Sara Minty Real Estate

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07/07/2022

🔹What’s happening?

Rates are 🆙, sales are ⬇️ and buyers & sellers are uncertain. The TRREB has provided their June report, & we have takeaways.

👋Ready? Here’s the big news: we are in double-digit sales drops - sales are down 12.5% from May, & 41% from 2021.

Before we panic, keep in perspective: 1️⃣ we typically see a slight dip from May - June annually (hello, cottage season!) and 2️⃣ last year we were in an unprecedented boom.

The rate changes, combined w/ buyer fatigue, certainly are playing a huge factor here.

💰Prices actually dropped a bit from last month; a product of supply & demand. In June, we saw 6,474 sales & 16K new listings. As such, the avg. price across all home types now sits at $1,146,254 (keep in mind, this is still up 5.3% from last year).

There is an undeniable slow down in activity - with a property taking about 24 days to sell. The # of active listings in June was 16,093. This is a 42.5% increase from June 2021. Buyers have more options, creating less competition.

W/ an increase in rates, buying power is reduced. Lower price point segments (think condos & towns) are benefiting from this, & showing the highest % of sales growth. 📈

🔹Should I wait to buy? Should we put our listing on hold?

These are ?s everyone is asking and it’s creating a psychological effect that has caused this market to slow down. The “wait & see” mentality is going to cause fewer sellers to list & tighten inventory. 🤷🏻‍♀️

Sellers know this: the same listing that would have sold last year in a week, may take a few weeks. The difference maker now is truly the sales & marketing strategy. This is not a drill - who you hire will make a significant impact on your final price & length on market. 🏡

👀Buyers looking for a “deal” or a “crash” have to keep in mind that we have a strong ecosystem that will support the market in Toronto: high employment, immigration & low supply. While we are welcoming the post-covid correction, overall pricing is not dropping. We remind you to think about your objective - buying Real Estate is a long-term play, & as the old adage goes “buy RE & wait” (DM for facts & figures that genuinely support this). 🤓

05/11/2022

There’s a shift, but the sky isn’t falling😆.

🔹What’s happening?

Last month, we saw our 1st indication that there is change in the trends we have been all too familiar with the past 2 years: record-breaking prices, tons of sales, & crazy competition.

👉The April numbers are in and it’s factually confirmed: there is a shift. There is an overall slow down in the # of sales from both last month & last year. We also saw the average home price take a dip this month; but it’s all relative🧐.

The BOC announced a rate hike that serves as a small catalyst that has shifted our April numbers. In April, we saw just over 8K sales, which was a huge drop compared to April 2021 (41.2%!) and 27% less than March of this year⬇️.

Interestingly, the decline in the # of sales was greatest in the “905” area codes; an area that saw pressurized growth during Covid peaks as people left the city and sought out more space.

🏡The average price is now $1,254,436 which is down about $45K from last month, but still up 15% year over year.

Seller’s still have the upper hand, with the number of new listings down by 11.7% year over year, and properties selling for 112% of the asking price on average.

🔹Why should I care?

What does this tell us? The COVID related boom in the real estate market is moving on to the ember stage. The BOC has goals to fight inflation and overspending in the real estate space is a primary target. Experts are predicting more rate changes this year📈.

😅You’re probably sick of us saying this, but supply hasn’t changed. Price growth will continue to trend up, & although we can’t predict the future, this slow down just shows us that we can breathe a little when buying and selling. The overall trends show a strong & growing market, and when compared historically over longer periods, the acceleration of growth will be slower, but is still expected.

Real estate can be very reactionary. Media plays into the shift narrative which will create a window for buyers to seek a great opportunity right now that we haven’t seen in prior months🗞.

Sellers, who you work with matters: a sign on the lawn is simply not enough, & you need an agent who can adapt. 👋

Address

866 The Queensway
Toronto, ON
M8Z1N7

Telephone

+14168844073

Website

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