From A Woman's Perspective: February 1st, 2025 "How's the Market"

How's the Market?

Good morning, Marilyn, and happy February 1st. I went to two social events this week (which by the way is very unusual for me!) and at both events I was asked, “How’s the real estate market?” to which I cheekily replied, “Which one?” 

You see, Marilyn, there is no one, homogenous real estate market in the GTA. If you know anything about the history of Toronto, you know that “Muddy York” was composed of former farming settlements, postal outlets and village mills that gradually grew into towns that amassed into boroughs. It wasn’t until almost the year 2000 that the six boroughs were even amalgamated, so the GTA is a relatively new development. 

Many Toronto neighbourhoods retain some of their original character. There will be a different composition of housing types based on local demographics - things like average family income, age distribution, level of ownership, and even immigration status can all affect the local real estate market. So when someone in Etobicoke asks me about “the market” it isn’t really helpful for me to tell them how real estate sales in, say Unionville, are going. 

To further complicate the matter, we have the issue of property types. The market activity for detached homes may not be the same as for condo apartments, for example, even in the same area. This is because the same market factors can have very different effects on different segments of the real estate market. Let me give you an example to clarify what I mean:

Interest rates have roughly tripled in the last four years. Everyone who took out variable rate  mortgages 5 years ago at around 2% is now facing a renewal of somewhere around 6 percent! This means mortgage payments might also have tripled! Some detached homeowners might have enough equity in their homes to refinance and mitigate the impact to monthly cash flow. 

However, the picture is a lot less rosy in the condo market. 

Upwards of 40% of all GTA condos are owned by investors who rely on rental income to offset carrying costs. When mortgage payments tripled rents did not keep up, and many investment condo owners found themselves under water each month. Many have been forced to sell. The number of condo listings for sale have soared, and basic economics tells us that when supply increases, prices typically decrease. We’ve seen condo prices soften and the time it takes to sell condo apartments increase - but not everywhere. 

 There are only real estate micro markets

Most headlines you read or news that you watch that make grand sweeping statements about the real estate market should be taken with a grain of salt. These generalizations may not apply to your particular area, neighborhood or home. 

To find out how the market is doing in your neighbourhood, you only have to reach out to me by phone at 416-460-5636 or by going to our website smartrealtysolution.com and filling out the contact form. By answering a few questions, I can start research that my team will deliver to you in a written report. We’ll show you the recent sales in your neighbourhood, the current properties like yours that are listed for sale, as well as share the forecasted trends for your area. All of this is provided without cost or obligation. We provide this valuable service because we want you to stay informed about your largest and most important asset - your home. 

We call this our Annual Equity Review, and it’s just one of the many no-cost, no-obligation offers that SMART Realty Solutions provides downsizing seniors. From downloadable workbooks, to in-person consultations we are your one-stop shop for real estate information. My contact number again is 416-460-5636 and our website is smartrealtysolution.com. 

Oh, and by the way, if your seniors’ organization, faith group, or cultural club is looking for a speaker, we have five different prepared talks, each with its own accompanying workbook, that we can deliver. There’s never a sales pitch or cost - just entertaining and informative sessions that can be tailored to the needs of your group. Reach out 416-460-5636 and our website is smartrealtysolution.com, and I can share all the details.

What are the 5 topics? 

• The Decluttering Battle Plan  -
• Best Renovations for Return on Investment
• Downsizing Done Right
• Staging Secrets on a Shoestring Budget
• Downsizing Property Options: not just condos!

My name is Sharon Parenteau, and these have been your SMART Realty Solutions for this week.

Join Us On
Marilyn Wetson's "From a Woman's Perspective"

Listen To Our Recording Here!
CLICK TO VIEW MORE INFO