From the Mak Family…
NTM asked if he could go to Tim Horton’s with his friends during the lunch-break.
We want him to be more independent, but at the same time, who knows what mischief he could get into?
So we coincidentally were at the exact same Tim Horton’s at the exact same time! 🙂
The Toronto Real Estate Market
In September 2022, the average home sold for $1,086,762.
This is up +0.7% from last month and down -4.4% from last year.
There were 5,038 sales in September which is -44% lower than in 2021.
The average home in Toronto has stopped falling and started to increase a bit from last month.
So what should you do?
If you are buying…
It’s a good time to buy.
Whether it’s for an investment, to upgrade your home or to make your first purchase from a rental, prices have been falling, due to the increase in interest rates and general uneasiness of purchasers.
Detached homes, especially in the surrounding suburbs, have a definite trend downward, so you may want to consider upgrading from a downtown-condo to a home in the 905.
For instance, last week in Lorne Park, Mississauga, a lot of competing homes all dropped $100k from their list price to get buyers through the door.
If you are a selling…
It’s a good time to upgrade your house if you’ve been looking for a while.
Otherwise, if there’s no rush, you may want to take a “wait and see” approach.
If you do plan on upgrading, you may want to “sell first then buy” instead of “buy first then sell” because of the unpredictable market.
Questions about your real estate situation?
Call me at (416) 276-4895.
SOLD IN 9 DAYS
Situated in the heart of Lorne Park, this fresh and modern, sun-filled, 4 bedroom home has a large circular driveway that can entertain many guests.
For photos and more details, visit the website.