October 2024 Newsletter

Thursday Oct 03rd, 2024

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Welcome, October 2024! By Sharon Parenteau, MA SRES ASA Preview: October Special Offer, -Shredding Event (Last Call), Real Estate Market Report -GTA -Regional reports -Neighbourhoods -Buyer Success Story, Upcoming Events -Decluttering Battle Plan at Aurora Seniors Walking Club -Free Brunch & Learn! Best Renos for R.O.I in Aurora -Fall/Winter Speaking Opportunities, Check us out on Zoomer 740 am Radio                                                                                        

Welcome, October 2024!

By Sharon Parenteau, MA SRES ASA

 

Preview:   
October Special Offer 
-Shredding Event (Last Call)
Real Estate Market Report 
-GTA 
-Regional reports 
-Neighbourhoods 
-Buyer Success Story 
Upcoming Events 
-Decluttering Battle Plan at Aurora Seniors Walking Club 
-Free Brunch & Learn! Best Renos for R.O.I in Aurora 
-Fall/Winter Speaking Opportunities 
Check us out on Zoomer 740 am Radio
OCTOBER SPECIAL OFFER

Attention, SMART Realty Solutions friends! Time is almost up to register to bring your unwanted paper documents for secure, while-you-watch shredding. We rent the truck, you bring your shredding, and then leave a cash donation for CHATS (Community Housing and Transportation for Seniors) to support seniors’ independent living programs. We love helping our clients and giving back to the community! 
Three different locations to serve you:

    A special shout out to our Aurora location cohost, The Residences of Aurora, luxury seniors rentals located at 15520 Yonge St. Aurora www.residencesonyonge.ca
 
GTA REALTORS® RELEASE AUGUST 2024 STATS

Greater Toronto Area (GTA) home sales were down on a year-over-year basis in August 2024. New listings were up slightly over the same period. While the region’s housing market remained well-supplied in August, average home prices only edged slightly lower compared to August 2023.
“The Bank of Canada’s rate cut announced on September 4 will lead to a further improvement in affordability, especially for those using variable rate mortgages. First-time buyers are especially sensitive to changes in borrowing costs. As mortgage rates continue to trend lower this year and next, we should experience an uptick in first-time buying activity, including in the condo market,” said Toronto Regional Real Estate Board (TRREB) President Jennifer Pearce.
“As borrowing costs trend lower over the next year-and-a-half, home buyers will initially benefit from both lower monthly mortgage payments and lower home prices. Even as demand picks up, especially in 2025, it will take time for the inventory of listings to be absorbed. Ample choice in the market will help keep price growth moderate, at least in the initial phases of recovery,” said TRREB Chief Market Analyst Jason Mercer.
“Today’s elevated listing inventory will ultimately recede. We need to maintain a sustained focus on boosting home construction, especially as it relates to producing the right mix of home types to meet consumers’ needs. This new housing also has to be affordable. Municipalities can help by reducing development charges, which are ultimately passed on to home buyers. If people can't find affordable housing in the GTA or surrounding Greater Golden Horseshoe, they will move elsewhere, and not necessarily to other parts of Ontario or Canada. Housing is a key driver of our region's economic development,” said TRREB CEO John DiMichele.
 
REGIONAL MARKET REPORTS AUGUST 2024
Toronto Market Stats
York Region Market Stats
Durham Region Market Stats
Peel Region Market Stats
 
YORK REGION MARKET STATS
 
NEIGHBORHOOD REPORTS AUGUST 2024
Aurora
Richmond Hill
East Gwillimbury
Vaughan
Markham
Newmarket
 
WHAT THIS MEANS FOR SELLERS & BUYERS

Sellers

August is usually a slower time for real estate sales. More properties were listed than were sold, leading to increasing inventory over the summer. With supply exceeding demand, prices continued to slip in all segments. Condo sales were particularly hard hit as both owners and investors looked for more affordable options in light of recent dramatic interest rate increases. Anyone who bought a pre-construction condo faces a much different financial landscape today than when they purchased. Even worse, for the first time in recent history, rental rates across the GTA have actually dropped. Many small condo investors were forced to dump their units when they could no longer cover their mortgage payments with tenant rents.These types of crisis selling scenarios caused condo prices to fall by as much as 6-8%. Overall, August wasn’t a great time to be selling a property!

Buyers

This summer was however a great time to be a buyer! Increased inventory meant that buyers could afford to be choosy. Properties that were well priced, adequately prepared, and strongly presented attracted would-be homeowners willing to gamble that the next Bank of Canada rate announcement would lower mortgage rates for variable mortgages. Extra time on market for most properties also translated to increased bargaining power for buyers lucky enough to take advantage of the slower selling season to negotiate the price, terms and conditions that favoured them. From all reports, this relative lull in the market will be short-lived and buyers might lose their advantage should: a) interest rates continue to decrease; and b) current inventory clear out. With the market expected to heat up, now is the time to take action!
If you or someone you know is looking to make a purchase, now is a great time to reach out! Send me a text at 416-460-5636 or email me at sharonparenteau@kw.com and we can start you on the road to your next SMART move.
 
BUYER SUCCESS STORY
When I met my lovely client this time last year, she was not entirely ready to make a move, but knew it was on the horizon. After careful consideration, and visits to more than two dozen different properties, the search was narrowed down to a quite specific type, size, and location for their next SMART move. When the perfect property finally became available, she was prepped and ready to jump! 
South-east exposure with both a solarium and large balcony, and over 1500 square feet, this lovely condo puts them in comfort, safety and afford for their continuing retirement. Oh, and we managed to negotiate enough off the sale price to pay for the move! Congratulations, and thank you for trusting the SMART Realty Solutions team with this important purchase.
 
UPCOMING EVENTS 
Decluttering Battle Plan at Aurora Seniors Walking Club
October 22, 2024

“The Decluttering Battle Plan” teaches how to conquer clutter with a straightforward 5-step strategy. Learn to let go without guilt, and embrace a “less but better” lifestyle. Helpful follow-up resources included.

This seminar will be on zoom to receive the link email byorg@aurora.ca.
 
Free Brunch & Learn at Aurora Seniors Walking Club (Link to Register)
October 29, 2024

Perfect for any homeowner wondering how to increase their resale value with free or low-cost home improvements! Get expert advice on what today’s buyers are really looking for so that you can ensure the best return on your investment of time, effort and money! Admission to our “brunch and learn” is complimentary, and free resources and refreshments will be supplied.
 
Fall/Winter Speaking Opportunities

Looking for a fun, informative and FREE speaker to come to your club this fall or winter? I travel all over the GTA speaking to seniors’ recreational, social, cultural and religious clubs sharing valuable information about all things downsizing. From where to go to how to get there, our workshops leave participants feeling encouraged and equipped for their next SMART move. Never a sales pitch. I’m not there to sell, but serve! Reach out to me for more information at 416-460-5636
 
CHECK US OUT ON ZOOMER 740 AM RADIO
Each Saturday morning, from 8 to 9 am, join me on Marilyn Wetston’s “From a Woman’s Perspective” where I share downsizing tips each week. These segments are also added to our blog.
Recent topics include:
Here’s a partial list of topics:
Tips for Hiring a Realtor™
The Things I would Never do if I was Selling my Home
World Gratitude Day
Dealing with Paper Clutter
 
LEAVE US A REVIEW
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The opinions and content expressed herein are solely those of the author, Sharon Parenteau, and do not necessarily reflect the brokerage, and do not constitute legal or financial advice. This communication is not intended to solicit clients currently already under contract with other real estate brokerages. ™ 2024 Sharon Parenteau





 
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S.M.A.R.T. Realty Solutions · 156 Duncan Mill Rd · Unit 1 · North York, On M3B 3N2 · Canada
 

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