in April – more listings and fewer buyers. The good news for sellers is that prices have remained fairly steady.

Sellers these days need to be a little patient. According to TRREB, the average number of days a property is on the market (YTD) is 24, which is high when you realize that it used to be under two weeks. However, the real number sellers should be aware of is Property Days on Market (PDOM), which is 35. What’s the difference? Realtors will often re-list a property at a different price so that it seems new and fresh, but the PDOM is a more accurate representation of how many days the property has been on the market.

That said, not everything is actually selling. In C08, only 20% of the listings were selling, which seems pretty low. There are more houses selling compared to condos, but it’s still quite low.

My advice: If you need the funds from a sale of a property to close on a new property (and most people do!) right now, you should absolutely be selling first. Because there’s so much inventory, if you sell your place and give yourself a 60-90 day closing, you should be able to find something you love within that period of time.

Where are prices headed? Not surprisingly, when the market stats were published at the beginning of June, there is a slight decline in the prices of most housing types, including condos. There’s still some downward pressure from increasing inventory and decreased buyer activity. A lot of new listings are one bedroom condos, and investors are concerned that the rent they’ll be getting will not be enough, or a mortgage renegotiation won’t be affordable. With the increase in available properties for sale and some seller’s timelines, there is definitely opportunity to negotiate a very attractive sale price.

My latest is an unusual home on St. Clarens. There’s an interesting story related to this home. I actually helped the seller buy the empty lot in 2014. Although the zoning only allowed for a width of eight feet, this was perfect, because his plan was to build a home with shipping containers, which are exactly eight feet wide! You can have a look here.

June 2024 Newsletter - Best Gelato in TO - 2 Great Listings- Luminato in the Square - 7 Most Iconic Buildings That Were Never Built

Fri, 07 Jun 2024 15:36:10 GMT

Don’t let the season’s longer days go to waste, make the most out of the weather and head out on some local adventures. June is Pride Month, and the best resource for what’s happening is the Pride Toronto website.

The Toronto Real Estate Board has released the numbers for May. We are seeing the same trends we’ve seen over the past few months; more listings on the market than this time last year, and fewer sales. Prices are down slightly compared to last year, with the exception of townhouses. There are definitely opportunities for buyers, especially for those who need more space!

As predicted, the Bank of Canada has reduced the key interest rate by .25%. I don't think this will have an immediate impact on the market, but it should give confidence to buyers that interest rates have peaked and are on the way back down, though we won't see the rates go as low as they were in 2020 and 2021.

Click here for the full newsletter

Market Watch: Bank of Canada Hints at Rate Drop, Federal Changes for First-Time Homebuyers Unveiled

Thu, 18 Apr 2024 13:33:56 GMT

A lot has happened in the real estate market over the past few weeks, and the changes keep coming.

In April, not only did the Bank of Canada hold rates steady again, it indicated that an interest rate reduction was in the future cards. It will likely only be .25% when it happens – perhaps as early as June – but it would easily be enough to spur some people into action.

The federal government also released a budget and announced that starting on August 1, first-time homebuyers will be able to use up to $60,000 of their RRSPs for a downpayment (up from $35,000) and lenders will be able to offer them a 30 year amortization term as opposed to 25 years.

Will this have a major impact on the market? Probably not. The difference between monthly payments would be less than $250 on a $500,000 mortgage. However, it will help some first-time buyers enter the market, and that is definitely a good thing. Click here for more

As for the market itself? March saw more of the same kinds of activity we’ve seen this year so far. We continue to see an abundance of new listings coming out and not as many sales. I rack this up to as potential buyers (investors and end users) wait for interest rates to drop. We’re definitely seeing this in the condo market more than the single-family home market.

In actual numbers:

In C08 (Yonge east to the Don Valley, Bloor to the Waterfront), there were 417 new listings in March and 128 sales, which is roughly only about 30%.

In C01 (Yonge west to the Dufferin rail tracks, Bloor to the Waterfront), the numbers were slightly higher – 757 listings with 256 sales, which means roughly 1/3 of the listings sold.

That may seem low, but even in the hottest market you’re lucky to see 60% of the homes listed actually sell. The number of properties being listed is lower than what’s being reported. I’m seeing listings being re-listed and refreshed, which skews the numbers. (Each time a property is re-listed, it counts as a new listing.)

What’s to come this spring?

I believe we’ll see a continued trend of more properties coming out on the market and fewer sales across the board. In specific sectors, we’ll see a higher percentage of single family homes selling, compared to condos.

Until interest rates come down, there won’t be a substantial change in activity levels even with the changes in the Federal budget.

I always like to highlight opportunities in the market. While it’s never good karma to take advantage of someone’s circumstances, there are deals to be had on condos. Some (though not many) sellers have to sell. There are definitely units that have been on the market for a while and are not getting traffic. When an offer comes along, the sellers are thankful to see it. It’s not desperation - people are just generally ready to negotiate because they want to get their property sold, especially if it has been on the market for so long.

I know buyers are waiting for interest rates to go down, but I don’t think it’s sunk in for buyers that this interest rate climate is probably the new normal for a while to come. We’re unlikely to see rates as low as they were in 2020 any time soon.

If you're curious about what's happening in your neighbourhood, please get in touch!

April 2024 Newsletter: Best Fish & Chips in TO - Hot Docs Returns - How to Update a Bathroom Without Buying Anything New

Wed, 10 Apr 2024 15:23:06 GMT

Happy Spring... a time when we're re-energized, renewed and refreshed... and that includes my website. Take a peek at the revamped www.BE-AT-HOME.com and let me know your thoughts!

Scroll down and I've got some market predictions, bathroom upgrade ideas, and places to find the best fish & chips... as well as some exciting new property offerings!

Also below, and despite a little controversy, Hot Docs is set to return at the end of April with a full range of programming, from a film about trans-trendsetter Jackie Shane to films about world politics, and the climate.

As for the market, the unseasonably warm weather this winter led to a busier-than-usual market in March, and with signs pointing to an interest rate reduction coming this year, we anticipate the spring market will continue to be busy as more listings are hitting the market each week!

Click here for the full newsletter

February 2024 Newsletter: Best 24-Hour Restaurants - Sugar Shack TO - Behind the Headlines: The Truth about Toronto’s 9.5% Property Tax Surge, TRESA Turmoil, and the Countdown to Interest Rate Announcements

Thu, 28 Mar 2024 20:21:17 GMT

We might be in the shortest month of the year, but the city is brimming with exciting upcoming events. One in particular to keep watch for is Sugar Shack TO... maple syrup enthusiasts unite!! And, if you’re a night owl, the city has got you covered with some fantastic 24-hour dining options.

The Bank of Canada chose to hold interest rates steady at the end of January, but even without a rate decrease, we're seeing more activity in the market, including a return to multiple offers because there are so few properties on the market. If you are considering making a move this year, now is the time to get started!

Click here for the full newsletter

Toronto's Post-March Break Housing Surge: Will Listings Translate to Sales in the Spring Market?

Tue, 26 Mar 2024 19:53:27 GMT

A recap of the Toronto Housing Market in February 2024

Behind the Headlines: The Truth about Toronto’s 9.5% Property Tax Surge, TRESA Turmoil, and the Countdown to Interest Rate Announcements

Wed, 07 Feb 2024 17:53:00 GMT

There’s a lot of talk about what’s happening with housing in Toronto and the real estate market in general, so here is my take on the property tax increase, TRESA, and interest rates.

It was recently announced that the city was proposing an increase to property taxes of 10.5%, or even as much as 16.5%, depending on how much help the Federal government was going to give the city. In the end, it’s understood the property tax increase will land around a 9.5% increased… still a big pill to swallow for some.

Although an almost double-digit increase sounds like a lot, it will work out to about $30 more per month for the average Toronto homeowner and likely something that most homeowners will be able to absorb. For those with variable rate mortgages currently feeling the pinch, a potential interest rate reduction later this year may save more than that.

Toronto homeowners pay some of the lowest property taxes in the region.

Here’s a good piece from the Star with come clear explanations of how property tax is calculated.

TRESA, aka the Trust in Real Estate Services Act will affect buyers and sellers. If you want to know everything about the changes, click here.

However, the one change that will affect buyers and sellers is that both sides now have the ability to have open bids. Before, in a multiple offer situation, the only person who knew the details of each offer was the seller.

I don’t have a problem with this in theory, because buyers have some protection. They can insert a clause in their offer that says if the seller discloses any details of their offer, they have the opportunity to revoke the offer within an hour of finding out that the details of their offer were being made public. I don’t know why any buyer wouldn’t want to have that clause, because even if a buyer wants their information kept secret, they can still see what’s in the other offers.

The problem is with all the options sellers have. Not only can the seller pick and choose which parts of the offers they receive to be transparent about (deposit, closing date, offer amount), they can also remove those options if they send bidders back to sweeten their offers.

One reason a seller might want to be open about the offers: the bidder with the highest offer may have a closing date that doesn’t work, which gives the seller an opportunity to give the next person in line, who’s closing date does work, the ability to match the other offer.

A disadvantage to being open could be that one bidder wants the property so badly they offer significantly more than anybody else. Without transparency, only the seller knows the difference between the top two bids. But with open bidding, a seller could receive less – the top bidder may offer only a few thousand more than the second highest.

The benefit for buyers would be the knowledge of how close their bid was and whether it makes sense for them to continue, or if they’re so far below the other offers they should drop out.

We’ll see how this plays out. The advantage of having the legislation come into effect now is, with the market being less competitive than it was, there are fewer situations with multiple offers, so it won’t be chaos across the city.

Finally, let’s talk about interest rates. Phil Soper, president of Royal LePage, doesn’t think it’ll be interest rate reductions that spur on the market, it’ll be consumer confidence that the price they pay for a home will increase. I hate to disagree but as I mentioned last month, I think even a small decrease in the overnight rate will make a difference in the volume of homes listed and sold this spring. The first announcement was on January 24 and the rate held. There will be further announcements on March 6 and April 10. My prediction is Toronto’s real estate market will rise again…. but it may be a few months before we see some serious movement.

February Festivities: Your Guide to Exciting Events and Happenings This Month

Thu, 01 Feb 2024 17:54:00 GMT

KUUMBA (Feb. 1-29)

Harbourfront Centre’s KUUMBA is Toronto’s largest and longest-running Black Futures Month festival, embracing the rich tapestry of culture, diversity and creativity through a month-long celebration of Black cultural programming.

Toronto’s Valentine Market (Feb. 3rd & 4th)

Enjoy 10,000 square feet of pure Valentine’s bliss. Perfect for couples, the area features 35 handpicked vendors, engaging activities, and automatic prize entries. Capture your memories at the many photo booths, making this market the ultimate Valentine’s Day experience.

Project X (Feb. 3rd)

Experience Project X, an immersive event showcasing diverse creative disciplines. Explore gallery pieces, enjoy performances, and browse the vendor market. Beyond creativity, it’s a networking opportunity for like-minded individuals in the creative sphere.

Sweet City Fest (Feb. 9-19)

Sweet City Fest is a festival celebrating all things SWEET. Expect shopping deals, themed vendor markets and workshops, live music nights, Valentine’s Day experiences, food and drink specials, and tons of family activities for the long weekend.

Craft Beer Fest (Feb. 10th)

Celebrate Winter at the Roundhouse Craft Beer Fest! Toronto’s biggest and baddest après-brew-ski party. Gather your pals, retro ski gear, long johns, and all the flannel you can get your mitts on.

The Winter Chocolate Show (Feb. 10th)

Enjoy a delightful day dedicated to all things chocolate! Join this chocolate-filled event featuring informative seminars, delectable bean-to-bar chocolates, innovative bars, bonbons, and passionate chocolate enthusiasts. It’s a day of tasting, talking, and indulging in the world of chocolate.

Lunar New Year Celebrations (Feb. 10th & 11th)

Welcome to the vibrant Lunar New Year celebrations in Toronto’s Chinatown for 2024! Discover the rich traditions and joyful spirit of the Lunar New Year and celebrate together in the heart of Toronto’s Chinatown.

Toronto I❤︎BEER & Taco Festival (Feb. 17th)

It’s the first ever Toronto I❤︎BEER & Taco Festival presented by Cowbell Brewing Co. and in collaboration with Fury Hot Sauce. Enjoy a fun filled day or night of beer, cider and spirits sampling, games, dancing and tacos!

Winter Stations (Feb. 19th)

Experience the enchanting Winter Stations public art exhibition at Woodbine Beach in Toronto! Each year, this unique event transforms the shoreline into a captivating outdoor gallery, showcasing imaginative art installations inspired by the winter season.

January’s Best: Your Go-To Guide for Events and Activities This Month!

Mon, 08 Jan 2024 17:55:00 GMT

Roller Express (Dec. 1, 2023 – Feb. 4, 2024)

Enjoy 5,500 sqft of skating surface, plus a skating trail that leads into the carriageway tunnel, animated with lights for a fun retro vibe! Accompanying the roller-skating extravaganza will be free skate rentals, free skate lessons, immersive activities, tasty eats and drink options at the Snack Bar with food available for purchase, and so much more.

Toronto’s Mocktail Competition (Jan 13)

Get ready to kick off the New Year with an epic Dry January celebration as Toronto’s top mixologists compete to create the city’s best Mocktail! The event will feature a wellness market, activations, and with Ceder’s Non-Alcoholic spirits, attendees can enjoy all the taste and sophistication without the alcohol.

The Interior Design Show (Jan. 18-21)

The Interior Design Show celebrates and promotes the best in global and Canadian design, from emerging designers to legacy brands. IDS is not just a fair – it’s a total design experience.

DesignTO Festival (Jan. 19-28)

DesignTO Festival brings people together to design a better future, one that is more sustainable, just, and joyful. The Festival happens online and in-person at venues across the City of Toronto.

Winterlicious (Jan. 26th to Feb. 8th)

Savour every bite. Gather with friends and family and delight in delicious three-course prix fixe lunch and dinner menus at more than 200 local restaurants. (January 26 to February 8)

Port Union Winterfest (Jan. 27)

Port Union Winterfest is a winter community festival for all ages! Enjoy Live Entertainment, Displays, Games,Inflatables, BBQ and much more! (January 27)

Toronto Tea Festival (Jan. 27 -28)

Whether you are new to the world of tea or a long-time aficionado, the return of the Toronto Tea Festival offers an opportunity to rediscover the world of tea from the traditional to the most current developments. Sample a wide variety of teas and learn from experts in the industry at one of the complimentary presentations. Taste teas uniquely prepared by exhibitors. (Jan 27 to 28)

New to Netflix in January

Netflix has revealed the full list of new movies and shows coming to its service in Canada in January 2024. Highlights for the month include Lift, The Brothers Sun, Delicious in Dungeon, and Good Grief, starring Canadian Dan Levy.

2024 Real Estate Crystal Ball: Unraveling Toronto’s Market Amid Mortgage Rate Turbulence

Fri, 15 Dec 2023 17:56:00 GMT

It’s about this time of year that I gaze into my crystal ball and predict what’s going to happen in Toronto’s real estate market.

It’s hard to be accurate at the best of times, but with the uncertainty around mortgage rates, it’s even more difficult. I do want to try though, so here goes.

Mortgage Rates

According to CMHC, there are 2.2 million mortgages coming up for renewal in 2024. Those who have variable rate mortgages won’t be surprised by their future payments, but anybody with a fixed rate just might be.

I don’t believe that mortgage rates will increase again, but I also think that they’re not going to go down significantly either. If your mortgage is up for renewal in the first six months of the year, it’s worth talking to your mortgage broker about a shorter-term option so that you can easily renegotiate when rates do go lower.

Though we all grumbled about the mortgage stress test, it is going to be that test that saves the market from collapse. I predict the majority of homeowners will find a way to absorb the extra costs of higher monthly payments and there will not be a tsunami of listings hitting the market which would ultimately result in a dramatic average-price drop.

Although I believe the single family home market will remain relatively strong, I do have a hunch we are going to see more investor-owned lower end condos hit MLS in the coming months and that market will be the most vulnerable. I don’t think it will be overwhelming, but even investors with fixed-rate mortgages are going to face an increase with their mortgage renewals, and unless the current rent covers the new mortgage, they may look to sell the unit. (What’s that? You want to learn more about the complications of selling a tenanted unit? Click here.)

More lower-end condo listings will most likely result in further softening of prices for studio and one bedroom condos, which is good news for first time buyers, but with fewer rentals on the market, I predict we’re going to see rental prices increase, despite the latest news that in November, the average rent in Toronto decreased by .2% compared to October, when rents were at a record high.

Will prices go down?

We definitely will continue to see more listings on the market, and those properties will take longer to sell. The more inventory there is, the more there is going to be a softening of prices, especially if rates don’t come down and people can’t afford to buy.

That said, if mortgage rates do go down, even by a single percentage point, we will see the market roar back to life. On a $500,000 mortgage, the difference is almost $300 a month.

As always, there are key neighbourhoods in the city that will defy the odds and that won’t be affected by whatever happens with mortgage rates.

Do you agree? Disagree? Let me know!

December Delights: Your Guide to Festive Events and Happenings This Month!

Fri, 01 Dec 2023 17:56:00 GMT

The Distillery Winter Village (Nov. 16th to Dec. 31st)

The Distillery Winter Village is a picture-perfect holiday experience where friends and family gather to take in the timeless romance and nostalgia of the holidays, stroll the cobblestone streets under the canopy lights and festive sounds, and shop a curated selection of the finest local craftspeople, one-of-a-kind shops, vendor cabins, and gifts. Warm up with some tasty delights at their many restaurants, cafés, and outdoor bars.

Holiday at The Well (Nov. 17th to Dec. 31st)

This season, The Well invites you to journey into a Nordic-inspired playground of winter-time delights. Partake in the magic of this free outdoor event, where Holiday at The Well beckons you to a realm beyond the ordinary.

Winter Blooms (Nov. 24th to Dec. 17th)

Combine the magic of the season with the wonders of nature. You’ll enjoy indoor and outdoor eco-friendly shopping, local food, and nature experiences that will engage visitors of all ages. Experience warming moments as you relax around the outdoor firepit or escape inside the new human-size terrarium. Winter Blooms opens on November 24 and will run until December 17, 2023, at the Toronto Botanical Garden.

10th Annual Leslieville Christmas Pop-up Market (Dec. 1st to 3rd)

Get into the holiday spirit and kick-start your Christmas shopping at the 10th Annual Leslieville Christmas Pop-up Market! Whether you’re looking for handmade jewelry, cosy winter accessories, home decor, or tasty homemade goodies, you’ll find it all there.

Holiday Street Market (Dec. 1st to Jan. 7th)

Get ready for Toronto’s new holiday extravaganza! The Street Eats Market brings you the Holiday Street Market at the CN Tower starting December 1st. It’s the ultimate festive hub with yummy food, local crafts, and free entry!

Roller Express Rink (Dec. 1st to Feb. 24th)

Union and TD present the Roller Express rink! Join the fun inside the newly opened TD West Carriageway for a magical free winter experience.

Holiday Season at the Village (Dec. 2nd to 23rd)

Experience the ultimate winter wonderland at Black Creek Pioneer Village, where holiday joy fills the air! Meet Santa himself and immerse yourself in festive activities like toy making, elf school, and crafting holiday decorations. Indulge in Santa’s favorite treats, sip cocoa while enjoying festive tales, and watch enchanting puppet shows.

The Winter Market at Evergreen Brick Works (Dec. 10th & 17th)

The Winter Market is back! And this year they’ve got two days of wintery fun in store for you at Evergreen Brick Works on December 10 and 17

Holiday Soul Concert (Dec. 15th)

“Holiday Soul Concert,” presented by OnMarz Productions, is an incredible showcase featuring the talented Justin Bacchus and Nichelle Bernard. Get ready to be dazzled by their soulful performances that will fill your heart with holiday cheer!

Navigating Neighborhood Change: Can You Influence City Development?

Mon, 13 Nov 2023 17:57:00 GMT

Can you fight city hall? That’s the age-old question and the answer is yes. And no.

In a city that’s constantly under construction, you should expect your neighbourhood to change over time.

However, there’s a difference between change, like the narrowing of streets for bike lanes, and something that alters the character of a neighbourhood such as a large condo in the middle of suburban neighbourhood.

Nobody wants to be accused of NIMBYism, but we all want somewhere pleasant to live.
What do you do when faced with a big construction project you don’t support? You mobilize.

One of the most famous examples is the cancellation of the Spadina Expressway. The idea for the expressway began in 1960 with the plan calling for the highway to run through several ravines before connecting with Spadina Avenue. This would have resulted in cutting the city in half.

A coalition called “Stop Spadina, Save Our City” was formed in 1969 and according to Participedia.net, “the main method employed during the Spadina Expressway protests was targeting politicians directly through walk-ins and protests, face-to-face meetings, and pressuring them to take action by galvanizing support from prominent city planners.”

It worked. Imagine if something similar had happened before the Gardiner Expressway had been built! We’d have open access to the lake!

The Island Airport expansion is another example. Roughly a decade ago, Porter Airlines announced that it wanted to extend the island airport runway by 168 metres on each side, which would allow Porter to buy larger jets and fly to further destinations. Porter faced opposition from residents living near the waterfront as well as local politicians. Concerns were raised about increased noise pollution, the impact on the environment, and safety issues.

Community groups actively campaigned against the expansion, leading to restrictions on the lengthening of the runway and limiting the number of flights. It helped that prominent politicians, including Olivia Chow, Adam Vaughan and Mike Layton were vocal about their opposition to the plan. The plan was killed when the Liberals took office in 2015.

However, sometimes a project is so important to the city that it goes through regardless of protests, such as the Ontario Line, which is disrupting some residents in Leslieville and Riverside.

Other examples include the rehabilitation of the Gardiner Expressway. There were groups of people who wanted to see the eastern part of the Gardiner torn down, but it’s simply going to be repaired and now it’s been handed off to the provincial government to maintain.

If there’s a planned project in your neighbourhood that you want to prevent, one of the first things to do is attend any informational meetings as soon as possible. The earlier in the process something is, the easier it is to make changes. Your city councillor’s office should be able to answer questions about specific projects or at least point you in the right direction.

Check online to see if there are any local groups already mobilizing. Facebook is generally the best place to do this. There are also residents’ associations across the city. The more people that get behind a cause, the more likely it is to generate attention.

Go to change.org and start a petition – there are over 150 petitions involving Toronto. Are you one of the 88 people who want the city to rename one of the stations on the Ontario line? Or one of 20,000 people who want to save the Marian Shrine of Gratitude on Weston Road?

The more people behind a cause, the higher the chance you have of changing the situation.

You might be wondering what prompted this blog. There’s a new building going up behind my house which is going to result in a lot of construction noise and dirt in the short-term and in the long term will result in a lack of sunlight in the backyards of myself and neighbours, not to mention constant noise from all the trucks making deliveries.

When speaking at City Hall, it was apparent to me that any opposition to any part of the project, whether related to the urgently needed housing or not, meant you were against the project, which of course was not true. They were not willing to address the impact of the massing of the servicing bays and areas and the impact the structure will have on the existing residential fabric. In councillor Moise’s words, considering the housing shortage we are experiencing, to delay the project at all “would be cruel”.

The project is part of the Yonge Street Mission and includes rental housing, which is sorely needed, but the sheer scope of the building in relation to the surrounding neighbourhood is simply too much.

The housing part includes over 190 units ranging from studios to 3-bedroom suites, which again, are very much needed, but this will bring hundreds of people into an area that is mostly populated by single family homes.

Earlier this fall I attended a hearing at City Hall earlier to argue against the rezoning application and was disheartened to see very few city councilors, if any, were actually paying attention to those of us that were speaking.

I was the only one who showed up in relation to this project, which did not help the case.

Have you ever tried to fight city hall? I’m curious to find out what happened

November Delights: Your Guide to Exciting Toronto Events this Fall

Wed, 01 Nov 2023 17:58:00 GMT

The AD Film Festival (Nov 1-4)

Go on a cinematic journey that illuminates the captivating stories behind the structures and spaces that define our environment and shape our experiences at the Architecture & Design Film Festival.

Fashion Art Toronto’s 2023 (Nov. 16-19)

Fashion Art Toronto’s 2023 Fall / Winter season is set to take place in a 20,000 square foot space featuring multiple opportunities for audience interaction and designer participation including Runway Shows, Fashion Presentations and the Fashion & Beauty Boutique.

Winterfest (Nov. 17, 2023 to Jan. 6, 2024)

Canada’s Wonderland transforms into a magical, winter wonderland for WinterFest – an immersive holiday experience for the whole family. This event features ice-skating on Snow Flake Lake, more than a dozen live shows and holiday entertainment, exciting rides, millions of spectacular lights, and hundreds of beautiful Christmas trees throughout the park, including two 50-foot Christmas trees on International Street.

The CPKC Holiday Train (Nov. 20 – Dec. 19)

The 2023 CPKC Holiday Train is set to embark on a remarkable journey across Canada and the United States from November 20 to December 19. This festive train adorned with dazzling decorations will feature talented professional musicians performing free concerts from its enchanting stage. The train’s mission will be centred on supporting local food banks, with CPKC making donations to each community’s food shelf at every stop.

The Thirsty Elf (Nov. 22)

Step into the enchanting world of holiday cheer at this annual holiday-themed pop-up, The Thirsty Elf! From whimsical Christmas sweaters to quirky décor and an array of delightful, festive cocktails, it’s the perfect setting to ignite your seasonal spirit.

Toronto Botanical Garden Holiday Market (Nov. 24 – 26)

Go green this holiday season by visiting the Annual Toronto Botanical Garden Holiday Market, an eco-minded, nature-inspired, relaxed shopping experience.

Cavalcade of Lights (Nov. 25 – Jan. 7 )

Experience the magic of the holiday season with the much-loved Cavalcade of Lights presented by Desjardins Financial Group at Nathan Phillips Square.

Holiday Magic (Nov. 25)

Experience Holiday Magic at the Bloor-Yorkville official lighting ceremony. This highly anticipated event marks the illumination of the neighbourhood’s sparkling holiday décor, adorned with thousands of twinkling lights, creating a magical ambiance.

The Santa Claus Parade

Since 1905, the Santa Claus Parade has kicked off the Christmas season, first in Toronto, then for the whole country as it has grown in popularity and importance throughout the years. The Parade brings people together, regardless of their background, celebrating hope, family and love.

Niemi’s Christmas Village

Meet Santa in His workshop in the magical Christmas Land at Niemi’s Christmas Village in Mount Albert, Ontario. Santa spends time in His workshop on Fridays and Saturdays to meet children and adults alike.

Toronto Art Crawl

Step into a world of creativity and unique finds at the Toronto Art Crawl Christmas Market! This vibrant one-day market is a treasure trove for art aficionados, photography enthusiasts, and anyone seeking distinctive and handcrafted treasures. From captivating sculptures to stunning jewellery, captivating fashion, exquisite home decor, luxurious skincare, and an array of one-of-a-kind items, this market is a haven for discovering exceptional artisanal creations.

Reel Asian International Film Festival

The Toronto Reel Asian International Film Festival is a unique showcase of contemporary Asian cinema and work from the Asian diaspora. Works include films and videos by Asian-identifying artists in Canada, the U.S., Asia and all over the world. As Canada’s largest Asian film festival, Reel Asian provides a public forum for Asian media artists and their work, and fuels the growing appreciation for Asian cinema in Canada.

Navigating Toronto’s Real Estate Landscape: Is Now the Time to Buy or Wait?

Tue, 24 Oct 2023 17:58:00 GMT

We are experiencing a buyer’s market in Toronto right now, especially in the downtown condo sector. On the day I am writing this, in C08, there were 19 new condo listings that came on the market, and zero sales were registered.
With so few sales happening, you might expect a dramatic price drop, but the recent news from the Toronto Real Estate Board shows that the average price of a condo dropped by only 5% compared to 2022, which is still $60,000 higher than the average price paid in the fall of 2020.

I suspect that sales might remain flat throughout the winter with the list to sale ratio in the 30 to 40% range. Sellers can expect to see their property on the market for about 30 days. If the Bank of Canada lowers rates in 2024, we may see a little more action.

That said, activity is always property dependent. The week of October 8, I listed a condo in Kensington Market and it sold the next day, while another listing I have has yet to receive an offer, despite a number of showings.

One of the reasons sales are taking longer is that there’s no sense of urgency. There’s so much choice that buyers have the luxury of taking their time. I actually think this is a good thing because then buyers don’t feel rushed and are more confident in their choice.

Predictions vary about whether the Bank of Canada is going to raise interest rates later this week, but with the recent news of inflation falling to 3.8%, it’s entirely possible that the interest rate will remain at 5% until at least December 6th.

The big question is: Where are prices going to go? In short, with so many condos on the market, I think we could see condo prices continue to soften.

Compared to September 2022, prices for detached, semi-detached homes and townhomes are up year-over-year, but only about 25% of the new listings are selling. As with any market, there are people who really need or really want to sell. Those sellers won’t just let their property sit on the market, they’ll lower the asking price. I think it’s just a matter of time.

And of course, it depends on the building and the neighbourhood. For example, The Canary District and Corktown Common are pretty key areas in high demand so I would expect to see properties move more quickly.

All that said – I believe that now is an excellent time to be buying (I know, you’d expect nothing less from a realtor, but hear me out!). With interest rates predicted to fall in the fourth quarter of 2024 or perhaps early 2025, don’t lock yourself in to a 5 year mortgage. Take a shorter term and take advantage of the downward pressure on prices.

In a softened market, you’re dealing more often with sellers making emotional decisions based on financial stresses and you have more buying power. Nobody wants to take advantage of someone who’s in a tight spot, but a seller is going to sell to someone.

Also keep in mind that as a buyer, you’re always trying to time the market so you’re hitting the bottom before it goes up… spoiler alert, chances are you’ll miss the mark. But if you’re buying with a long-term plan in mind, it doesn’t matter what price you buy at because prices will always grow over time if you hold on long enough. Although Toronto has seen price corrections – some more dramatic than others – you’ll always come out ahead if you’re in your home for a decade.

In the fall of 2013, the average price for a one bedroom condo was a little over $316K and the average price for a three bedroom detached home was $599K. Compare that to $724K for the average one bedroom condo today and $1.285M for a three bedroom home*.

If you’re curious about what your home is worth or just want to talk about what’s happening in the market, please get in touch!

*Statistics from listing.ca

Photo courtesy @the_zeelenberg

Toronto’s Thrilling October: Must-See Events and Happenings!

Sat, 30 Sep 2023 17:59:00 GMT

PumpkinFest at Downey’s Farm (Sept. 23 – Oct. 31)

Get ready for a pumpkin-packed adventure at Downey’s Farm! From wagon rides to a-maze-ing corn mazes, live entertainment, and adorable farm animals, they’ve got a fantastic lineup of family fun waiting for you.

LEGENDS OF HORROR (Sept. 29 – Oct. 31)

Prepare to be spooked and thrilled as Legends of Horror makes its chilling return to Casa Loma this October. Brace yourself for a hauntingly unforgettable experience!

Toronto Oktoberfest (OCTOBER 6 & 7)

Dust off your lederhosen and dirndls. Toronto’s favorite fall festival is back! Young and old, modern and traditional all blend together harmoniously in a relaxed and welcoming atmosphere at Toronto’s Oktoberfest!

Pumpkin Fest Toronto (October 6 – 9)

Enjoy a weekend filled with unlimited midway rides, inflatable fun, a sprawling pumpkin patch, local food trucks, live entertainment, tons of family photo ops, and so much more at Pumpkin Fest Toronto!

Woodbridge Fair (October 7-9)

Get ready for a fun-filled adventure at the Woodbridge Fair! From thrilling rides and games to captivating history and antiques, plus a mouthwatering array of fair foods and culinary arts, competitions with exciting prizes, and the wonders of animals and nature – this event has something for everyone to enjoy.

Planet in Focus (October 12 – 22)

Explore urgent environmental issues through captivating storytelling at the Planet in Focus International Environmental Film Festival, a Toronto-based not-for-profit organization.

TORONTO AFTER DARK FILM FESTIVAL (October 18-22)

Mark your calendars and prepare for an unforgettable cinematic experience at the 17th Annual Toronto After Dark Film Festival. As one of the most anticipated events in the city, this festival promises thrilling films, exciting premieres, and a celebration of the macabre and the fantastical that will leave you on the edge of your seat.

Next Stage Theatre Festival (October 18-29)

Experience the 16th Next Stage Theatre Festival at the historic Buddies in Bad Times Theatre, offering an experimental lineup of six productions with diverse artistic elements.

Art Toronto (October 26-29)

Art Toronto 2023 will return to downtown Toronto for a showcase of over 100 galleries from across Canada and abroad, attended by over 20,000 collectors, curators, and art enthusiasts.

Latest News from the Toronto Real Estate Market – Advice for Investors

Fri, 22 Sep 2023 18:00:00 GMT

With Labour Day in the rearview mirror, the fall market is in full force.

Over the last couple of weeks, a ton of new listings have hit the market, including a large number of condos in C08 and C01, which effectively covers the downtown core. I believe that the abundance of listings is due to investors trying to get out of the market because the rents they’re charging simply don’t cover the carrying costs. Personally, I believe in long-term investments.

I also believe that condo prices will go up in value over time so to hold on to an investment and perhaps take a loss in the short term makes sense… but you have to act based on your personal circumstances and what you’re comfortable with. If that means you want to sell, then you sell. It’s true that aAs the bank rates increase, investors get more anxious and some are making the decision to off-load their investment property. It’s still early yet in the fall market cycle, so we’ll have to wait and see if all the extra product gets absorbed by the buyers that are in the market. Considering the number of days that properties are staying on the market, we may have to wait a few weeks before the sales start being recorded.

In August, properties were staying on the market considerably longer than they were earlier in the year. Sometimes a property will be on the market for well over 30 days, compared to about two weeks at the peak. Many properties are lingering longer.

Even with this happening, with the exception of detached homes, prices are holding steadfast. Last month, semis and towns were selling above list, but detached homes were selling under asking. As for condos, the average price was down 1.8% year-over-year, but as that translates into $12,391, it’s not a significant drop.

So, although people are trying to get a deal right now and coming in with offers lower than the asking price, realtors are best to advise sellers not to be offended, it’s the state of the market.

From renter to buyer?

Last month’s blog discussed the risks associated with selling a tenanted property. But here’s an interesting twist: I was recently speaking with a mortgage broker I know quite well. She mentioned that tenants have been reaching out to her because their landlords are thinking about selling the unit they’re renting. Some landlords are giving their tenants the option to buy the property first before selling it to someone else, which I think is a great idea!

I’d certainly advise an investor to talk to their tenant first if they were looking to sell – and if it’s a fair price, then why not?

Of course, today’s mortgage rates are the main factor affecting the slowdown in the market, but if you’re considering a move, you don’t necessarily have to lose the great interest rate you’re currently paying. Contact your mortgage broker to see if you can port your mortgage to another property. This would result in a blended mortgage. You’ll continue to pay the current rate on the outstanding amount and you’ll only be paying today’s rates on the difference, which could average out to about 4%. Not bad in a market where new mortgages are anywhere from 5.75% to 7%.

I also recommend contacting your mortgage broker if you’re looking to make a purchase before the end of the year. Chances are there will be another rate increase and so anybody looking to buy in the next few months should strongly consider being pre-approved and locking in at today’s rates.

If you have any questions about the market or are curious about what your home is currently worth, please get in touch!

September’s Newsletter: TO’s Best Happy Hours – September Events – Riding the Rate Waves: Condo Investors Navigate Selling Amidst Mortgage Hikes

Fri, 08 Sep 2023 18:01:00 GMT

Summer may be coming to an end but what better a time to embrace the vibrancy of fall by enjoying an action packed month of festivals. Toronto is buzzing with spectacular events! There’s so much to do that you won’t even have time to reminisce about summer days gone by. If you’re looking to slow down the pace a bit, September is also the perfect time to check out one or more of the city’s best happy hours listed below!

Toronto’s real estate market continues to be in flux due to higher borrowing costs and uncertainty about the economy. Maybe not so surprising, there were more listings available this past August than in August 2022. Interestingly, prices are still holding fairly steady. All of this is an indication that people are looking to sell but are not dropping the asking price out of desperation.

The announcement by the Bank of Canada to hold rate steady is definitely a good sign. The next rate announcement isn’t until the end of October which means that mortgage rates will be stable during the mid portion of the fall market. I’m hopeful this adds to consumer confidence and fuels the market enough to maintain a steady pace.

Click here for the full newsletter

Toronto’s September Spectacular: A Guide to Exciting Events and Happenings!

Thu, 31 Aug 2023 18:02:00 GMT

TIFF (September 7 to 17)

The eagerly anticipated 48th edition of the Toronto International Film Festival is poised to grace screens from September 7 to 17, 2023. In an exciting revelation, TIFF has unveiled its decision to rebrand the acclaimed Contemporary World Cinema stream as “Centrepiece.”

Taste of The Kingsway (September 8-10)

Celebrate the 50th anniversary of The Kingsway BIA with an even bigger and more spectacular Taste of The Kingsway. From September 8-10, enjoy three unforgettable days of food, music, family entertainment, contests, and shows.

Toronto Ukrainian Festival (September 15 – 17)

The Bloor West Village Toronto Ukrainian Festival welcomes you to come and enjoy everything the Ukrainian culture has to offer. Discover Ukrainian culture in Canada and share the Ukrainian spirit at North America’s largest Ukrainian Street Festival.

Toronto Waterfront Festival (September 16-17)

The Toronto Waterfront Festival is back with the World’s Largest Rubber Duck from September 16-17. Don’t miss the 6-story, 30,000-pound Mama Duck at 7 Queens Quay East. Enjoy on-land and on-water activities, cultural experiences, giveaways, and local food trucks from 11am to 8pm each day at the Billy Bishop Airport Picnic Lounge.

Roncesvalles Polish Festival (September 16 & 17)

Come celebrate Roncesvalles Village, and the unique heritage of this neighbourhood, at our weekend Roncesvalles Polish Festival. Coming this September 16 & 17, 2023, and building on the long history of the Roncesvalles Polish Festival, which include fan favourites, like Polka and pierogi, in conjunction with a fresh focus to celebrate a broader range of local artists, musicians and, of course, food.

AsialiciousTO 2023 ( September 16 — October 1)

AsialiciousTO is Toronto’s premier Asian food campaign program, showcasing diverse and delicious cuisines of Asia. Organized by the Federation of Asian Canadians Toronto (FACT), this program seeks to promote cross-cultural understanding and community engagement, while support the growth of Toronto’s thriving Asian food scene.

Just For Laughs Toronto (September 21 -30)

Get set to laugh out loud as Just For Laughs showcases top comedy stars on some of Toronto’s biggest stages!

Halloween Haunt returns to Canada’s Wonderland (September 22 to October 29)

This fall, Halloween Haunt returns to Canada’s Wonderland on select nights Sept. 22 to Oct. 29 with a sinister transformation, turning the theme park into a scream park filled with Halloween attractions that offer unforgettable thrills and unspeakable horror. Immerse yourself in the nightmare of Haunt, with eight mazes, terrifying scare zones, hundreds of monsters, thrilling night rides and amazing live entertainment including the return of the Day of the Dead Festival.

Queen West Art Crawl Festival (September 23-24)

The Queen West Art Crawl Festival is a yearly event spanning 2 days in person and 7 days online. It celebrates Queen Street West by spotlighting the artists, artisans, craftspeople, community groups, and residents who form the vibrant essence of this unique Toronto neighborhood. This year, they are reintroducing the online exhibit within their Virtual Park for artists, artisans, patrons, and performers. Additionally, they’re excited to resume the live festival at Trinity Bellwoods Park.

Riding the Rate Waves: Condo Investors Navigate Selling Amidst Mortgage Hikes

Thu, 24 Aug 2023 18:02:00 GMT

Ever since this article came out in the Star, I’ve been thinking about my clients who are investors.

In a nutshell, the article explains that more and more real estate investors are leaving Toronto’s market due to rising interest rates resulting in an increase of new listings. Investors who purchased properties from 2020 to 2022 at low variable interest rates are now selling due to tripled mortgage rates. Even those who bought with fixed rates and are renewing their mortgages may be considering getting out of the market. This trend is expected to continue over the next year as interest rates remain high, leading to more investor exits from the market and impacting rental stock and property availability.

It’s true that there are more condos coming onto the market, but I for one am certainly NOT concerned that the market is going to get flooded in the very near future. Many recent investors will have opted for a fixed-rate mortgage, which means their payments won’t be affected until their mortgage comes up for renewal any time between 2025 and 2027, and who knows where interest rates will be then?

But for those who opted for a variable-rate mortgage, how do you deal with the increased payments?

It depends on the situation. Sometimes you have to accept short term pain for long term gain, and in some cases it may be worth losing money each month knowing that the value of the unit will continue to increase. While there are no guarantees that the market is going to grow in the future, history has always shown that it does.

I ask questions of clients considering selling to make sure they’re not panicking.

What plans do they have for the money that they’re going to be getting from the sale? Do they need that money or is the decision solely based on monthly output?
Have they spoken with their accountant to discuss the capital gains implications?
Its important to consider what they paid for the unit and give them an estimate of what it would sell for. It’s important to also discuss if they can imagine feeling regret over selling it. Sometimes selling is the right decision if it would just alleviate an immense amount of stress…. if the stress is short term and there are other options to make up for the shortfall then maybe it’s not the right decision to sell.
And finally, I ask about who’s living there now and whether they have considered the risks associated with selling a tenanted property.

The last question is key – a landlord can legally terminate a tenancy if they, or a family member, are moving into the unit, or they are selling the unit and the buyer will be moving in, but there are risks involved with this scenario.

If you are selling a unit with a tenancy in place and you ask the tenant to leave because the new buyer warrants they will be moving in and in fact the new buyer doesn’t move in, but signs on a new tenant, your current tenant can lodge a complaint. If this happens, you as the landlord can be fined by the government for up to $25,000.

The sale of a tenanted property can get complicated if a tenant refuses to leave, because the agreement of purchase and sale states that the unit will be vacant upon possession. Check out what happened to this couple.

The proper procedure, once an agreement of purchase and sale has been signed, is for the owner to file an N12, giving them 60 days notice from he end of a pay period to leave. One must follow the protocols to provide notice to the tenant exactly as stipulated by the Landlord Tenant Board (LTB).

Most tenants will leave willingly, but not all. If a tenant doesn’t leave, they have to be evicted and this can take months because of the backlog at the Landlord and Tenant Board.

Most lawyers would say, if you’ve got a tenant, pay them what they want to get them out before the property is put up for sale. That’s the lowest risk. You may be eating a couple of months’ rent, but the property will sell faster because you’ve eliminated the complications. If an investor is buying it, they’ll be happy to bring in their own tenant at market rent. One important caveat: if the place you’re selling was completed after November 15, 2018, rent control rules don’t apply.

If it was completed before that date, you can only raise the rent according to the government. But after, the landlord has a right to raise the rent as much as they want.

If you have any questions about investment properties, or anything else real estate related, please get in touch!