The fall market has been challenging for sellers adjusting to increased inventory / competition coupled with cautious buyers weighing their options. Patience has become the Fall market mantra.
The scope of government policy this year implemented to reduce inflation, increase immigration, ban foreign buyers, tax vacant homes, tax short-term rentals (Vancouver's tax on AirBnBs), and in Toronto an upcoming Municipal Land Transfer Tax (MLTT) increase on homes over $3 million, all continue to challenge home ownership and investment.
With almost 40% more listings, compared to October last year, one would expect the average sale prices to decrease however there was an 8.2% average price increase on detached homes. This is partially due to activity in the upper-tier home market trading to avoid significantly higher MLTT costs as of January 1st, 2024. Read more on this new 'Luxury Tax' below.
However many homes have remained on the market adjusting to the mindset of buyers calculating higher costs and wary of future expenditures. To quote CIBC deputy chief economist Benjamin Tal, "It's a buyers' market with no buyers." For buyers with finance in hand moving now may be your best move.
It appears positive that interest rates will hold on December 6th adding a welcome note to this challenging year of change. Mortgage broker David Larock provides insight on financial market influences and his take on fixed versus variable rate options in his blog post we've included.
If you are considering selling your home in the final weeks of 2023 or the New Year, please reach out. The Doorey Chu Team (DCT) chose the power of the Sotheby's brand with its well-oiled real estate marketing machine to help us put your home in the best possible light regardless of price point. You deserve the highest return for your most valuable asset and we as professional realtors have the skill, style and negotiating fitness to help you achieve it.
This month's newsletter includes:
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Fabulous Listings for Sale and Lease
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Toronto Real Estate Sales and Listing Statistics
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Toronto's Municipal Land Transfer Tax Rate Increase Chart
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Cooling Inflation Good News for Mortgage Rates
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DCT Coat Drive for Covenant House Homeless Youth
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DCT Sotheby's International Realty Vancouver Island Partner
A HUGE THANK YOU to friends and family who donated to Lisa Marie's Covenant House Sleep Out and helped raise over $1,300,000 for homeless and sex-trafficked youth.
Lisa Marie, Linda, Lori and Cherry
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Properties for Sale and Lease
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Covenant House Sleep Out November 16th. Lisa Marie felt fortunate it was 7 degrees Celsius this year compared to the minus 14 degrees she experienced last November. Those life-threatening nights are coming. There is still time to support Covenant House with a donation or winter coat.
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Last year our team along with Toyne Team worked on a WINTER COAT DRIVE and collected close to 100 gently used coats for Covenant House. If you have a gently used winter coat, ideal for an 18 - 24 year-old youth, email us to arrange for pick up. Preferably washed or dry cleaned ready to wear coats please.
We are very grateful for your care and generosity.
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Mortgage broker David Larock takes us through financial market influences, predictions on interest rate cuts and your best bets on
fixed versus variable rates.
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Toronto’s Municipal Land Transfer Tax (MLTT) will shift in 2024 from a cap of 2.5% on homes over $3,000,000 to an escalating tiered tax of up to 7.5%. This tax hike has triggered a wave of prestigious properties coming to market with quick year end closing dates.
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Parklike West Coast Hideaway
"Magical" is the word that best describes 1245 Starlight Grove in the stunning Silver Spray district of Sooke on Vancouver Island. Custom built in 2017 for the current owners, this West Coast "Whistler Inspired" timber home sits on a completely private 2.02 acre lot with its own pond and backing onto East Sooke Regional Park.
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DCT Vancouver Island Connection
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Senior Vice President of Sales - Victoria BC
Honest Professional Real Estate.
Dean has been a top producing REALTOR® in Victoria for 20 years and has consistently been recognized with the MLS Gold Award for ranking as one of the Top Realtors in the Victoria Real Estate Board. Dean’s sales acumen has been developed through a diverse background in the Sales, Financial Services, and Technology industries where he travelled extensively during his career negotiating business deals throughout Europe and North America. This experience has contributed to his ability to handle complex real estate transactions, find creative solutions to get his clients their desired results, and negotiate tirelessly on their behalf.
Whether you are a buyer looking for that perfect property or a seller needing to make a move, Dean Innes is committed to providing you with the service and dedication that you deserve.
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The Doorey Chu Team has a vast network of relationships with local and international agents who can assist you with buying or selling your property worldwide. Sotheby's International Realty listings on the link below can help you view homes in multiple languages and currencies.
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Whether we are marketing a $500,000 condo or a $5,000,000 home, the
Doorey Chu Team provides local and international marketing plus a professional report with your property results.
Call us for your confidential complimentary home appraisal.
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LET'S BE FRIENDS! PLEASE JOIN US ON SOCIAL!
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1867 Yonge Street, Suite 100, Toronto, Ontario, M4S 1Y5
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*Broker **Sales Representative
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© 2023 Sotheby’s International Realty Canada, Brokerage. Independently Owned & Operated. All rights reserved. Sotheby’s International Realty® and the Sotheby’s International Realty Logo are service marks licensed to Sotheby’s International Realty Affiliates LLC and used with permission. E&O.E: This information is from sources which is deemed reliable, but must be verified by prospective purchasers and may be subject to change or withdrawal. Not intended to solicit properties already under agreement.
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