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!

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In the first three days after March Break, the Toronto housing market was inundated with new listings. Will that translate into sales? We’ll have to wait until the March numbers are released, but one thing to keep in mind is that in February, the average single family home was on the market for 26 days, while the average condo took 41 days.

The spring market traditionally begins after Easter, but because we’ve had the warmest winter on record since 2009, house hunting has become more appealing and with the exception of March Break, it’s been a busy month!

One thing is for certain - there’s less emotion in the market than there was before, especially for condo buyers. Buyers are confident that they’ll find what they want. Last month there were about 4,400 condos on the market, including 2,237 that were listed in February.

There also doesn’t seem to be any sense of urgency around units that are usually in high demand which is adding the amount of time properties are staying on the market. Add to that, a lot of listings are being terminated and then relisted either at the same price or at a lower price which increases the "property days on market" even more.

The reason this is happening is people are still testing the market looking for a deal. When it comes to condos, if they are looking to purchase, they are being careful and waiting patiently for the right opportunity.

Case in point, a unit at the Massey Harris lofts (not my listing!). It shows beautifully and they don’t come up very often, but after three weeks, the price was lowered. It went from $1,149,000 to under $1M and as of this writing, it’s still on the market.

Single family homes are a different story. One thing I’m noticing is that so many sales are significantly over asking (like hundreds of thousands of dollars), which could partly be due to underpricing, but also people are expecting an interest rate drop and they’re trying to get ahead of the expected uptick in the market because of lowered rates.

I think when we get the March stats, we’ll see the price of condos remain fairly stagnant, but there will be price growth in the single family home market.

The media is also driving the market. If you read the headlines, you see things like “First-Time Buyers Are Bringing On Bidding Wars And Closing In On $1M Listings”

“What will Toronto's spring housing market look like? Experts say first-time buyers are back — and prices could jump 6% this year”

I often am asked when is the best time to make a move and my answer is always the same. You can try to strategize the market and time it perfectly, but it's rare that one ever hits the bottom or the top of the market. Those that succeed most in real estate, are those that ride allong the middle over time. Quite, honeslty, it always comes down to making a move at the time that’s best for you.

I can’t predict if there will be a substantial difference between what’s happening in the market now and what will happen later this spring. Even if the Bank of Canada decreases the interest rate, it’ll be a quarter of a percent, which will give people some positivity. It may drive a few buyers forward, but I don’t know whether it’ll be substantial.

If you’re curious about what’s selling in your neighbourhood or just want to talk real estate, give me a call!

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.

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)

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.