The Toronto Market Awakens!

The Toronto Market Wakes Up!! 
🦋

After months of lagging sales the most recent “Market Watch” report from TREB points to signs of an awakening!  April sales were up year over year by almost 17% translating to over 2000 additional sales as compared to last year.  Even better news is that there has been an 8% increase in new listings as compared to last year. 

Don’t get too excited though because we’re still selling more than we’re listing and as such average prices have risen by just shy of 2%.  Not the insanity of days gone by but definitely an upward trajectory.  So why are prices going up if inventory levels are higher?  Unfortunately it’s the same old story  – there are simply more buyers than there are sellers and we continue to have an inventory shortage.

Sale prices in the downtown market are all over the place – some homes are selling for around the list price while others are continuing to sell for well over list in multiple offers.  It really depends on the agent and how they’re choosing to market the property.  Pricing a property is an art and listing at an artificially low price can often backfire. Careful consideration is needed to arrive at the right price and strategy and there are numerous variables that come into play. 

Bidding wars are particularly prevalent in east end areas such as Leslieville, Riverdale and beyond but even in other areas throughout the central core, good homes in the $1m-2m range are selling for over list.

So is it a good time to buy? A good time to sell? It really all depends on your circumstances. 

Are you living in a rental condo, both well employed and planning on having a baby? With interest rates south of 3%, The timing couldn’t be better for you.

But if you’re still struggling with coming up with enough of a down payment to afford to buy what you want and have been affected by the stress test mortgage guidelines set into place last year, then don’t give-up. Take a look at the video below, put on your thinking cap and get creative!

Sellers, as long as you have somewhere to go whether it’s to downsize or rent, then you’ll do very well. Prices are still expensive on the buy side so if it’s a lateral move, you might want to think twice about selling. Yes you have super low rates in your corner but until the government listens to the realtor community and does something about the Land Transfer Tax,  think about pulling out some equity from your home and buying a small condo as an investment instead. 

The condo market is buoyant and prices have increased by 5.8% year over year. There’s no shortage of people wanting to live in the downtown core who may not have the desire or ability to buy in the city.  

Owning an investment property is the best way to diversify your portfolio and you can pretty much rest assured that a cute little condo near transit is going to increase in value and always be highly desirable in terms of rentability.  

Even if you net out just a small profit or break even for the first little while, it’s ok because your equity will grow on the long term and you’ll be increasing your future gains just by simply paying down the mortgage.  This is why we say that mortgage debt is “good debt” because it forces you to save money you may not otherwise be saving,

I encourage you to use me as your real estate resource. I’m always up for conversing about the Toronto market and how I can help you achieve your dreams whether it’s to buy your first home or to help you leverage your existing property portfolio. 

Leave a comment below OR Email / Call me at info@kimmemyles.com
416-489-2121 
Remember … Not All Realtors Are Created Equal 🙂

Source: TREB Market Watch

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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