We love to walk Toronto neighbourhoods, particularly in the summer when the city is in bloom. For your chance to win tickets to LOST KING at ROYAL ALEXANDRA THEATRE Friday, September 9th at 5:30 simply guess from the picture above which neighbourhood this festival of flowers resides. *
It isn't totally surprising that the summer real estate market took a back seat to patios, docks and a return to vacation travel. September will be more indicative of what to expect going forward. News that a September rate hike is the last in this cycle is as welcoming as rate hike news can get.
Active listings in the GTA are up 57.6% Year over Year. We have 3 months of inventory compared to last summer when scarcely 1 month of inventory pushed prices skyward. From March to July 2022 there were 3,246 fewer offers registered compared to the market mania of March through July 2021. We are now in an even market giving buyers and sellers a better chance to negotiate a fair trade.
The rental market however is the opposite with 30% fewer listings. Return to work and school has increased competition and pushed rents 20 - 25% higher than last year. We had 16 offers on one of our leases this week! This incredibly tight rental market could encourage investors back into the market and prompt renters to reconsider purchasing even with higher borrowing costs.
Detached homes and condominium sales in Toronto are down 45%. The average price and sales stats listed below really need to be looked at individually for each neighbourhood pocket. We can provide you with factual information specific to your home and street with a complimentary evaluation to help you decide if moving now is your best option.
We've included our fabulous Yorkville listing and cool two storey loft, a funky shipping container house and Tips on how to settle into a new home for you to view. Team member Lisa Marie has posted her first shout-out to help homeless Youth through Covenant House. Please consider sponsoring this great cause.
Have a Happy Labour Day Long Weekend,
Linda, Lisa Marie, Lori and Cherry