December 2022 Market Stats

While the stats show that home prices across the board for all home types are down by approximately 7% year over year, there is the potential for tightening in the Toronto real estate market.

A levelling effect on prices has occurred since the late summer of 2022 and prices have remained stable since then.

So how does the softening of prices affect mortgage payments despite higher borrowing costs? The average monthly payment since February of 2022 isn’t that different from now as lower prices have mitigated the impact of higher rates.

The market will start to tighten again as buyers who are on the fence will start to move off the sidelines. They might be adjusting their expectations in terms of where they buy and what type of property they buy, but there will come a point when buyers will accept rates where they’re at and continue with their home purchasing goals.

A heightened level of Immigration will have a strong impact on the housing market here in Toronto whether through ownership or renting.

The bottom line is that supply hasn’t kept up with demand and there is still a shortage of inventory.

With it’s cultural diversity and economic diversity, Toronto remains an attractive destination. It’s also important to remember that many of these people are already in Canada awaiting permanent residency status.

For more info and insight on the state of the market, please DM me, email me or call me and I’d be happy to assist.

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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