From the Mak Family…
This is NTM building a “Santa Claus mailbox kit”.
On the weekends, Home Depot has great activities for kids and NTM was able to use real tools to assemble the pieces and paint his own creation.
They host great events if you’re looking for something to do with your kids on the weekends!
The Toronto Real Estate Market
In November 2022, the average home sold for $1,079,395.
This is down -0.9% from last month and down -7.2% from last year.
There were 4,544 sales in November which is -49% lower than in 2021.
It looks like the average home in Toronto has bottomed out and I expect the prices to start to increase in the New Year.
Even Mississauga has started to increase again after seven months of straight decline.
So what should you do?
If you are buying…
It’s an excellent time to get what you are looking for if your financing is in place. Supply is very low, but so is demand so you aren’t going to get as much competition.
If you are selling…
It will be very slow to get any buyers coming through the door, especially over the holidays.
With so much uncertainty, I would wait and see how the early part of 2023 pans out.
If you’re upgrading your home, you are buying and selling in a similar market, so it wouldn’t matter as much.
But, I would suggest to “sell first before you buy”, to reduce the stress in your home.
Questions about your real estate situation?
Call me at (416) 276-4895.
FOREIGN REAL ESTATE OWNERSHIP
On January 1, 2023, the Federal government has banned foreign ownership of residential property in Canada for two years.
I had the pleasure of interviewing Jessie Ma, real estate lawyer from Castle Law who explains what this means if you are buying or selling property as a non-resident.
