From the Mak Family…
Recently, my son, NTM, has been asking us about savings and stocks to build wealth.
At age 12, I feel active income is more important than passive income and investing into building his own skills and experiences would get better long-term results.
Still, I don’t want this opportunity to go to waste, so I went to Dollarama and bought a piggy bank for him to save his money.
On May 1st, we recorded how much money was in the jar and next month we will pay him 1% of that money.
He invested $100 and will only make $1, but I hope he can see the power of compounding interest in July when he makes $1.01.
But do you know what would make me proud?
If he somehow got a loan from a relative for 6% and then arbitraged it back to us at 12%!
That would make me a proud poppa indeed! 🙂
The Spring Market is Still Going…
In April 2024, the average home sold for $ 1,156,167. This is up +3.1% from last month and up +0.3% from last year.
Despite some of the news reports, if you look at the trends in the April Report, you’ll see good growth compared to March.
This tells me that the Spring Market is alive and well with many multiple offers going on with entry-level homes.
However, downtown condos aren’t quite as strong, with decreasing rental-rates and many investors trying to get out before the Capital-Gains tax-change.
In terms of interest rates, the Bank of Canada keeps promising a rate cut “two announcements from now”, but with the unemployment rate unchanged at 6.1% and 90k new jobs in April, the chances are a lot lower that they will decrease rates in June.
The next thing key date will be the inflation report on May 21st to see what they might announce on June 5th.
If you’re a Buyer…
This is the best time to go shopping! There are a large number of new listings coming out so you will have the selection if you have very specific requirements.
If you’re a Seller…
Anecdotally, I can see many more listings come out in May, so you should only sell depending on your situation.
If you’re in the downtown condo market, I have a feeling there will be a lot more listings coming up because of the new Capital Gains tax, so you’ll have to calculate what makes sense for you.
Is it the right time to buy or sell?
Call me at (416) 276-4895.
SOLD +$233,333 OVER ASKING!
Congrats to J & B for the sale of your house.
With 72 showings and 8 offers, we are thrilled they got +$233,333 over asking price in just 6 days!
We wish them well on their next adventure!
Curious about our white-glove concierge service?
• Exclusive Staging
• Professional Design
• No Open Houses!
Is it time to sell your property?
Call me at (416) 276-4895 and let’s talk about the market.
JUST LISTED
4+ acres of beautiful waterfront property in Sudbury.
You can build your dream home on the Vermillion River – known for its exceptional fishing and scenic shorelines.
This parcel provides a rare opportunity to escape the hustle and bustle of the city while still being within reach of amenities.
Looking for a house outside of Toronto?
Call me at (416) 276-4895 and let’s see what’s out there!
