December 2023 Newsletter

Wednesday Dec 06th, 2023

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Welcome, December! Overview: GTA REALTORS® Release October 2023 Stats, Neighbourhood Reports, New Blog, Special Events, News You Can Use, December Giveaway                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        

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Welcome, December!

 

Overview:
  • GTA REALTORS® Release October 2023 Stats
  • Neighbourhood Reports
  • New Blog
  • Special Events
  • News You Can Use
  • December Giveaway
GTA REALTORS® RELEASE OCTOBER 2023 STATS

Real Estate Market Report
GTA
Lack of affordability and uncertainty remained issues for many would-be home buyers in the Greater Toronto Area (GTA) in October 2023. As a result, sales edged lower compared to last year. However, selling prices remained higher than last year’s levels.
“Record population growth and a relatively resilient GTA economy have kept the overall demand for housing strong. However, more of that demand has been pointed at the rental market, as high borrowing costs and uncertainty on the direction of interest rates has seen many would-be home buyers remain on the sidelines in the short term. When mortgage rates start trending lower, home sales will pick up quickly,” said TRREB President Paul Baron.
New listings in October 2023 were up noticeably compared to the 12-year low reported in October 2022, but up more modestly compared to the 10-year average for October. New listings, on a seasonally-adjusted basis, edged slightly lower month-over-month compared to September 2023.
The October 2023 MLS® Home Price Index Composite benchmark and the average selling price were both up on year-over-year basis, by 1.4 per cent and 3.5 per cent respectively. 
“Competition between buyers remained strong enough to keep the average selling price above last year’s level in October and above the cyclical lows experienced in the first quarter of this year. The Bank of Canada also noted this resilience in its October statement. However, home prices remain well-below their record peak reached at the beginning of 2022, so lower home prices have mitigated the impact of higher borrowing costs to a certain degree,” said TRREB Chief Market Analyst Jason Mercer.

Here’s another way to see the numbers:
Buyers, where art thou?
The main takeaway from these numbers ^^^ is not the sale prices, which you can see are holding steady, it's the drastic reduction in the number of sales. There is a gradual building up of inventory on the market, spelling very good news for buyers. They have far more selection, much less competition, and can be choosy without fear of missing out. We are in a balanced market, and buyers have a lot more leverage in making offers to purchase. The irony is that many are still choosing to sit out and wait. Frankly, this drives me a little bit nuts! There are bargains to be had, opportunities to be seized, if only buyers would get off the fence. Do you know someone looking to buy, maybe for the first time? There is a 60-day window before rates begin to drop and everyone jumps back in. What do smart investors do? Buy when everyone else isn't! Reach out and I'll help you "carpe diem."
 
YORK REGION MARKET STATS
 
NEIGHBORHOOD REPORTS OCTOBER 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
East Gwillimbury
Markham
Newmarket
Richmondhill
Vaughan
Want stats for an area not represented? Let us send you neighbourhood alerts. Each month you'll see what's for sale in areas of interest to you, either as a potential seller or buyer. Send me an email: sharonparenteau@kw.com.
 
NEW BLOG ALERT!
The changing season is a perfect time to cull the clothing clutter! Last season's outfits and accessories can find new life when you donate them to not-for-profit organizations. We have a huge list of 25+ charities that will get your surplus into the hands of people who could really use them. Click on the title below to get your list today. It's a win/win solution, which you know we love! 💗 
 
CLICK HERE to read: "Conquer Clothing Clutter by Donating"
SPECIAL EVENTS
Twice in the month of November I had the privilege of speaking at events hosted by OSSCO, the Ontario Society of Senior Citizens Organizations. This organization has a mandate to increase accessibility, age diversity, and empowerment for seniors by supporting educational programs throughout the province. I was pleased to present two topics: “Downsizing Property Options - Not Just Condos” (a new talk developed for their Health & Wellness Fair) and our perennial favourite, “The Decluttering Battle Plan.”
It was wonderful to meet like-minded professionals and members of the senior community. I even saw a few of you there, too! It's a pleasure to be able to contribute to this marvelous organization in some small way.
 
Listen on Zoomer Radio
NEW! Did you know that I have a weekly spot on “From a Woman’s Perspective” with Marilyn Wetston. It airs every Saturday morning at 8:00 am  on 740 am Zoomer Radio? I cover a variety of topics related to the success and challenges my downsizing clients face. Last week’s topic, “Conquering Clothing Clutter by Donating” is our blog post this month. LINK HERE You can also listen to past shows on the podcast by the same name, “From a Woman’s Perspective” on Apple Podcasts.
LINK HERE
From a Woman's Perspective
 
NEWS YOU CAN USE
  • Follow the link to a comprehensive "December Safety Checklist" https://www.safewise.com/blog/december-home-maintenance-and-safety-checklist/?utm_medium=email&mcid=1551:6567b5fc70fbcf1de8042ee0:ot:651aee37ac244a7f1a094907:1&utm_source=safewise.com&utm_campaign=Weekly_Newsletter-12-01-23_2023-12-01
  • Housing Measures announced by federal government, including new Mortgage Charter https://news2me.crea.ca/housing-measures-announced-in-2023-fall-economic-statement/?utm_source=sfmc&utm_medium=email&utm_campaign=COMM_News2Me+A_EN_2023-11&utm_term=Read+More+&utm_id=950460&sfmc_id=20538887
  • The new mortgage charter explained https://www.cbc.ca/news/politics/canadian-mortgage-charter-explained-1.7036643
 
HAPPY HOLIDAYS!
Dear Readers,

This month is filled with so many occasions to celebrate. I hope you'll revel in spending time with family, remembering cherished traditions, and focussing on the many reasons we have to practice gratitude. Make some wonderful memories! And may yet brighter days lie ahead for each of us.
Warmest holiday wishes,
Sharon
 
 
 
 
DECEMBER GIVEAWAY
Leave us a Google or Facebook review about one of our workshops, condo tours, or community speaking engagements and we'll send you a coffee card to say, "Thanks!"
Simply click the icon below and you'll be automatically directed. 
To leave a review on Google, a Gmail account is required. If you do not have a Gmail account, you may create one by clicking on this link: https://accounts.google.com/signup
 
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