Monday, August 7, 2023 / by Matthew Daniel Tamburello
Courtesy of:
Matthew Daniel Tamburello
Team Leader & Broker
Trinity Real Estate Consultants
647-697-6743
matthewdanieltamburello@gmail.com
Home sales continued to decline in the Greater Toronto Area in October, while the average selling price stayed flat as fewer new listings hit the market, data from the Toronto Regional Real Estate Board (TRREB) shows.
Sales for the month reached 4,961, similar to last month but down by 49% compared to October 2021. New listings were down by 11.6% year-over-year and reached a level not seen since October 2010.
The average selling price remained fairly steady, up slightly from last month to $1,089,428 and down 5.7% from October’s 2021 figure of $1,155,624.
“With new listings at or near historic lows, a moderate uptick in demand from current levels would result in a noticeable tightening in the resale housing market in short order. Obviously, there is still a lot of short term economic uncertainty. In the medium-to-long-t. ...
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real estate, tamburello, the tamburello team, matthew tamburello, best real estate agent, canadian real estate market, real estate & inflation, trinity real estate consultants, average home selling price
Monday, July 24, 2023 / by Matthew Daniel Tamburello
Courtesy of:
Matthew Daniel Tamburello
Team Leader & Broker
Trinity Real Estate Consultants
647-697-6743
matthewdanieltamburello@gmail.com
Central bank has raised policy rate 7 times this year in battle against inflation
The Bank of Canada raised its benchmark interest rate by 50 basis points on Wednesday, to 4.25 per cent.
This hike was expected, as Canada’s central bank has raised its rate seven times this year in its fight to quell inflation. These increases have had a huge impact on the rates that Canadian consumers and businesses get from their banks on things like mortgages.
Many are hoping this is the last of the increases, with the Bank not definitively indicating one way or another is the rate will have to go higher in order to bring supply and demand back into balance and return inflation to target.
“Looking ahead, Governing Council will be considering whether the policy interest rate needs to rise further to bring supply and demand back into balance. ...
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Monday, July 10, 2023 / by Matthew Daniel Tamburello
Courtesy of:
Matthew Daniel Tamburello
Team Leader & Broker
647-697-6743
matthew.thetamburelloteam@gmail.com
The Greater Toronto Area (GTA) real estate market began 2023 as it ended 2022, with similar sales and average selling price numbers in January compared to December. Despite this, both sales and prices were down on a year-over-year basis, reflecting the impact of higher borrowing costs on affordability.
According to the Toronto Regional Real Estate Board (TRREB), there were 3,100 sales recorded in January 2023, which was in line with the December result but a 44.6% decrease from January 2022. The average selling price for January 2023 was $1,038,668, which was slightly lower than the December result and down 16.4% from the January 2022 average price.
TRREB President Paul Baron expressed confidence in the market, stating that the Bank of Canada‘s recent announcement of a hold on interest rate hikes, coupled with record population growth and a tight labor market, w. ...
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Monday, May 8, 2023 / by Matthew Daniel Tamburello
Courtesy of:
Matthew Daniel Tamburello
Team Leader & Broker
647-697-6743
matthew.thetamburelloteam@gmail.com
The Greater Toronto Area (GTA) real estate market is one of the most dynamic and competitive markets in Canada. To negotiate the best home deal in the GTA, an optimized strategic approach is needed in order to ensure that you get the most value for your investment. With numerous factors influencing the market, such as demand, location, and property type, it’s essential to have a solid understanding of the local real estate market. Whether you’re a first-time homebuyer or a seasoned investor, understanding these tips and working with a real estate brokerage such as Justo can help you navigate the complex GTA real estate market and achieve your real estate goals.
Understand the Local Market
To negotiate the best deal when buying or selling a home in the GTA, it’s important to understand the local real estate market. Research recent sales, average price. ...
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Monday, April 10, 2023 / by Matthew Daniel Tamburello
Courtesy of:
Matthew Daniel Tamburello
Team Leader & Broker
647-697-6743
matthew.thetamburelloteam@gmail.com
We’ve been wondering for a few months whether—and to what extent—2023 would be a recovery year for housing markets following a steep drop-off in 2022, albeit from a lofty start.
Our forecast, published back in January, predicted a modest recovery or the start of a recovery, but forecasts are by their very nature always conservative.
A great example of a recovery year is 2019, coming off the stress test in 2018. It started off slow but there were no listings. Sellers were waiting for spring. This year is looking increasingly similar.
February 2023 saw the same month-over-month drop in seasonally adjusted new listings that we saw in February 2019. This is not a market being flooded with listings. Quite the opposite.
From a demand vs. supply standpoint, we’re still in (or close to being in) a seller’s market at the national level. Future s! ...
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