August 2023 Newsletter

Wednesday Aug 02nd, 2023

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Sunny August Overview: GTA Realtors® Release June 2023 Stats, August Home Maintenance Checklist, Upcoming Events, Additional Articles Chosen Especially for SMART Subscribers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           

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Sunny August

Overview:

  • GTA REALTORS® Release June 2023 Stats

  • August Home Maintenance Checklist

  • Upcoming Events

  • Additional Articles Chosen Especially for SMART Subscribers

GTA REALTORS® RELEASE JUNE 2023 STATS

From the Toronto Regional Real Estate Board:

Home sales and the average selling price in the Greater Toronto Area (GTA) in June 2023 remained above last year’s levels. Seasonally adjusted sales dipped on a month-over-month basis. 
“The demand for ownership housing is stronger than last year, despite higher borrowing costs. With this said, home sales were hampered last month by uncertainty surrounding the Bank of Canada’s outlook on inflation and interest rates. Furthermore, a persistent lack of inventory likely sidelined some willing buyers because they couldn't find a home meeting their needs. Simply put, you can't buy what is not available,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron.
The year-over-year increase in sales coupled with the decrease in new listings mean market conditions were tighter this past June relative to the same period last year. The average selling price was up by 3.2 per cent to $1,182,120.
“A resilient economy, tight labour market and record population growth kept home sales well above last year’s lows. Looking forward, the Bank of Canada’s interest rate decision this month and its guidance on inflation and borrowing costs for the remainder of 2023 will help us understand how much sales and price will recover beyond current levels,” said TRREB Chief Market Analyst Jason Mercer.

 
YORK REGION MARKET STATS

 

 

What was it like to be a property seller in York Region in June?

 Had you been one of the 1300+ property sellers in York Region last month, you would have experienced: 

  • Very robust market attention, likely with two or more dozen agent showings, and the same number of potential buyers attending weekend open house;

  • A short time on market; likely sold within two weeks of listing;

  • Buyers would have been vying to purchase your property, perhaps even competing in a “bidding war” for your house;

  • A final sale price that exceeded list price. 

How do I know this? Both by experience and the market statistics. Every transaction I participated in as either the listing agent or buyer’s agent involved multiple offers for the same property. Sale prices were an average of 106% of list price. and days on market is +/- 10 DOM, clearly indicating that this is still a strong seller’s market!

 

What was it like to be a property buyer in York Region in June?

Had you been attempting to buy a property in York Region in June, your experience would have been a lot different from sellers’. Because there are not enough properties for sale to meet buyer demands, smart buyers need to:

  • Have all their financing arrangements made in advance house hunting;

  • Make sure they have easy access to their deposit funds, usually 5%;

  • Have some flexibility about location or size or price;

  • Expect to be in competition with other buyers, unless they will consider properties that need cosmetic work;

  • Be ready to make a decision quickly if the right property comes available. 

Do you have a family member or friend looking for a strategic approach to finding value in a hot summer market? Why not send them a link to our vlog post: “Five Strategies for finding value in an overheated market” 
 

View Blog
 
 
NEIGHBORHOOD REPORTS JUNE 2023
If you’d like to see the recent sales statistics for your community, simply click on the link below to access our helpful infographic.
Aurora
Markham
Newmarket
Richmond Hill
Vaughan
East Gwillimbury
 
August Home Maintenance Checklist

August is a great time to continue on those exterior maintenance tasks. Consider the following:

  • Visually check soffit and fascia, eavestrough for damage
  • Clean exterior vents, especially from the dryer, of lint and securely refasten
  • Give spring-flowering shrubs a hard prune, and trim other woody bushes
  • Power wash siding, decks and patios
  • Check smoke and carbon monoxide detectors

Do you need help completing this list? Reach out! We have vetted service providers we can connect you with.

Are you considering a condo as your next move?

Looking to escape the work and worry of a big home? A condo might be the perfect solution for you! If you’ve ever thought of moving to a condo, then I strongly encourage you to attend our “Condo Considerations Market Tour.”
We will visit 6-8 “live” MLS listings over the course of 2 ½ hours to experience the different condo offerings in your area. Compare the size, price, amenities and locations and see whether a condo is the SMART choice for you.
You can join our “Condo van” (I drive you around) or drive in your own vehicle.


Thursday September 7th

Register Here At Richmond Hill

Richmond Hill 
9:30 to noon
Meet at Richmond Hill Centre for Performing Arts 
10268 Yonge St, Richmond Hill  L4C 3B7

Register Here At Markham Village

Markham Village
1:00 pm to 3:30 pm
Meet at Markham Village Arena
6041 Hwy 7, Markham L3P 3A7

Save the date: Fall Paper Shredding & CHATS Fundraiser!

Register Here At Richmond Hill
Register Here At Markham Village

Saturday, October 17th | 9:30 am to 2:00 pm | Richmond Hill & Markham
Just another reminder to start setting aside your unwanted papers for FREE on-site, while-you-wait shredding. While we don’t charge for this service, we always accept a cash donation to support the valuable work CHATS does in supporting seniors in York Region. 
For more information about CHATS, check out their
website:https://chats.on.ca/

ADDITIONAL ARTICLES CHOSEN ESPECIALLY FOR SMART SUBSCRIBERS

Typical Conditions You’ll Encounter During a Home Sale - https://www.realtor.ca/blog/typical-conditions-youll-encounter-during-a-home-sale/32326/1363
How I overcame a 'scarcity mindset' when decluttering my home https://www.homesandgardens.com/life-design/scarcity-mindset
5 Ways Retirement Communities Help Seniors Stay Social - https://theseeker.ca/2023/07/5-ways-retirement-communities-help-seniors-stay-social/

 

 
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