The T.O. Real Estate Market Lands On It’s Feet!

MARKET RECAP
HERE’S A SYNOPSIS OF WHAT YOU SHOULD BE AWARE OF

 

BOTH JUNE AND JULY STATS HAVE SHOWN THAT THE DEMAND FOR HOME OWNERSHIP IN TORONTO HAS STRENGTHENED AS BUYERS ARE FEELING MORE CONFIDENT AS THEY’VE PSYCHOLOGICALLY ADJUSTED TO HIGHER BORROWING COSTS AND INTEREST RATES.

THE MARKET HAS INDEED STABILIZED – BOTH PRICES AND THE # OF SALES HAVE INCREASED FOR ALL HOME TYPES INCLUDING DETACHED. HOWEVER, WE STILL HAVE A SHORTAGE OF LISTINGS WHICH WILL CONTINUE TO PUSH HOME PRICES UPWARD DUE TO THE SHORTAGE OF SUPPLY.

THE FALL MARKET IS EXPECTED TO BE VERY ACTIVE IN TERMS OF # OF SALES AND PRICES WHICH IS QUITE DIFFERENT FROM THE EARLIER PART OF THE YEAR.

BECAUSE PRICES WON’T BE ESCALATING AT NEARLY THE RATE WE’VE SEEN OVER THE PAST 10-12 YEARS, IT WOULD BE PRUDENT TO REVIEW YOUR DEBT LEVELS AND START SAVING AGAIN RATHER THAN PULLING EQUITY FROM YOUR HOME.

WE’VE SEEN AN INCREASE IN THE USE OF ALTERNATIVE LENDERS FOR THOSE PEOPLE WHO WERE NEGATIVELY AFFECTED BY THE INTRODUCTION OF THE STRESS TEST AND TIGHTER MORTGAGE QUALIFICATION PROTOCOLS.

IT’S MORE IMPORTANT THAN EVER TO BE VERY STRATEGIC IN PRICING YOUR PROPERTY WHILE TAKING INTO CONSIDERATION THE MYRIAD NUMBER OF VARIABLES THAT AFFECT PRICE.

SLAPPING ON A LIST PRICE BELOW MARKET VALUE AND EXPECTING TO RECEIVE MULTIPLE OFFERS DOESN’T ALWAYS WORK.

WHILE PROSPECTIVE BUYERS MIGHT BENEFIT FROM HAVING ACCESS TO SALE PRICES AS ANNOUNCED THIS PAST WEEK, IT WILL INEVITABLY MAKE IT ALL THE MORE CONFUSING.  A STRONG AGENT WITH AN ESTABLISHED TRACK RECORD WHO UNDERSTANDS THE NUANCES OF THE MARKET AND HOW TO PROPERLY INTERPRET THE DATA IS INVALUABLE.

TREB BELIEVES THAT PERSONAL FINANCIAL INFORMATION OF HOME BUYERS AND SELLERS MUST CONTINUE TO BE SAFELY USED AND DISCLOSED IN A MANNER THAT RESPECTS PRIVACY INTERESTS AND WILL BE STUDYING THE REQUIRED NEXT STEPS TO ENSURE SUCH INFORMATION IS PROTECTED.

FOR MORE INFORMATION PLEASE CONTACT ME.

 

Kimmé Myles
Matching her knowledge of Toronto's eclectic mix of downtown neighbourhoods and impassioned by her diverse mix of buyers and sellers, Kimmé is naturally motivated to create a positive and professional experience. Kimmé does her homework and knows her inventory. She is genuine, honest and a straight shooter. Nor is she afraid to think "outside the box" as she employs creative strategies to make dreams become reality. Born and raised in Toronto and coming from a successful fashion background in design and management, Kimmé could not have met a better match for her entrepreneurial skills than by working in Real Estate. Inspired by her father, well known Toronto clothier "Lou Myles", she learned from a very young age to work hard and strive for excellence. In a competitive industry where customer service is paramount, she has received numerous sales awards over a relatively short time in the business. Entrusted with the life choices of her clients, Kimmé is truly honoured to have the opportunity to serve and assist others. Licensed as a full time Sales Representative since 2005 with Royal Lepage Real Estate Services, Ltd., she is proud to be affiliated with the Johnston & Daniel (J&D) Division of Royal Lepage, Toronto's highly respected boutique brokerage and by far Royal Lepage's # 1 producing brokerage across the country.

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