Archive for December 2021

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Giving Back to Our Community: Be a Secret Santa

When I started my real estate business, I decided to donate a portion of my service fee to a charitable organization in the community where the house was located. Over the years I donated to community gardens, a local church, women’s shelters in Halton and York regions, the AIDS Committee of Durham, St. Joseph’s Hospital, among others.

In 2020, I decided to donate bicycles to the Toronto Firefighters Toy Drive at Christmas. This is a personal donation for me. I remember vividly coming down on Christmas morning to bicycles under the tree. There was a bluish-green tricycle, a blue two-wheeler with training wheels, a cool purple racer with butterfly handlebars and a “banana seat”, and a red almost adult-size bike that served me for several years of delivering papers in my neighbourhood. I enjoy cycling and have done several rides of 100 miles or more, like the Durham Circle Century, Niagara Falls, Boston to Philadelphia, and San Francisco to Los Angeles.

 

 

My father and grandfather were volunteer firemen, my grandfather being a fire chief when my Dad was born. An appreciation for firefighters and what they do for our community was imprinted on me at an early age.

One day a light bulb went on and I decided to focus my donations to the Toronto Firefighters Toy Drive. I donated in 2020, despite it being a lackluster year in real estate due to Covid-19. I remember saying last year, “I hope it can be more in 2021”. This year I had the privilege of helping many more buyers and sellers with the biggest purchase or sale of their lifetime.

 

Because of my clients, I was able to donate 25 bicycles to the Toronto Firefighters Toy Drive. I am hoping that number can be even bigger in 2022.

 

The Toronto Firefighters Toy Drive is not just a Christmas event. They operate year-round, because sadly families experience fires all year and children lose their toys. This is a great way to give back or pay it forward and put smiles on children’s faces.

If you would like to donate, go to www.torontofirefighterstoydrive.org/ or call (416) 338-3339. They accept toys or cash donations.

 

Merry Christmas and Happy Hanukkah to All!

November 2021 Toronto Real Estate Market Report

November 2021 Toronto Real Estate Market Report

 

No matter how you look at the numbers from November: average sale price, supply, months of inventory, days on market, they all tell the same story: we are in a very fast, very competitive sellers’ market with the lowest inventory we have seen in years. Days on market is only 13, which considering many homes wait a week before accepting offers, shows this is a swift market, indeed.

We have heard low inventory and increase in sales prices before, but it can’t be taken for granted. New listings are down (-13%), properties sold are UP (3%), days on market are down (-32%), BUT average selling price is UP 22% across the Toronto Regional Real Estate Board (TRREB). The fact that the properties sold number is up 3% rather than down points to an unusually robust market for November, a month that is normally heading towards a seasonal slumber.

In the City of Toronto, the average selling price came in 12% higher at $1,096,736 over 2020.

The higher end of the market ($2,000,000+) saw a whopping 96% increase in units sold over last year, and a -7% seasonal dip over last month. The increase at this level is probably a result of continued low-interest rates as well as confidence going forward that Covid-19 is being managed.

Condominium apartment unit sales were up (44%) over last month and up (4%) over last month. The average selling price was also up 1% last month, but up 17% over last year.

November 2021’s supply is EXTREMELY low. We had only 6,000 homes available for purchase. That includes all types of housing stock. Keep in mind this 6,000 number includes almost 3,000 condominium apartments, which means that across all of TRREB we have about 3,000 houses available for sale. This is the lowest amount of supply going back years. That means average sale prices go up because demand remains strong. This supply issue is not just a Toronto problem, it is pervasive across neighbouring regions York, Durham, Peel, and Halton where most jurisdictions have less than one month of inventory available for sale. We are on track to end the year with 120,000-122,000 properties sold, a new record.

No doubt some sellers are moving their purchase timeline up with the belief that interest rates will rise in the new year. This has added to the demand we are seeing. The bottom line is this: If you have a house or condominium to sell, the first part of 2022 is an optimum time to sell.