How does the new Canadian Federal Budget in 2022 affect real estate in Toronto?
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In March 2022, the average home sold for $1,299,894. This is down -2.6% from last month, but up +18.4% from last year! There were about 11,000 sales in March which is a lot lower than in 2021, when there were 15,628 homes sold. Detached homes are down from last month. Condos are slightly up but not significantly. The few Sellers that were aware of the trend likely cashed in as soon as they...
The average home sold for $1,299,894 across the GTA, which is an increase of +18.4% since last year.
Today, the Provincial government has increased the Foreign Buyer's Tax from 15% to 20%. This was a sudden change, but not entirely unexpected. As you may remember, when the previous Provincial government initially introduced the Foreign Buyer's Tax in 2017, Toronto detached homes dropped an average of $400k over 4 months. The problem is, I expect a lot of changes in the next year that won't solve...
I'm pleased to announce that the Toronto Regional Real Estate Board (TRREB) is offering scholarships to graduating high school students. Since the program's inception in 2007, we have awarded $200,000 to 50 deserving students. This year, there are eight awards: 2 x First Place Awards ($5,000 each) 2 x Second Place Awards ($2,500 each) 2 x Third Place Awards ($2,000 each) 2 x...
I was fortunate enough to get away from the city for a few days and do some skiing with the family! Earlier in the week, the ski conditions were perfect and the weather was cool! You know what else was cool? The housing prices in pockets around the GTA. Some houses sold for less than they should, with fewer buyers competing. Many homes passed their offer-date and either re-listed...
The average home in the GTA, sold for $1,334,544 which is an increase of +$27.6% from last year. But there has been a slight shift in the past few weeks. Showings and offers have been less than expected, and a lot of properties have passed the offer-date without an accepted offer. Further, more and more bully-offers have been accepted, which means that the showings weren't as busy as...
The average home sold for $1,334,544 across the GTA, which is an increase of +27.6% since last year.
https://youtu.be/IqpvBqgV5qQMortgage Interest Rate Hike (March 2022) What does the mortgage interest rate-hike mean for buyers and sellers? The Bank of Canada has announced an increase of the interest rate of +0.25% to 0.50%. Join Lawrence Mak and Chris Molder as we discuss how the new mortgage interest rate hike will affect both Buyers and Sellers. Watch the interview with Chris Molder if you have...
https://youtu.be/fpEOjteDAdA How to get a gift for your down payment? Join Lawrence Mak and Chris Molder as we discuss the different options for getting a gift to help with your down payment. As the Toronto market increases at a crazy rate, a lot of buyers are increasingly turning to other sources of funds, such as a financial gift from a parent. Parents gave $10 billion to their Children and according...