October 2023 Newsletter

Sunday Oct 01st, 2023


Welcome, October! Overview: GTA REALTORS® Release August 2023 Stats, Seller Success Story, Upcoming Events: Decluttering Battle Plan, Community Shredding Event, NEW: First-time Home Buyers, October Home Maintenance Checklist                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

Welcome, October!


  • GTA REALTORS® Release August 2023 Stats
  • Seller Success Story
  • Upcoming Events: Decluttering Battle Plan, Community Shredding Event, NEW: First-time Home Buyers
  • October Home Maintenance Checklist

From the Toronto Regional Real Estate Board:

Despite the heat of the summer, the real estate market showed signs of cooling in the month of August in the Greater Toronto area. While the end of summer is historically quieter, the changes in selling price, days on market, and number of sales all suggest that the slowing was more than typical seasonal adjustment, and that real estate is heading toward a balanced market for the first time in years. 
So while prices were up 1% from July, they were down 10% since May. The Spring surge in prices does not seem to have held. Overall, prices of all home types are up 5% year over year. 
A similar picture is seen when considering the number of homes that are selling versus the number of new listings: sales in August were down 12% over last year, while new house listings were up 17%. Active listings were up 27% over last year. Not surprisingly, days on market are also increasing. 
You might be wondering why so few listings are sold in August? Two words: mortgage rates. When the Bank of Canada raised rates again in June, buyer confidence was shaken. The open-ended nature of the interest rate policy left the door open for future rate increases - something that gun-shy buyers dreaded. With market uncertainty at an all time high, buyers froze in their tracks. 
The increase in interest rates also explains in part why there was such a jump in new listings: investors relying on tenants to cover carrying costs on their investment properties began to find themselves in negative cash flow situations. Simply put, rents could not cover the enormous jump in mortgage payments. Investors have begun to unload their properties, adding to the number of listings available. 
What lies ahead for the Fall real estate market?
The average sale price of homes this Fall is going to be largely dependent on the delicate balance between sales and new listings. If the number of listings increases and the number of sales decreases, sellers can expect some downward pressure on resale prices. 
On a brighter note, the number of new Torontonians is steadily increasing, with an anticipated population of nearly 6,000,000 in the GTHA by 2025. There is a housing shortage of tens of thousands of units that will continue to buoy prices for the foreseeable future. Demand continues to outstrip supply, despite seemingly gloomy August stats.

  • The average sale price for homes sold in York Region in Aug 2023 was $1.3M, down 0.2% over the same month last year.
  • 949 homes sold in York Region in Aug 2023, a 12.5% decrease over the same month last year. Homes were on the market for an average of 20 days and 38% of the homes sold for over the asking price.
  • There were 2,226 homes in York Region during Aug 2023, a 21.9% increase over the previous year. At the end of the month, there were 3,097 homes available for sale, a 28.0% increase over the previous year.
  • York Region had 3.3 months of inventory of homes for the month of Aug 2023 suggesting that the market is balanced. 7.6% of the homes sold in York Region for the month of Aug 2023 were bought by investors.

Analysis: What this means for York Region’s home sellers and buyers.

From my recent experience representing both sellers and buyers, the real estate market has turned into a beauty contest. In any given neighbourhood, there is only one, or possibly two, sales a week. These homes won the contest, and unfortunately there are no “runner up” or consolation prices. With more inventory to choose from, buyers are getting more selective about which homes they are willing to submit an offer on. The “winner” homes frequently receive multiple offers, while the “losers” sit on the market for as many as 45 days. 

What makes the difference between a winner and a loser in this market? Read my latest blog, “Beauty Queens & the Real Estate Market,” where you can read what sells homes in this market.

NEW BLOG: Beauty Queens & the Real Estate Market
If you’d like to see the recent sales statistics for your community, simply click on the link below to access our helpful infographic.
Richmond Hill
East Gwillimbury

Are you interested in what real estate is doing in other parts of Canada? This month we have curated links to real estate news from sea to sea to sea.


This Month:

Condo Market Tour

Condo apartments range in price, amenities and layout. What all condos have in common is that they offer affordable, convenient and maintenance-free downsizing. If you think a condo might be in your future, you’re going to want to join us for an in-person tour of 6-8 “live” MLS listings on our popular “Condo Market Tour” on October 5th. 
Participants have the choice to travel in our “condo van” or follow in their own vehicles. There is no cost or obligation, but space is limited to the first 10 people who register. Free “Condo Considerations” workbook included.

Richmond Hill - Oct. 5th - 9:30 am @ Richmond Hill Centre For Performing Arts
Markham - Oct. 5th - 1:00 pm @ Markham Village Arena

Community Shredding Event

Mark your calendars! Our twice-annual Community Paper Shredding and CHATS fundraiser event is Saturday, October 14th. 
Bring your unwanted documents for secure, while-you-wait shredding. We will be collecting donations for CHATS of York Region. Link below to register for your time slot.

Richmond Hill - Oct. 14th - 9:30 am @ Richmond Hill Centre For Performing Arts
Markham - Oct. 14th - 1:00 pm @ Markham Village Recycling Depot

The Decluttering Battleplan

Get ready for the changing season with an organized interior. We have the resources you need to declutter your home with in-person workshops, downloadable e-books, and self-guided “30-Day Decluttering Challenge.” Full event descriptions and links to register available below.

Newmarket - Oct. 18th - 10:30 am @ The Renoir
Download your copy of The Decluttering Battle Plan booklet
Sign up for the 30 Day Decluttering Challenge

For First-time Buyers!

Do you have an adult child you'd like out of the basement? ;-) Just joking! Trying to get into the real estate market for the first time is certainly no joke. Fortunately there are amazing professionals at KW Mortgage Canada to help guide that critically important first home purchase. I highly recommend you share the link below! Your First Home Webinar upcoming dates: 
Tuesday October 24th at 6pm EST

Your First Home Webinar Link
To our friends who have recently observed Yom Kippur, we say, “L’shana tova!” Health, happiness and long life. 

To our friends who will be celebrating Thanksgiving, we say, “My your Thanksgiving be bountiful with reasons to be grateful!”
Seller Success Story
15 Guildwood Dr, Richmond Hill, ON
Our lovely clients were selling their parent's fastidiously-maintained home that was a bit dated. No fear! The home was cleared, cleaned, staged and our robust marketing made sure it got the attention it deserved. Over three dozen groups came through this lovely home. One lucky buyer will get to enjoy the wonderful location, layout and bright spaciousness for years to come. Congratulations!
Wow! What a whirlwind. When my lovely client was ready to take the next step in their downsizing journey, they contacted our team to sell this beautiful condo in the heart of Aurora. We swung into action with our marketing plan that included two full afternoons of open houses. We toured more than a dozen groups, making sure they knew the unique value opportunity this unit presented. One of those attendees was the right buyer who came with an offer that perfectly suited my seller client. Who says open houses don't work? Not me!

October home maintenance checklist

  1. Organize the junk drawer and cupboards
  2. Make sure you're ready for a fire
  3. Get cold weather ready
  4. Deep clean your bathrooms
  5. Test and change smoke and CO detector batteries
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