Ross  Talibov

Ross Talibov

Real Estate Agent

Forest Hill Real Estate Inc., Brokerage*

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Toronto Housing Update - Sideline buyers jumping back in

Toronto housing market report

Toronto Housing Update - September 2023

Despite short-term challenges, the Toronto real estate market is showing resilience and positive signs for the future. In September 2023, factors like high borrowing costs, inflation, and economic uncertainty impacted home sales in the Greater Toronto Area (GTA). However, the market also exhibited several positive trends:

1. Medium-Term Optimism: The medium-term outlook is optimistic, with expectations of a turnaround in the second half of the following year. Lower interest rates and robust population growth are anticipated to drive increased demand for ownership housing, which...

Balanced real estate market has emerged - Toronto Real Estate Market Report

Despite the easing momentum in sales following the Bank of Canada's recent rate tightening in June, this adjustment has contributed to fostering a more balanced market. Remarkably, the average selling price, standing at $1,118,374, maintains a resilient 4.2% year-over-year growth, a testament to the market's strength even amidst heightened interest rates and a temporary sales deceleration.

The recent sales slowdown, spanning the past two months, is primarily attributed to uncertainties surrounding borrowing costs, job prospects, and broader economic conditions. However, the enduring...

Toronto Real Estate Market Update - June 2023 - Bank of Canada to raise interest rates at least one more time

Dear reader,

Home sales and the average selling price in the Greater Toronto Area (GTA) in June 2023 remained above last year’s levels.

Today, we would like to shed light on the current situation of Toronto's rental market and explain why owning a property, despite high interest rates, remains a better choice in the long run.

Toronto's rental market has been experiencing record-breaking highs in recent years, with average rents increasing over 25% year-over-year. This trend has created challenges for renters, making it increasingly difficult to find affordable housing options....

Home prices down 17.9 per cent year-over-year, but up on a monthly basis

The average selling price in February 2023 was $1,095,617, a 17.9% decrease from February 2022. Some of this decline can be attributed to the fact that the share of sales less than $1,000,000 was 57% in February 2023. 

On a monthly basis, however, the average price increased in comparison to January 2023, following the regular seasonal trend. 

Pay attention, first-time home buyers; now may be a good time to buy and build equity for the future!

A balanced housing market is emerging

As we approach 2023, the market anticipates a slowdown in interest rate hikes, making this the ideal moment to purchase a property in Toronto and nearby cities. Average home prices have dropped by 7.2% over the past year and 14.6% since their peak in February of this year. Since a home takes longer to sell, there is more room for bargaining and the ability to view available inventory. We are aware that over time, there will be a major rise in the demand for ownership housing.

Interest rates rising - what it means for real estate?

Today Canada announced it’s current inflation rate is at 7.7%, up from 6.8% in the previous period. It was expected to be at 7.4%. Given today’s inflation rate you can expect a .75% hike in the next Bank of Canada meeting July 13th, where they may raise the benchmark rate to 2.25% from 1.5%. 

Toronto Housing Market Update: February 2022

Sales and new listings have gone up. From 5636 residential transactions last month, Feb saw over 9000 sales! Homeowners are reaping the benefits of the current market and buyers seem to have not been discouraged by rising prices as well. Days on market has reduced as well, (from 13 to <11) as a few listings sell within hours (yes, that's right!).

Toronto Housing Market Update: January 2022

January-real-estate-toronto-report

If January is any indication, 2022 is going to break records for prices and home sales in the Greater Toronto Area (GTA). A recent poll conducted by the Toronto Regional Real Estate Board (TRREB) shows that detached homes are on top of the list for buyers.

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