The Toronto Rental Market Results for the 2nd Quarter are finally in! For condos in Toronto C01: 1-bedroom condos rented for $2,373 / month 2-bedroom condos rented for $3,319 / month 3-bedroom condos rented for $4,471 / month There are a lot of reasons for this upward trend. Interest rates are up so it's harder for many renters to afford their first home. There are also supply...
Weekly Market Update
My wife and I often go out for a stroll after dinner around our neighbourhood in Mississauga. As we rounded the corner, we saw some police cars and a lot of other people. It turns out, they were filming the movie, "You Are So Not Invited to My Bat Mitzvah!" Adam Sandler stars in this movie and has been seen quite a bit around the GTA. Unfortunately, we didn't get to meet him, but it's still...
Do you know the tenancy laws in Ontario? The tenancy laws in Ontario can get complicated for both Landlords and Tenants. So I was excited to interview Bita Di Lisi, founder of Stonegate Legal Services, who's firm is dedicated to helping Landlords through the tricky Ontario Residential Tenancy Act (RTA). It's a great interview covering the rental laws and what is permissible such as: • What...
Can you just "get out" of a contract? When the real estate market is good, Sellers always ask if they can get out of the contract and find another Buyer. Similarly, now that the market has cooled a little bit, Buyers ask if they can somehow get out of the deal because the property isn't worth as much as it used to be! First off, a firm deal is a firm deal. It means that the Buyer promised a...
Pretty much everyone I talk with and the Media are saying the same thing - it's a Buyer's Market out there! But is this true? Due to many factors, such as the interest rates, the average price of homes have been falling. If you are looking to buy, properties are sitting longer on the market and there is much more selection out there. Since February, it's been dropping month after month. ...
Still undecided about the election? I just wanted to touch on the government as it relates to real estate. Real estate is under the jurisdiction of the Province, and so which Party in power is important. Except for the rare circumstances when the Federal government gets involved (Foreign Buyers Tax, Principal Tax Exemption, HST or Capital Gains etc), the Province is responsible for everything...
There has been a lot of Buyer's Remorse reported in the media, but I don't think it's anything new. During market upswings, Sellers often have remorse that they "sold too soon!" and during downswings, Buyers often feel they "bought too soon!" It's impossible to predict the future, so all you can do is make the right decision based on the information you have at the time. A word of caution! I've been...
This is another story in the media about Buyers losing money when dealing with preconstruction buildings. As the article states (not proven in court yet), Boss Luxury Towns was a 72-townhouse project in Richmond Hill. The builder was operating without a license and so the project was cancelled. Unfortunately, only $100k of the deposits are "protected" and so some Buyers may potentially...
In April 2022, the average home sold for $1,254,436. This is down -3.5% from last month, but up +15.0% from last year! There were 8,008 sales in April which is 41.2% lower than in 2021. So what does this mean for you? If you’re buying… This is an excellent opportunity to get what you want without as much competition. Possibly at a discount! And for the Buyers who don't want as...
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...