MFR Real Estate Update – September 2016
Home Prices Continue to Surge on Weak Inventory
Toronto continues to grow even though the rest of Canada is experiencing some new challenges. The biggest change is the lack of inventory in the Toronto market. We are 31.9% fewer listings when compared to a year ago which is pushing prices higher. Vancouver is experiencing difficulties with the new 15% foreign tax which resulted in a large drop in volume of sales recently. The Brexit vote looks like it will actually positively impact Toronto as foreign buyers in the U.K, Russia, China and India look for a safe place to invest in real estate in Canada with now Toronto being the most popular choice. The Canadian economy on a whole is still under achieving which may also push interest rates lower or keep them stable for the long term which will help boost the residential market. The average selling price was up to $709,825 up 16.6% year over year compared to July 2016. All four major type of properties witnessed strong annual price gains as follows: (as per the Toronto Real Estate Board)
- Detached homes +21.1%
- Semi-detached homes +17.1%
- Townhomes +13.9%
- Condos +9.2%
If you are thinking of buying, selling or investing please contact me for a free consultation and receive a $25 Tim’s Card courtesy of Modern Family Realtor.
Modern Family Realtor Goes Canada Wide in “In Magazine”
Modern Family Realtor is growing and we want to make an impact not only in Toronto but across our great nation. The tremendous support we have got from Canadians is incredible. This concept would not work in any other country in the world. Canadians are multicultural, diverse and accepting people and are clientele reflect that. We support the LGBTQ community but are allies are the ones who keep us growing so fast! Check out our new advertisement in the September/October issue of In Magazine in new stands across Canada.
Modern Family Realtor Gives Back Campaign Update
We are excited to announce the 3 winners of the Modern Family Realtor Contest. First place Patricia Monteiro, second place Shane Das and third place Elsie Yeung taking home over $1,500 in prizes. Thank you to the over 75 entrants and for sharing the love for Modern Family Realtor! As announced in our Facebook Live video we will be continuing the Give Back Campaign with our Charity Donation and Leadership Scholarship initiatives coming up in the next few months. Stay tuned for more details!
As your real estate sales representative and former accountant I can assist you with any of your financial and real estate questions including creating a budget, RRSP Home Buyer’s Plan, Listing presentation, CMA, Buyer/Listing
From Your Modern Family Realtor Team – Paul, Ewan and Jasmine