https://eileenwylie.com/Blogfed1b6ed-aed3-4034-872a-e2f2495ad5f9https://eileenwylie.com/Blog/2025/03/12/Market-update-week-ending-March-7th GTA Listing Inventory Remained High, Providing Substantial Choice and Negotiating Power for Homebuyers Homebuyers continued to benefit from substantial choice in the Greater Toronto Area (GTA) resale market in February 2025. Home sales last month were down compared to the same period last year, while listing inventory remained high, providing substantial negotiating power for homebuyers.2025-03-12T18:52:00Zaa1113f3-9902-4260-a700-3e66c4569b45https://eileenwylie.com/Blog/2025/03/06/Market-update-week-ending-February-28thMortgage defaults climb in Ontario as homeowners face renewal at higher rates The anticipated mortgage renewal shock that many experts have warned about seems to be taking hold. According to credit agency Equifax more than 11,000 mortgages in the province of Ontario missed at least one payment in the fourth quarter of 2024, or up 0.22% from 0.19% in the third quarter and 0.12% in the same period of 2023. Nearly three times the number seen in 2022.2025-03-06T15:48:00Ze40f2b83-3d2e-47aa-9b69-5fe69d6735e2https://eileenwylie.com/Blog/2025/02/28/Market-update-week-ending-February-21stReverse Mortgage Down Payment Gifts: Golden Opportunity or Golden Years Gamble? For many of us, homeownership is key to ensuring financial stability in our golden years. For those unable to get on the property ladder due to a lack of funds for a down payment, the long-term financial impact can be significant.2025-02-28T16:05:00Z71240ce2-45c4-4efe-83cd-b8d6c687a03ahttps://eileenwylie.com/Blog/2025/02/16/Market-update-week-ending-February-14thProperty taxes and tariffs were a major focus for Toronto city councillors this week as they gathered on Tuesday to finalize the 2025 budget. Despite an array of proposed amendments, many of which did not pass, Mayor Olivia Chow’s version of the budget—initially presented on January 30 and consisting of an $18.8-billion operating budget alongside a $59.6-billion capital plan—was largely approved with minimal alterations.2025-02-16T16:22:00Zdb6417a9-01ae-4944-a9c0-f7025206b950https://eileenwylie.com/Blog/2025/02/12/Market-update-week-ending-February-7thToronto home sales jumped 10 per cent in January as buyers responded to lower mortgage rates, but the local real estate board cautioned that potential trade disruptions could slow down the housing market’s momentum.2025-02-12T17:45:00Zdbcedb33-79f4-42a3-b896-ac0ec4481d76https://eileenwylie.com/Blog/2025/02/03/Market-update-week-ending-January-31stTwo years ago, the federal government implemented a ban on foreign ownership, preventing non-Canadians from purchasing residential property across the country. Originally framed as a short-term measure to help “cool down” an overheated housing market, the policy was set to last just two years.2025-02-03T15:54:00Z8caf5bfc-8f16-4ea3-9419-c22654d4e537https://eileenwylie.com/Blog/2025/01/28/Market-update-week-ending-January-24th2024 Real Estate Updates: Recent changes!2025-01-28T18:40:00Z0b2d0ca9-448f-4add-87d0-a85b50e17d1chttps://eileenwylie.com/Blog/2025/01/17/Market-update-week-ending-January-17thPreconstruction condo prices fell 15% in the Toronto region in the final quarter of 2024, as sales plunged to their lowest level in nearly three decades and a glut of unsold units hit a record high. 2025-01-17T20:31:00Zd16af946-2ff2-479e-94d7-b517cdf3f282https://eileenwylie.com/Blog/2025/01/13/Market-update-week-ending-January-10th Is the Greater Toronto Area real estate market entering a promising phase with lower borrowing costs and renewed investor interest driving activity?2025-01-13T15:06:00Z5aaef6a2-dfa3-4f7b-b6f4-c878ee1aa98dhttps://eileenwylie.com/Blog/2024/12/13/Market-update-week-ending-December-13thBank of Canada expects home sales to pick up with the latest rate cut, and the new mortgage rules coming December 152024-12-13T22:38:00Z28f64db8-f123-4dc0-a763-e7e806aaf2d8https://eileenwylie.com/Blog/2024/12/09/Market-update-week-ending-December-6thGreater Toronto Area (GTA) home sales increased strongly on a year-over-year basis in November. Many buyers benefitted from more affordable market conditions brought about by lower borrowing costs. This meant that market conditions tightened, resulting in overall average price growth compared to last year.2024-12-09T16:35:00Zde48647f-8328-4c8a-8e38-bee5c1fab75dhttps://eileenwylie.com/Blog/2024/12/02/Market-update-week-ending-November-29thCanadian Mortgage Delinquencies Ease Amid Bank of Canada Rate Cuts2024-12-02T22:17:00Z876aff3c-6037-4c4c-8a43-d1c235762f1chttps://eileenwylie.com/Blog/2024/11/27/Market-update-week-ending-November-22ndThis is how much money you need to make to buy a house in Canada’s largest cities.2024-11-27T21:51:00Z32d19121-6c90-46c1-ad4a-f1e54c9aa0d8https://eileenwylie.com/Blog/2024/11/27/Market-update-week-ending-November-15thMayor Olivia Chow has proposed a significant overhaul to the process of housing construction in Toronto, aiming to introduce a new wave of buildings along the city’s major streets.2024-11-27T21:49:00Z54621801-fa56-47c7-b88e-cf6c169132d6https://eileenwylie.com/Blog/2024/11/27/Market-update-week-ending-November-8thToronto area housing market ignites with sales jumping 44% in October and prices hold steady.2024-11-27T21:45:00Z491d36c4-e52f-4397-99e4-3c07f2d54497https://eileenwylie.com/Blog/2024/11/27/Market-update-week-ending-November-1stYoung homeowners’ net worth 10 times that of renters, Statscan says.2024-11-27T21:42:00Zf2c81cda-b325-417f-994b-714ba7b75db6https://eileenwylie.com/Blog/2024/10/25/Market-update-week-ending-October-25thHomeowners who regularly rent on Airbnb and other sites must pay 13% tax on the property value when they sell. Homeowners who routinely rent on Airbnb or similar platforms are now required to pay a 13% tax on the property’s value upon sale.2024-10-25T21:22:00Z24cc5334-534e-4854-ace0-71ea6833168dhttps://eileenwylie.com/Blog/2024/10/18/Market-update-week-ending-October-18thOntario home sales are expected to jump by almost 10 per cent next year. Ontario home sales are projected to rise by nearly 10% in 2025, driven by pent-up demand from buyers awaiting further interest rate cuts. This could lead to significant momentum starting in the spring or summer of next year.2024-10-18T20:46:00Z7acbece3-ab29-468f-a100-5e9ced96a554https://eileenwylie.com/Blog/2024/10/16/Market-update-week-ending-October-11thAn influx of real estate activity is forecasted for the first half of 2025. A surge in demand for homes is anticipated as many potential buyers wait for mortgage rates to drop further, according to a recent TD Economics report. 2024-10-16T14:18:00Zbee6c896-62c1-4134-975c-4220bcbf5fadhttps://eileenwylie.com/Blog/2024/10/07/Market-update-week-ending-October-4thThe buyers are back: Toronto home sales jump in September. A true market rebound is likely still a ways off, but signs of life were detected in the GTA housing market this September, according to the Toronto Regional Real Estate Board’s (TRREB’s) latest Market Watch report.2024-10-07T14:01:00Z194afade-ae75-4904-be49-7e9fec1f7caehttps://eileenwylie.com/Blog/2024/09/27/Market-update-week-ending-September-27thMortgage stress test requirement has been lifted for renewing borrowers who change lenders.2024-09-27T21:00:00Z46841c3c-ccaf-4fc5-b575-9b79d1bec0d5https://eileenwylie.com/Blog/2024/09/23/Market-update-week-ending-September-20th Statistics Canada released its latest inflation report on Tuesday, and they are calling it a “turning point” for interest rates and an indication that better days are ahead for the housing market.2024-09-23T15:56:00Z0df2c8dd-b37e-4a79-ae9a-1b43a710d8fehttps://eileenwylie.com/Blog/2024/09/13/Market-update-week-ending-September-13thReal estate analysts in the Greater Toronto Area (GTA) say the combination of elevated interest rates and an increase in newly completed condo units has resulted in an oversupply, which will take time to correct.2024-09-13T20:16:00Z00ca07e3-b3ab-44a3-b863-619ffb999e70https://eileenwylie.com/Blog/2024/09/07/Market-update-week-ending-September-6thThe August stats are out for the GTA market and there were 4,975 home sales reported through TRREB’s MLS® System in August – down by 5.3% compared to 5,251 sales reported in August 2023. New listings entered into the MLS® System amounted to 12,547 – up by 1.5% year-over-year. 2024-09-07T15:51:00Z7a1f76d5-c261-43bd-ace1-e031c7d394a2https://eileenwylie.com/Blog/2024/09/04/Market-update-week-ending-August-30thToronto area new home sales continue to drop and hit an all-time low in July. Sales of newly built homes continue to decline, with July hitting an unprecedented low for the month. The number of new project releases has been minimal, and months of inventory continue to rise. 2024-09-04T20:03:00Z989e1b1d-ba4c-4a4f-b60e-1dbe761a2f98https://eileenwylie.com/Blog/2024/09/04/Market-update-week-ending-August-23rdThe real estate market can be unpredictable, but there are definitely moments when conditions align favorably for buyers, and this could be a good opportunity to buy a first home. As weak as housing affordability is right now, aspiring young buyers may never see a better time to buy.2024-09-04T20:01:00Zf02d3fa7-32dc-448e-b321-9f1cdb3ba6fahttps://eileenwylie.com/Blog/2024/08/13/Market-update-week-ending-August-9th Greater Toronto Area (GTA) home sales in July 2024 were up compared to July 2023. While sales were up from last year, buyers continued to benefit from more choice in the GTA marketplace, with annual growth in new listings outstripping that of sales. The better-supplied market meant that buyers also benefitted from a slight relief in selling prices on average.2024-08-13T14:49:00Z5b17dcd9-3dee-4c9b-9cd4-e364e18e5259https://eileenwylie.com/Blog/2024/08/06/Market-update-for-week-ending-August-2nd Toronto rents hit three-year low but brace for a swift comeback: Urbanation Toronto’s housing market offered a rare moment of relief for renters, as average rents dropped for the first time in three years. According to Urbanation Inc., a real estate consulting and market research firm, average condo rents were down 1.2 percent year-over-year in the second quarter — the first annual decline since 2021, following the onset of the pandemic. However, Urbanation warns the reprieve isn’t likely to last long.2024-08-06T16:26:00Z155da84d-5607-4bb8-93a2-72a2bb71ef9ehttps://eileenwylie.com/Blog/2024/07/23/Market-update-week-ending-July-19thThis is the salary you currently need to earn to afford a home in Toronto.2024-07-23T15:00:00Z4e763242-bec2-4db8-800f-e5ff6f0397bchttps://eileenwylie.com/Blog/2024/07/23/Market-update-week-ending-July-12thThe average Canadian rents drop in June and the city of Toronto rents hit new low.2024-07-23T14:58:00Za33ef380-abaa-48ff-94c9-10e80b1e3a2ehttps://eileenwylie.com/Blog/2024/07/08/Market-update-week-ending-July-5thJune 2024 home sales in the Greater Toronto Area (GTA) were lower compared to the same month last year, according to the Toronto Regional Real Estate Board (TRREB). Despite the Bank of Canada rate cut at the beginning of last month, many buyers kept their home purchase decisions on hold. The market remained well supplied, resulting in a slight dip in the average selling price compared to June 2023.2024-07-08T13:29:00Zb20d60ce-c443-428e-987d-c21ec5e78711https://eileenwylie.com/Blog/2024/07/08/Market-update-week-ending-June-28th Toronto just voted to make it way harder for landlords to kick out tenants. Toronto councillors have just voted in favour of a new motion intended to further protect tenants in the city, particularly from dreaded "renovictions."2024-07-08T13:27:00Zfb7373f2-68d4-45f0-a5de-d7458911ee61https://eileenwylie.com/Blog/2024/06/26/Market-update-week-ending-June-21stMore than a quarter of renters in Canada plan to purchase a home within the next two years. 2024-06-26T18:25:00Ze620a387-ff1d-4118-ba45-c27a3e39d90ahttps://eileenwylie.com/Blog/2024/06/17/Maarket-update-week-ending-June-14thDecades after creating a 10-day cooling-off period for purchasers to reconsider a new-build condominium contract, the Ontario government has extended the same right to purchasers of detached and freehold newly constructed new homes. 2024-06-17T13:39:00Z06518a18-ad39-4c1e-9651-862de513fde7https://eileenwylie.com/Blog/2024/06/12/Market-update-week-ending-June-7thMay home sales continued at low levels, especially in comparison to last spring’s market activity. Home buyers are still waiting for relief on the mortgage rate front which they got this week when the Bank of Canada dropped interest rates 25 basis points to 4.75%. Existing homeowners are anticipating an uptick in demand, as evidenced by a year-over-year increase in new listings. With more choice compared to a year ago, buyers benefitted from more negotiating room on prices. 2024-06-12T18:15:00Zd6fc549e-84ba-4ac9-8d3d-d735171b1cf9https://eileenwylie.com/Blog/2024/06/03/Market-update-week-ending-May-31stToronto City Council approves townhomes and small six-storey residential units along major roads. 2024-06-03T16:09:00Zef0b858e-b8ab-4f4b-aabc-6cc690d4bdc4https://eileenwylie.com/Blog/2024/05/29/Market-update-week-ending-May-24thFor those of you who read my Market Insight last Friday – “If a foreign landlord fails to pay taxes, the CRA can go after the tenant.” Things have changed. 2024-05-29T21:42:00Zdba896bf-d26d-42a3-9bb3-f7be8f03d90ehttps://eileenwylie.com/Blog/2024/05/17/Market-update-week-ending-May-17thIf a foreign landlord fails to pay taxes, the CRA can go after the tenant. And not knowing a landlord is a non-resident is not considered a valid excuse.2024-05-17T20:37:00Z538d7a82-36f2-4bd1-9eb0-a5a106403b95https://eileenwylie.com/Blog/2024/05/13/Market-update-week-ending-May-10th Toronto's real estate market has been all over the place in recent months, with contradicting trends and forecasts leaving prospective buyers and sellers more confused than ever.2024-05-13T20:37:00Z156ae1bb-6329-4d2b-bd01-008598b0802fhttps://eileenwylie.com/Blog/2024/05/06/Market-update-week-ending-May-3rdThe first quarter of 2024 brought some relief for renters in the Greater Toronto Hamilton area (GTHA) with condo rents down 7.4% in the first quarter of the year. According to new data from research firm Urbanation, condo rents in the GTHA slipped down to an average of $2,732 a month.2024-05-06T20:31:00Zccd6d93a-1dd6-4ff7-b03e-e0dfc70acf21https://eileenwylie.com/Blog/2024/04/28/Market-update-week-ending-April-26thNew condo sales in the Toronto region have dropped to their lowest level since the 2009 financial crisis, with investors hesitating because of the lofty prices and higher borrowing costs. 2024-04-28T16:01:00Z129b53c8-ed67-476c-aab6-1496f4e25d04https://eileenwylie.com/Blog/2024/04/19/Market-update-week-ending-April-19thMiddle-class Canadians may still feel the impact of the federal budget’s increase to capital gains taxes, even though the government claims the adjustments will primarily target the wealthiest individuals.2024-04-19T20:52:00Z1ef7fd6c-a7fc-4143-a4ea-2148bc7d85a6https://eileenwylie.com/Blog/2024/04/19/Market-update-week-ending-April-12thDeputy Prime Minister and Finance Minister Chrystia Freeland announced a number of housing affordability measures Thursday that she said will help buyers get their first homes and help current homeowners afford the homes they have. "I really hope and believe the specific measures we announced today are going to provide a lot of comfort and a lot of hope to young Canadians."2024-04-19T20:50:00Z37878551-f6bb-44df-bab0-659e2a3b3fd4https://eileenwylie.com/Blog/2024/04/19/Market-update-week-ending-April-5thMarch 2024 home sales reported through TRREB’s MLS® System were lower than the March 2023 result, due in part to spring break for the schools and the statutory holiday Good Friday falling in March this year versus April last year.2024-04-19T20:47:00Zd84007d8-bebd-4a75-b889-dfca6020e3fahttps://eileenwylie.com/Blog/2024/04/19/Market-update-week-ending-March-22nd“Multiplexes of up to four residential units can now be built in all neighbourhoods across Toronto after approval from city council, a move intended to increase low-rise housing options in existing communities. And yesterday Doug Ford said, “It's off the table”.2024-04-19T20:43:00Zd97ceb96-5d95-4b97-aba9-8fdacad849fdhttps://eileenwylie.com/Blog/2024/03/16/Market-update-week-ending-March-15thA new report released this week says the average asking price for a rental unit in Canada was $2,193 per month in February, up 10.5% year-over-year and the fastest annual growth since September 2023. 2024-03-16T19:01:00Z715008eb-b4ca-4693-b63c-53b8f8b5ef39https://eileenwylie.com/Blog/2024/03/10/Market-update-week-ending-March-8thCanada ends the first-time home buyer incentive program. The Canada Mortgage and Housing Corporation (CMHC) has officially terminated the First-Time Home Buyer Incentive program. The cutoff for new or revised applications is set for March 21st, 2024.2024-03-10T21:37:00Z0f0dcb7b-4e4a-4cf8-8e80-bbf1cf50694ehttps://eileenwylie.com/Blog/2024/03/01/Market-update-week-ending-March-1stTarion the home consumer protection agency in Ontario could face $90M in claims as developers walk away from projects and home buyers lose deposits. 2024-03-01T20:26:00Z49ce0a6d-f980-48d2-806d-56ba0f9093f5https://eileenwylie.com/Blog/2024/02/24/Market-update-week-ending-February-23rd Statistics Canada’s released a report this week that on July 1, 2023, for the first time, the millennial generation (born between 1981 and 1996) comprised a greater number of people in the population than the baby boomer generation, (born between 1946 and 1965) thanks to an immigration surge. It’s a title the baby boomers’ generation has held in the country for the past 65 years.2024-02-24T18:11:00Z7df8da2b-9827-4ea6-8e22-c52c2fcc0c27https://eileenwylie.com/Blog/2024/02/24/Market-update-week-ending-February-16th So it’s official! City Council voted in favour of the 9.5% increase to the residential property tax rate when they met on Wednesday to finalize the 2024 budget.2024-02-24T18:08:00Z90ea8f1b-b2a2-40d4-a4e3-f3694b5580d7https://eileenwylie.com/Blog/2024/02/09/Market-update-week-ending-February-9thThe Toronto Real Estate market had a positive start to 2024. The first month of the year saw a total of 4,223 home sales in the GTA, according to the latest data from the Toronto Regional Real Estate Board (TRREB), which is not only up significantly from the 3,444 sales that took place in December (+22.6) but is up even more compared to the 3,083 sales seen in January 2023 (+37%).2024-02-09T21:04:00Zac3a2526-d713-483c-b12d-f51227844982https://eileenwylie.com/Blog/2024/02/02/Market-update-week-ending-February-2ndToronto listings are starting to see multiple offers starting up again. What has happened in the last week that has caused this frenzy?2024-02-02T21:56:00Zedf61ba1-1776-470e-9335-4bbc4a90bbf1https://eileenwylie.com/Blog/2024/02/02/Market-update-week-ending-January-26thForeign buyers who want to purchase a home in Toronto could soon face an even steeper price tag if city council approves a new municipal tax that aims to curb real estate speculation.2024-02-02T21:54:00Z793412b4-6617-4ae1-be4f-4d717a412820https://eileenwylie.com/Blog/2024/01/22/Market-update-week-ending-January-19thHave you done your declaration for your home occupancy status for 2023? The City of Toronto is reminding all residential property owners to declare their property’s occupancy status for the 2023 taxation year by February 29, 2024. As part of the Vacant Home Tax program, a declaration must be made each year, even if the owner resides at the property.2024-01-22T20:08:00Zccd20ad8-4885-40ec-8d59-98101a57651ahttps://eileenwylie.com/Blog/2024/01/22/Market-update-week-ending-January-12thThis week City Council in their 2024 budget meeting proposed a Toronto property-tax rate jump to 10.5%, the largest single-year increase since amalgamation in 1998. If the city doesn't receive $250 million in funding from the federal government an additional 6% increase could be added, resulting in a total tax hike of 16.5%.2024-01-22T20:05:00Z5fca21b9-f6f6-4eeb-89f5-030d4b451b75https://eileenwylie.com/Blog/2024/01/05/Market-update-week-ending-January-5thToronto’s latest real estate figures suggest the housing market may be amid a rebound, according to some economists, though they caution that the full impact of elevated mortgage rates has yet to play out.2024-01-05T22:00:00Z6663be07-e3ec-4c57-b14d-682dc899ce31https://eileenwylie.com/Blog/2023/12/15/Market-update-week-ending-December-15thWhy Toronto is seeing more ‘vendor take-back’ mortgages as pre-construction appraisals fall short. Buyers who have purchased a pre-construction freehold property and have received an appraisal that's fallen considerably short of their original purchase price, are sometimes offered a vendor take-back mortgage, which can act as a lifeline, lawyer says.  2023-12-15T21:26:00Zf4fe4b09-602c-44f5-a1f9-d900f1cbdc72https://eileenwylie.com/Blog/2023/12/13/Market-update-week-ending-December-8thOntario gives home sellers the option to share bid details with other buyers. The blind bidding war has been a fixture of Canadian real estate for a generation, but even with new rules in Canada’s largest real estate market that will allow realtors to part the veil of secrecy, industry experts don’t believe an era of open auctions is upon us. 2023-12-13T19:45:00Zf0e6b586-75db-48bf-85d2-f85af9869edchttps://eileenwylie.com/Blog/2023/12/04/Market-update-week-ending-December-1stWhy the Bank of Canada could cut interest rates much more than markets expect. The Bank of Canada is widely expected to hold its benchmark interest rate when it meets next week, but a lot has changed since October. 2023-12-04T21:19:00Z7614e14d-4ccb-4fea-82c3-1cf380ab743fhttps://eileenwylie.com/Blog/2023/11/25/Market-update-week-ending-November-24thIn Canada's housing market, it matters who your parents are. Children of homeowners twice as likely to own a home, finds Statistics Canada study. Getting on the property ladder is so tough these days more young Canadians despair of ever getting to the first rung.2023-11-25T22:37:00Z15442ee2-554a-41be-96be-7a17e0b914e5https://eileenwylie.com/Blog/2023/11/23/Market-update-week-ending-November-17thRent prices in Toronto are actually letting up while nearby cities are on the rise. Rent prices in Toronto have declined marginally for some unit types while the cost of renting an apartment elsewhere in Canada is surging to new heights, according to a new report from Rentals.ca and Urbanation. Rates have persistently risen by nearly $ 200 per month across the country for the last six months, and of course, residents of the nation's largest and most bustling cities have it the worst as far as the housing crisis is concerned. But, if there's one thing Toronto residents are used to, it's an exorbitant cost of living, and our rent rates have been spiking less dramatically on a month-over-month and year-over-year basis compared to other Canadian locals if that's anything to be thankful for. 2023-11-23T15:45:00Z7511def7-4413-40e7-ab8b-e1e47bc8cc04https://eileenwylie.com/Blog/2023/11/23/Market-update-week-ending-November-10thGTA buyers are walking away from deposits on new build homes. Troubling headwinds continue to persist in the preconstruction real estate industry as homebuyers are unable to close their transactions and are walking away from sizable deposits, some worth as much as $300,000.2023-11-23T15:42:00Z27b2644e-0a4f-4c02-a928-4f3bf741ea1chttps://eileenwylie.com/Blog/2023/11/23/Market-update-week-ending-November-3rdLack of affordability and uncertainty remained issues for many would-be home buyers in the Greater Toronto Area (GTA) in October 2023.2023-11-23T15:40:00Z43470a24-e1a5-437e-8f44-338e1b646368https://eileenwylie.com/Blog/2023/11/23/Market-update-week-ending--October-27thThe Bank of Canada says higher interest rates have not dragged down home prices as much as expected, because a shortage of homes in the country is keeping values elevated.2023-11-23T15:37:00Z522ac514-fd8e-4d7f-87f1-400eb30e6075https://eileenwylie.com/Blog/2023/10/20/Market-update-week-ending-October-20thDoes it Feel Like Toronto Has Way More Cranes Than It Used To? That's Because They've Doubled. Toronto once again has, by far, the most cranes out of any city in North America, according to a new report. Whether you're for it or against it, every Torontonian can agree it feels like there's now a new towering development going up on every block. As it turns out, that sense of increased high-rise development is entirely justified, as Toronto has now doubled its number of cranes compared to before the pandemic. 2023-10-20T20:50:00Ze0c639a1-ac7c-4274-bd13-4c7e0e90ca0ahttps://eileenwylie.com/Blog/2023/10/13/Market-update-week-ending-October-13thToronto city council hikes vacant home tax to 3% to boost housing supply. Owners of housing units that are sitting empty will soon have to pay more, with Toronto city council voting Wednesday to hike the vacant home tax from one to three per cent of a property’s assessed value.2023-10-13T18:55:00Ze5a28855-e239-4754-a080-f067dea5ec64https://eileenwylie.com/Blog/2023/10/10/Market-update-week-ending-October-6thThe impact of high borrowing costs, high inflation, uncertainty surrounding future Bank of Canada decisions, and slower economic growth continued to weigh on Greater Toronto Area (GTA) home sales in September. However, despite the market being better-supplied with listings, the average selling price was up year-over-year.2023-10-10T20:04:00Z4c2aa644-51b1-4f20-85ca-80d139d68d19https://eileenwylie.com/Blog/2023/09/29/Market-update-week-ending-September-29thSoaring interest rates are inducing anxiety in nearly half of Canadian homeowners for whom mortgage renewal looms. Interest rates have risen from 0.25% to 5% in 18 months.2023-09-29T21:31:00Z6d32a4e2-3653-4064-a9f1-bd0da7b937f3https://eileenwylie.com/Blog/2023/09/27/Market-update-week-ending-September-22ndOn a monthly basis, average home prices fell in six Canadian cities and increased in four urban markets in August, according to a new market survey by Ratehub.ca. 2023-09-27T14:39:00Z083fae7d-a237-4be8-8c86-ee2616b00818https://eileenwylie.com/Blog/2023/09/18/Market-update-week-ending-September-15thThe industry reacts to the Fed's removal of the GST on new rental builds. For years, the real estate development industry has identified GST as a simple change that would go a long way toward helping rental development.2023-09-18T14:44:00Z6fb421db-2e5f-4421-affc-31728f7491echttps://eileenwylie.com/Blog/2023/09/08/Market-update-week-ending-September-8th The City of Toronto will implement new Municipal Land Transfer Tax rates of up to 7.5% on high-value homes as it looks to potentially increase the Vacant Home Tax to 3%. 2023-09-08T20:07:00Z55c7e2db-e0bd-4bd7-b955-f0a64bb99a44https://eileenwylie.com/Blog/2023/09/08/Market-update-week-ending-September-1stAt just the moment when more housing is desperately needed, three dozen condo buildings, adding up to more than 8,000 units, have been delayed in the GTHA (Greater Toronto and Hamilton Area) — many in more affordable communities — due to higher interest rates and a lack of confidence in the market.2023-09-08T15:03:00Ze4a041f4-e74f-4426-80f2-2bcaed1e5d68https://eileenwylie.com/Blog/2023/08/30/Market-update-week-ending-August-25thOntario's Property Tax Reassessment Officially Deferred The Ontario government is postponing a provincewide property tax reassessment while it conducts a new review of the accuracy and fairness of the system.2023-08-30T13:49:00Za93cd03b-399d-4ad3-bc19-53251e12cd01https://eileenwylie.com/Blog/2023/08/15/Market-update-week-ending-August-11thReal estate investors are exiting the market as new listings in Toronto trend up and interest rates remain high, experts say. In July, new listings increased by 11.5 per cent annually and condominiums had the highest percentage rise in sales volume compared to single-family homes, increasing by more than 11 per cent annually. 2023-08-15T21:50:00Z99f99a05-91e6-449f-8cf3-c6432c1d3859https://eileenwylie.com/Blog/2023/08/07/Market-update-week-ending-August-4thThe Greater Toronto Area's real estate market appears to be balancing out, with sales trending lower as new listings gained steam in July. 2023-08-07T16:55:00Zee903e4b-6335-41b7-9368-bf8af5e80dbahttps://eileenwylie.com/Blog/2023/08/07/Market-update-week-ending-July-28thNO MORE RATE HIKES THIS YEAR, SURVEY SUGGESTS. A survey of market experts says the Bank of Canada will unlikely hike interest rates again for the remainder of the year, and is expected to start cutting rates next spring, according to a report of economists and market participants released by the central bank this week.2023-08-07T16:53:00Zb169520a-cb6a-4826-80f7-6e005723df2ahttps://eileenwylie.com/Blog/2023/08/07/Market-update-week-ending-July-21st Rents for GTA condos continue to soar, hitting an average of about $2,800 a month in the second quarter of 2023, an almost 32 per cent rise over the last two years. And the spike in rents has been even higher for micro units under 400 square feet.2023-08-07T16:51:00Zb25dae4b-54f8-4205-b0f5-1d4b6a49062bhttps://eileenwylie.com/Blog/2023/08/07/Market-update-week-ending-July-14thTRREB Releases 2023 Q2 Condo Market Statistics July 13, 2023 Market conditions in the condominium apartment segment tightened markedly in the second quarter of 2023. Sales were up strongly on a year-over-year basis, whereas the number of new listings was down sharply. With more competition between buyers, average condominium apartment selling prices should climb above last year’s levels in the second half of this year. 2023-08-07T16:46:00Z811ccb1c-04ad-4296-9162-ae1d4acbe356https://eileenwylie.com/Blog/2023/07/10/Market-update-week-ending-July-7thThe average price of a home in the GTA is slightly higher than this time last year, but a bit flat month-over-month, according to the latest numbers from the Toronto Regional Real Estate Board (TRREB). Data shows that the average GTA price was about $1.182 million in June compared to roughly $1.146 million last June. Meanwhile, home sales are up 16.5 per cent from last June while listings dropped 3 per cent over the same period.2023-07-10T17:13:00Z663ed799-ed4f-42bf-b11e-e5de697fd99dhttps://eileenwylie.com/Blog/2023/07/10/Market-update-week-ending-June-30thOlivia Chow Is Now Mayor of Toronto. Here’s How She Plans To ‘Fix’ Housing. Olivia Chow was elected Mayor of Toronto during Monday’s by-election. And now the conversation shifts to what she will do to solve some of the chronic housing problems facing Toronto — and mind you, that will be without the help of strong mayor powers, which Chow has maintained she will not be utilizing during her term.2023-07-10T17:12:00Z59b63173-380d-4a07-9be0-cde4ccd84adbhttps://eileenwylie.com/Blog/2023/06/23/Market-update-week-ending-June-23rdMore And More First-Time Home Buyers Are Getting Help From Family To Cover The Down Payment. More than a third of homebuyers in the GTA were given a lump sum payment from parents or relatives to purchase their first property and nearly 75 per cent of first-time homebuyers in the GTA worried that their down payment would not be enough, according to a new survey.2023-06-23T18:01:00Z633b7163-b2ef-46b5-8d32-52c037404785https://eileenwylie.com/Blog/2023/06/21/Market-update-week-ending-June-16thToronto rents just skyrocketed again and here's how much you'll need to spend. Toronto rents just skyrocketed again and here's how much you'll need to spend. It will now cost you well north of $2,800 to rent an apartment in Toronto, and renters looking to move into a new home will have to fork over more than 15% higher prices than this time last year.2023-06-21T14:44:00Z2b0f6c28-5820-4a80-9deb-5a9644716ccfhttps://eileenwylie.com/Blog/2023/06/09/Market-update-week-ending-June-9thJust as Canada’s housing market was starting to rebound, the Bank of Canada has dealt it another blow. The bank’s decision to raise its key interest rate 25 basis points to 4.75 per cent on June 7 could put downward pressure on home prices, which have rebounded faster than the bank had expected. This latest interest rate hike could add to the financial burden of some variable mortgage holders and those renewing fixed rate loans this year.2023-06-09T18:38:00Zcd044ece-ba63-4865-8b8b-b17bff8b6e40https://eileenwylie.com/Blog/2023/06/08/Market-update-week-ending-June-2ndCanadian Banks Report 1 In 4 Mortgages Are 35 Years Or Longer. Canadian first-time home buyers are 36 years old on average. That means they won’t have that starter condo paid off by the time they retire, according to recent bank reports. Four of the Big Five banks reported a large share of their portfolio had amortizations longer than 30 years in Q2 2023. Most of them have at least 35 years or longer remaining, as they extend terms to prevent over-leveraged buyers from defaulting.2023-06-08T21:09:00Z55ab7d6f-8af5-4838-ba4d-69b6b4937b6bhttps://eileenwylie.com/Blog/2023/06/08/Market-update-week-ending-May-26thA buying frenzy is re-emerging in Canada after one of the steepest housing price declines in the nation’s history. In Toronto, properties are selling the day they hit the market. In Vancouver, lines for open houses are stretching down the block. Homes are now once again selling for hundreds of thousands of dollars over asking. The mystery is where the money is coming from. 2023-06-08T21:07:00Z4bd349e6-afec-4a5d-9508-16bee6d3a82bhttps://eileenwylie.com/Blog/2023/05/19/Market-update-week-ending-May-19thThe real estate price correction appears to be over in Canada after a yearlong slump that saw prices drop by almost 18% in Toronto, according to a new report from RBC.2023-05-19T19:26:00Z84e61d44-e269-4e0a-9cf3-96e728b48199https://eileenwylie.com/Blog/2023/05/18/Market-update-week-ending-May-12thToronto city council approves up to four-unit multiplexes in all neighbourhoods Multiplexes can now be built in all neighbourhoods, meaning duplexes, triplexes and fourplexes can be built, without special permissions, in all neighbourhoods from Rosedale to Westmount that are currently dominated by detached and semi-detached houses across Toronto after approval from the city council Wednesday, a move intended to increase low-rise housing options in existing communities. 2023-05-18T20:09:00Zb6ed0570-fcfd-4a84-8cf7-521ef7d5d644https://eileenwylie.com/Blog/2023/05/08/Market-update-week-ending-May-5thCompetition Is Heating Up in the GTA Real Estate Market as Prices Pick Back Up With the spring market in full swing, competition for real estate in the Greater Toronto Area (GTA) is heating up as a consistently low number of listings leaves would-be buyers with few options.2023-05-08T13:55:00Z650b8d28-6e88-41f7-b32c-ee1a297c14b1https://eileenwylie.com/Blog/2023/05/02/Market-update-week-ending-April-28thToronto Edges One Step Closer to City-Wide Multiplex Legalization As Toronto’s population continues to expand, new allowances pertaining to multiplexes have moved one step closer to realization.2023-05-02T18:29:00Zc464803b-b6e5-42d7-a7e7-cbc1230328fdhttps://eileenwylie.com/Blog/2023/05/02/Market-update-week-ending-April-21stThe housing market could be gathering steam again – but a notable feature of recent weeks has been a lack of new listings becoming available. This lack of inventory is the main underlying storyline in the Greater Toronto Area (GTA) real estate market. Coming out of the winter months, and with an anticipated increase in demand, and competition among buyers, market watchers project renewed price growth.2023-05-02T18:25:00Z0b4261e5-8618-408a-aa17-346b76a4b2aehttps://eileenwylie.com/Blog/2023/05/02/Market-update-week-ending-March-31stTo ensure every Canadian has a safe and affordable place to call home, Budget 2023 proposes new measures to build on this important progress. Over the past year, the federal government has taken significant steps towards making housing more affordable for Canadians. 2023-05-02T18:23:00Z5ca31022-b615-41d4-82cb-c16ee85a7227https://eileenwylie.com/Blog/2023/05/02/Market-update-week-ending-March-24thCanada’s rental housing shortage will quadruple to 120,000 units by 2026 without a significant boost in stock, Royal Bank of Canada said in a report this week. In order to reach the optimal vacancy rate of three per cent, the report suggested Canada would need to add 332,000 rental units over the next three years, which would mark an annual increase of 20 per cent compared with the 70,000 units built last year.2023-05-02T18:20:00Z2bf71fa9-5140-4fd8-a399-7c3c4a7c0262https://eileenwylie.com/Blog/2023/03/17/Market-update-week-ending-March-19thNew research shows that the bank of mom and dad or other family support is more important than ever for Canadians getting into the housing market. This survey was based on homebuyers who purchased houses in 2022. We’ve covered many stories about how long it would take to save up for a down payment in housing markets like Toronto and Vancouver, but family plays a huge part for many looking to skip that step. 2023-03-17T21:36:00Zf76d9663-2e74-4487-9dda-f51976ce745fhttps://eileenwylie.com/Blog/2023/03/10/Market-update-week-ending-March-10thToronto Real Estate Prices Just Made The Biggest Monthly Jump Since Rates Began Climbing2023-03-10T20:20:00Z8f0f2327-dccd-4bec-9b97-6e6c86dabf36https://eileenwylie.com/Blog/2023/03/07/Market-update-week-ending-March-3rdConsumer confidence rose to the highest level since the end of September as more Canadians see real estate values rebounding after the central bank conditionally halted its interest-rate hikes. 2023-03-07T21:38:00Z774965bd-b44e-4aea-a5c9-2dc36c45386dhttps://eileenwylie.com/Blog/2023/02/27/Market-update-week-ending-February-24thWhat will Toronto’s spring housing market look like? Experts expect a 20% jump in sales — and an increase in supply.2023-02-27T16:44:00Z0b08a87d-e951-4eb4-b018-2dcb59c3ab81https://eileenwylie.com/Blog/2023/02/24/Market-update-week-ending-February-17thThere finally seems to be some optimistic news released from The Toronto Regional Real Estate Board (TRREB) for the year ahead. Considering all the doom and gloom that have made headlines in recent months, the second half of this year will see a gradual uptick in home sales and an increase in competition between buyers with a renewed upward pressure on home prices in the GTA. TRREB Chief Market Analyst Jason Mercer suggests that “it will be a year of two halves in 2023.”2023-02-24T15:59:00Z4bfa6461-7386-4fa3-90ff-dd54c9fb83d7https://eileenwylie.com/Blog/2023/02/13/Market-update-week-ending-February-10thIf you really wanted to help Toronto, you’d buy a new home. Here’s why. The city is banking on this being one of the best years ever for real estate sales to bring in land transfer tax revenue. Mayor John Tory would really, really appreciate it if you would buy a new house or condo this year. In fact, he’s counting on it.2023-02-13T16:27:00Z4d73727c-5607-4fa8-ad0c-6f6e73f0307fhttps://eileenwylie.com/Blog/2023/02/03/Market-update-week-ending-February-3rdAs we moved from 2022 into 2023, the Greater Toronto Area (GTA) housing market unfolded as expected. The number of January sales and the overall average selling price were similar to December 2022. The average selling price in January was $1,038,668 — down 16% compared to January 2022 but not significantly changed from the $1,051,216 average seen in December.2023-02-03T20:00:00Zbb375cdd-ef05-4d2a-9c3c-f15773f39784https://eileenwylie.com/Blog/2023/01/27/Market-update-week-ending-January-27th The Bank of Canada raised its benchmark interest rate this week by 25 basis points to 4.5 per cent, the highest it’s been since 2007. The move was widely expected by economists as the bank tries to wrestle with record-high inflation. It's the eighth time in less than a year that the bank has hiked its trendsetting rate — a move that will make borrowing money more expensive.2023-01-27T22:22:00Z19251a6b-b626-49a6-8d6e-58c73f8434c9https://eileenwylie.com/Blog/2023/01/23/Market-update-week-ending-January-20thThe Canadian rental market showed little signs of cooling down as 2022 came to a close. Average national rent remained above the $2,000 mark in December, for the second straight month, and the story was similar in the majority of local markets.2023-01-23T16:30:00Z11271188-4318-40fb-bc9c-9ecc6e237825https://eileenwylie.com/Blog/2023/01/20/Market-update-week-ending-January-13thAll Toronto residential property owners must submit a declaration of their property’s 2022 occupancy status by February 2, 2023. A property is considered vacant if it was not used as the principal residence by the owner(s) or any permitted occupant(s) or was unoccupied for a total of six months or more during the previous calendar year. Properties may also be deemed (or considered to be) vacant if an owner fails to make a declaration of occupancy status as outlined in the bylaw.2023-01-20T14:57:00Zfa7b2ce0-7618-4327-b7ed-0411e80a8f81https://eileenwylie.com/Blog/2023/01/20/Market-update-week-ending-January-6thEven fast-rising mortgage rates couldn’t stop the rise of Toronto real estate prices in 2022. The average selling price of all GTA homes was up 8.6% or $1,189,850 in 2022, up from $1,095,333 in 2021, the Toronto Regional Real Estate Board (TRREB) reported. For the City of Toronto, the average selling price was up 8% or $1,140,595 for 2022 compared to $1,056,503 in 2021.2023-01-20T14:55:00Z17c649c1-e9f5-400d-9831-6b49d2c2bfa3https://eileenwylie.com/Blog/2022/12/20/Market-update-week-ending-December-16thDevelopers are hitting the brakes. Pandemic buyers are panicked as appraisals come up short. Is this the end of Toronto’s condo mania? A pre-construction condo in the GTA was a safe way to invest and gain equity. Indeed, for a decade this seemed like a solid bet. Investors poured money into condos, which sprouted like weeds and dramatically transformed the Toronto skyline. Around 80 per cent of pre-construction condos are sold to investors.2022-12-20T16:28:00Zcffaadca-1596-4769-be20-28c0a11cb039https://eileenwylie.com/Blog/2022/12/12/Market-update-week-ending-December-9thRising rates hits hardest at detached and semi-detached house prices. Less expensive condos and townhomes held their value better in November than costlier detached and semi detached houses in the Toronto region, as home sales declined across all categories with higher interest rates continuing to increase the monthly carrying costs of a home. 2022-12-12T20:14:00Zb8dab49b-b591-4cec-8c47-7d50e1f9a294https://eileenwylie.com/Blog/2022/12/07/Market-update-week-ending-December-2ndIntegrity commissioner asked to investigate Ford’s Greenbelt development plan Since Ontario Premier Doug Ford was first elected four years ago, developers have paid tens of millions of dollars for a number of properties that include protected lands the province is now proposing to carve out of the Greenbelt. As recently as September of this year, a company called Green Lane Bathurst GP purchased a piece of land in the King Township, subject to Greenbelt protections for $80 million dollars!2022-12-07T20:24:00Ze33e4a58-590f-44d6-b81c-6554006ad37fhttps://eileenwylie.com/Blog/2022/11/23/Market-update-week-ending-November-11thBeginning January 1, 2023, non-Canadians will be subject to a two-year ban on the purchase of certain residential real estate in Canada – and anyone who knowingly helps a non-Canadian buy a house could find themselves in hot water.2022-11-23T16:25:00Z3b1bd5c9-2fab-4c0e-9316-9470fa82fbafhttps://eileenwylie.com/Blog/2022/11/23/Market-update-week-ending-November-4thPre-construction condo sales plummet 79% as market cools The third quarter saw the steepest annual decline since 2009, expected to impact construction later next year, said market research firm Urbanation. Greater Toronto Area (GTA) new condominium sales totaled 1,748 units in the third quarter, declining 79% from a year ago (8,320 sales) amid soaring interest rates and construction costs that sent Toronto region developers to join their customers on the market’s sidelines. 2022-11-23T16:23:00Zdccbe2f3-39b0-46a3-93f9-e8337f70fafchttps://eileenwylie.com/Blog/2022/11/23/Market-update-week-ending-October-28thThe government of Ontario announced that effective immediately its foreign buyer tax would be hiked to 25% — the highest such tax in Canada. The Non-Resident Speculation Tax, which aims to crack down on foreign real estate speculation, previously sat at 20%, marking a 5% hike, but critics say it won’t do much to improve affordability.2022-11-23T16:20:00Z6b2c6353-b8f8-4417-ba5c-5e3369f580a3https://eileenwylie.com/Blog/2022/10/25/Market-update-week-ending-October-21stToronto is the crane capital of North America — but construction is starting to slow. Despite rising interest rates leading to a decline in new condo sales, Toronto has the highest number of operating tower cranes in North America, a new report by property and consultancy firm Rider Levett Bucknall shows.2022-10-25T13:45:00Zda278981-e7c4-45e6-a6a7-ed60a8b800efhttps://eileenwylie.com/Blog/2022/10/15/Market-update-week-ending-October-14thBy Introducing Forty Year Amortization, can the Canadian Government Fight Inflation and Stop a Real Estate Crash Seventy-eight per cent of Canadians currently have a mortgage with an interest rate below 3.0%. Rising mortgage rates mean that the average Canadian needs to make a staggering additional payment of $800-$1100 per month for a mortgage of $800,000. This places enormous pressure on already strained households grappling with relentless inflation and rising costs of living – everything from higher gas and grocery prices to inflated hydro bills and property taxes.2022-10-15T16:29:00Zf5c74801-3394-420c-b15b-3fc29f1f3296https://eileenwylie.com/Blog/2022/10/15/Market-update-week-ending-October-7thA 20-year low in new home listings last month is buying Toronto area home prices, which in September, rose slightly month-over-month to $1.09 million. It was the second consecutive monthly price increase, but on a year-over-year basis, the average house and condo price dipped 4.3 percent.2022-10-15T16:27:00Z0b7b8423-ba5f-43e9-9a63-a11c1612542bhttps://eileenwylie.com/Blog/2022/10/03/Market-update-week-ending-September-30thDevelopers are waiting longer for approvals and consumers are paying more. Toronto area municipalities are taking 40 percent longer on average to approve housing development applications than they did two years ago, and the cost of processing those permits has soared more than 30 percent.2022-10-03T14:51:00Z23f5e11a-48ba-4e29-961e-17499267708ehttps://eileenwylie.com/Blog/2022/09/26/Market-update-week-ending-September-23rdThere’s a significant shift happening in Canada — and it’s between the renter population and the homeowner population. While the number of homeowners in Canada is growing at 8.4%, the renter population is growing at 21.5%, more than double the rate, according to Statistics Canada data that was published this week.2022-09-26T18:53:00Zf0e7f258-0a63-4956-bede-685afa153636https://eileenwylie.com/Blog/2022/09/21/Market-update-week-ending-September-16thPandemic Home Buyers Did Not Panic Buy, Canadian Survey Finds Most people have probably come away from COVID-19 with a few purchases they now question, but for Canadian homebuyers who purchased a home during the pandemic, that home wasn’t one of them, at least that’s according to a new survey that found 63% of home buyers have no regrets. When surveyed about the reasons behind their decision to purchase, the most-selected response was 53% needed more space. Second was being tired of renting (43%), followed by the investment opportunity (28%), and a lifestyle change (26%).2022-09-21T20:35:00Z3df58a1c-7537-47a5-a2fb-5de750c49afehttps://eileenwylie.com/Blog/2022/09/12/Market-update-week-ending-September-9th Housing markets are unique for their location, type, quality, and size, so a decline in the average housing price is different from a decline in the price of an average house, which sometimes makes it difficult to decide whether it’s the right time to buy or sell. Adding to the confusion is that some metrics suggest prices are falling and others show an increase, though, overall, housing sales are down significantly compared to the peak activity in February, while average prices are down to a lesser extent.2022-09-12T16:52:00Z7d361358-c9d7-414d-a62d-04c629ced9d2https://eileenwylie.com/Blog/2022/09/09/Market-update-week-ending-September-2ndThe Bank of Canada’s expected rate hike announcement in early September could be central bank governor Tiff Macklem’s last for a while, CIBC predicts. But others are not so sure.2022-09-09T15:17:00Z980492a2-74ec-4da9-9940-84a2f0dabc63https://eileenwylie.com/Blog/2022/08/26/Market-update-week-ending-August-26thNew data released Monday by Statistics Canada found home prices increased by a mere 0.1 per in July compared with June — the smallest increase in more than two years and well below the average annual inflation rate of 7.6 percent for that month.2022-08-26T21:20:00Z9df554af-4573-4fb1-b788-f95b36753241https://eileenwylie.com/Blog/2022/08/22/Market-update-week-ending-August-19thToronto new condo sales decline 19%, but prices rise: Urbanation Sales of new condominiums in the greater Toronto area have declined by 19 percent in the second quarter of this year, while the average price per square foot reached a record high of $1,453, according to the latest report from real estate consulting firm Urbanation Inc.2022-08-22T16:04:00Z8c9b487a-0e41-4b4b-ba58-0ffb0b38d679https://eileenwylie.com/Blog/2022/08/05/Market-update-week-ending-August-5thCanada’s Tax Authority Has Been On A Multi-Billion Dollar Real Estate Crackdown! Canadian real estate owners are stuck paying huge penalties after trying to avoid taxes owed. New data from the Canadian Revenue Agency (CRA) shows their crackdown on real estate owners/sellers has led to billions in recouped revenue. Data provided by the agency also shows they’ve collected substantial fines adding up to hundreds of millions, after diving into real estate transactions. The program is largely focused on Greater Toronto and Vancouver, as a high volume of red flags were being set off.2022-08-05T15:19:00Z8189dfeb-0926-4b68-9344-73734756bfd7https://eileenwylie.com/Blog/2022/08/02/Market-update-week-ending-July-29thHere we go again… another prediction for the real estate market.... Canada’s housing market could be facing its biggest downturn in recent history, according to a new report from RBC.2022-08-02T14:24:00Zc2856110-dbac-4b97-ae7d-43f1d86bebaahttps://eileenwylie.com/Blog/2022/08/02/Market-update-week-ending-July-22ndMortgage rates are rising, but here’s why you won’t see a rash of Canadians losing their homes. Canadians will run up their credit cards, fall behind on their utilities and juggle car payments. The one thing they don’t do in significant numbers is fall behind on their mortgage payments.2022-08-02T14:21:00Z5fdd1889-186d-4300-818b-97eefc8d2b7bhttps://eileenwylie.com/Blog/2022/08/02/Market-update-week-ending-July-15thDevelopers could cancel about 5,000 new condo units as construction prices rise. Toronto’s already-severe housing shortage may be heading in the wrong direction as rental and condo projects are being canceled mid-way through, and the trend could last for several years and further intensify the city’s affordability crunch.2022-08-02T14:19:00Za418273b-2531-4cd0-aec7-0c21fa957b34https://eileenwylie.com/Blog/2022/08/02/Market-update-week-ending-July-8thDrive until you qualify… Across Canada, suburban real estate prices have been rising the fastest right across the country. Homes 80 km away from the city centres have seen the fastest growth. Bank of Canada finds suburban real estate prices outgrew the city.2022-08-02T14:17:00Z257939f5-5dfe-4d22-8eb9-8ae1be69de99https://eileenwylie.com/Blog/2022/07/05/Market-update-week-ending-June-24thCanadians Fleeing Ontario Is Accelerating, Alberta Becomes Top Destination Canadians are re-evaluating their housing situation, and it’s sending many to new provinces. Statistics Canada (Stat Can) data shows a significant interprovincial migration. This is the flow of Canadians looking to improve their quality of life by moving to a new province. Since Ontario’s home prices have begun to surge, the province has been on the losing end of this trend.2022-07-05T14:52:00Zbeb15066-6c7b-452b-b899-4c50d6ad45echttps://eileenwylie.com/Blog/2022/06/10/Market-update-week-ending-June-10thThe Greater Toronto Area’s housing market is in the beginning stage of a price correction — one that, it could be argued, is long overdue — but the recent drop in home values could be more dramatic in some areas than others.2022-06-10T16:31:00Z79c9487a-67f7-4d78-8ac2-1fadef1cf9b5https://eileenwylie.com/Blog/2022/06/06/Market-update-week-ending-June-3rdToronto saw one of the biggest jumps in rent prices in the GTA, and experts warn a cooling housing market could mean high rental costs are here to stay. A new real estate report shows that the price of housing in the GTA has skyrocketed and rents have returned to pre-pandemic rates. Recent data from Bullpen Research & Consulting and TorontoRentals.com shows the amalgamated average cost for rental units and condos combined in downtown Toronto is $2,325 a month, a 15.9 per cent annual increase. The price tag is much higher when square footage is taken into account, as Toronto has by far seen the most dramatic uptick in rent prices in the GTA.2022-06-06T15:48:00Zd322e679-3490-49ba-bb83-3b9d738da710https://eileenwylie.com/Blog/2022/05/27/Market-update-week-ending-May-27thA Bubble, Eh? Scotiabank’s “Very Pessimistic” Outlook Is Real Estate Prices Rise 10% Here we go again with another prediction! Canadian real estate is so bubbly a large bank sees prices soaring in a downturn. Scotiabank (BNS) reported earnings today, filing the bank’s macroeconomic forecasts. These forecast scenarios help to determine outlook, and include a base case, optimistic case, and two pessimistic ones. Even in the bank’s worst-case scenario, they forecast home prices will still rise at a breakneck speed.2022-05-27T20:54:00Z1a560997-c29f-4e88-8c39-a347355ac43dhttps://eileenwylie.com/Blog/2022/05/20/Market-update-week-ending-May-20thEconomists are predicting that Canadian home prices will fall as much as 20 percent this year as higher interest rates begin to hit the country’s booming real estate market. Mortgage rates are expected to climb again as the Bank of Canada aggressively hikes interest rates to deal with runaway inflation. Economists expect higher borrowing costs will lead to a significant price drop in some of the hottest markets.2022-05-20T21:34:00Z6b8104de-0765-440e-9b47-bad51f177477https://eileenwylie.com/Blog/2022/05/16/Market-update-week-ending-May-13thCanadian Senior Homeowners Borrowed $5.4 Billion In Reserve Mortgage Debt Canada’s house rich but cash strapped Boomers are back to tapping their home equity. Regulatory filings with the Office of the Superintendent of Financial Institutions (OSFI) show reverse mortgage debt hit a new record in February. Over the past couple of years, the segment had seen a slowdown. However, growth is now suddenly back, and the balance grew by nearly a fifth in just one year.2022-05-16T21:11:00Ze94132e7-49d6-4314-b4a4-6e248ace38e2https://eileenwylie.com/Blog/2022/05/16/Market-update-week-ending-May-6thGreater Toronto real estate slowed last month and it’s not a total mystery. Demand is eroding due to higher rates and buyer exhaustion. This has led to healthier levels of relative inventory, allowing price growth moderation. Economists warn once prices slow (or fall), more investors will be motivated to sell. Considering investors represent over a quarter of buyers, that’s a lot of potential inventory that can drive prices lower.2022-05-16T21:09:00Z7eb8db4b-efb6-4f06-ac12-182fa8410198https://eileenwylie.com/Blog/2022/04/29/Market-update-week-ending-April-29thToronto area tenants are once again facing a squeezed rental market similar to what they experienced before the pandemic, according to a new report.2022-04-29T21:33:00Z8279dd7e-0f7d-4dea-b370-1bfbcb90d801https://eileenwylie.com/Blog/2022/04/22/Market-update-week-ending-April-22ndNew CREA (Canadian Real Estate Association) Pilot Program Will Let Homebuyers See All Offers in Real Time In a first for Canada, a new pilot program from the Canadian Real Estate Association, will allow home buyers to tract in real time all registered offers placed on a property as they ’ re submitted. The re al-time tracking will be shown on a property ’s REALTOR .ca listing , using Australian property technology company Openn Negotiation. Details on when and where the pilot will launch are not yet clear, with CREA saying that it will kick off some time this summer in select markets across the country.2022-04-22T19:51:00Z8d908c59-3066-4ac2-8aa8-91196220eec8https://eileenwylie.com/Blog/2022/04/18/Market-update-week-ending-April-8thThe housing market remains tight in the Greater Toronto Area, but signs are pointing to some rebalancing compared to 2021’s record levels. In its monthly market report for March 2022, the Toronto Regional Real Estate Board (TRREB) stated that last month was the third-best March and second-best first quarter on record. Almost 11,000 sales were recorded over the region’s MLS while about 20,000 new listings became available, but average price growth slowed slightly on a monthly basis.2022-04-18T14:53:00Z76431ac6-8dc7-4ca4-96e1-58122480a48ahttps://eileenwylie.com/Blog/2022/04/18/Market-update-week-ending-April-1stThe Ontario government announced plans this week to increase penalties on real estate developers who behave in an unethical way, particularly as it concerns pricing on new condominium developments.2022-04-18T14:51:00Zcf82c026-0102-448f-8879-de1f1e3074f8https://eileenwylie.com/Blog/2022/04/18/Market-update-week-ending-March-25thGreater Toronto Area (GTA) new condominium apartment sales totaled 30,844 units in 2021, increasing by 69% over 2020 (18,282 units) and narrowly missing the all-time high reached in 2017 (31,216 units). The market capped off the year with exceptional strength as fourth quarter sales of 8,361 units represented 77% year-over-year growth and the highest Q4 on record.2022-04-18T14:48:00Za57c7fcf-c7b7-495d-9f39-89226c335dc7https://eileenwylie.com/Blog/2022/03/20/Market-update-week-ending-March-18thThe pandemic has transformed many aspects of society, but perhaps none so much as the concept of home: for many of the Canadians who locked down in efforts to stop the spread of the virus, where they lived became their gym, restaurant, and office. That’s had a significant impact on how we view our homes, according to new national data.2022-03-20T18:17:00Z14332e18-c282-40a7-a04b-5f58262925d0https://eileenwylie.com/Blog/2022/03/11/Market-update-week-ending-March-11thThe list price battle: too-low asking prices are frustrating homebuyers. But are they driving up prices?2022-03-11T21:36:00Z8e89a417-c862-4d64-b01c-ebe6ff396100https://eileenwylie.com/Blog/2022/03/05/Market-update-week-ending-March-4thIt may be difficult to buy a home or a plot of land in Toronto, so why not try the metaverse? Ever since Facebook announced it would change its name to Meta and focus on building its own digital world, interest in metaverse real estate has skyrocketed. In fact, real estate sales in the metaverse surpassed $500 million in 2021 and could double in 2022, according to data from MetaMetrics Solutions. Are we ready for this?2022-03-05T22:41:00Zc18eacc4-a096-4392-9715-826762839896https://eileenwylie.com/Blog/2022/02/27/Market-update-week-ending-February-25thCanadian real estate prices are soaring, but the fastest growth is not coming from big cities. BMO chief economist Douglas Porter tells clients to really think hard about this growth. Home prices are now rising even faster than at the peak of the 1980’s real estate bubble. Most of that growth isn’t coming from emerging global hubs, but small towns. He asks investors to consider: Do all small towns have supply shortages? Or is the madness of the crowd taking over?2022-02-27T22:01:00Zdaa5dfcc-0ec1-47d8-bb9c-08d1e137d6b4https://eileenwylie.com/Blog/2022/02/21/Market-update-week-ending-February-18th Almost A Quarter of Canadians Now Permanently Work from Home, Up Over 300% As public health restrictions linger, more companies realize they don’t need office space. Statistics Canada data shows new public health restrictions had more people work from home in January. Nearly a quarter of labor now permanently works from home, with that share rising sharply in big cities. This shift can change cities from places for work, to places that compete for quality of life.2022-02-21T22:18:00Z75924ff2-bccd-4785-94a0-ae27b82f5427https://eileenwylie.com/Blog/2022/02/13/Market-update-week-ending-February-11th Economist Benjamin Tal is forecasting a strong spring market in Canadian real estate and, with it, an even larger presence for the “bank of mom and dad”.2022-02-13T21:25:00Z7416148d-f191-4c57-98cb-7bad7f7a0d41https://eileenwylie.com/Blog/2022/02/07/Market-update-week-ending-February-4thThe average price of a Toronto condo is now $740,000 - Condo prices continue to rise in Toronto, like pretty much everything else lately, as more and more potential homebuyers look up to the sky for cheaper alternatives to detached homes.2022-02-07T23:12:00Z44c530e9-7b22-4f16-ae65-be5291489b08https://eileenwylie.com/Blog/2022/01/28/Market-update-week-ending-January-28thHow Baby Boomers are breaking Canada’s real estate market - In one of the tightest real estate markets ever recorded in Canada, Boomers are not letting go of their homes. It appears the real-estate wealthy Boomers are to blame for yet again disrupting markets. Traditionally, seniors sell their family homes and downsize or move into retirement communities. Born between 1946 and 1964, Boomers, who own a substantial share of Canadian real estate, are breaking that trend. They are aging in place.2022-01-28T22:06:00Zb39ab179-320a-4c63-bf0c-1a1fbcef7231https://eileenwylie.com/Blog/2022/01/25/Market-update-week-ending-January-21stDoug Ford dropped rent control on new units in 2018. Since then, thousands have come online and tenants facing double-digit increases ask: was it worth it?2022-01-25T21:35:00Ze7ee9955-4a50-4194-bd25-75674c53f2f6https://eileenwylie.com/Blog/2022/01/18/Market-update-week-ending-January-14thA new report is urging Canada to consider a luxury tax on homes valued at over $1 million as a means to rein in surging real estate prices.2022-01-18T20:20:00Z133af0d8-8914-445f-b03d-326f4cbb48a2https://eileenwylie.com/Blog/2022/01/10/Market-update-week-ending-January-7thDecember capped off a record year for real estate in the Greater Toronto Area — both in sales and price. According to the Toronto Regional Real Estate Board, 121,712 sales were reported through its MLS® System in 2021 — up an astounding 28% from 2020 which was a hot market, and 7.7% over the previous record high set in 2016. But as demand remained strong, the number of new listings on the market couldn’t keep up, with just a 6.2% increase in new listings compared to 2020.The average sale price for the GTA was up 24% from the prior year to $1,157,849, and the City of Toronto was up 15.5% to an average of $1,033,029.2022-01-10T22:37:00Z896804fc-336b-466f-9a52-3cdf5b9d19e6https://eileenwylie.com/Blog/2021/12/17/Market-update-week-ending-December-17thSo, what do we see in our crystal ball for real estate next year? The Canadian Real Estate Association says housing sales will moderate next year, but prices aren’t expected to ease any time soon. The association said in its 2022 forecast released on Wednesday that it expects tightening supply conditions to push housing costs even higher in 2022. “While price growth is not expected to be as extreme in 2022, many of the conditions that supported it right up until the end of 2021 will still be there on New Year’s Day,” the association said in a release.2021-12-17T22:34:00Zbe7d9855-9b66-4728-8b01-92c789a5d9dbhttps://eileenwylie.com/Blog/2021/12/15/Market-update-week-ending-December-10thCanada’s Gen Z shows surprising optimism when it comes to owning a home according to a new survey out of Vancouver. Gen Z (born 1997- 2012) is all too aware of pressing affordability challenges in major Canadian cities, notably Toronto and Vancouver. The survey results showed that 75% of urban Gen Z intend to own a primary residence in their lifetimes, with 11% already having done so. Moreover, while 82% of respondents expressed uneasiness about being priced out of their desired neighbourhoods, 70% want to purchase a single-family home during their peak-income earning years. Perhaps unsurprisingly, saving enough money for a down payment and considering other living expenses remains the major concern of more than a quarter of Gen Z respondents.2021-12-15T16:49:00Z2a370bc2-a97b-4819-9a21-3203cc400dc2https://eileenwylie.com/Blog/2021/12/03/Market-update-week-ending-December-3rdAuto lovers can soon park their toy in its own condo. This is going to be a luxury item people don’t need, but people are going to want to have this. Metropolitan Commercial Realty is planning to convert a multistorey 1970’s-era industrial warehouse in Etobicoke into a palace for storing cars, appropriately named ToyBx.2021-12-03T22:13:00Z9cc65958-c24d-4f94-83dc-60241605c05dhttps://eileenwylie.com/Blog/2021/12/01/Market-update-week-ending-November-26thA wave of change is sweeping through the profession of city planning. A staff report going before council’s Planning and Housing Committee signals real changes coming to the city’s house-centric neighbourhoods. The report is the boldest and most progressive planning policy to emerge from city hall since the amalgamation of Toronto in 1998, where zoning rules expressly forbids anything except detached homes. The plan suggests “multiplexes” – buildings with two, three, four or more apartments to be allowed on the leafy streets where they are currently forbidden.2021-12-01T18:29:00Z7d339dbc-3d55-40fb-8d87-4423d64bdbb1https://eileenwylie.com/Blog/2021/11/19/Market-update-week-ending-November-19thAfter a battle between the city and province that's lasted for decades, Toronto will soon require developers to build affordable units in new condo buildings in an attempt to add thousands of homes below market value in the coming years. Councillors voted 23 to 2 to use a new power called inclusionary zoning, which allows the city to compel developers to make five to 10 per cent of units affordable in new towers within 500 metres of major transit stations starting in September 2022. That percentage will increase to eight to 22 per cent by 2030, depending on the neighbourhood.2021-11-19T20:51:00Z09898039-1649-4680-809f-88f49027c4a5https://eileenwylie.com/Blog/2021/11/12/Market-update-week-ending-November-12thCanadians are scrambling to get mortgage pre-approvals and rate holds before the era of low interest rates comes to an end, as some economists predict. Real estate and mortgage brokers say their clients are increasingly seeking ways to hold on to current rates because many housing markets like Toronto are facing heated conditions making it hard to keep purchase prices down.2021-11-12T21:56:00Z148e72e6-853e-4e26-af4b-eb03764c642chttps://eileenwylie.com/Blog/2021/11/05/Market-update-week-ending-November-5thProspective homebuyers in the Greater Toronto Area found dramatically fewer homes on the market last month than they did a year ago. October was another record setting month for Toronto and the GTA with the average year-over-year selling price up 19.3% to $1,155,345. The Toronto Regional Real Estate Board said that 9,783 homes in the region changed hands last month, down nearly 7% from a record 10,503 in October 2020. Despite the fall, the result was still the second highest level for the month of October even as the number of new listings fell by about third compared with a year ago.2021-11-05T19:08:00Z93007841-5666-4f3f-b1f4-caff2e4301dahttps://eileenwylie.com/Blog/2021/11/02/Market-update-week-ending-October-29thInvestors who own multiple properties within the city, has in recent years overtaken first-time homebuyers as the biggest slice of Toronto’s home-purchasing market, according to a recent report by Teranet.2021-11-02T21:49:00Z36d19b2e-20aa-4970-8842-cda4bba8b586https://eileenwylie.com/Blog/2021/10/18/Market-update-week-ending-October-15thAlmost one in five first-time home buyers is getting financial help from parents, and the average amount of that help is $150,000. If you’re wondering how first-time buyers can afford the down payments required to get into the housing market today, these numbers, drawn from the Canadian Imperial Bank of Commerce client database offer some insight.2021-10-18T15:09:00Ze635db9e-4684-4d0d-ae34-9ae011eec806https://eileenwylie.com/Blog/2021/10/12/Market-update-week-ending-October-8thSeptember marked the transition from the slower summer market to the busier fall market in the Greater Toronto Area (GTA). Every year, we generally see an uptick in sales, average selling price and listings after Labour Day, and September was no different. Sales increased relative to August, and in September, 9,046 sales were logged through MLS, making it the third-highest mark on record for the month of September. The 905 area of the GTA represented the majority of the sales, with 5,649 transactions.2021-10-12T21:55:00Z5b944b49-509d-4cad-8e66-24b368ab11cehttps://eileenwylie.com/Blog/2021/10/01/Market-update-week-ending-October-1stCanadians are changing provinces at the fastest rate since the 90’s real estate bubble. Canadians haven’t fled their province in such a large volume in over three decades. Interprovincial migration reached 123,500 people in Q2 2021. This is an increase of 55.1% from the previous quarter, and the largest migration since Q3 1991. That was smack in the middle of the last affordability crisis, and the end of the early 1990s real estate bubble. Migration and quality of life improvements tend to go hand in hand.2021-10-01T18:33:00Zbd94fcca-d71c-4a85-a5e1-71953ec69cbfhttps://eileenwylie.com/Blog/2021/09/24/Market-update-week-ending-September-24thThe Canadian election is over, and the country’s leadership remains largely unchanged. However, a laundry list of election promises mean big changes to real estate are coming. Most of the promised plan seeks to create more demand for housing, which softens price drops. Expect more of the same currently being done, but with a revamped buying and selling process. Here are some of the promises the Liberals are proposing under the “Home Buyer’s Bill of Rights”2021-09-24T20:47:00Zbb3c3ad0-c53d-409d-8e13-fdd287908df7https://eileenwylie.com/Blog/2021/09/20/Market-update-week-ending-September-17thThe August consumer price index (CPI) inflation rate was released this week and it’s up to 4.1%. The last time the rate was higher was in March, 2003 (4.2 per cent). Probably the biggest factor in this year’s inflation surge is simply the reality that consumer prices fell to unusual lows last year, and it’s against these low prices that we are measuring the current price environment.2021-09-20T21:38:00Z142407d6-b6af-4703-bd0a-b859c67d322bhttps://eileenwylie.com/Blog/2021/09/10/Market-update-week-ending-September-10thThe Toronto Regional Real Estate Board (TRREB) is reporting the third-best sales result on record for the month of August. While the market has taken its regular summer breather, it’s clear that the demand for ownership housing remains strong. At the same time, the supply of listings is down. The result has been tighter market conditions and prolonged competition between buyers, resulting in double-digit annual increases in selling prices.2021-09-10T18:53:00Zb9e9846f-8680-4f18-96b9-aa1d7b8721b4https://eileenwylie.com/Blog/2021/08/27/Market-update-week-ending-August-27thIt was once common to only hear of bidding wars happening in traditional housing markets, however, in the lead up to this fall’s anticipated return to offices and post-secondary campuses, bidding wars for rental properties have become the norm in Vancouver and Toronto, two of Canada’s most competitive markets.2021-08-27T21:08:00Z8344d77e-2707-49cf-bbb6-0b91f7ddcb06https://eileenwylie.com/Blog/2021/08/23/Market-Update-week-ending-August-20thCondominium markets in some of Canada’s biggest cities have strongly rebounded this year, and analysts say the market could once again return to pre-pandemic red-hot conditions as rental demand surges and inventory is shrinking.2021-08-23T13:35:00Z1c14d8f5-9fb7-4811-a9e1-073b04a6fb39https://eileenwylie.com/Blog/2021/08/05/Market-update-week-ending-July-30thAnyone following the latest headlines about Toronto’s housing market, has by now heard that Toronto’s housing market is showing signs of cooling. But these types of headlines can leave many buyers confused about what “cooling” really means. Active buyers who are still seeing 8+ offers on the homes they are bidding on are certainly not feeling any ‘cooling’. Buyers considering entering the market are wondering if a cooling market means prices will fall in the near future, like right after they’ve bought.2021-08-05T14:32:00Ze9c9bcd7-deb3-4c24-8675-8ef1ba8a4508https://eileenwylie.com/Blog/2021/08/05/Market-update-week-ending-July-23rdThe average Toronto condo price keeps on climbing, surpassing $720,000 in the second quarter of this year. A new report from the Toronto Regional Real Estate Board found that although condo sales dropped slightly this quarter compared to the last, prices continued to trend upwards, pushing the average Toronto condo price to $721,109. This is a significant increase from the first quarter of this year, which averaged $675,844, and is much higher than the current GTA average of $686,312.2021-08-05T14:30:00Z98a312da-813c-4159-835c-6994ce9fe5d1https://eileenwylie.com/Blog/2021/08/03/Market-update-week-ending-July-16thAfter bottoming out in January, Toronto rent prices are well on their way back to pre-pandemic prices. As Ontario turns a corner in the COVID-19 pandemic, the average cost of rentals has risen by nearly $150 from the 12-month lows we saw in January. And much of that uptick has occurred in the last 90 days alone.2021-08-03T19:09:00Z8e964be7-a62b-44cb-88de-a81347682f96https://eileenwylie.com/Blog/2021/07/09/Market-update-week-ending-June-9thThe Toronto housing market remains strong but are we heading towards a normal market? June home sales were up 28% compared to last year but remained below the March 2021 peak and were lower than the number of transactions reported for May, consistent with the regular seasonal trend. The average sale price in June was up 17% compared to last year coming in at $1,089,536.2021-07-09T20:20:00Zda6fcb2b-1467-4464-b518-46c9fa942b0fhttps://eileenwylie.com/Blog/2021/07/05/Market-update-week-ending-June-25thIs the real estate market slowing down? We are getting asked that question a lot these days. A summer slowdown is normal for the real estate market as we transition from the intensity of the spring market into the summer market, and this shift happens almost every year. Last year was different because we experienced the spring market in June and July because of the pandemic lockdown.2021-07-05T21:46:00Zeaa50aa3-8516-486f-904e-0c19c126ab18https://eileenwylie.com/Blog/2021/06/21/Market-Update-week-ending-June-18thThe average monthly rents are up in Canada. The first increase in half a year. After six straight months of declines, the average monthly rent for all Canadian properties in May grew by 2% month-over-month to $1,708 according to Rentals.ca and Bullpen Research in their latest National Rent Report. This marks the first time the average monthly rental rate experienced its first month-over-month increase since October of last year.2021-06-21T16:47:00Z433368aa-c29d-4779-bacf-a7fa45300eb8https://eileenwylie.com/Blog/2021/06/14/Market-update-week-ending-June-11thToronto-area home sales showed a slight cooling in May, which is traditionally the hottest month on the real-estate calendar. But home buyers were still feeling the heat last month as the average price for all types of houses and condos hit a record of $1.11 million — 28.4 % above May 2020.2021-06-14T21:09:00Z8cfd3ed5-0118-455e-a11c-ed117ee01969https://eileenwylie.com/Blog/2021/05/28/Market-update-week-ending-May-28thWhat will downtown Toronto look like when the pandemic is over? Will the core regain its former glory? Among those who could work remotely, many swapped their micro-condos for houses with big backyards in small towns.2021-05-28T18:29:00Ze0cdab87-b24a-4b65-bc8b-23db18cd8364https://eileenwylie.com/Blog/2021/05/19/Market-update-week-ending-May-14thAccording to a May 7, 2021, report by the Canada Mortgage & Housing Corp. (CMHC), the agency predicts home prices could rise as much as 14% during the second year of the pandemic, as low interest rates continue and fuel demand across the country. The prediction is slightly lower than the real estate industry’s own forecast for double-digit price and resale increases, but bullish compared with the previous year, when CMHC shocked the market with a dire outlook that home prices were going to plummet 18%.2021-05-19T19:36:00Z7f4fd2fb-82d3-4080-97df-2b448979c2abhttps://eileenwylie.com/Blog/2021/05/12/Market-update-week-ending-May-7thHome sales in the GTA set a new record for April and more than quadrupled that from April 2020, the first full month of the pandemic. There were 13,663 sales through the MLS system for April up a staggering 362% compared to April of 2020. New listings followed a similar path with 20,825 coming to market in April, up 237% compared to April of last year when the impact of Covid was at its worst. The average selling price of $1,090,992 was up by 33% compared to April 2020.2021-05-12T21:59:00Za69ede1a-0b85-46f2-a37b-2397802901c6https://eileenwylie.com/Blog/2021/05/12/Market-update-week-ending-April-30thThere are early signs that the rental market may be starting a comeback. In the first quarter of 2021, average condominium apartment rents were down on a year-over-year basis, however growth in rental transactions outstripped growth in the number of units listed over the same period, suggesting that rental market conditions are starting to tighten up once again.2021-05-12T21:57:00Zccd2cba2-a0d0-4518-8b72-45abdff8a196https://eileenwylie.com/Blog/2021/05/12/Market-update-week-ending-April-23rdToronto’s condo sales recovery began in December and is continuing to build momentum with significant volume and strong double-digit sales growth. While the condo market was slower to recover compared to the freehold sector, there has been a marked increase in condos since the beginning of 2021, and this interest will likely continue to increase as the economy improves.2021-05-12T21:55:00Z77fff1e7-8fcb-4401-bf79-80bc4dec6564https://eileenwylie.com/Blog/2021/04/19/Market-update-week-ending-April-16thCanada’s bank regulators are pondering whether to change the mortgage stress test rules to make it tougher for consumers to buy a home and take some heat out of the housing market. The Office of the Superintendent of Financial Institutions (OSFI) announced that it is reconsidering the stress test that requires borrowers to qualify for uninsured loans at two percentage points above the market rate or the Bank of Canada’s five-year rate – whichever is higher. The minimum qualifying rate adds a margin of safety that ensures borrowers will have the ability to make mortgage payments in the event of some change in circumstances, such as a loss of income or a rise in interest rates.2021-04-19T21:41:00Z64c46c90-9449-45e2-8b1a-264117d7edb8https://eileenwylie.com/Blog/2021/04/09/Market-update-week-ending-April-9thEconomic optimism and low interest rates continue to fuel home sales across the GTA. The Toronto Real Estate Board released the March stats this week, and the numbers are record breaking. There were 15,652 sales reported, surpassing the previous record set in May 2016 with 12,870 sales, and the average sale price for a home in the GTA is now $1,097,565 up 21.6% over the same period last year. The March results show home buyers are spending about $195,000 more than a year earlier and $50,000 more than February’s average, when prices pushed past the $1-million mark for the first time. It is important to remember that during the second half of March last year, sales activity dropped off dramatically when the state of emergency was declared.2021-04-09T19:22:00Zce739769-f29c-4510-97ab-ab01448ca036https://eileenwylie.com/Blog/2021/04/09/Market-update-week-ending-26thAs home prices continue to sky-rocket, one common practice we are seeing all across Canada is the blind bidding. When multiple buyers bid on a property, they have no idea what their competitors are offering. Many bidders aim high in hopes of beating out everyone else, driving up prices as excessive bids set new precedents for a neighbourhood.2021-04-09T19:16:00Ze16a40db-9547-4656-a5fc-83c7844c1afbhttps://eileenwylie.com/Blog/2021/03/15/Market-update-week-ending-March-12thThe spoils of pandemic wealth have added billions to Canadian households and to their total wealth unexpectedly during this past year. In every province, net worth is on the rise. About two-thirds of the average wealth gain came from rising home values, with the rest owing to a surge of savings. It’s a situation that bears little resemblance to past recessions. Disposable income is up sharply, home prices have never been higher and stock markets erased their losses months ago.2021-03-15T18:22:00Z2e69531a-506e-40db-9c02-5af7c5e2ea11https://eileenwylie.com/Blog/2021/03/07/Market-update-week-ending-March-5thWhat can we say, the GTA housing market is on fire! Home sales rose 52.5% across the board. With February stats out this week, the 905 regions are seeing a surge and the average selling price rose to $1,045,488, the first time it has exceeded the million-dollar mark. Detached houses in the 905 communities surrounding Toronto experienced a particular surge. They sold for nearly 30% more this February compared with the same month last year. The Toronto Real Estate Board is warning that the already hot pandemic market is poised to become more competitive as the year goes on.2021-03-07T22:51:00Zded627b8-ab81-4d0f-9809-f8f338c17421https://eileenwylie.com/Blog/2021/02/22/Market-update-week-ending-February-19thMore than two-thirds of Toronto condo investors are planning to sell their properties rather than pay the new vacant home tax, according to a new Toronto Regional Real Estate Board (TRREB) report. Toronto City Council voted to create an implementation plan for a vacant homes tax in the city which would take effect sometime in 2022. The tax would encourage owners to sell or rent out their vacant properties, which would increase housing supply, the City of Toronto said in a news release. Those who do not would need to pay the tax, and proceeds would go toward building new housing supply.2021-02-22T21:53:00Z00092156-727c-4bc1-99bf-3b122d5ae9efhttps://eileenwylie.com/Blog/2021/02/22/Market-update-week-ending-February-12thThis week the Toronto Regional Real Estate Board (TRREB) released its annual Market Year in Review & Outlook Report for 2021, projecting optimism for a booming Greater Toronto Area (GTA) real estate market in 2021. The report forecasts near-record sales numbers of 100,000 units, with average selling prices expected to break records and exceed the $1 million mark.2021-02-22T21:51:00Z35126918-c919-4b81-ae2b-709437404596https://eileenwylie.com/Blog/2021/02/22/Market-update-week-ending-February-5thThe Toronto condo market had cooled during the pandemic, but in this new year so far condo sales are booming. The month of January 2021 is holding December’s gains with sales activity in the 416 nearly doubling that of 2020 on a year-to-date basis. Although the Toronto rental vacancy rate increased, December of 2020 ended the year strong with an amazing turn of events that boosted market conditions with Toronto home sales up 64.5%. Last December’s data showed a big increase in demand for condos by investors who understood this was the beginning of a great time to get back into the market.2021-02-22T21:49:00Z8b6117b0-f3dc-4792-b1a4-3c9d8b42dccchttps://eileenwylie.com/Blog/2021/01/31/Market-update-week-ending-January-29thHave you heard? The Toronto spring real estate market is underway and its picking up steam at an uncomfortable pace. Several significant home sales with multiple offers and plenty of “bully offers” are flaring up in some hot pockets of the city and the surrounding 905 regions. Buyers have secured very attractive interest rates and the demand for space rather than speculation seem to be driving the market. It’s a concern among central bankers that this could be become a bubble with such low interest rates. On Wednesday, Canadian policy makers kept interest rates at 0.25%, and committed to keep borrowing costs low until the damage from the pandemic is fully repaired, something they don’t see happening until 2023.2021-01-31T22:38:00Zc039ff71-5a79-4f43-96b7-8a7097773e69https://eileenwylie.com/Blog/2021/01/25/Market-update-week-ending-January-22ndToronto’s vacancy rate on apartments hit 5.7% in the fourth quarter of 2020, the highest level the city has recorded in 50 years, after nearly a decade of being under 2%. As the pandemic pushed tenants outside the core of the city, the vacancy rate in the 905 areas surrounding Toronto remained at a much tighter 2%. These results are just an example to just how drastically the pandemic altered the rental market.2021-01-25T16:24:00Z863aa95e-a41b-492d-8e39-37ce508f2cdfhttps://eileenwylie.com/Blog/2021/01/19/Market-update-week-ending-January-15thDespite the pandemic, Canadians continue to remain optimistic when it comes to the future and their finances. Many Canadians remain confident in their ability to save and continue to aspire to make their dream of owning a home a reality. This from a poll this week that RBC released titled Home Buying Sentiment Poll. Despite the negative implications COVID-19 has had on nearly every business sector, it appears the pandemic hasn’t had a lasting effect on the real estate industry as Canadians still believe in the strength of the housing market — despite growing concerns of the overall economy. 2021-01-19T22:28:00Zcb3fe31d-efd6-4221-ba39-933d995b1ea9https://eileenwylie.com/Blog/2021/01/11/Market-update-week-ending-January-8thToronto’s real estate market ended 2020 with a bang, as a December home-buying spree helped to push the average selling price to a record high of $929,699. After a steep drop in the spring due to the pandemic, the market took off in the second half of the year. The 13.5% increase over 2019’s average was led by single family homes where limited supply pushed prices up. The 905 areas outside Toronto saw the most pronounced price and sales gains. The number of homes sold in 2020 in the Greater Toronto Area totaled 95,151, up from 87,751 in 2019, and the third-best year on record.2021-01-11T22:02:00Z646d3b22-1a67-4b66-a736-b69d2b7ea187https://eileenwylie.com/Blog/2020/12/18/Market-update-week-ending-December-18thThe Holiday Season is upon us, and we have almost made it to the end of one of the most challenging years any of us can remember. When we felt we could control so little, we at least needed to control our space. Our homes have become our refuges, as we spend more time there. We’ve adapted our homes to be our offices and our schools, our restaurants and retreats. We’ve started to think more deeply about what home means and how to create it.2020-12-18T22:55:00Zfb520325-b727-46d6-94db-a39cb6ea81adhttps://eileenwylie.com/Blog/2020/12/16/Market-update-week-ending-December-11thNovember brought a sense of urgency to the Toronto real estate market, where Covid has people buying and selling homes for completely different reasons than before the pandemic. Data from the Toronto Regional Real Estate Board showed that November home sales in the Greater Toronto Area were up 24.3% compared with last year, as demand for single-family homes continued to surge ahead of condos.2020-12-16T17:32:00Z48b883eb-14ff-46b0-bc50-349589cf3ea8https://eileenwylie.com/Blog/2020/12/16/Market-update-week-ending-November-27thWith listings in both the freehold and condo sectors slowing down as we near the end of the month, the debate rages on. Should buyers wait until the New Year to purchase a new home or jump into the market now? There are different points of view on this topic. If you wait there will be more choice BUT you will be competing with all the other buyers who are also waiting for the spring market. More buyers bidding on the same home will drive prices higher. If you buy now there is less choice but fewer buyers. Still, demand for single-family homes supported by low interest rates and teleworkers, will keep the housing market resilient overall. What’s driving the market now is the lack of inventory.2020-12-16T17:29:00Zf416713a-d1eb-4137-b97c-adf9d234dfdahttps://eileenwylie.com/Blog/2020/11/20/Market-update-week-ending-November-20thToronto Condo Prices Down 9% from Peak - Recent news articles about Toronto’s condo market range from pessimistic to optimistic leaving many wondering what exactly is happening. In early October condo listings surged 215% in downtown Toronto, while a couple of weeks later an article titled “Toronto condo prices rise over 8% even as new listings surge”. 2020-11-20T22:11:00Z3e18d019-9e17-465f-b0a4-52c8135747f3https://eileenwylie.com/Blog/2020/11/16/Market-update-week-ending-November-13thHow is it that our stock markets and house prices look like this is the best of times? Many people have been scratching their heads lately trying to understand how it is that Canada’s average house price jumped more than 17 per cent during the worst economic crisis to hit the world in decades. There is an answer, but to get to it, you have to learn the same uncomfortable lesson that the head of Canada Mortgage and Housing Corp. learned this year. And that lesson is that we are living in an illusion created by central bank money-printing and excessive government spending. If house prices seem detached from reality, it’s because they are.2020-11-16T16:51:00Z98367a43-3a80-4bfb-85b9-e1823680cc85https://eileenwylie.com/Blog/2020/11/02/Market-update-week-ending-October-30thHousing lot sizes continue to shrink. There are many attractions of suburban houses, but one of the key selling points was that as you move out of the city you will get more land and more backyard. Think again. That metric is under stress in Canada’s most populous region, and new buyers are finding that the average lot size is shrinking. 2020-11-02T22:06:00Zd0adc994-dbc0-4398-ace5-ea6a925781b4https://eileenwylie.com/Blog/2020/10/26/Market-Update-week-ending-October-23thWith the high stakes of the upcoming US presidential election on November 3rd, people are getting nervous about what they will be waking up to. If you’ve been holding off purchasing property or investing until after the election because of the uncertainty, here is some information you might want to consider.2020-10-26T20:29:00Zc5fbbbc5-8019-4495-99b7-f5e9480eb9d1https://eileenwylie.com/Blog/2020/10/19/Market-Update-week-ending-October-16thFleeing the city? It may be cheaper to buy a home in the “burbs” but have you stopped to think about some of the extra costs? Property taxes are a good place to start. Toronto and Vancouver, the country’s two most expensive housing markets: they’re both property tax bargains. Within the province of Ontario, Toronto’s property tax rates were found to be the lowest among 35 municipalities in a 2019 survey. More houses and more expensive property values help keep property tax rates in big cities lower. A recent comparison found that a Vancouver home assessed at $1-million would have a property tax bill of $2,468 annually, while a similarly assessed home in Halifax would have a tax bill of $11,085.2020-10-19T20:22:00Zf7713e3f-40d2-4a97-9a50-699f19f8325ehttps://eileenwylie.com/Blog/2020/10/14/Market-Update-week-ending-October-9thThanksgiving marks a special time of year in which we express gratitude and something to be thankful for. This year is going to be a little different. Gathering around a table with loved ones to enjoy a bountiful feast will have to wait. We have to plan to make sure this year's Thanksgiving holiday is safe during this pandemic, Canada’s top public health officer has urged, as case counts continue to soar in several parts of the country, especially Ontario and Quebec.2020-10-14T16:30:00Z1ec85058-f1f6-4081-8fa7-0a34ad3766d7https://eileenwylie.com/Blog/2020/10/02/Market-update-week-ending-October-2ndToronto is the only North American real estate market considered in bubble territory. Toronto home prices are overvalued, making it high risk of being in a bubble, according to a new report on global real estate conditions by UBS Bank. 2020-10-02T19:24:00Zc0032e07-2404-43d8-9482-706bde6f8b5chttps://eileenwylie.com/Blog/2020/09/29/Market-update-week-ending-September-25thNow that fall is here the real estate market is sending us puzzling signs. The GTA benchmark house price has continued to rise; however, condo prices are beginning to drop, and the market is running into strong headwinds. Homebuyers were sidelined March through May, but in June through August, they jumped back into the market with both feet. House purchases in July and August were the highest ever for those months. Is the market settling into a 'new normal'?2020-09-29T21:57:00Zde1f8e40-a1e1-4551-ae35-5fd073b2faf6https://eileenwylie.com/Blog/2020/09/29/Market-update-week-ending-September-18thCondominium prices, rents and sales have taken a substantial hit from COVID-19, much more so than other housing types, leading many to wonder if condos will recover from the pandemic. For the moment, the news isn’t good. For example, second-quarter condominium sales in the GTA were 51% lower than the year before, according to the Toronto Regional Real Estate Board (TRREB). New condo listings slipped by 22 % compared to the same quarter in 2019. Nevertheless, average condo prices modestly increased year over year, up 8.7% in August compared to the same time last year.2020-09-29T21:55:00Zaef49eb2-39aa-49a4-8cec-69c548dbb386https://eileenwylie.com/Blog/2020/09/14/Market-Update-week-ending-September-11thWith the arrival of September, there is change in the air. The nights are cooler, and the air is fresher. Spring and summer, we have seen much upheaval in our lives as we attempted to adjust to the impact of the pandemic. And as we have discovered, we are resilient. We have discovered new ways to go forward, carry out our daily activities, do business and more. Our focus has changed, and our priorities have become more evident as the realities of Covid have become clearer. What we are living through is one for the history books. When we finally come to the end of the dark tunnel called Covid, there will be changes to our lifestyle in ways we never imagined, and the real estate market is changing too.2020-09-14T22:29:00Zeaa44abd-3b32-4fdd-823e-bff2a9ac7413https://eileenwylie.com/Blog/2020/08/29/Market-update-week-ending-August-28thAs of June 30th, banks have provided help through mortgage deferrals to more than 760,000 Canadians, which represents 16% of the number of mortgages in bank portfolios. The banks were so inundated with requests when the initial announcements were made, that roughly 90% of customers seeking a mortgage deferral were approved. By total volume of mortgages deferred, Quebec, Alberta, and Ontario are leading the country. Quebec represents the largest segment, at 27% the mortgages on deferred payment plans. Alberta is second with 26% of the insured payment deferrals. Ontario comes in third with 21% – just over one in five. Pricey BC is in a distant fourth, representing 7% of the pool.2020-08-29T19:21:00Z6c423da6-0491-46d5-9d09-5f45ab3e2eb5https://eileenwylie.com/Blog/2020/08/24/Market-update-week-ending-August-21stCanadian real estate prices are growing at a breakneck speed. More homes were sold in July than any other month on record, with data going back more than 40 years. The performance of the housing market during this pandemic recession has been a big surprise. The price of a typical home across Canada reached $637,600 in July, a 7.56% increase compared to the same month last year. Canadian real estate buyers are shrugging off the pandemic, as a temporary inconvenience. The Canadian Real Estate Association (CREA) data shows prices made a huge increase, not just in known “hot” markets like Toronto, Ottawa, and Montreal but in almost every real estate market across Canada.2020-08-24T21:30:00Z3a7b51b1-3e17-47a6-ac5b-a0cb602f913bhttps://eileenwylie.com/Blog/2020/08/07/Market-Update-week-ending-August-7thThe real estate market remains hot! July was a record-breaking month for real estate as the GTA reported 11,081 sales - a 29.5% increase over July 2019 and a new record for the month of July. It’s hard to believe we are in a pandemic and the numbers for July are mind boggling. We are seeing the results of pent up activity from both buyers and sellers, that has been accumulating over that last few months. Low interest rates and limited overall supply are also increasing competition across our market. Here are some of the results for July:2020-08-07T21:39:00Z7e71486b-1ed4-440f-b986-99299df80623https://eileenwylie.com/Blog/2020/08/03/Market-update-week-ending-July-31stToronto new condo sales fell to their lowest level as developers stopped launching projects when Covid shuttered the economy and slowed home building. There were only 1,385 new condo sales in April, May and June, the weakest activity since 2009 when the U.S. housing market crashed. Sales were down 85% compared to the same period last year according to Urbanation, an industry group which tracks condo building trends. Over the second quarter, six projects totalling 1,176 units were launched, down substantially from the same period last year when 40 projects totalling 11,415 units launched.2020-08-03T21:49:00Za2cfa7fc-9463-4882-8c2b-3c54c3117e5fhttps://eileenwylie.com/Blog/2020/08/03/Market-Update-week-ending-July-24thThe Ontario government has lifted the ban on public open houses effective today in regions entering Stage 3 and Toronto is expected to follow suit by the end of the month. But is this such a good idea? Will sellers allow them? And will buyers attend? And what about the safety of the Realtor? The topic has become a hot one among real estate agents. Many people would attend open houses as a pastime – even if they weren’t planning to buy right away. Open houses were just an easy way to see homes and sometimes viewed as an ineffective way of driving traffic to a property. 2020-08-03T21:46:00Za8d9b8df-6317-4614-92d9-96fcd07e321dhttps://eileenwylie.com/Blog/2020/07/17/Market-update-week-ending-July-17thThe Ontario Real Estate Association (OREA) recently retained Nanos Research to do a survey among Ontarians actively in the real estate market. The takeaway was that despite economic uncertainty due to the pandemic, homeownership is seen as a good investment. Here are some of the results:2020-07-17T18:32:00Zf8c26481-66e6-4bcc-8a6b-81d59974130chttps://eileenwylie.com/Blog/2020/07/17/Market-update-week-ending-July-10thToronto home sales rebounded in June, with the average selling price up 12% from the same month last year to $1,022,138. (first time we have surpassed $1 million) For the GTA region the average price of a home hit $930,869 also up 12%. Competition is heating up again with multiple offers and bids well over asking prices. Home buyers were forced to put their purchases on hold when the pandemic hit in March. Now that Ontario and Toronto are easing restrictions, buyers have started to pounce. The GTA saw 8,701 homes sold in June, up 84% compared to May and signals suggest that some of that momentum is continuing into July.2020-07-17T18:30:00Zda3ce9ac-8262-475a-9ec2-55e01e11c784https://eileenwylie.com/Blog/2020/06/29/Market-Update-week-ending-June-26thThe COVID-19 pandemic continues to put downward pressure on the rental market nationally. A growing supply of apartments, mostly in the condo sector are hitting the market as Covid has stalled immigration and sent university students and some hourly workers home to live with their parents. In Toronto, rents declined .7% year-over-year. In downtown areas with concentrations of short-term rentals and neighbourhoods with large student populations, there has been an uptick in vacancies and rent incentives to try and fill units that have emptied out. Total lease transactions in the GTA condo market grew 16% year-over-year during Q1-2020 to reach 7,002 units — the highest first quarter total on record. The post-COVID-19 period saw a steep decline in activity, with lease volume down 25% compared to the same period a year earlier.2020-06-29T20:59:00Z53ebe76c-6d82-4710-89e0-b3be0aadb5achttps://eileenwylie.com/Blog/2020/06/19/Market-Update-week-ending-June-19thIt’s hard to believe that we are almost half way through 2020 and in the middle of a pandemic, with unemployment at an all time high, millions of people without a job, and the Toronto real estate market couldn’t care less. If you are looking for a Covid-discount you’re not going to find it here. What you will find, just weeks after the worst month of sales, are multiple offers and buyers and sellers with more and more confidence. No one expected the market to take off like this. Buyers were on pause for a couple months, but they seem to be jumping back in with a frenzy. Case in point – we have a listing in our office in Bloordale Village that has 139 booked showings and offers are on Monday. You’re lucky if you can even get in to show it now. No double bookings and only a few time slots left! 2020-06-19T19:28:00Zcaca5d6a-3710-4f71-a233-dee2a4984bd0https://eileenwylie.com/Blog/2020/06/12/Market-Update-week-ending-June-12thOpen houses have been suspended throughout the COVID-19 pandemic and while real estate services were declared essential and have continued uninterrupted, agents have innovating methods for home-showings like Facebook Live, 3-D video tours, Zoom and a good portion of real estate transactions including paperwork occurs electronically. Consumers are adapting during this extraordinary time, and their willingness to embrace new tools tells us that the Canadian dream of home ownership remains strong, even during the COVID-19 pandemic.2020-06-12T21:26:00Z70210599-5fac-4306-9669-2c9e269eec1chttps://eileenwylie.com/Blog/2020/06/06/Market-Update-week-ending-June-5thHome sales are showing signs of improvement in the Toronto real estate market, but economists say it's far too early to feel optimistic about the possibility of recovery from the devastating effects of COVID-19. Activity in the region improved in May compared with April, according to figures the Toronto Regional Real Estate Board released Wednesday. But it remained less than half of what we saw a year ago. “The pandemic knocked the wind out of what was expected to be among the strongest spring seasons in home-sales history, said Sherry Cooper, chief economist at Dominion Lending.”2020-06-06T18:28:00Zd38f5487-b477-4ec0-8c13-e6b8235df54bhttps://eileenwylie.com/Blog/2020/06/06/Market-Update-week-ending-May-29thWith large companies extending their work-from-home policies economists are predicting that real estate trends might shift and cause a “suburban boom” in the housing market. These trends in the job market could lead to housing preferences that move away from dense metropolitan areas and an outward migration of young families that could be considered the new “hipsturbia”.2020-06-06T18:25:00Z2600fcde-384c-45bb-a93b-c0c7965526a6https://eileenwylie.com/Blog/2020/05/25/Market-update-week-ending-May-22ndAs we navigate through these uncertain times, we are wondering what condo life will look like in the future. To illustrate how quickly the condo market changed as a result of COVID-19, resale activity was up 25% year-over-year during the first half of March 2020 and fell 21% year-over-year in the second half of the month, with even steeper annual declines of over 70% reported for April. However, the GTA market was exceptionally tight leading into the COVID-19 period, creating spillover demand that has enabled the limited number of units on the market to continue transacting. In fact, the average sale price-to-list-price ratio has remained near 100% through April, and the average days on market was unchanged at 18 days.2020-05-25T21:39:00Z82f97e0b-a5bc-4b9f-8506-7f8f3a23fd29https://eileenwylie.com/Blog/2020/05/20/Market-Update-week-ending-May-15thIn the early stages of the lockdown most of us where in a state of shock. That has changed as time has gone on. People now realize it will not be the same moving forward, so we are starting to plan for life after the lockdown.2020-05-20T20:39:00Zbb0c4ad9-e79f-4063-89c3-53c2235c7a24https://eileenwylie.com/Blog/2020/05/14/Market-Update-week-ending-May-8thThe April stats were released this week from the Toronto Real Estate Board and as bleak as it may look with sales down 67%, home prices remained at April 2019 levels. There was also a report put out by CMHC (Canada Mortgage and Housing) that suggested Canada’s real estate prices probably wouldn’t return to pre-covid levels until the end of 2022. The experts reject that bleak outlook suggesting national outlooks do not necessarily reveal regional, municipal, or even neighbourhood distinctions, and some experts say Toronto’s prospects may not be so bleak.2020-05-14T19:33:00Za997b3ca-e7c0-4af9-90ea-03604ef2173fhttps://eileenwylie.com/Blog/2020/05/05/Market-Update-week-ending-May-1stAwh…the month of May when spring gradually blooms into summer and finally some good news to report. Some economists apparently predict home prices to rise 6% this year and we can expect to see rapid price growth once the outbreak passes, several recent forecasts have predicted, even amid massive job losses. Despite a steep drop in sales this year, the average home price in Canada will be 6.1% higher at the end of this year than it was a year earlier, TD Bank said in a forecast issued this week.2020-05-05T17:43:00Z3c5e9073-f53a-4213-9932-72853100ad1bhttps://eileenwylie.com/Blog/2020/04/27/Market-update-week-ending-April-24thThe mid April market update was released from the Toronto Real Estate Board for the first 17 days of April and it provides the first comprehensive look at the state of our market during the government shutdowns. Sales were down 69% compared to the same time in 2019. Most affected were high end ($2 million+) detached homes and the condominium market where sales fell 72% year over year. Condos have traditionally attracted a high share of first-time buyers, who in times of uncertainty can put their decision to purchase on hold.2020-04-27T20:39:00Z45ea9b0b-323e-42c8-bfb4-0035b983efdchttps://eileenwylie.com/Blog/2020/04/20/Market-update-week-ending-April-17thWhile several businesses have taken a hit with the pandemic, the real estate market is seeing a decrease in home-buying interest both locally and nationally. The overall March sales results were clearly driven by the first two weeks of the month. There were 4,643 sales reported in the pre-COVID-19 period, accounting for 58% of total transactions and representing a 49% increase compared to the first 14 days of March 2019. There were 3,369 sales reported during the post-COVID-period – down by 15.9 per cent compared to the same period in March 20192020-04-20T16:33:00Z52edb2ae-7128-43c6-a32c-33b20eba657dhttps://eileenwylie.com/Blog/2020/04/06/Market-Update-week-ending-April-3rdOver the past few days, we’ve seen many changes to our daily routines as a result of COVID-19. We at Bosley feel it’s our duty to give back to the community we love so dearly in whatever way we can, so we’re coming to you! We have gathered together a group of volunteer agents who are available to help you with deliveries, whether it be groceries, or any drug store need. Just give us a call at 416-530-1100 and ask for Mary and we will get right on it to help you. Nothing about this time is normal and we’ve abandoned trying to make it so. But we are still reaching for little things that offer support.2020-04-06T21:52:00Zb4533d22-6920-49b0-b5f8-f8b0637dc6b3https://eileenwylie.com/Blog/2020/03/28/Market-Update-week-ending-March-27thIf you’re planning to buy a home in the next little while, you will likely have to do it sight unseen. Just a few days after the Ontario Real Estate Association (OREA) urged its members to cancel all open houses, the group is now urging agents to stop all person-to-person business. That includes “open houses, and in-person showings, particularity of tenant-occupied homes,” OREA said in a statement Tuesday afternoon. “While clients who may decide to host private showings during this time are making the decision for themselves, tenants often have no choice in the matter, putting the health of all those involved at risk.”.2020-03-28T17:01:00Z2c79c9e4-5849-4872-9f6b-ec0cabd4623fhttps://eileenwylie.com/Blog/2020/03/20/Market-Update-week-ending-March-20thThe Covid-19 has changed the way we live our daily lives, and it has upended countless business sectors, including our real estate market. Real estate agents, buyers and sellers are struggling to do business when it’s anything but business as usual. This is a day-to-day situation. We are currently living through history. For Canada’s housing market the immediate future is uncertain. We are trying to find solutions in the era of social distancing and mandatory quarantines. However, we are seeing some steady activity as some appear undeterred. In fact, some buyers have taken encouragement from recent rate cuts implemented to combat the crisis. Lower interest rates can serve as rocket fuel for home prices, but that might not likely be the case this time.2020-03-20T21:28:00Zb820b771-7e29-4508-8faa-c3d9e2f3d4cfhttps://eileenwylie.com/Blog/2020/03/13/Market-Update-week-ending-March-13thStocks have fallen hard in the last couple of weeks, so does that mean Toronto Real Estate is the new gold? Sales of houses and condos for the first week in March were up 47% over the same period last year and average prices rose 18%. Sales are still strong, there are still plenty of bidding wars, and open houses are still busy. There has also been a sharp decline in interest rates for all kinds of borrowing including mortgage rates. These lower interest rates have sent the mortgage industry into a frenzy, as buyer’s race to take advantage of cheaper loans. A five-year fixed-rate loan is sitting as low as 2.29%, close to the record low of 2.09% offered in November 2016, after oil prices crashed and the central bank had to cut rates to stimulate the economy. But could these rate cuts be a warning sign about a lack of security for jobs and incomes? The one good beacon of hope is the health crisis appears to be fading in China and South Korea, creating the possibility of future positive surprises.2020-03-13T20:19:00Z01305712-b997-4779-936a-68e5c052e5b6https://eileenwylie.com/Blog/2020/03/02/Market-Update-week-ending-February-28thBusinesses all over the world are becoming increasingly concerned about the Coronavirus’s impact on various markets. Could our real estate market be affected? Toronto was one the first places in Canada to experience Severe Acute Respiratory Syndrome (SARS) related emergencies in 2003. Interestingly, housing sales data from 2003 in Toronto show no apparent signs of suffering. Sales increased in units from the previous year, and similarly the average sale price increased during the same time period. Coronavirus to date has already claimed more lives than SARS did in 2003. The uncertainty about how long the threat will last and how quickly it can be contained will weigh heavily on the markets. Since the epicentre of the breakout is far from Canada, it is probable that the adverse impacts on Canadian markets will be moderate at worst.2020-03-02T17:26:00Z73d63fdb-fa0c-469e-b379-871f16aa5642https://eileenwylie.com/Blog/2020/02/24/Market-Update-week-ending-February-21stThe government is at it again. On Tuesday they said they would make it easier for some people to get into the housing market by tweaking the mortgage stress test, making it slightly lower for insured loans. The Office of the Superintendent of Financial Institutions (OSFI), which regulates banks is expected to extend a new weekly benchmark to uninsured mortgages this spring. It’s a move that could be worrisome because some believe this will fuel prices even more, especially at the lower end of the market where condos are already in short supply. The number of condos available for sale in January was the lowest it’s been in 25 years. A lot of that is due to investors holding onto their units. Condo prices appreciated 15 percent last year.2020-02-24T22:07:00Z37a5f7b9-f789-48e3-a42c-45cf35ca4a03https://eileenwylie.com/Blog/2020/02/14/Market-Update-week-ending-February-14thIs the Toronto housing market picking up steam at an “uncomfortable” pace that resembles the sky-high gains of 2016? One just has to look at the number of multiple offers and wild bidding wars to know that demand is at an all time high. So what should we expect as we move forward? Hopefully as we start moving into the spring market many agents are anxious to see if listings will become more plentiful especially after this long family weekend. We as realtors continue to do what we always do. We perform our duties and forge ahead. Let us take this weekend to be with family and see what next week brings us. Happy Family Day!2020-02-14T22:24:00Zf97c634c-dd27-4043-b5ad-b0c283bce85chttps://eileenwylie.com/Blog/2020/02/10/Market-Update-week-ending-February-7thThe home sales market continues to boom in January, which traditionally has been a slow time for realtors. According to the stats that were just released for January, we started 2020 where 2019 left off, and that the Toronto and GTA real estate market is showing signs of strength in price and the continuation of a new upward trend. The average selling price for the City of Toronto is up 13.7% to $884,385 compared to a year ago.2020-02-10T22:14:00Z3af722d0-3ee7-4c7c-a9eb-6fe3a13cb42ehttps://eileenwylie.com/Blog/2020/01/31/Market-update-week-ending-January-31stWanted! - The desperately low inventory of properties for sale is responsible for the intense competition going on. Buyers fear that prices will escalate even more if they wait. Example 1: A property in Brampton gets an astounding 77 bidders for a rundown detached house and sells for $166,000 over ask. Example 2: A semi­detached in the Junction neighbourhood was listed for $949,000 and 33 offers came in and sold for $470,000 above the asking price. But the craziest one was this week on a property in prime High Park which was listed for $1,299,000 and it received 38 offers and sold for $2,300,000 ! ! ! !2020-01-31T20:27:00Z9dab2863-d7c5-409c-92aa-e010d2bb0261https://eileenwylie.com/Blog/2020/01/27/Market-Update-week-ending-January-24thIs it safe to say that the Toronto real estate market is moving into uncharted waters these days? The go to response to the steady increase of prices has been the lack of listings, high demand and low borrowing costs. Are we seeing a flashback to early 2017? What has transpired are stories of multiple offers, wild bidding wars and many broken dreams. So, what should we expect as we move forward this year? We complained about not enough listings last year too, so we expect to see high demand pushing prices in an upward direction for the unforeseeable future.2020-01-27T23:11:00Z846484f9-2fa9-4fcd-9793-2dec9523e3fehttps://eileenwylie.com/Blog/2020/01/27/Market-Update-week-ending-January-17thIt was sort of a flat week for real estate. It seems buyers and sellers are waiting for the market to “show its colours.” Agents are eager to start showing properties but our research indicates that listings in both the freehold and condo sector have backed off slightly from a year ago while demand has not waivered. The condo sector is off to a good start with 32% more units sold so far this year compared to the same time a year ago.2020-01-27T22:53:00Za33654d0-75e7-4164-8172-11a68db88bdahttps://eileenwylie.com/Blog/2020/01/11/Market-Update-week-ending-January-10thHappy New Year! A new year and new decade begins. Let’s sum up the real estate market for 2019.2020-01-11T19:28:00Z2c42a1bc-ba6e-49e6-86b4-04834ef77001https://eileenwylie.com/Blog/2020/01/06/Market-Update-Week-Ending-December-13thAll quiet on the home front? Well listings are dwindling but buyers are still out there. We had a listing out of our office this week and there were 179 booked showings and yesterday it received 19 offers. Will this continue and what will it be like in 2020? Will the lack of housing supply in a big city market like Toronto drive prices up? We’ve already heard that interest rates will likely drop again next year and that the housing market has finally come out of its slumber since the stress test was imposed, making conditions for home buying overall favourable. CMHC (Canada Mortgage and Housing) forecasts population growth, rising incomes and strong employment will support a rebound in home sales and prices for the next two years, and by 2021 the average home in Toronto will cost $949,400!2020-01-06T22:50:00Zdeead749-a278-4115-9f82-89a9b82c2be5https://eileenwylie.com/Blog/2019/11/29/Market-Update-Week-Ending-November-29thAs the calendar flips for the last time this year and we are less than a month shy of Christmas, it feels like we are all gearing up for the holiday festivities. Agents are busy sending out cards and calendars to clients and preparing to take some well needed time off. The offices are slowing down, listings are dropping off, but buyers haven’t completely disappeared. Real estate economists’ view of the market’s performance in 2019 is that it was a solid year. The year played out in dramatic fashion. We had a sluggish start in the beginning of the year but by spring and into the summer months, fortunes reversed and the market overall has been on something of a hot streak. And to brighten the picture even further, the housing outlook for 2020 is resoundingly positive!2019-11-29T21:43:00Zff52a5a5-eda0-4b8a-8fb9-693776c3221dhttps://eileenwylie.com/Blog/2019/11/15/Market-Update-Week-Ending-November-15thHO HO HO here comes Santa! The annual Santa Clause parade comes to town on Sunday and if that doesn’t signal the start of winter then this week’s blast of early snow sure did. Despite the early onset of snow and temperature drop there is no sign that the real estate market is slipping into hibernation yet. A shortage of listings has been the problem for most of the year but when we ask around the office if agents have buyers they are working with everyone puts their hand up. We know there are many frustrated buyers out there, but we would encourage them to all keep looking. If you are thinking of putting your buying intentions on hold you might pay the ultimate price when prices escalate in the Spring...just like they did last year.2019-11-15T23:06:00Z12bf52be-f75b-451d-8901-5f478756708bhttps://eileenwylie.com/Blog/2019/11/08/Market-Update-Week-Ending-November-8thThe Toronto Real Estate Board released the market stats for the month of October and all we can say is we are UP! October continued the string of strong performances. Beginning in the spring the Toronto and GTA market have shown month per month growth in sales and sale prices. The average sale price for the City of Toronto is $925,498 up 6.4% from a year ago. The number of sales has also increased by 8.7%. Still the growing concern is the lack of inventory with active listings down almost 6% compared to last year resulting in tighter market conditions and accelerating price growth.2019-11-08T19:32:00Zc0b4981d-d6a0-45bb-97b2-182101e0e6b7https://eileenwylie.com/Blog/2019/11/06/Market-Update-Week-Ending-November-1stNow that Halloween is behind us and the time has come to turn back the clocks this weekend, it’s the world of marketing and retail sales that will keep us focused on the changing seasons. If you haven’t been to a big box store lately you may not have noticed that it is suddenly Christmas everywhere you look. Unfortunately, the real estate market does not flip seasons as easily as your local retailer and the indicators we look for are harder to spot. This fall has been a particularly quirky market. Some areas are hotter than average and setting records and some neighbourhoods feel like they are in a cool chill. We don’t know why this is happening making some of us think that the market will end early and has others thinking it will go to the last day of the year. We will keep on working and l e t you know how our seasonal transition fairs.2019-11-06T20:06:00Zfdd5a264-2520-42a9-852a-ec9ff81c4637https://eileenwylie.com/Blog/2019/10/25/Market-Update-Week-Ending-October-25thWith no distractions to stand in our way for at least the next month or so we should see a return to a more customary fall market. No more holidays and disruptions just a steady pace of more listings and sales to continue. With two months left in 2019 there is still plenty of transactions on the horizon and our research shows there are plenty of buyers waiting for the perfect home.2019-10-25T16:58:00Z62b9657e-25c5-4824-b488-945879cd51cdhttps://eileenwylie.com/Blog/2019/10/25/Market-Update-Week-Ending-October-18thHome sales continue to rebound as sales jump across the country. It’s the seventh straight month that home sales have grown with an upswing in activity, and record prices in Toronto and the surrounding suburbs. This has many people concerned as to the affordability which has become a major issue in the upcoming federal election with all major parties promising to improve affordability, particularly for first-time buyers. With all this uncertainty and the Thanksgiving holiday last week, it did contribute to a slowdown in both listings and sales in all neighbourhoods of Toronto. As we wade into the final days of the election, we shall soon see who will hold power. Get out and vote!2019-10-25T16:43:00Z62fd9e1c-eabb-4814-8672-bb2bd7748bbbhttps://eileenwylie.com/Blog/2019/10/25/Market-Update-Week-Ending-October-11thOctober marks a time of reflection and gratitude. This weekend for Thanksgiving we will gather around the table with loved ones and enjoy a delicious, bountiful feast and be thankful for family, good health, warm fall weather and thankful for being Realtors®. Nobody gets to explore the city like we do. As the city learns to live a high-rise lifestyle, we Realtors® can enjoy some of the city’s most stunning views and wander amongst some awe-inspiring homes in all neighbourhoods of the city. Sure, the year started off slowly with buyers being cautious and playing the wait-and-see-game, but recent stats from the Toronto Real Estate Board show all housing types are up year-over-year in the 416.2019-10-25T16:40:00Za764afd9-5171-420b-ad6a-3d4e84c64560https://eileenwylie.com/Blog/2019/09/28/Market-Update-Week-Ending-September-27thWith the change in temperature and the end of that laid-back mood of summer, fall always feels like a shift in gears. Changing around your wardrobe and getting ready for those cool days and nights are almost upon us. With the fall market in full swing, the unpredictability of Toronto real estate is perplexing at times. Sales have been recovering and stronger than we expected in recent months. It seems that we are in full recovery with 6 straight months of sales increases for existing homes. Mortgage rates are dropping, and the impact of the mortgage stress test seems to have diminished slightly. Sellers are becoming a little bit more realistic in their pricing, but listings still remain low causing fierce competition among buyers.2019-09-28T20:48:00Zb3cde87d-d531-494e-9ac9-6a500ab5fd6bhttps://eileenwylie.com/Blog/2019/09/23/Market-Update-Week-Ending-September-20thWhat a difference a week makes! The real estate market is red hot. Again, this is all neighbourhood specific, but overall activity in the 416 continues to be very strong as demonstrated by some crazy sales last week. It’s not uncommon to see multiple offers on most properties that are listed with an attractive low asking price. We ask this question over and over – do you list low to create that bidding war or list at market value? If you ask around you will get mixed reviews. But the statistics show that last week 60% of all the freehold residential sales were sold at or above the asking price. The highest percentage we have seen since the spring market. It is encouraging to see a continued resurgence in the demand for ownership housing.2019-09-23T21:50:00Z9143f434-a371-4be5-81dd-a623fc4a8d4dhttps://eileenwylie.com/Blog/2019/08/27/Market-Update-Week-Ending-August-23rdThe CNE is open and fall clothes are already available in stores. Yikes! that means that summer is over. As kids you would either be excited for school to start or trying to squeeze ever last moment that was left to play. These last two weeks of August are traditionally slow in real estate. Most agents have told their clients to wait until after labour day to list. Our feeling is that there are a lot of last-minute trip takers out there doing their best to enjoy what’s left of summer. So, savor what’s left of August and we will pick up again in September.2019-08-27T22:23:00Z48d4c185-020a-4285-ab6c-0358bc8775cchttps://eileenwylie.com/Blog/2019/08/12/Market-Update-week-ending-August-9thThe dog days of August are upon us and if you like it hot and sunny then this is a great summer, unless you’ve lost out on multiple offers and are frustrated with the low inventory of properties for sale. The good news is sales in the GTA for the month of July jumped 24% from the same period last year. Toronto sales have been rebounding all summer from a slump earlier this year as buyers are overcoming tougher mortgage qualification rules and returning to the market. With new listings slow to come to market, prices rose in July as demand outpaced supply. The average selling price for a home in Toronto in July was $839,943. The average condominium price was $627,927 up 7.7% from a year ago.2019-08-12T16:00:00Z3dd89a6a-30f1-406d-8a1f-3940c8b64f61https://eileenwylie.com/Blog/2019/08/12/Market-Update-week-ending-July-26thCanadian housing enters a “boring” era marking a new period of stability for housing sales, after a less-than-stellar 2018 and early 2019. We have not heard Real Estate referred to as “boring” for a long time but Doug Porter, BMO chief economist says “The big story here is that sales and prices are essentially flat on a national basis, and the market is close to overall balance, and therefore sales activity is almost right on top of it’s 10-year average, which is exactly what policy makers would like to see.” It’s a pretty good spot to be in, avoiding boom but avoiding bust as well.2019-08-12T15:58:00Z03b41370-bd2d-4947-9e93-3fb93bfebd03https://eileenwylie.com/Blog/2019/07/19/Market-Update-Week-Ending-July-19thThe rental stats were released last week by the Toronto Real Estate Board and the demand for condo apartments still remains strong. For the second quarter of this year 9,749 condo apartment rental transactions were reported, up by 14.9% compared to 2018. The number of condo apartments that were listed were also up by 28.8% on a year-over-year basis. The average 2019 one-bedroom condo apartment rent for the GTA was $2,192, up 6.7% compared to 2018. Over the same period, the average two-bedroom condo apartment rent increased by 4.3% to 2,873. The vacancy rate for the city of Toronto sits at 0.7%. The GTA population continues to trend upward, as the region attracts people from around the world, both on a permanent and temporary basis, to take advantage of a diversity of employment opportunities. Many of these newcomers and existing GTA households choose to rent.2019-07-19T20:05:00Z7e9019e6-0c8f-4ef3-8e54-b45afd7549d2https://eileenwylie.com/Blog/2019/07/16/Market-Update-Week-Ending-July-12thThe sun is shinning, the birds are chirping, and the hot weather is finally here — summer is in full swing. It seems that everywhere you look, glowing faces and lush gardens greet your gaze. A laid-back attitude seems to be permeating these days. As we have settled in after the long weekend, the real estate stats were released for the month of June, and its all good news!2019-07-16T23:00:00Z8e73b7d7-e957-49ce-9c97-ffde4cce5934https://eileenwylie.com/Blog/2019/07/08/Market-Update-Week-Ending-June-21stToday we welcome summer, the longest day of the year! Back in the good old days of real estate Realtors would work hard up until the end of June and then they would take it easy for the summer months, as did the buyers. Over the past few years the Spring market has lasted well into summer with usually just a short break in the dog days of August. This year is no different. Listings may have slowed somewhat but the activity and the sales are still going strong. We think because of the weather not feeling HOT just yet, buyers are still attending open houses in droves and competing in bidding wars for that “perfect” home.2019-07-08T14:33:00Zcd82b8a0-0b20-4e56-9abc-f4c89b604afehttps://eileenwylie.com/Blog/2019/06/17/Market-Update-Week-Ending-June-14thWE THE NORTH ARE THE CHAMPIONS! Raptors dethrone Warriors on their own soil to win NBA Finals for the first time in history!!2019-06-17T21:22:00Z796571dc-365b-421e-b789-550326d047d4https://eileenwylie.com/Blog/2019/06/03/Market-Update-Week-Ending-May-31stRaptors fever has descended upon Toronto! For the first time in the history of the Raptors franchise, WE THE NORTH are in the NBA finals ! GO Raptors Go !!! So back to real estate, as we expected the number of new listings to hit the MLS after the long weekend was innumerable. Buyers were waiting patiently for the impending influx of new listings to satisfy a hungry desire for a place to call home. They now have choices. It was an interesting week with some listings receiving bully offers, some getting multiple offers and other properties we thought were priced to sell and did not get any offers. The question arises again as to “how do we price a property?” Now with more available listings should we price low or price at market value? It’s a mixed consensus when you ask around.2019-06-03T20:55:00Z577aa53c-56a6-4b43-aecd-9955d07fc838https://eileenwylie.com/Blog/2019/06/03/Market-Update-Week-Ending-May-24th“WE THE NORTH”- GO RAPTORS. Fingers crossed we make it to the finals! So, the long weekend is over, the weather is improving, and as we have seen year-in and year-out the final push is on for the spring market before we start thinking about heading to the cottage or our summer vacations. So far so good! As for the overall GTA housing market, news in the media is all rosy, and looking ahead a balance between demand and supply is setting the stage for further modest price increases in the near term.2019-06-03T20:52:00Zeb9e6345-ef84-407c-a9d5-ad140e60ef26https://eileenwylie.com/Blog/2019/05/23/Market-update-week-ending-March-17thAs we approach the May 2-4 long weekend, we are crossing our fingers and hoping to get some warm weather so we can start our outdoor activities. Patios sit empty as we wait for sunny days. Wondering if it will ever warm up? But, one thing is for sure the Toronto real estate market is heating up. The buzz around the office has been exciting with new listings and agents busy helping buyers get their dream home. It’s an interesting market happening out there these days. Properties that look compelling and well presented aren’t getting offers on offer night and others are selling with sky high results. It all comes down to strategic pricing. Price low and wait....or price at market value. That is the big question!2019-05-23T16:48:00Z8533f444-b1dd-480f-a7da-81ce712958a7https://eileenwylie.com/Blog/2019/05/23/Market-Update-week-ending-May-10thThe Toronto real estate market is here with a bang! It looks like after two years of weak conditions the market is making a comeback. Though it’s off the dizzying heights of 2017, we are seeing a significant ramp up of new listings and of course the corresponding increase in sales. On a seasonally adjusted basis, sales were up 10 per cent in April and the average sale price for a home in the City of Toronto is $903,992. Inventory levels are still low which means that even those homes that otherwise would be “locationally challenged” are selling quickly.2019-05-23T16:46:00Z30e52745-a35e-4a62-a5b3-1cb2e90e81c4https://eileenwylie.com/Blog/2019/05/06/Market-Update-Week-Ending-May-3rdOk mother nature why are you playing games with us? It says May on the calendar but feels more like March. What gives? Rain, strong winds and cold weather is messing with our business. As we transition from this dreary weather to sunshine and cherry blossoms, the Toronto real estate market remains fickle. It’s hard to predict which properties will be snapped up and which will languish. What we may be seeing is a move towards more realistic pricing and less of setting a low asking price and letting the market show us the true value. All the more reason to make sure you hire a Realtor that knows how to properly price and market a property.2019-05-06T20:51:00Z7fbc0578-af62-4fe4-954a-e8246b297c62https://eileenwylie.com/Blog/2019/05/01/Market-Update-week-ending-April-26thLast week the real estate market took a slight pause while several major religions celebrated their holiest of days all in the same week. With all that behind us and our hopes dashed for a Maple Leafs playoff run, it’s time to concentrate on the task at hand, getting that house all gussied up for the Spring Market. There are flowers to plant and porches to paint. Curb appeal, after all is the name of the game. The market was in full swing before the holidays and with the warm weather finally arriving, it seems that everything was put on hold. Sellers apparently didn’t get the memo as both the number of freehold and condo listings backed off last week.2019-05-01T19:17:00Zf07fa3a2-39ac-460c-9f9f-28b71ee1f3e6https://eileenwylie.com/Blog/2019/04/13/Market-Update-Week-Ending-AprilYou may have read media reports on a call to ban bully (pre-emptive) offers, which means eliminating offers that result in homes being sold ahead of the time and date specified on the listing. These bidding wars seem to be common in Toronto and other competitive urban markets where inventory is tight. In some neighbourhoods it feels like the days of 2016. We understand it might not seem fair to some, but it would be a tricky area for the government to attempt to legislate, because it could be a conflict situation with seller clients.2019-04-13T14:47:00Z78b9b81b-8542-4c49-984f-a98476ced4b4https://eileenwylie.com/Blog/2019/04/08/Market-Update-week-ending-April-5thBye, bye March! Welcome sunshine, warm weather, spring flowers and more listings! The March real estate update was released this week and housing sales suggests signs of some stability in Toronto’s market. The market is NOT posting declines in prices and the gains are modest. In fact, the average sale price for the City of Toronto is $830,043, up 1.5% from March of last year. We also saw new listings up 2% to 4,527 year-over-year, but the number of sales were down 9%. Despite sales being markedly lower than the record levels of 2016 and early 2017, the supply of listings has receded. This means that in many neighbourhoods we continue to see fierce competition between buyers for available listings and plenty of bidding wars. 2019-04-08T01:27:00Za0880e3b-77b9-4686-9ba2-692cd72678b4https://eileenwylie.com/Blog/2019/04/08/Market-Update-week-ending-March-29thNow that March is almost over and we seem to be easing into some warmer weather, it appears that Toronto’s real estate market has a bit more “spring” in its step. The Globe reported this week that Toronto has 104 construction cranes, the most tower cranes of any North American city. The next closest city was Seattle with 59 cranes. A tally of cranes in major cities provides a snapshot of economic sentiment. Based on this consulting firm’s findings, no North American city is healthier than Toronto. Just simply look up!2019-04-08T01:20:00Z761d236e-40f7-4a0b-8c6a-b660b9b1688ahttps://eileenwylie.com/Blog/2019/03/22/Market-Update-Week-Ending-March-22ndIs buying a home a dream for first time buyers? In the new budget out this week the centrepiece of Ottawa’s housing plan is to help first time buyers with their new zero-interest loans on the following terms.....2019-03-22T19:08:00Z32e97bd3-df3c-4bce-b39c-dc87de25112fhttps://eileenwylie.com/Blog/2019/03/18/Market-Update-Week-Ending-March-15thWe’re all hoping that everyone returning home from their March break vacations will all be energized and ready to buy or sell. Families with school-aged kids begin to plan their buying and selling strategies around now because they typically want their moves to coincide with the end of the school year. We all hope to see a surge in new listings in the coming weeks and typically sales and prices tend to peak each year from now until May. Sellers have to be realistic about the type of property they are selling and the price they are hoping to fetch. Bidding wars in certain neighbourhoods are still the norm. A property this week out of our office in the west end received 10 offers and sold for $370,000 over asking!!2019-03-18T15:25:00Zd6f3778d-257d-4abb-858f-1c4ae3b64e32https://eileenwylie.com/Blog/2019/03/08/Market-Update-Week-Ending-March-8thWithout question the weather Toronto has experienced so far this year with unsightly banks of grey hardened snow and ice, has delayed the market action. The number of new listings and sales are slightly down compared to a year ago, but the good news is the average selling price for The City of Toronto is up 4.2% to $840,211 compared to last February which was $806,494. With March break upon us next week listings will be slim. Most sellers who are planning to list their properties have been instructed to wait until after the school breaks. Hopefully by then we can expect some balmy temperatures to arrive which will bring us the usual spring bounce.2019-03-08T21:17:00Za83494ad-8e8f-4b91-b99a-6931f1507c8ahttps://eileenwylie.com/Blog/2019/02/26/Market-Update-Week-Ending-February-22ndUsually by this this time in February we are normally gearing up for the spring market to start. One problem however...Seller’s didn’t get the memo. Like most of last year we continue to struggle with low inventories, Is it economic uncertainty that is causing this or is affordability the likely culprit within the freehold sector? Despite a continued increase of listings over the last few weeks it is important to note that overall listings for freehold homes is down significantly from last year, despite the influences of a brutal winter of snow storms and freezing rain. This is not the news that buyers want to hear as they are still out there waiting to purchase.2019-02-26T23:06:00Zad050b92-cef0-4e79-9af8-3aae65717989https://eileenwylie.com/Blog/2019/02/15/Market-Update-Week-Ending-February-15thReal estate disrupters come and go. Many of these new “disrupters”, some coming here from the USA will offer you a quick estimate using an algorithm without doing a market analysis. Are they overlooking the emotional aspect of selling a home and are they just order takers? The market in the last couple of years was booming. You would list a house and it would sell within days. Now in some areas, realtors need to brush up on their negotiating skills and a lot of that comes with experience and training.2019-02-15T21:35:00Z9a7f27d2-923a-4718-a467-846c99b67efbhttps://eileenwylie.com/Blog/2019/02/12/Market-Update-Week-Ending-February-8thThe Toronto Real Estate Board released its market outlook for 2019 this week and the forecast is all good news! It’s predicting the average sale price to be about 4% higher for 2019 and a moderate increase in total sales to come in around 83,000 ends, compared to 77,375 sale ends we had in 2018. It’s also encouraging to see a slight increase in the selling price for The City of Toronto in January, coming in at $777,674 up 1.4% compared to January 2018, and up 1.9% from December. Taking into account the entire GTA region the number of transactions edged upwards and inline with TREB’s forecast for higher sales in 2019.2019-02-12T16:27:00Z8fa6a10e-1ccc-4b19-8f25-5f6b88d4279fhttps://eileenwylie.com/Blog/2019/02/12/Market-Update-Week-Ending-February-8thThe Toronto Real Estate Board released its market outlook for 2019 this week and the forecast is all good news! It’s predicting the average sale price to be about 4% higher for 2019 and a moderate increase in total sales to come in around 83,000 ends, compared to 77,375 sale ends we had in 2018. It’s also encouraging to see a slight increase in the selling price for The City of Toronto in January, coming in at $777,674 up 1.4% compared to January 2018, and up 1.9% from December. Taking into account the entire GTA region the number of transactions edged upwards and inline with TREB’s forecast for higher sales in 2019.2019-02-12T16:23:00Z637caa74-0cb8-40bb-89ce-591c76238714https://eileenwylie.com/Blog/2019/02/01/Market-Update-week-ending-February-1stToronto is digging itself out of a major snowfall this week and now a polar vortex of extreme cold has moved in. Looks like the spring market will start a little later this year. So far in January the market has been “slow”. In traditional years that was typical for the first month of the year, but we have been spoiled with the last couple of years where house hunters were eagerly pouncing on listings as they appeared in January. FOMO ‘fear of missing out’ has calmed a little. This is not the case for all of Toronto. Certain neighbourhoods are still crazy busy, especially Riverdale/Leslieville where 75% of the properties sold last week in a bidding war.2019-02-01T22:11:00Z0bc6f4f2-cfbd-48ff-9acf-ffb0b92b14fchttps://eileenwylie.com/Blog/2019/01/28/Market-Update-week-ending-January-25thWe are almost a month into 2019 and it feels like the Toronto real estate market is getting a fresh start. As we enter a more balanced market, the discussion is still about the lack of inventory. We are all watching for signals that buyer sentiment will heat up. In recent months home price growth has faltered, mortgage rates have risen to their highest point in nearly eight years, and favor has started to shift from seller to buyer.2019-01-28T16:37:00Zb3c518f4-b23f-4a5d-bad0-caa8936e1602https://eileenwylie.com/Blog/2019/01/21/Market-Update-Week-Ending-January-18thAh January. The month of new beginnings as we all wait for the real estate market to take off. Generally speaking January is a slow month for new listings and the weather has been kind to us, but research indicates that listings in the freehold sector have backed off substantially from a year ago while demand has not wavered. The Bank of Canada decision to hold its benchmark interest rate steady, and RBC lowering its mortgage rate 15 basis points yesterday with likely more cuts to come, has given some people hope they'll be able to buy or trade up.2019-01-21T15:48:00Zc824237e-fe3d-40c5-a3a1-a5290d75f043https://eileenwylie.com/Blog/2018/12/17/Market-Update-Week-Ending-December-14thAs with each passing year, 2018 was filled with its fair share of ups and downs. As we move forward into 2019, what will be in store for the real estate market in the GTA? Will there be calm and chaos? The big question now is how much will interest rates rise and will there be a correction in 2019?2018-12-17T21:28:00Z4c14d812-0697-484c-8850-c576d7deb282https://eileenwylie.com/Blog/2018/12/10/Market-Update-Week-Ending-November-30thAs we head into the final month of the year it’s starting to feel a lot like Christmas! Agents are busy sending out their cards and calendars to clients and preparing to take some well needed time off. The offices are slowing down, listings are dropping off, but buyers haven’t completely disappeared. The November stats were released this week from The Toronto Real Estate Board and for the City of Toronto the average price was up 5% to $842,483 compared to November 2017($802,220). We saw a significant decrease in the number of sales, down 14% and a larger drop in new listings, down 20% compared to last November. Relatively tight market conditions over the past few months have provided the foundation for renewed price growth where there is still plenty of appetite for buying a home with bidding wars still going on.2018-12-10T18:14:00Z91b2bc3d-7753-4725-9152-0adc3fee720dhttps://eileenwylie.com/Blog/2018/12/03/Market-Update-Week-Ending-November-23rdIt’s the end of the road for GM in Oshawa – “General Motors 100 years in business.” What is going to happen to real estate in Oshawa? Will there be a countless number of listings coming to market? When bad economic news emerges in the fall months, the repercussions in markets tend to be more pronounced, due to lack of daylight and gloomy weather. But we are putting all that aside and getting our Christmas list ready. New boots, new gloves, and more listings!2018-12-03T14:50:00Zf5b4e383-904d-4351-8fcc-a8f3b115b5dehttps://eileenwylie.com/Blog/2018/11/26/Market-Update-Week-Ending-November-16thBlack Friday has surely made its way north of the border and line-ups will be forming outside stores in Toronto. More so this year because of the postal strike and parcels not arriving before Christmas. We have now entered what is known as the “Holiday Season” and the real estate market will reflect the change. There are a few different factors that may affect our market. One of them being the stock market with some steep losses this week and the global economy showing signs of weakening. With that being said, the freehold market saw some modest gains and the condo market continues to defy us all.2018-11-26T15:46:00Ze580e776-9ec7-438c-b046-d600e4681530https://eileenwylie.com/Blog/2018/11/21/Market-Update-Week-Ending-November-9thIt’s that time of year again. Santa Claus is coming to town and if that doesn’t signal the start of winter then this week’s little blast of cold sure did. Despite the temperature drop there is no sign that the real estate market is slipping into hibernation just yet. A shortage of listings has been a problem for most of the year and we know buyers are frustrated but we encourage them all to keep looking. If you are thinking of putting your buying intentions on hold you might not like it when interest rates go up again in the New Year, more than once!2018-11-21T21:36:00Z7035e9a8-6426-42b8-b278-540185922dc6https://eileenwylie.com/Blog/2018/11/21/Market-Update-Week-Ending-November-2ndThe Toronto Real Estate Board just released the market stats for October and we are seeing year-over-year increases in home sales and average sale prices. The average selling price for the GTA in October was $807,340 up by 3.5% compared to $780,400 in October 2017. For the City of Toronto the average sale price for October was $869,870 compared to $819,124 in October 2017 up by 6.3%!2018-11-21T21:33:00Z6170f448-66de-478b-834d-ab86a072b5bahttps://eileenwylie.com/Blog/2018/11/21/Market-Update-Week-Ending-October-26thInquiring minds want to know if rising interest rates are having an impact on housing activity in Toronto? Frankly we are as curious as the next guy but as it stands now, we have not seen much change. Overall activity in the 416 continues to be strong as demonstrated by multiple offers and rising prices across every category of shelter. Generally, mortgage rates tend to rise when the economy is growing, the job market is healthy and wages are rising. With two months left in 2018 there is still plenty of transactions on the horizon and our research shows there are plenty of buyers waiting for the perfect home.2018-11-21T21:29:00Z276da487-a746-4c8e-9b7a-ec6083dc8ccchttps://eileenwylie.com/Blog/2018/11/21/Market-Update-Week-Ending-October-19thCome November, we're firmly into fall but lately the real estate market feels like it's spring out there! Several crazy home sales happened last week including one in our office that had 26 offers and sold for 56% above the list price. One just has to look at the number of multiple offers to know that the demand is high. What's causing this excitement? Simple math ... pent up demand plus a lack of inventory. Also, the news of an interest rate hike, the third one this year has got some buyers motivated to get out there before they get shut out of the market.2018-11-21T21:20:00Zf1410d29-c3ff-4043-b047-f293d7c19306https://eileenwylie.com/Blog/2018/11/21/Market-Update-Week-Ending-October-12thAs we find ourselves midway thru October, it's going to quickly become primetime to view the changing landscape and watch the leaves change right here in our own backyard. The 7 best places in Toronto to see this beauty are: High Park, Toronto Islands, Humber River, Beach Boardwalk, Trinity Bellwoods, Evergreen Brickworks, and Mt. Pleasant Cemetery, located within some of the best neighbourhoods in the city. As we wade into the final days of the election, we have seen a slowdown in sales both in the freehold and condo markets. While we feel the outcome of the election has little bearing on home values, some buyers are taking the wait and see attitude towards buying right now. We shall soon see who reigns supreme.2018-11-21T21:11:00Zf8c68575-b573-4666-b2db-9f8f82956657https://eileenwylie.com/Blog/2018/10/16/Market-Update-Week-Ending-October-5thCountdown to Cannabis in Canada October 17th, 2018 Canada becomes the second largest country with a legal national marijuana marketplace. Uruguay launched legal sales last year, after several years of planning. Many are speculating how the decision will affect society and the economy. We as realtors will see inquiries from our clients as to what the impact of legalization on real estate will be and how will it affect residential property markets. If we look at what is happening in Colorado, the results showed that single family homes situated within 0.1 mile of a recreational marijuana store experienced an increase of 8 per cent relative to homes farther away. Whether Canadians homeowners also see a high, remains to be seen!2018-10-16T19:46:00Z99c5ea55-63fb-4732-8cec-48d2758c6c04https://eileenwylie.com/Blog/2018/10/16/Market-Update-Week-Ending-September-21stT O R O N T O has been discovered globally as a world class city! Following the likes of New York and San Francisco, investors are starting to show interest. Now that Toronto is on the world radar, the long term will be continued growth for years to come. And because of this the real estate market is rebounding, and early indications are that people are regaining their confidence to make the big purchases such as a house. There is a population growth in the GTA, and the demand is there with people that are looking to move up or move out. We expect upward pressure on prices to continue in the Toronto area for the balance of the year and hopefully into 2019.2018-10-16T19:43:00Z9ba11f13-65d2-4993-9ce8-57ae8b6f1631https://eileenwylie.com/Blog/2018/09/24/Market-Update-Week-Ending-September-14thAh September. Just as we predicted, and the fall real estate market is off! The floodgates are open and new listings are finally coming to market. The question again is do you list low and create a bidding war or list at where you think it will sell? If you ask the agents you will get mixed reviews. But if you look at the statistics the way to go is to list low. A property in the west end that was listed for $899,000 sold in 2 days. They had over 80 booked showings and generated 4 bully offers and sold for $1,410,000! Was it priced too low? We say yes. So now that house has set a precedent for pricing. It is encouraging to see a continued resurgence in the demand for ownership housing.2018-09-24T16:27:00Z85fb55a0-55cf-448e-9ab9-c989d63b654dhttps://eileenwylie.com/Blog/2018/09/17/Market-Update-Week-Ending-September-7thParents unite. You made it through the first week of school. Even though mother earth is fooling us with hot summer temperatures, our minds are shifting from the lazy days at the cottage to the reality that the fall market has kicked into gear. And just like every year after the labour day weekend, agents are busy prepping and staging to get their listings out. After price declines for much of 2018, home sales in Toronto started rising again this summer. Buyers hoping that this year's stress test would bring about big price breaks will be disappointed. It seems several of them came to that realization earlier this summer with month-to month increases and have jumped back into the market.2018-09-17T12:52:00Z0674a595-a7ef-4680-abb0-9d62579ea2abhttps://eileenwylie.com/Blog/2018/09/07/Market-Update-Week-Ending-August-31stNo question this has been a hot, hot summer and some long periods of drought. The Toronto real estate market is also suffering through a long period of listing drought. "The annual rate of sales growth out-paced the annual rate of new listings. We only have slightly more than two-and-a-half months of inventory in the TREB market as a whole, and less than two months of inventory in the City of Toronto. This means that despite the fact the sales remain off the record highs from 2016 and 2017, many GTA neighbourhoods continue to suffer from lack of inventory. This could present a problem if demand continues to accelerate over the next year, which is expected. Jason Mercer- Director of market analysis TREB.2018-09-07T19:09:00Za0d39406-31cc-4b9a-b300-11587927ad0ahttps://eileenwylie.com/Blog/2018/08/30/Market-Update-Week-Ending-August-24thFor most people the New Year starts January 1st, but for some others, teachers and realtors included, the day after Labour Day everything starts new on that day. We are heading to the start of the fall market and there seems to be quite a buzz about all the new listings ready to hit the market. Houses for sale in prime Toronto neighbourhoods are scarce these days. After a quick uptick in listings and activity the market has backed off to traditional summer levels. Agents are telling their sellers to wait until after the labour day weekend to list.2018-08-30T22:05:00Zb5da0fd1-2e7f-4ee6-b58f-41d0f0fb5f4bhttps://eileenwylie.com/Blog/2018/08/23/Market-Update-Week-Ending-August-17thSo, the battle is over and the Toronto Real Estate Board's request to appeal a dispute with the Competition Bureau has been declined by the Supreme Court of Canada. TREB has maintained that releasing the previous sold prices violates client privacy and its own copyright over the information. TREB will have 60 days to conform. TREB believes personal information of home buyers and sellers must continue to be safely used and disclosed in a manner that respects privacy interests and will be studying the required next steps. "By removing TREB's anti­competitive restrictions, home buyers and sellers in the GTA will now have greater access to information and innovative real estate services when making one of the most significant financial decisions of their lives." Commissioner Matthew Boswell.2018-08-23T21:20:00Z4cd1eab7-c4c3-4d17-b9e0-33f7b0eb0ea4https://eileenwylie.com/Blog/2018/08/17/Market-Update-Week-Ending-August-10thBoom or bust? Where is the real estate market headed? Vancouver had it's lowest July sales since 2000. In Toronto, seasonally adjusted sales and prices climbed higher in contrast. For those of us expecting to stay in our homes for the long term - the absolute price now doesn't really matter, but knowing a home nearby goes for a great price makes us feel better. For those who recently bought, they have a bigger stake because the mortgage represents a big chunk of their house and rising rates and falling home prices could mean disaster. There is no current sign of a bubble popping. We might have weak sales, but prices continue to recover from last year's slump. The problem is housing supply!2018-08-17T19:34:00Z96882198-47d6-4ff6-aae6-60c0ce384944https://eileenwylie.com/Blog/2018/08/17/Market-Update-Week-Ending-August-10thBoom or bust? Where is the real estate market headed? Vancouver had it's lowest July sales since 2000. In Toronto, seasonally adjusted sales and prices climbed higher in contrast. For those of us expecting to stay in our homes for the long term - the absolute price now doesn't really matter, but knowing a home nearby goes for a great price makes us feel better. For those who recently bought, they have a bigger stake because the mortgage represents a big chunk of their house and rising rates and falling home prices could mean disaster. There is no current sign of a bubble popping. We might have weak sales, but prices continue to recover from last year's slump. The problem is housing supply!2018-08-17T19:28:00Zde4c97de-f059-4d5a-9d2e-4c6d4cfc83adhttps://eileenwylie.com/Blog/2018/08/13/Market-Update-Week-Ending-August-3rdThe dog days of August are upon us, but great news for the Toronto Real Estate market. The average sale price for the City of Toronto in July was $824,336, up 8% compared to July of last year which was $759,441. The positive results over the last two months are very encouraging. Toronto's housing market seems to be stabilizing from the federal government's tighter mortgage rules that came into effect in January. The scarcity of listings helps to keep prices firm. Buyers who were cautious are feeling a little more confident the market does not have further to fall. With all this encouraging good news it looks like we could be trending toward positive territory for the second half of 2018!2018-08-13T19:09:00Zc77cc2fc-7af1-44b4-bf1b-364bf4c74653https://eileenwylie.com/Blog/2018/08/07/Market-Update-Week-Ending-July-13thRental housing stats were released this week by The Toronto Real Estate Board and the demand for condo apartments remained strong compared to the number of units available for rent. In the first half of this year there were 8,497 condo apartments leased in the GTA. The average one-bedroom condo apartment rent increased by 10.4% on a year-over-year basis to $2,055. The average two bedroom condo apartment rent increased by 8 .8% to $2,755. Current market conditions point to the fact that renters have little choice when it comes to finding a place to live and as a result competition between renters continues to sustain near double-digit annual average rent increases.2018-08-07T21:27:00Z8e373b23-3377-4f5d-8bf5-4954259b0d84https://eileenwylie.com/Blog/2018/07/14/Market-Update-week-ending-July-6thJune is the first month since the pre-fevered market that we are now seeing signs of a new normal real estate market! For the first time in a year we are seeing the average sale price for The City of Toronto exceed last year's prices. In June the average sale price came in at $870,559 a 5% increase compared to the $829,479 average sale price last year. Supply and demand will continue to play significant roles going forward. It is troubling to see that the number of new listings coming to market is still down. In June Toronto saw 5,243 new listings compared to 6,295 last year. That's a 16% decline. June's results are encouraging; however, declining new inventory is a concern headed to the second half of 2018.2018-07-14T17:15:00Z7f359dc9-b8d6-400c-8cda-44de0d8895e5https://eileenwylie.com/Blog/2018/07/03/Market-Update-Week-Ending-June-22nd0, Canada: Canada Day- Summer may officially start June 21, but for many, Canada's birthday heralds the official kickoff of summer. For parents it means no more early morning rush to get the kids packed up for school and traffic around the city gets a little lighter. As we cruise into the hot summer months we have the opportunity to take a bit of a breather from our fast-paced lives, take a trip out of town, or enjoy time sitting by the dock or under your favorite patio umbrella ... unless you are trying to buy a house, in which case all bets are off.2018-07-03T14:07:00Zedc6f524-f663-4a04-a732-863b2e29bf07https://eileenwylie.com/Blog/2018/06/22/Market-Update-Week-Ending-June-15thAre we having a lackluster real estate market? Some of us might think that, but a house on Major Street in Toronto was listed for $999,000 and the other day received 20 offers and sold for $1,958,000! ! Yes, that's right 196% over the asking price. And then we scratch our heads wondering why some properties only get one offer, or no offers or rival bids but still get below asking? None of us have the answer why this is happening. Certain niche neighbourhoods and special properties are defying all odds. It's been an unpredictable market so far and now that summer has arrived, and the election is over it doesn't look like a slow down just yet.2018-06-22T21:58:00Z40fe6fd4-2ff4-4d59-9bb8-2ee2c2fc4a63https://eileenwylie.com/Blog/2018/06/15/Market-Update-Week-Ending-June-8thHard to believe we are almost half way through 2018. If that thought is depressing just psych yourself up for the best is yet to come. Sunshine and heat waves are in our future for the next few months, but are there signs that Toronto's real estate market has backed off slightly from the frantic pace that was the Spring market? Inventory levels are becoming a concern, particularly in the City of Toronto. The number of new listings this year compared to last year is 25% less, and that represents a pattern that has been emerging. Declining inventory will lead to rising prices and active competition for good properties in desirable neighbourhoods. We know the market is different this year but as the old saying goes .... nothing is as constant as change.2018-06-15T16:47:00Zabaa2f41-7bc1-4bc5-8e12-65b386ae8f24https://eileenwylie.com/Blog/2018/06/08/Market-Update-Week-Ending-June-1stThe gardens are lush in Toronto, but real estate listings do not appear to be flourishing. That seems to be what agents are complaining about these days. Residential sales volume last month fell 21% in the City of Toronto, compared with May 2017. The decline in listings is helping keep prices stable despite weak sales. The average house price is still on the rise, but we saw a very small dip last month. Indications are emerging that there is increasing competition and bidding wars for available homes, which generally leads to a price increase. If you were thinking of buying in January and are still looking you will have to pay $100,000 more now!2018-06-08T19:06:00Zce7a06e7-b8d2-4341-8297-a5b6cc464966https://eileenwylie.com/Blog/2018/05/31/Market-Update-Week-Ending-May-25thWe had to double check the date on the calendar this week to see that it wasn't July yet! Mother earth has blessed us with glorious sunny hot weather. Take a stroll and you will find the patios brimming with people and copious amounts of beverages being consumed. It seems that Sellers are finally getting with the program and as is typical after a long weekend both freehold and condominium listings jumped substantially last week. The trend we have been watching carefully is the number of sales that are occurring above their list price. In both the condo and freehold market that number is hovering at an average of 60% above the list price. Does that sound like we have a shortage of listings?2018-05-31T22:31:00Z0b2353b1-2b94-4396-88f6-e1e32742e863https://eileenwylie.com/Blog/2018/05/29/Market-Update-Week-Ending-May-18thQueen Victoria's birthday is behind us now and that means the activity is gearing up for the final push for the spring market before summer sets in and trekking to the cottage begins. It seems the spring weather never happened. We went from miserable rainy days to this weeks above average temperatures. The number of new listings this week should be on the rise but let's see next week how many of those will receive multiple offers. Every year it's the same story. Homeowners often prefer to wait for the flowers and trees to blossom before they list their homes for sale. Buyers will have more choice now!2018-05-29T21:33:00Z9faae329-7d41-41e1-9592-1155172ecad9https://eileenwylie.com/Blog/2018/05/18/Market-Update-week-ending-May-11thThe media is at it again this week with grim news that the "Housing market stumbles in spring". Yes, we know the number of sales is down if we compare it to last years figures, but that is nothing new. Sales in the GTA have been down over the past year following a market correction that began last May, long before the stress-test rules were in place. But on a month-over-month basis, The GTA market has been stabilizing this year, with sales down just 1% in April compared to March on a seasonally adjusted basis. One of the factors in declining sales nationally has been a reduction in new homes listed for sale as sellers have sat on the sidelines waiting for the markets to strengthen. A decline in new listings has helped keep prices relatively stable even as the volume of sales has declined.2018-05-18T19:07:00Z2900f018-48a7-422e-9223-88f746677236https://eileenwylie.com/Blog/2018/05/11/Market-Update-Week-Ending-May-4thAs we transition from dreary wet weather to sunshine and cherry blossoms, everyone seems to be smiling and there is a new bounce to our step. Even though we have seen a significant increase in new listings for freehold and condos last week, the Toronto real estate market remains fickle. It's hard to predict which properties will be snapped up and which will languish. Will the Toronto market see a mini-resurgence this spring?2018-05-11T19:55:00Z6bb66e97-3c35-4753-b62b-a5a0843ca773https://eileenwylie.com/Blog/2018/05/07/Market-Update-Week-Ending-April-27th"April showers bring May flowers" It's May and it's finally warm and everyone is smiling. And yea the Raptors are in the second round of playoffs. With the spring market in full swing we are seeing a ramp up of new listings. The Toronto Real Estate board released the April monthly figures and it sounds all gloomy. That's because the stats include the entire GTA and the reported number of sales is down and so is the average sale price. But the good news is that the average sale price for the City of Toronto is up again! January: $766,616 February: $806,494 March: $817,642 April: $865,8172018-05-07T22:06:00Z0bbf7311-7234-4510-b612-94bd60876cachttps://eileenwylie.com/Blog/2018/04/20/Market-Update-Week-Ending-April-13thWoohoo the spring market is heating up! The media headlines are all positive news that the Toronto-area and GTA real estate market is showing signs of a spring rebound and the recent strength in price marks the start of a new upward trend. Even if the volume of transactions remains relatively low in the Toronto area, demand is building. The right properties in desirable neighbourhoods are attracting multiple offers, while still allowing room for negotiation. The market's going to do a bit better than most people are expecting. All those waiting for a slow down, you might be waiting for awhile!2018-04-20T21:53:00Z9636f37e-3cdf-4eba-ae75-faf3c7071de0https://eileenwylie.com/Blog/2018/04/16/Market-Update-Week-Ending-April--6thFriday the 13th is generally believed to be a bad luck day. With a potential ice storm this weekend it might be bad luck. Old man winter just won't go away. When are we going to put away our coats and let the sunshine warm our bodies? 2018-04-16T21:12:00Z9c72543d-0cec-48aa-ba6e-1ddcef4335echttps://eileenwylie.com/Blog/2018/04/16/Market-Update-Week-Ending-March-30thGood bye March. Welcome warm weather, spring flowers, sunshine and more listings! The March real estate stats were released this week and when we add in the GTA figures it sounds like the real estate market is crashing. Not so.2018-04-16T21:11:00Zb066b07d-4139-4bf0-a7c7-ce6ee61cef5ehttps://eileenwylie.com/Blog/2018/04/16/Market-Update-Week-Ending-March-16thIs it really true that Facebook users are signing off? Have we all been hacked? That seems to be the big news this week. Real estate news has taken a back seat in the headlines. Listings have become relatively tight and with spring break last week for schools, the activity and hustle seemed to come to a stand still. Many agents are anxious to see if listings will become more plentiful after the Easter holidays. The demand is high, but the consensus seems to be, let's wait until after Easter to list.2018-04-16T21:01:00Z63d86ea1-a697-4b88-8443-721ec7891684https://eileenwylie.com/Blog/2018/03/02/Market-Update-Week-Ending-February-23rdShould you list low and generate multiple offers, or should you list the property at what you think its worth? That seems to be a popular question in the office this week. There are many factors to take into consideration. The location, the condition of the property, and the price point. When you look at new listings coming out at least eight out of 10 properties have an offer date. What we are not seeing as much these days are bully offers. Buyers seem to be a bit cautious and would rather wait. After much discussion it comes down to the agent and the Seller making the decision.2018-03-02T21:16:00Zf625f9dc-703e-4b59-b631-41f54adaae31https://eileenwylie.com/Blog/2018/02/27/Market-Update-Week-Ending-February-16thAt this point in the year we should be gearing up for the spring market, but we just aren't feeling it yet. The consensus is we are a month behind other years. Like most of this year we are struggling with low inventories, a situation that has many puzzled. The pent up demand is evident. Walk into any open house on the weekend and see if you can find empty space on the floor to leave your shoes. The overall number of sales is beginning to perk up, but the action is still far below where it was at this time last year.2018-02-27T13:56:00Z9df3d6f6-e9f4-4313-8cd4-e257a552e8d9https://eileenwylie.com/Blog/2018/02/27/Market-Update-Week-Ending-February-9thThe media likes to sell sob-stories to survive. The TREB market report was released this week and the news release in the media was all doom and gloom. Well not so in the City of Toronto. The average selling price at the end of January was $766,616, up 5.5 percent from a year ago which was $727, 928. The number of new listings came in at 2,776 for the end of January slightly lower than a year ago at 2,886. But when you factor in the surrounding GTA it skews the City of Toronto stats. The annual rate of growth in the City of Toronto was driven by the condominium market sector, which has had double-digit annual growth.2018-02-27T13:55:00Z72305f51-840f-43c3-9570-910e588608f1https://eileenwylie.com/Blog/2018/02/09/Market-Update-Week-Ending-February-2ndThe media likes to sell sob-stories to survive. The TREB market report was released this week and the news release in the media was all doom and gloom. Well not so in the City of Toronto. The average selling price at the end of January was $766,616, up 5.5 percent from a year ago which was $727, 928. The number of new listings came in at 2,776 for the end of January slightly lower than a year ago at 2,886. But when you factor in the surrounding GTA it skews the City of Toronto stats. The annual rate of growth in the City of Toronto was driven by the condominium market sector, which has had double-digit annual growth.2018-02-09T23:03:00Zfef8cf1c-9ab4-4fd2-984f-8360331b2dd0https://eileenwylie.com/Blog/2018/02/02/Market-Update-Week-Ending-January-26thBlue Moon - “a second full moon in a calendar month” Has it cast a spell over the real estate market? It’s hard to believe that we are already a month into the new year. We have had some major snowfalls and plunging temperatures but so far this year it’s been a tepid real estate market. Agents are complaining there is nothing to show and as research indicates listings in both the freehold and condo sector have backed off substantially from a year ago while the demand is still strong. Perfect example: A house in prime Leslieville gets listed for $875,000 and on offer night there are 15 offers and it sells for $1,290,000. The buyers are out there. If you are thinking of selling NOW is the time!2018-02-02T22:30:00Zb022739c-fa26-45ea-afc2-b5ba360d96a3https://eileenwylie.com/Blog/2018/01/29/Market-Update-Week-Ending-January-19thThe Toronto real estate market has had a sluggish start with slim listings and hesitant buyers. Generally speaking January is a slow month for new listings, but the demand is high and now that most of the snow has melted it is time to start seeing "For sale "signs popping up. Sales have dipped 6 percent in the first half of January in the GTA area compared to the same period last year. It seems the overall market is affected because of the 12 percent drop in condo sales so far in January compared to the same time last year.2018-01-29T14:56:00Zbbe0cfd7-12c3-4ba8-a263-e8d7c1b94d42https://eileenwylie.com/Blog/2018/01/23/Market-Update-Week-Ending-January-12th-Cold weather getting you down? Salt stains on your boots? Down in the dumps at your desk? January 15th - Blue Monday, is supposedly the most depressing day of the year. Yup, Christmas is really over and the realization of all the money we've spent and the fact most of us are back at work makes us blue. But you can feel the market is starting to come alive this week. New listings are slowly coming to market, but the feeling is Sellers and Buyers seem to be doing the "let's wait and see" dance.2018-01-23T22:53:00Z91279547-c562-4aee-af95-1c5db6350147https://eileenwylie.com/Blog/2017/12/21/Final-Market-Update-for-2017The time is almost upon us to ring in the new year and for many of us to embrace change. The real estate market in 2017 has been anything but typical in the GTA and the fickleness looks set to continue right into 2018. There is so much uncertainty as to how the real estate market will unfold as we head into the new year. Royal LePage is forecasting a 6.8% increase in housing prices next year, but Remax Canada predicts a more conservative 0% price change. So, what will it be? Will the lack of housing supply in big-city markets, including Toronto drive prices up?2017-12-21T22:13:00Zb4604d01-0aa7-44cc-927f-3c4db6bbbe4ehttps://eileenwylie.com/Blog/2017/12/12/Market-Update-for-the-Week-Ending-December-1stAs the calendar flips for the last time this year and we are three weeks shy of Christmas, it feels like we are all gearing up for the holiday festivities. The offices are a little slower, listings are dropping off and the buyers are taking a break. The November stats were released from The Toronto Real Estate Board and for the City of Toronto the average price was up 2 percent to $802,220 from November 2016. We saw a sizable number of new listings (14,349) for the entire GTA, up by 37 percent compared to November 2016. This boost to home ownership could be because of the upcoming changes to mortgage guidelines, which come into effect in January. On a year-to-year basis, the average selling price was up by 13.4 percent compared to same period last year. All the negative headlines are for the entire GTA, but conditions continue to be stronger for the City of Toronto.2017-12-12T17:55:00Z63015df3-1bdc-4b87-bf7e-91b766656ae8https://eileenwylie.com/Blog/2017/11/27/Market-Update-Week-Ending-November-17thOver the years we have watched the Black Friday phenomena move north of the border and now it is not unusual to see line-ups outside big box stores in Toronto. As always the in demand items are electronics, televisions, clothes and… Real Estate? While a few weeks back we might have thought we were headed for an early end to the Fall market, that definitely does not seem to be the case as we get into the second half of November. Don’t get us wrong, these are not door crasher numbers but sales in the Freehold category increased and the condo market continues to defy every new bit of legislation the government can throw at it.2017-11-27T16:08:00Z64941164-d62f-4338-abd6-dec61fa4362dhttps://eileenwylie.com/Blog/2017/11/20/Market-Update-Week-Ending-November-10thHO HO HO here come the holidays! Santa Clause is coming to town. The annual parade comes to town on Sunday and has been a staple in Toronto for 113 years keeping the tradition alive. Does that mean we are winding down and getting ready for Christmas? It doesn’t seem that way with a swell of new listings hitting the market in the early part of November compared with this time last year. Could this be a sign that sellers are hustling to list before the new “stress test” rules surrounding mortgages come into effect on January 1st.2017-11-20T13:44:00Z1f7c210c-5440-4c9d-ade7-fb65e3b20221https://eileenwylie.com/Blog/2017/11/13/Market-Update-Week-Ending-November-3rdIn the olden days of yore we used to judge the changing of the seasons by stepping outside and observing the natural environment. Cooler evenings and the kaleidoscope of colours would indicate the onset of Fall and a powdering of snow was a sure indicator that winter was upon us. The weather seems a less reliable indicator these days but not to worry the world of marketing and retail sales will keep us focused on the changing seasons. If you haven’t left your house since Halloween you may not have noticed that it is suddenly Christmas everywhere you look. 2017-11-13T13:55:00Z31630365-b527-4537-99d1-a689d9aa2ebehttps://eileenwylie.com/Blog/2017/11/09/Market-Update-for-the-Week-Ending-October-27thThe Toronto Real Estate Board released the market stats for October and its good news once again! We saw a dramatic increase in sales (7,118) between September and October of almost 12 per cent pointing to stronger fall market conditions. The average selling price for the GTA for October was $780,000 up by 2.3 per cent compared to $762,691 in October 2016. For the City of Toronto the average sale price for October was $818,201 compared to $769,712 in October 2016 up by 6.3 per cent!2017-11-09T19:49:00Zadee1fbf-6c99-4dfc-b6c1-3e251b30af8bhttps://eileenwylie.com/Blog/2017/11/02/Market-Update-Week-Ending-October-20thDo you have at least 20 per-cent home equity and need a new mortgage? Are your housing costs more than a third of your gross income? If you answered yes and yes, then you should mark January 1, 2018 on our calendar. That's when our banking regulator's new mortgage stress test officially kicks in. And if you meet the criteria above, you may not qualify for as big a mortgage next year as you do today. Will this create a little mini boom? Two consecutive months of rising sales in August and September confirm that buyers are surfacing again and Sellers in the Toronto area seem more confident with more listings coming to market. Agents are predicting a small flurry of buying as people rush to ink a deal before the new requirements come into effect.2017-11-02T21:55:00Zbce463e9-79e8-49ab-a4ca-a8bb42b28b8ehttps://eileenwylie.com/Blog/2017/10/20/Market-Update-Week-Ending-October-12thWe’ve recently noticed a trend of Realtors walking around and playing with yo-yo’s. Yes, that well known toy that goes up and down the string, up and down, up and down. Forgive us if our emotions are playing out with our toys because the market is starting to feel a little like a yo-yo. One week the market is taking off and then we take a break for the long weekend. 2017-10-20T21:51:00Z3f3be96e-a7d4-4c94-985e-09b74597a537https://eileenwylie.com/Blog/2017/10/10/Market-Update-Week-Ending-September-30thCall us unimaginative, but along with being thankful for family, good health and warm fall weather, this year we are going to be thankful for being Realtors®. Again. Sure, it has been and up and down and up kind of year and no we have not moved out of the near bottom ranking of jobs people like to hate, but nobody gets to explore and enjoy the city like we do. As the city learns to live a high-rise lifestyle we Realtors can enjoy some of the city’s most stunning views in the morning and wander amongst the grand homes of Lawrence Park in the afternoon. Condo owners have a bit more to be happy about as overall price growth in that sector continues to outstrip the single home market but recent stats from the Toronto Real Estate Board show all house types up year-over-year in the 416. Happy Thanksgiving!2017-10-10T06:39:00Zc2d68a53-1de6-4ec2-aecc-89f0344690b1https://eileenwylie.com/Blog/2017/10/02/Market-Update-Week-Ending-September-22ndThis past week we in the industry seem to be of two minds. It seems all the Realtors are holding the same half full glass of water and we are debating the age old question of is the glass half full or is it really half empty. Some Realtors are trying to hold offer dates and others are trying to list where they think a property’s market value lies. Some are still thinking about the market softening after the April ‘peak’ and others are looking for a new peak this Fall. After watching the steady increase in freehold properties being sold above their listed price this last week we are definitely leaning towards the half glass full philosophy. One thing everyone does seem to agree on is that there is a bit of a lack of quality listings coming to the market.2017-10-02T13:50:00Z48fd93f9-6f3f-4e68-aa96-08ef079d1b6ahttps://eileenwylie.com/Blog/2017/09/29/Market-Update-Week-Ending-September-15thIt was with some sadness that we heard the news this week of the death of Wiarton Willy, the lovable groundhog that has predicted with less than perfect results whether we would be free of the grip of winter or due for a prolonged cold spell. And, as we thought fondly of Willy we were reminded of one of our favourite non-real estate movies starring Bill Murray – Groundhog Day. If Bill Murray was a Realtor® he would be living a version of Groundhog Day today. Waking up this morning and looking at the trend in sales he might think he was back in March. Listings and sales are up in condos and the freehold market and more importantly the percentage of properties selling above their list price reached 40% in both the condo and freehold markets. While 40% of sales above list may still be far from the Spring days of 80-90% of deals selling above their advertised price it is certainly an interesting trend that we will be watching carefully.2017-09-29T13:43:00Zcd3c603a-c2c0-4285-8c7b-c8b81391f996https://eileenwylie.com/Blog/2017/09/19/Market-Update-Week-Ending-September-7thGround Control to Major Tom, take your protein pills and put your helmet on. And just like that the Fall market has started. In case you have been away this summer it might be worth a quick recap on just where we are in the real estate world. After a rocking great start to the year with record sales through April the provincial government created their Fair Housing Plan, including their new rules on rental properties and a foreign buyers tax. Not to be outdone, the federal government then joined the chorus with not one but two increases to the prime interest rate that the banks were only too happy to embrace and have begun to hum the tune of stricter borrowing rules that we have heard before. While the municipal government has kept out of the legislative choir it seems they are mostly hoping all these measures to cool the market don’t work too well, because gosh they really need all that income from the land transfer tax.2017-09-19T20:17:00Z7fa3d173-fd1b-4318-90d8-78dd75bbccd1https://eileenwylie.com/Blog/2017/09/11/Market-Update-for-Week-Ending-September-1stBack to school in September always feels like the beginning of a new year for real estate. We are all prepping and preparing for the Fall Market. So many predictions are made but time will tell us how it will all unfold. The Toronto Real Estate Board stats came out the other day and the average cost of a home in August was $732,292 up by three percent compared to August 2016.The number of new listings entered into the MLS system was down by 6.7% year-over-year. Home sales in August were down 34.8%. While we might be seeing clouds forming on the horizon, summer real estate numbers aren't always the best indicators of where the market is going.2017-09-11T13:44:00Zcc45de3b-4ad6-44e3-8dbe-f0cda2d90cb8https://eileenwylie.com/Blog/2017/08/15/Market-Update-Week-Ending-August-4thAs we approach the middle of August, the traffic around the city gets a little lighter and it seems like it’s your last chance to take a bit of a breather before we start to think about getting ready for the fall real estate market. There is much talk around the office about all the new listings that will be hitting MLS after Labour Day. Will it be a repeat of May when we saw an excess of listings come to market? Are buyers waiting patiently for the impending influx of new listings to satisfy their desire for a place to call home?2017-08-15T13:54:00Z36522792-b20f-4e2a-a401-b9cc650bbca9https://eileenwylie.com/Blog/2017/08/08/Market-Update-Week-Ending-July-28th- The dog days of August are upon us. The weather is finally hot, hot, hot and sipping drinks on a patio is where we all want to be. Listings are slowing down but last week sales were slightly up by 8%. There was a significant increase in open house traffic last weekend and agents are seeing more appointments being booked on their listings. Stories around the office of properties that had 9, 16 and 18 offers this week got everyone all talking. Is pricing low to generate offers the way to go?2017-08-08T19:04:00Zc725fa51-319c-4ee1-94b0-7fb83fc3b293https://eileenwylie.com/Blog/2017/06/22/Market-Update-Week-Ending-June-16th Back in the old days of real estate the Realtors® would work hard up until the end of June and then they would take the summer off, as did most of their clients. Over the past many years the Spring market has lasted well into the summer with usually just a short break in the dog days of August. We are definitely feeling old school with the slow pace of listings and even slower pace of sales heading into summer this year.2017-06-22T15:47:00Zabe49a44-54a3-4530-9163-eeb7c8a85278https://eileenwylie.com/Blog/2017/06/15/Market-Update-Week-Ending-June-9thIf the real estate market were like a game of golf we would probably be on the back nine right now wondering if we were going to pull our game together or bogey our way to the clubhouse. If you are a Seller you are definitely wondering how your game fell apart so quickly after hitting the fairway with every drive and sinking every putt through the beginning of the season. The confusing part might be why the Buyers haven’t picked up their game as we finish out the season. The market has definitely started to slow down early for the summer and the jury is still out on whether the Sellers who sold in March hit the hole in one or if the Buyers grabbing properties during this quieter time will be the ultimate winner.2017-06-15T20:09:00Z472f2915-336e-4eaf-8f16-1c4494d9d966https://eileenwylie.com/Blog/2017/06/01/Market-Update-Week-Ending-May-26This week we had to order three extra bottles of water for the water cooler as it seemed everyone was spending an inordinate amount of time chatting about what to do next in real estate. We watched as the listings went down before the long weekend and as expected that resulted in lower sales last week. And as is typical after a long weekend the numbers of new listings jumped substantially thereafter. The trend we have been watching carefully is the number of sales that are occurring above their listed price.2017-06-01T23:24:00Zba7119d9-bdae-4670-9cbf-7464390ac051https://eileenwylie.com/Blog/2017/05/26/Market-Update-Week-Ending-May-19thDear Vancouver, we are wondering if what is going on with our market is the same thing you went through last year? You see, our listings continue to go up and sales have dropped off substantially. Yet the Toronto Real Estate Board just released the mid-May statistics and shared that in the first two weeks of May prices have gone up over 17% compared to the same time-frame last year. And you might want to sit down for this next stat, because the leader of the pack was none other than condominium apartments which increased over 28% in value over the same period last May. Now we should also point out that the average price of a detached home in the 416 has actually declined slightly from the end of April going down in value 1.8%. Condominium apartments did increase in value over the end of April, but to be honest at an increase of .2% it is basically a rounding error.2017-05-26T20:02:00Zdb34a81e-6d6a-4e6d-bcea-f0e3e655abadhttps://eileenwylie.com/Blog/2017/05/21/Market-Update-Week-Ending-May-12thIn the eighties the world was introduced to a new toy known as the Rubik’s Cube. There ensued a massive uptake of the toy amongst the general population despite the fact that the only way most of us could actually solve the puzzle was to take the stickers off and put them back on so it appeared as though we had completed the Cube. Anytime something like the Rubik’s Cube comes around the question of Fad vs. Trend begins to be talked about. 2017-05-21T21:47:00Z7f9a14af-1e9c-4001-8acb-2570bdc45fa9https://eileenwylie.com/Blog/2017/05/12/Market-Update-Week-Ending-May-5thAs we settled into our sales meetings this week the topic of the day was definitely what was happening to the market and if the recent government changes have had the desired effect in increasing the affordability of housing in the city. Much of our conversation centered around the differences between the massive downturn in the market in 1989 versus the brief pause in the market we experienced in 2008. While admittedly none of us actually own a crystal ball, the general consensus was that these past few weeks will likely be a pause in the market and not a large correction as some Sellers are fearing and most Buyers are hoping for. What we may be seeing as a result of this pause is a move towards more realistic pricing and less of setting a low asking price and letting the market show us the true value. All the more reason to make sure you hire a Realtor that knows how to properly price and market a property.2017-05-12T20:09:00Zf2591c75-16d4-46da-a54a-2d9cb39a2a22https://eileenwylie.com/Blog/2017/05/05/Market-Update-Week-Ending-April-28thAs Spring comes upon us and the trees and flowers begin to bloom, we Realtors often have to remember to stop and smell the roses lest we wake up one day to find ourselves in the dog days of summer. Unfortunately, given the frenetic pace of a usual spring market many Realtors miss the awaking of spring entirely, instead focusing on helping their clients to buy or sell the home of their dreams. Even after the announcements from the provincial government of changes to the industry, the market seemed to continue down its usual path through a freshly blooming garden. 2017-05-05T14:15:00Z7226b624-fa66-4a0e-813f-f29752a07ba7https://eileenwylie.com/Blog/2017/04/27/Market-Update-Week-Ending-April-21stThe sky is not falling. The pigs are not yet flying. And we are pretty sure that the price of real estate in Toronto is going to keep climbing, though perhaps not as quickly as it was already this year. But really, maybe it will. After the announcement of the Government of Ontario’s ‘Fair Housing Plan’ our in-house experts pored over the information looking for whatever information might lead us to think the suggested changes would improve housing affordability in the GTA. 2017-04-27T21:56:00Z7ad76f6b-fff1-4210-b8cd-62bf97728e81https://eileenwylie.com/Blog/2017/04/24/Market-Update-Week-Ending-April-14thLast week the real estate industry took a slight pause while several major religions celebrated their holiest of days all in the same week. In real estate the coming of spring normally heralds the beginning of the annual game of trying to show houses while the city, in an apparently random manner, shuts down streets and neighbourhoods for prolonged construction projects – BEEEEEEEEEEEEEEEEEEEEEP – We interrupt this regularly scheduled Bosley Insight for breaking news from the Provincial Government. It seems that the powers that be at Queen’s Park will be making changes to ‘slow down’ the real estate market in the GTA. We wish we could tell you what this means but, like you, we will need a week or so to see how it all shakes out. Stay tuned next week when we can report back on how pending legislative changes will affect Toronto’s buyers and sellers.2017-04-24T20:26:00Z8fd18ac0-16d1-49f8-81b0-f7c2eb57f007https://eileenwylie.com/Blog/2017/04/12/Market-Update-Week-Ending-March-31stThe old adage says that if March comes in like a lion it leaves like a lamb. If we consider the real estate market in the same vein, since March started with a roar we should have had a nice quiet end to the month. Alas, the real estate market respects no old wives tales as it wends its way through the spring. The last week of March capped off a month that saw prices jump an average 33% over March 2016. Through the year, the talk has been the lack of listings, and we are happy to say that March seems to have bucked this trend. The number of new listings in March 2017 is virtually identical for both the freehold and condo market as the number of new listings in March of 2016. Of course we complained about not enough listings last year too so we expect to see high demand pushing prices in an upward direction for the foreseeable future.2017-04-12T15:47:00Z7ca97147-adfe-4738-83fa-1250d7febd27https://eileenwylie.com/Blog/2017/01/27/Market-Update-Week-Ending-January-20thJust for the record, we don't use any alternative facts in our market updates. In fact, we swore an oath to accurately reflect the size of the market so that our clients could make informed decisions. No need to proclaim any national holidays in our honour, just know that when you hear it from us it's the real deal....nothing fake about what we report. We will continue to march on.2017-01-27T19:11:00Z1b4a6255-2afd-4c32-90f2-81f9b3714aechttps://eileenwylie.com/Blog/2017/01/23/Market-Update-Week-Ending-January-13thNormally we aren't the superstitious types but if listings don't improve quickly we may be forced to throw salt over our shoulders, walk backwards under ladders or burn sage in our offices to break the spell. Generally speaking January is a slow month for new listings but demand is high and the weather has been kind so we were expecting a faster release of new properties on the market. Sellers and buyers alike might just be feeling the pinch of new mortgage rules and increased land transfer taxes.2017-01-23T14:37:00Z