A Peek 👁 into My Crystal Ball 🔮 ! Spring Market Trends and Predictions!

The truth is I don't really have a crystal ball but I do keep a close eye on the market!

Here are just a few of my observations and dare I say - predictions for the remainder of 2018.  Read at your own risk!

1) Sanity Has Returned!  For those who can afford to buy a house, the good news is that it's a lot easier than last year since prices have softened for single family detached homes.

2) The Issue Isn't Demand, It's Supply.  With listings down by 12%, any price appreciation incurred over the past year as a result of government intervention measures (Fair Housing Plan, Stress Test etc.) is now behind us and prices will start trending upwards in a slow and steady manner particularly in the downtown and central core neighbourhoods of Toronto.

3) Vive le Condo! Many buyers, especially those who qualify for under $1m are turning to condo life as an alternate way of living as compared to life in a single family house. The condo market is strong and prices have appreciated by 9% during this first quarter of 2018.

4) Interest Rates will remain stable for now- as low as five year fixed at 3.49% for CMHC insured mortgages

5) BUT there will be another .25 basis point interest rate increase this year and possibly two .25 basis point rate increases in 2019 - because robust global economic growth is expected for remainder of 2018 and 2019.

6) Investors will continue to buy - even though It will be far more difficult for investors to obtain financing for second and third properties.  Government regulators are concerned about debt levels and affordability and are targeting speculators.

7) Rents will continue to increase.  Rents have increased by 11% so far this year as compared to the first quarter of 2017. Would-be buyers priced out of the market will  continue to rent. New rent control guidelines are prompting Tenants to stay put affecting inventory levels.

8) The Condo Market will remain strong. The population in the GTA  continues to swell and the federal government has raised annual immigration targets through 2020. This  supports housing demand which is good for the condo market buoyed by 25-34 year olds.

9) High end condo sales will trend higher - the main demographic is downsizers in their 50's, 60's and 70's.

10) Spring is here 🌷 and winter is over!

Source: TREB Market Watch Stats March 2018, TD Bank, Oriana Financial.

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Kimmé Myles

Matching her knowledge of Toronto’s eclectic mix of central core 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 to the stars, “Lou Myles”, she learned from a very young age to work hard and strive for excellence.

Licensed since 2005 as a full time Sales Representative and a Broker since 2016, she continues to be proud to be affiliated with the Toronto office of Sotheby’s International Realty Canada and to be part of the highly respected world renowned global luxury brokerage, Sotheby’s International Realty.

Kimmé has received numerous sales awards throughout her career including the prestigious Gairdner, Diamond and President’s Awards. She has completed extensive negotiation training and is among a select group of realtors in Canada to hold the Master Certified Negotiation Expert (MCNE) Designation and the Certified Negotiation Expert (CNE) Designation. In addition, she is a member of the prestigious U.S. based Institute of Luxury Home Marketing and also carries the Luxe – Luxury Listing Specialist Designation. She holds the SRS Designation – Seller Representation Specialist and the SRES Designation –Senior Real Estate Specialist – both accredited programs through NAR – The National Association of Realtors, USA.

Entrusted with the life choices of her clients, Kimmé is truly honoured to have the opportunity to serve and assist others and does so with integrity, commitment and enthusiasm.

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