Wednesday, November 22, 2023 / by Matthew Daniel Tamburello
Courtesy of:
Matthew Daniel Tamburello
Team Leader & Broker
Trinity Real Estate Consultants
647-697-6743
matthewdanieltamburello@gmail.com
On Wednesday, November 15, the Canadian Real Estate Association (CREA) released its national housing statistics for October 2023. Below, CREA’s Senior Economist Shaun Cathcart provides an update on the current state of housing markets in Canada and explains what the data means for members:
Canadian home sales dropped 5.6% from September to October 2023, a sizeable month-over-month decline but not really that surprising as it was simply the continuation of a trend we’ve been watching since August.
This reinforces the idea that after the Bank of Canada’s resumption of rate hikes this summer and the uncertainty that caused, a lot of would-be home buyers have gone into hibernation.
Preparing for spring
The rebound in activity we saw this past spring was an example of what we might see next year. If that were to happen aga! ...
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Wednesday, October 18, 2023 / by Matthew Daniel Tamburello
Courtesy of:
Matthew Daniel Tamburello
Team Leader & Broker
Trinity Real Estate Consultants
647-697-6743
matthewdanieltamburello@gmail.com
Pros and Cons of Living in Ontario
Ontario is known as the Province of Opportunity, so it’s no surprise that many Canadians think about moving to one of its many major cities at some point. The truth is that Ontario is among the best places to live in Canada because it offers a great combination of stability, nature, and entertainment.
With the above in mind, there are many elements you should consider if you’re planning on moving to or staying in Ontario.
For new residents, this means figuring out the advantages of moving to Ontario, which range from a high-quality, province-wide public transport network and a low crime rate in many of its major cities.
Current Ontario residents, on the other hand, may need to escape city life and discover the natural side of the province. The contrary is also true, with many Ontario resid. ...
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Monday, August 14, 2023 / by Matthew Daniel Tamburello
Courtesy of:
Matthew Daniel Tamburello
Team Leader & Broker
Trinity Real Estate Consultants
647-697-6743
matthewdanieltamburello@gmail.com
The Bank of Canada recently raised its target interest rate by 50 basis points, the sixth interest rate hike this year.
What do these rate hikes mean for homeowners? According to a recent report from the Manulife Bank of Canada, 25 percent of homeowners say they will need to sell their home if rates continue to rise. The same survey also found that about one-fifth of homeowners already find it challenging to afford their homes.
Without question, borrowers are going to be seriously affected by higher interest rates.
After more than a two-year whirlwind, sales activity has slowed down, prices are not reaching the heights they once did, and the unsustainable trends in the market over the last few years are diminishing.
So, does this mean that the housing market is on the cusp of a crash or a sharp correction?
Market analysts have present. ...
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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, June 26, 2023 / by Matthew Daniel Tamburello
Courtesy of:
Matthew Daniel Tamburello
Team Leader & Broker
647-697-6743
matthew.thetamburelloteam@gmail.com
To help you navigate the ever-changing GTA real estate market, we are exploring some GTA real estate trends from the data collected in February 2023. The market experienced a substantial decline in home sales in February 2023 compared to the same month in the previous year, as a result of higher borrowing costs and a decrease in new listings. However, the average selling price and MLS® HPI remained stable, thanks to the shift towards lower-priced homes by homebuyers. As you navigate the GTA real estate market, understanding the factors contributing to the decline in home sales and what the future holds for the market can help you make informed decisions.
Factors Contributing to the Decline in Home Sales
The Toronto Regional Real Estate Board (TRREB) reported a 47% decrease in home sales in February 2023 compared to February 2022. The decrease in home sales is attr. ...
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