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Toronto and West GTA Real Estate Market Update – May 2022

Jun 16, 2022 | Market News

𝐍𝐄𝐖𝐒𝐅𝐋𝐀𝐒𝐇! Here are the real estate market stats you need to know for May 2022 vs. 2021 home sales in Toronto, Mississauga, Oakville, Burlington.

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𝐌𝐨𝐫𝐞 𝐛𝐚𝐥𝐚𝐧𝐜𝐞𝐝 𝐦𝐚𝐫𝐤𝐞𝐭 𝐜𝐨𝐧𝐝𝐢𝐭𝐢𝐨𝐧𝐬 𝐫𝐞𝐬𝐮𝐥𝐭 𝐢𝐧 𝐠𝐫𝐞𝐚𝐭𝐞𝐫 𝐧𝐞𝐠𝐨𝐭𝐢𝐚𝐭𝐢𝐧𝐠 𝐩𝐨𝐰𝐞𝐫 𝐟𝐨𝐫 𝐁𝐮𝐲𝐞𝐫𝐬.

Sales volume is down, and listing inventory is up as compared to this time last year, almost at par with April’s update depending on the city and property type. 

The Bank of Canada rate hikes including the 50-basis point hike on June 1st have indeed affected overall Buyer sentiment as average detached home prices across Toronto, Mississauga, Oakville, and Burlington have dipped month over month, albeit values are up a reasonable amount as compared to May 2021.

As explained in our April 2022 update, the slow-down in selling activity is contributed to a few factors:

◻️ Higher borrowing costs have some Buyers taking a pause from their home search in anticipation of values softening further 

◻️ Purchase capability (budget) may have changed for some Buyers with the higher interest rates, along with the possible impact on the down payment for their purchase if they have an existing property to sell, as their current home’s value has likely adjusted.

◻️ More inventory on the market = greater selection for Buyers resulting in less competition

 

We are no longer in a Seller’s market as Buyers are in the driver’s seat regarding negotiating on price and terms. We have noted the market change month over month with home prices down in a short period of time, therefore if selling your home be sure it’s priced sharp otherwise the end result may be less than what could have been if being priced right from the start. The list price strategy should reflect what’s happening at this time, and in your respective neighbourhood with consideration of the most recent sales activity and competing homes for sale.

It’s also critical to ensure your home is positioned to be the clear choice to attract a Buyer’s interest. Now’s the time to take care of those updates you’ve been waiting on to refresh the look and feel of your home. Especially in the kitchen or baths. Consider even a fresh coat of paint or updating appliances. Improvements don’t have to break the bank – go with the ones that will have the most impact. You only get one chance to make a great first impression to set your home apart from the rest.

Be patient with the process as homes are taking longer to sell. In a way, we were spoiled with the market frenzy that once was and should have realistic expectations today. This doesn’t mean that a property won’t attract a Buyer today or sell for a good price given today’s market activity if the right elements are in place from the pricing strategy to home staging and distinct marketing.

𝙄𝙛 𝙮𝙤𝙪𝙧𝙚 𝙞𝙣 𝙩𝙝𝙚 𝙢𝙖𝙧𝙠𝙚𝙩 𝙩𝙤 𝙗𝙪𝙮, 𝙞𝙩𝙨 𝙖𝙣 𝙤𝙥𝙥𝙤𝙧𝙩𝙪𝙣𝙚 𝙩𝙞𝙢𝙚! 𝙏𝙖𝙠𝙚 𝙖𝙙𝙫𝙖𝙣𝙩𝙖𝙜𝙚 𝙤𝙛 𝙩𝙝𝙞𝙨. Even with rising interest rates, they are still lower than they were in the Fall of 2018 when home sales fell to a 10-year low – which also contributed to higher rates and stiffer mortgage rules. 

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Whether you’re considering buying or selling it’s important to have a knowledgeable Realtor on your side to help navigate our current market conditions. ⁣

Get in touch anytime and let’s chat about your goals. ⁣

𝗪𝗲 𝘄𝗼𝘂𝗹𝗱 𝗹𝗼𝘃𝗲 𝘁𝗼 𝗵𝗲𝗹𝗽 𝗮𝗻𝗱 𝗮𝗿𝗲 𝗳𝗼𝗰𝘂𝘀𝗲𝗱 𝗼𝗻 𝘆𝗼𝘂𝗿 𝘀𝘂𝗰𝗰𝗲𝘀𝘀!⁣⁣

 

How to Make Your Home Selling Resolutions a Reality in 2022

How to Make Your Home Selling Resolutions a Reality in 2022

Jan 24, 2022 | Sellers

If you decided to forego the traditional “New Year, New Me” resolutions for 2022 and have swapped green smoothies and gym memberships for the more aspirational goal of making real estate moves, you aren’t alone. 

Countless Canadians are making plans right now to level up their real estate footprint for the new year. Whether it means entering the market for the first time, moving up, or finally selling your family home in favour of a more manageable, cost-effective property, there are numerous ways to build wealth, improve your living situation, and achieve your real estate goals in 2022. 

Let’s take a closer look: 

Now is a Great Time to Sell Your Home and Move Up 

We are currently in one of the most competitive Seller’s Markets in recent history. What does this mean for you? With home inventory at record lows, it’s driving the prices up higher and higher. 

For Sellers, this means they can command higher prices for their home. And, in most cases, properties are going into multiple offer situations. The result is higher sale prices and faster transactions. 

However, many Sellers are wondering what to do once their house is sold? In such a competitive market, it’s harder to purchase a house than it is to sell one. 

So we recommend working with an experienced real estate professional who knows the market and has access to exclusive or off-market listings to keep you ahead of the game in your search for a home if your goal is to move up this year.


Looking for more selling advice? Read some of our related blogs for everything you need to know about selling your home:


If You’re Looking to Cash in On Your Investments

Real estate investing is one of the safest and most effective long-term investment strategies. It’s an excellent way to build generational wealth, create passive income, and enjoy some of the perks of being your own boss. 

However, for many investors, the appeal of being a landlord and maintaining an investment property might lose its shine eventually. Either that or the investment has served its purpose, for example, if you buy a condo with the intention of letting your children rent it while in University, and now they have graduated. 

If you are already feeling like the appeal of managing an investment property is waning, it might be time to cash in on your investment. The good news is that selling an investment property almost always results in a net profit. 

Another good reason to sell your investment property would be if you are close to retirement and you want to capitalize on the property’s current high value now if you or your trusted real estate advisor suspects the market might change soon. 


Real estate investing is one of the best ways to build generational wealth. We’re huge advocates for a well-balanced investment portfolio! Take a look at some of our investment blog posts here:


If You Want to Downsize

Have you noticed a theme yet? Selling real estate in 2022 is a great idea. The demand is here and Buyers are jumping at the opportunity to invest. However, one of the most sought-after type of home in the market right now is the single-family home. Luckily, there is an entire generation of homeowners who are currently in the process of downsizing their lives and looking to sell these family homes. 

When you reach a certain age and your kids are out of the house, a large 3-4 bedroom home can feel too big to manage. Maintenance, cleaning, property taxes, it all starts to add up. And if you’re planning for retirement, you might want to consider a more cost-effective living situation. 

Many retirees choose to sell their family home in favour of a condo, bungalow, retirement living, or even choosing to live in a secondary suite attached to their grown children’s home. 

It’s a solid strategy that can save money, help pad your retirement savings fund, and also improve your overall quality of life. It’s also a great time to sell because of the lack of single-family homes on the market means that Buyers are lining up to make offers on these types of properties.

 

High ROI Home Improvements You Can Make

Have you ever heard the adage, “you have to spend money to make money.”? Well, that’s true when it comes to making home improvements. In fact, that are numerous high-end home improvements you can make this year in preparation for selling your home later in the year or even in 2023. (Although, I would caution Sellers on waiting too long to sell their homes! It’s best to strike when the iron is hot!)

For example, some of the best ROI home improvements you can make include: 

  • Adding a secondary suite or basement suite to your home if it allows (there are a lot of regulations regarding this improvement, and it can be quite costly, but the return on investment is usually worth it!)
  • Replacing flooring with a luxurious material such as engineered hardwood. 
  • Completing minor kitchen and bathroom renovations such as adding stone countertops, high-quality appliances, and spa-inspired bathroom features. 
  • Giving the home a fresh coat of paint throughout. 
  • Making energy-efficient improvements to the heating, cooling, and plumbing systems. 

 

Interested in learning more about high-return improvements you can make to your home? Read our blog about it right here.

 

Bear in mind that many of these projects require the help of a contractor or handyman, and it’s important to consider the time and material costs involved if you are planning to make home improvements before selling. 

Whether you are planning to upsize, downsize, or cash in on some of your investments this year, it’s a great time for Sellers in the Toronto market.

6 Home Luxury Design Trends to Try Right Now

6 Luxury Home Design Trends to Try Right Now

Jun 3, 2021 | Lifestyle

Could your home use a high-end refresh? Whether you live in a lavish mansion or a far more modest living space, a luxurious makeover could be just what you need. Fortunately, new luxury design trends are popping up all the time—it’s just a matter of finding the one that works for your home.

Here are six luxury home design trends to check out right now…

1) Organic or Neutral Interiors

Design that embraces simplicity and elements of the outdoors can have a positive impact on your mood. To create a relaxing, neutral look, consider natural woods and unfinished stone.

The sense of unity created by these finishes can look especially stunning when punctuated by industrial metals. Add to the aesthetic with furniture featuring curves inspired by nature. Lastly, white or pale monochromatic walls create the perfect backdrop for the perfect neutral interior.

2) Seamless-Edge Pools

There’s no denying that the pandemic encouraged many homeowners to make the most of their backyards. In many cases, that’s meant installing a pool—one that has an upscale feel. By opting for seamless edges, you can create a sleek look that almost makes it seem like the concrete or stone around the pool and the water are level.

Of course, a place to swim isn’t the only way to connote backyard luxury. From meticulous landscaping to outdoor kitchens (think smokers, food preparation space, sinks, and more), there are many steps you can take to beautify your outdoor space!

3) Matte Black Window Frames

Many homeowners are intimidated by black. You shouldn’t be. Not only does this bold hue have a contemporary feel, it also pairs well with a wide variety of other colours and home styles.

You can make a statement without going overboard by opting for black window frames. They provide just a little hint of drama to add to the visual interest of your home. For the ultimate in sophistication, choose a matte finish that will complement the intensity of your colour choice.

4) Comfort & Practicality

We’ve all been spending a lot more time at home lately, and it’s made us see the value in a comfortable living space. High-concept living rooms and chairs you can only sit in for a few minutes at a time are out.

Say hello to plush furniture, fluffy bedding, and reusing pieces you’ve had (and loved) forever. When it comes to art and decor, mass-produced items don’t often provide the joy that local, one-of-a-kind ones do.

5) Statement Home Office

With more employees working from home than ever before, home offices have become a necessity for many. One thing that’s become clear is the need for comfortable, highly functional spaces that feel separate from the rest of the home. Enter the statement office. By combining smart technology with plenty of visual interest (notice we didn’t say “distractions”), you can make the workday more enjoyable.

Calming colours (such as light blue) are popular options for paint, while mixing different fabrics and textures (for your rug, drapes, and throw blanket) can give your space a fun feel. It’s okay to create a little gallery for the things you love—whether they’re books, plants, knick-knacks, or family photos.

6) Curved Doorways

Depending on the architecture of the rest of your home, you may find that curved doorways add a touch of elegance to your rooms. They’ve made a comeback, and it’s not surprising. Curved lines have long been considered beautiful, and they can make a room feel less formal and stodgy.

If you’re planning some remodelling work or a full-scale renovation job, you can expect a brand new look. Of course, it’s not always the right time for a complete home makeover. Fortunately, you can add a touch of luxury with as little as some silk pillows or a cashmere blanket. The possibilities are endless!

Interested in talking about real estate? We’re here to help. Get in touch to take the first step!