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)

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.

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!