Mavani Enterprise

06/18/2024

Currently vibin in the GTA.

04/01/2024

02/22/2024

‼️SOLD‼️
Congratulations to my first time home buyer client! ⚡️🙌 🥂 Buyer was determined to buy this condo and she got it done!! Many thanks to from and his entire team for a smooth closing.

Contact me for all your real estate needs, residential or commercial.

Miten Mavani
Mavani Real Estate 🏡

02/07/2024

⚡️Market Update⚡️

I hope everyone has been enjoying the above average temperatures this winter. 2024 has kicked off and purchasers have begun to re-enter the residential real estate market due to lower borrowing costs associated with fixed mortgage rates.

Resulting tighter market conditions when compared to the same period a year earlier, potentially points toward renewed price growth as we move into the spring market.

There were 4,223 sales in January, an increase of 37% compared to January 2023. The number of active listings was also up 8.5%. Stronger sales growth relative to listings suggests buyers are experiencing a tighter market compared to a year ago. The average selling price was down by one per cent year-over-year to $1,026,703.

Jason Mercer, the Toronto Regional Real Estate Boards Chief Market Analyst stated that once the Bank of Canada actually starts cutting its policy rate, likely in the second half of 2024, to expect home sales to pick up even further that what we are seeing at the moment. There will be more competition between buyers in 2024 as demand picks up and the supply of listings remains limited.

The sentiment across the residential real estate industry is that inventory of available homes for sale continues to remain low, currently under two and a half months. As a growing province and growing city we are in constant need of new housing. Without new inventory of homes, prices and rents will continue to rise at an unhealthy pace. If you ever considered investing in real estate, New Construction could be an interesting option. Developers have extended deposit structures where the 15%-20% deposit is paid over the four to five year construction cycle. New homes and condominiums are not built unless they are pre-sold. To learn more about this process and to ensure you align yourself with the right developer, please contact me.

Happy to assist with all your real estate needs, please never hesitate to reach out to me and I look forward to connecting with you soon.

01/14/2024

01/10/2024

Hello and Happy New Year!

I hope you have been able to enjoy the holiday season and found some time to rest and reflect on 2023.

In reflecting on the Residential real estate market for 2023 the number of Greater Toronto Area (GTA) home sales came in at less than 70,000 due to affordability concerns brought about by higher mortgage rates.

Higher borrowing costs resulted in an unaffordable residential market for some households in 2023. However, relief looks to be on the horizon with borrowing costs expected to trend lower in 2024. Lower mortgage rates, continued population growth along and a positive outlook of our economy should see a rebound in home sales this year.

There were 65,982 home sales reported through TRREB’s MLS System in 2023 – a 12.1% decline compared to 2022. Despite an uptick during the spring and summer, the number of new listings also declined in 2023. The trend for listings has been largely flat-to-down over the past decade, which is problematic due to a steadily growing population.

The average selling price for all home types in 2023 was $1,126,604, representing a 5.4 per cent decline compared to 2022.

The Toronto Regional Real Estate Board's Chief Market Analyst, Jason Mercer, stated recently that buyers who were active in the market benefitted from more choice throughout 2023, which allowed many of them to negotiate lower selling prices, alleviating some of the impact of higher borrowing costs. Assuming borrowing costs trend lower this year, look for tighter market conditions to prompt renewed price growth in the months ahead.

Record immigration will continue to play a driving role in the GTA's residential real estate market. There will be a perpetual need for real estate, rental or for purchase, as long as our population continues to grow at the pace in which it does. The development of new homes, freehold or condominium, will play a key role in providing the necessary housing supply required. Those with the means to invest in real estate will play a key role in replenishing the rental stock required to supply homes for those who rent. Developers will not build unless they sell their product first. As 2024 kicks-off, expect to see some never seen before promotions by developers who are selling their current standing inventory. As a brokerage we have access to these never seen before opportunities, please do not hesitate to reach out to me should you be looking to expand your real estate portfolio.

I wish you a fantastic 2024! Know that I am here to assist you with all your real estate requirements throughout this New Year, please never hesitate to contact me.

I look forward to connecting with you soon.

12/06/2023

Winter is upon us with the holidays and the New Year fast approaching. This will be my final monthly residential real estate update before my year end review in early 2024.

This past November saw 4,236 sales, a 6% decline compared to November 2022. Sales were down on a year-over-year basis, while listings were up 40.7% from last year’s limited supply. With more choice in the market, the average selling price remained flat at $1,082,179 in comparison to November 2022.

Inflation and elevated borrowing costs has affected housing affordability. However, it does appear relief is on the horizon, an increasing number of economic forecasters are anticipating Bank of Canada rate cuts could come as early as the first half of 2024. Lower rates will help alleviate affordability issues for existing homeowners and those looking to enter the market.

The Toronto Regional Real Estate Board's Chief Market Analyst Jason Mercer has stated that prices have adjusted down from their peak and is providing some relief for buyers. However, Jason is predicting a renewed growth in home prices as mortgage rates begin to trend lower in 2024 and as our population continues to grow at a record pace.

Anytime there is a shift or change in a market opportunities present themselves. Whether you are a buyer, seller, investor or simply waiting to see what happens, it is important to stay engaged and educated on current real estate market conditions. As soon as you step away an opportunity could be missed. I am here to help navigate and address any real estate questions you have.

Have a fantastic holiday season and I look forward to connecting with you soon.

Miten.

11/02/2023

🚨OCTOBER MARKET REPORT🚨

Fall has officially arrived and the temperature has finally dropped as the cold has started to move in. The Great Toronto Area Real Estate Market has also begun to cool with almost 6% fewer sales this October compared to last year. Another figure where we see a noticeable change is in the number of active listings. Active listings in October 2023 were up 50% compared to October 2022. With more product coming to market, buyers have more choice, which may put some downward pressure on pricing, however, this has yet to be seen. Prices remained constant, up 3.5% compared to last October as demand for real estate continued even with many Buyers still sitting on the sidelines due to market affordability and uncertainty.

The Toronto Regional Real Estate Board Chief Market Analyst Jason Mercer has reported that with competition between buyers remaining strong the average selling price has remained above last year’s level in October. The Bank of Canada also noted this resilience in its October statement. However, home prices remain well-below their record peak reached at the beginning of 2022, so lower home prices have mitigated the impact of higher borrowing costs to a degree.

The resale condo market has witnessed some minor declines with sales and prices down only 3.1% and 1% respectively. Inventory levels have jumped up just over 50% in this category of home type as many investors have chosen to sell their asset due to the increase in borrowing costs.

Developers of New Construction condominiums and homes are continuing to present great product to the market place with unheard of incentives. With greatly extended deposit structures and long closing dates many investors are purchasing with the anticipation of lower borrowing costs in the future.

If you have any questions please never hesitate to reach out to me with any real estate questions.

10/05/2023

⚡️September Market Report⚡️

Fall is finally upon us but the sunny warm weather seems to be hanging on, for the time being. There have been many headlines in the news lately with a focus on the residential real estate market. The impact of high borrowing costs, inflation, uncertainty surrounding future Bank of Canada decisions and slower economic growth has weighed on the Greater Toronto Area (GTA) home sales this past September. However, despite the market being better-supplied with homes for sale, the average selling price was up 3% year-over-year.

The Toronto Regional Real Estate Board reported 4,642 home sales through TRREB’s MLS® System in September 2023, down 7.1% compared to September 2022. It was reported that the year-over-year dip in sales was more pronounced for lowrise homes, particularly semi-detached houses and townhouses.

The number of listings/homes available for sale were up 40% on a year-over-year basis from the extremely low level in September 2022.

TRREB's Chief Market Analyst Jason Mercer has reported that GTA home selling prices remain above the low experienced early in the first quarter of 2023. However, there was a more balanced market in the summer and early fall, with listings increasing noticeably relative to sales. With a greater number of homes for sale it is natural for prices to soften, in the short term, which would help offset the impact of higher borrowing costs.

On a final note, there have already been a number of new home projects launched this fall across the GTA, from lowrise detached, semi and townhomes to highrise condominiums. There is some fantastic choice out there along with once in a lifetime promotions as developers compete to sell their product. To better understand the opportunities that are presenting themselves please never hesitate to reach out to me.

I look forward to catching up with you soon and please never hesitate to reach out to me with your real estate questions.

Have a fantastic thanksgiving long weekend! 🙏🥂

Miten.

09/10/2023

Experience lakeside living at LakeVu 3. The final phase of Barrie's successful master-plan community is coming soon! Located on the shores of Little Lake offering functional layouts, enriching amenities and breathtaking views to elevate your lifestyle. Conveniently close to major highways, urban amenities and recreational activities to enjoy every season.

What You Need To Know:
Developer: JD Development Group
Location: 70 Lakeside Terrace, Barrie
Final Phase of the Master Plan Community
Units ranging from 1 Bedrooms to 3 Bed + Den
Unit Sizes ranging from 533 sq.ft. to 1420 sq.ft.
Prices starting from $499,900

Building Amenities:
Rooftop Terrace
Swimming Pool
Fitness Centre
Party Room

1 minute to Little Lake
1 minute to Highway 400
8 minutes to Barrie Transit Terminal
2 minutes to Georgian College
7 minutes to Downtown Barrie
14 minutes to Allandale GO Station
8 minutes to Barrie North Shore Trail
9 minutes to Johnson's Beach
17 minutes to Snow Valley Ski Resort
48 minutes to Muskoka
49 minutes to Collingwood
37 minutes to Wasaga Beach
1 hour 10 minutes to Toronto

Please contact us today for more information on this exciting new development you don't want to miss.

08/18/2023