In July, the average home in Toronto sold for $1,062,256 which is an increase of +12.6% compared with last year. The average sales-price is down for the past two months, and I anticipate things to heat up again in September. Anecdotally, I'm seeing some weakness in the housing market. Don't get me wrong, there are still multiple offers and "over-asking" prices. But I'm seeing a lot more...
The Crazy Summer Rental Market
Last month, I wrote about how the rental market goes crazy EVERY YEAR during the Summertime. (Read the blog "Why you need to rent a place soon!" You may be thinking, sure, it only happened for the past 10 years, but will it happen again this year? We won't know for sure until the stats come out in September. All I can say is in the past week:• I've had 80 sets of tenants contact me•...
Houses in the GTA less than $2,000,000 are still receiving multiple offers and the listing price ratio is about 109%. However, I am sensing a shift. Not major, but places outside of the GTA are not as crazy. In Vaughan, for instance, one 3-bedroom detached house had 56 people through, and only two offers. Last week, I was pleased to bring one of my clients to Cambridge to buy this amazing...