August 2023 Newsletter

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.

 

 

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” 
 

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.