The world of real estate is full of ups and downs so trying to figure out when to buy or sell can be a real challenge. This month’s article offers some useful strategies for those who are looking to make a move in today’s ever-changing market.
There are also some great ideas for upcycling old household items into something new and unique as well as a few of the latest tech trends from the recent Las Vegas Electronics Show!
Thanks so much for checking out this month’s newsletter. Please get in touch if you have any questions or comments regarding the articles, or real estate in general. It’d be great to hear from you!
Paul Chan and Ewan French
|MODERN FAMILY REALTOR 2019 REAL ESTATE MARKET UPDATE|
|Everyone is asking whether the Toronto real estate market will be going up or down this year?|
That is a valid question. The past few years have been difficult to predict due to government intervention and demand vs supply fluctuations. This year is no different with the economy being sluggish, political issues, interest rate pause, Federal election coming up and so much more.
The key word for 2019 is “Balanced.” That means in most neighbourhoods in the GTA it is no longer a seller or buyer’s market. We can expect a moderate price increase ranging from 2% to 6% depending on the location and type of property. Condos will continue to increase in value due to the high demand especially in downtown Toronto. Houses in the GTA will have the lowest price increase due to the current high valuation and stress test rules.
The positive news is that interest rates are coming down in 2019 which makes borrowing cost less for first time home buyers and investors. This should continue to drive demand along with the approximate 100,000 immigrants we expect to receive this year.
Please feel free to book a free real estate consult with our team to get a full analysis of the 2019 real estate market.
|TORONTO REAL ESTATE MARKET UPDATE|
|Home sales down compared to same time last year.|
Toronto Real Estate Board President Gurcharan (Garry) Bhaura announced that Greater Toronto Area REALTORS® reported 5,025 homes sold through TREB’s MLS® System in February 2019.
This sales total was down by 2.4 per cent on a year-over-year basis. Sales were also down compared to January 2019 following preliminary seasonal adjustment.
“The OSFI mandated mortgage stress test has left some buyers on the sidelines who have struggled to qualify for the type of home they want to buy. The stress test should be reviewed and consideration should be given to bringing back 30 year amortizations for federally insured mortgages. There is a federal budget and election on the horizon. It will be interesting to see what policy measures are announced to help with home ownership affordability,” said Mr. Bhaura.
Despite sales being down year-over-year, new listings actually declined by a greater annual rate. This suggests that market conditions became tighter compared to last year. Tighter market conditions continued to support year-over-year average price growth.
Both the MLS® Home Price Index Composite Benchmark and the average selling price were up modestly on a year-over-year basis in February 2019. The MLS® HPI Composite Benchmark was up by 2.4 per cent year-over-year. The average selling price for all home types combined was up by 1.6 per cent over the same period. Price growth was driven by the condominium apartment segment and higher density low-rise home types. On a preliminary seasonally adjusted basis the average selling price was down compared to January 2019.
|THE CANADIAN PET EXPO|
|If you’re a pet lover, this event is sure to put a smile on your face!|
Canada’s largest Indoor Pet Expo is returning to The International Centre on Airport Road in Mississauga between Friday, April 19th and Sunday, April 21st.
There will be a variety of activities to keep you entertained all weekend long such as the Pet Costume Contest, the Superdogs Show and the highly entertaining Wiener Dog Race!
Hands on Exotics, which is an animal shelter that specializes in exotic animals, will also be there so you’ll have the opportunity to meet and greet some of their amazing feathery, furry and scaly friends!
Finally, the Toronto Humane Society will be on hand to share information about their programs and services so don’t forget to stop by their booth and learn how you can help support their amazing cause.
Bring the entire family (including your pet!) to the Canadian Pet Expo for a fun day out as you browse the many pet-related vendors while enjoying the various events. Hope to see you there!
|IS IT A GOOD BUY OR GOOD BYE?|
|Will the housing market cool down, level out or gain steam?|
No one can say for sure what’s around the corner when it comes to the real estate market but there are steps you can take ahead of time to prepare yourself. If you’re currently considering home ownership, here are a few points to consider:
- Planning Makes Perfect – It’s important to plan ahead so research local amenities and consider features like parks and schools if you’re planning to start a family.
- Know the Numbers – Ensure you’re financially ready to buy a home. There are many other costs aside from mortgage payments so know what you’re getting yourself into.
- Stick to Your Budget – Examine your individual needs so that you don’t overextend yourself financially. Make a list of the features that fit your family’s lifestyle before looking at homes.
- Go Pro – Have a real estate agent help guide you through the entire process. Start with a market evaluation of homes that have recently sold in your area along with an analysis of community trends.
- Think Straight – It’s normal for home buyers to experience a full range of emotions during the complex real estate rollercoaster ride. House hunting should be fun though, so don’t take things personally or let your emotions rule every decision.
- Inspect the Unexpected – Just because you’ve checked over the house thoroughly doesn’t mean all’s well behind the scenes. Making an offer conditional on a home inspection will help you avoid any nasty, expensive surprises.
An uncertain real estate market can make it difficult to know whether you should hold off purchasing a home in case prices fall, or jump right in before prices skyrocket. One thing’s for sure though. The time to buy is when your budget matches your needs, so always consider your personal circumstances before making a decision. Please don’t hesitate to get in touch if you ever have any questions!
|HOME IS WHERE THE SMART IS|
|Check out the latest and greatest in household smart gadgetry!|
Every year, the Consumer Electronics Show in Las Vegas introduces new and exciting technology. Here are a few of the latest innovations in smart home gadgetry:
- Smart Plank – This smart home hub looks like a smooth and simple piece of wood but it has an integrated touch sensor that will help control your home.
- TV Be Gone – Now you can literally not watch TV as the latest models will magically disappear and turn into an attractive piece of furniture when not in use.
- Sleep Easy – There’s a new headband for those not getting enough shut-eye. Sensors detect when you enter a deep sleep cycle and then play sounds to help you remain there.
These are just a few of the latest technologies to hit the market. As homes get smarter and more connected, homeowners will continue to benefit by enjoying unprecedented levels of convenience and comfort.