Ross Talibov's blog

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...

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....

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!

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.

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%. 

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!).

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.

The city of Toronto bounced back! The 2020 pandemic trend of a rising number of people buying homes outside the city was broken in December. Sales within the city showed an annual growth of 36.8% while GTA suburbs combined showed an annual growth of 23.6%. This was largely credited to rising condo sales in the city.

We wrap 2021 with immense gratitude. The real estate market was very active this year, making it challenging for those who were looking to upsize and downsize and the right strategy was needed to ensure buyers and sellers made the most of it. We are glad to report that we made 35 transactions throughout the year!