Shawn Radvanyi, Realtor, Royal LePage Real Estate Services Ltd., Brokerage

Young Canadians in the pursuit of home ownership! Getting that down payment is one of the biggest barriers.....

Despite affordability challenges, majority of young Canadians see home ownership as a worthwhile investment | Royal LePage Despite affordability challenges, majority of young Canadians see home ownership as a worthwhile investment Gen Z and young millennials are prioritizing saving, building good credit and reducing discretionary spending to achieve goal of home ownership Highlights: 84% of Canadians aged 18-38 believe....

July 2024 GTA Market Update:

The Greater Toronto Area real estate market saw a rise in buyer activity in July 2024, with sales increasing compared to the same period last year. Despite this uptick, buyers continue to benefit from a well-supplied market, as new listings outpaced sales growth, providing more choices and slightly easing price pressures.

July 2024 GTA Market Update

After four years of elevating borrowing costs, interest rates finally dropped in June, leading to buyer optimism. However, as the June data indicates, this has not yet translated into increased sales. Sales fell to 6,213, marking a 16 per cent decline compared to the same period last year.

Despite this, there are reasons for optimism for both buyers and homeowners.

For buyers, the good news is that not only have interest rates begun their descent, inventory has increased and prices remain stable. The average home in the GTA now sells for $1,162,167, essentially unchanged compared to last month and 1.69 per cent below last June.

For homeowners, despite a yearly increase of 67 per cent in active listings, a prolonged period of high interest rates, and recent changes to Canada’s capital gains tax, home prices have proven resilient. As buyers regain market confidence and monetary policy continues to ease, home prices are expected to climb once more.

Royal LePage president Phil Soper is forecasting an increase in home sales and prices after the Bank of Canada made its first interest-rate cut in four years.“It’s been four long years since Canadians have experienced a policy-driven drop in the cost of borrowing,” Mr. Soper said to The Globe and Mail. He said the small rate cut and stronger consumer confidence will “material lift” in sales and “accelerated home price appreciation.”

Shawn Radvanyi - June 2024 Market Stats Brochure

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May 2024 Market Stats Summary:
The Bank of Canada’s much anticipated reduction of its key interest rate began today with a rate decrease of 25 basis points, bringing the new rate down to 4.75%. While a minor change, it signals ashift from the Bank of Canada, kicking off an easing cycle that will deliver lower interest rates now that inflation is under control.
In the GTA, May home sales remained slower than average, however in the wake of an interest rate decrease, an increase in sales activity is on the horizon for the second half of 2024. While sales were subdued, prices were once again resilient. The average selling price of $1,165,691 was down by 2.5% over the May 2023 result of $1,195,409. On a seasonally adjusted monthly basis, the average selling price edged up slightly compared to April 2024.
7,013 homes were sold in the GTA in May 2024 – a 21.7% decline compared to 8,960 sales reported in May 2023. New listings amounted to 18,612 – up by 21.1% year-over-year, as sellers positioned themselves to take advantage of strong home prices and an increase in demand following the June interest rate announcement. Increased inventory in the condominium segment will create an opportunity for buyers this summer.
Inventory in the condo sector has surged year-over-year, resulting in 8,183 active listings. Despite this increase, sale prices for condos remain stable, with the average condo selling for $730,815, marking a modest 2% yearly decline.
The detached home segment is also seeing higher inventory, with 9,335 active listings—the highest level since September 2019. The average sale price for detached homes across the GTA is now $1,506,675, reflecting a 3% yearly decrease.
The semi-detached and townhouse sectors also saw significant increases in active listings, and sale prices for semi-detached homes now average $1,173,819, marking a 3% month-over-month increase.
Townhomes are now selling for an average price of $1,040,141.
Consumers have clearly indicated that lower interest rates will act as a catalyst for buyers re-entering the housing market.

Shawn Radvanyi - May 2024 Market Stats Brochure

The Bank of Canada reduced its target for the overnight lending rate today by 25 basis points to 4.75%. The long-awaited move comes after 11 months of rate holds, and marks the first time in more than four years that the key lending rate has been cut. 📣🔑

“Our research indicates that half of sidelined homebuyers in Canada plan to resume their home search plans once the bank rate begins to drop. This will no doubt spark activity and put upward pressure on home prices in the second half of the year,” said Phil Soper, president and CEO of Royal LePage. 🏠

🔗 Learn more by tapping the link below!
https://blog.royallepage.ca/bank-of-canada-update/

The BoC's next interest rate announcement is set for July 24th.

It has taken too long for the Bank of Canada to act.

They need to lower interest rates now to help people find a place to call home, encourage more building, and address the cost-of-living crisis – and tomorrow, they’ll have chance to do just that.

High interest rates, a lack of housing supply, exorbitant development charges, and punishing land transfer taxes are making it nearly impossible for young Canadians to get the keys to an affordable home.

The Time For Lower Interest Rates Is Now This article was written and submitted by Tim Hudak , CEO of the Ontario Real Estate Association (OREA), Canada’s largest provincial real estate association.On June 5, the Bank of Canada will have another chance to reduce interest rates, after declining to do so yet again in May. It is beyond time...

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Royal LePage 2024 Most Affordable Canadian Cities Report

April 2024 GTA Market Stats

Shawn Radvanyi - April 2024 Market Stats Brochure

TRREB files lawsuit against realtors over ORWP opposition Millions are on the line for “civil conspiracy, wrongful interference, tortious interference and breaches of contract and membership...”

Recently, RBC Economics released a report entitled, "The Great Rebuild: Seven Ways to Fix Canada's Housing Shortage.” This report looks at the five phases that led to Canada’s housing issues and offers recommendations to address our housing supply and affordability challenges. Proposed solutions include leveraging immigrant skills for construction, reducing red tape and incentivizing purpose-built apartments. These efforts aim to rebalance supply and demand, ensuring continued accessibility to homeownership and driving Canadian prosperity.

March GTA Market Stats Are In!

Greater Toronto Area saw notable increases in sale prices, inventory levels, and buyer activity. The average home in the GTA now commands a price of $1,121,615, reflecting a 1.17% uptick compared to the same period last year. Active listings increased by 23% year-over-year, with 12,459 properties available for sale. Last month, sellers saw GTA properties fetching an average of 102% of the asking price. Buyer activity, while not as strong as last March, increased over February, with sales rising by 16% month-over-month. For a deeper dive into the details, please access the booklet below.

Shawn Radvanyi - March 2024 Market Stats Brochure

When Will Mortgage Rates Drop in Canada? An Expert Weighs In

Canadians across the country are itching to buy or trade up for a new home. However, interest rates are holding many buyers back. Earlier this month, the Bank of Canada decided not to lower its key interest rate. It’s the fifth time in a row that the central bank has kept its rate at 5.0 per cent. The hold was expected because the bank is waiting to ensure inflation is under control.

When Will Mortgage Rates Drop in Canada? An Expert Weighs In - HGTV Canada Wondering when mortgage rates are going to drop? We spoke with an expert for her take on the current market and where it's headed.

When you see a young couple move into your neighbourhood, there is a very good chance The Bank of Mom & Dad are giving a leg-up. An older survey conducted by OREA in 2022 found that 4 in 10 parents in Ontario had helped their adult children (aged 18-38) financially with a home purchase. The average loan provided was about $41,000, while those parents who gifted money averaged close to $74,000.
Today, bank studies put that amount significantly higher, especially in large cities like Toronto. Today, as prices have climbed, it’s believed that gift amounts have risen as well, experts note. It’s been observed that it’s not uncommon for “children” as old as 40 and over to be the recipients of parental largesse around housing.

The bank of mom and dad: Taking extremes to secure children’s homeownership dreams in steep markets As affordability issues persist, is the 'Bank of Mom and Dad' the only hope for millennials and Gen Z to enter the housing market?

February 2024 GTA Home Market Summary:

The Greater Toronto Area (GTA) housing market experienced a robust surge in February, indicating a promising outlook for the region's real estate sector entering Spring. Sales soared to 5,607 homes, marking a remarkable 33% increase from the previous month and a significant 17% rise compared to the same period last year, showcasing renewed vitality. This heightened activity drove property prices up, with the average home fetching $1,108,720—a noteworthy monthly surge of $82,017, representing an 8% gain, the largest month-over-month increase since February 2022.

Notably, across all asset categories, there were substantial gains in average sales prices and total monthly sales, setting a strong start for the year compared to 2023. Responding to this increased demand, sellers re-entered the market with listings, resulting in 11,102 active listings for the month, reflecting a 15% yearly increase and hinting at potential improvements in inventory levels for 2024 after a period of low supply.

The GTA housing market has kicked off the year with notable vigor, showing robust sales across various property types compared to the previous year. January witnessed an average home sale price of $1,026,703, resembling figures from 2023, indicating a potentially busier year ahead. Total active listings saw a modest 8.5% yearly increase, reaching 10,093, while sales surged impressively by 36% annually, marking a resurgence of buyer confidence.

Despite not all asset classes experiencing yearly gains, the detached and semi-detached markets in the GTA exhibited price appreciation. The detached market saw a nominal increase in average sales prices and a 26% surge in sales, albeit with a slight decline in inventory. Similarly, the semi-detached market witnessed a price rise and a significant yearly sales increase, coupled with a reduction in inventory. The condo market noted a substantial uptick in sales activity, hinting at potential price rises, while the townhouse segment saw a notable increase in yearly sales amidst limited property availability.

The anticipation of further market acceleration, especially before potential interest rate cuts by the Bank of Canada, presents an opportune moment for prospective homebuyers. Nonetheless, both buyers and sellers should remain cautious and well-informed as the market dynamics continue to evolve throughout the year.
For market info specific to your GTA property, DM

Shawn Radvanyi - January 2024 Market Stats Brochure

If you are looking for help navigating current market conditions, message me to get specific insight tailored for your needs. Let my knowledge & experience go to work for you.

“I believe the narrative suggesting that the housing market will rebound only when the Bank of Canada lowers rates misses the mark,” said Phil Soper, president and CEO of Royal LePage. “The recovery will begin when consumers have confidence the home they buy today will not be worth less tomorrow. We see that tipping point occurring in the first quarter, before the highly anticipated easing of the Bank of Canada’s key lending rate.” It is already ramping up to be a very busy spring & summer as sidelined buyers, waited for rates to stabilize are more confident and will have more affordability as rates decline.

A resurgence of activity in Canada’s housing market is expected this spring, with sidelined buyers banking on a drop in interest rates - Royal LePage Blog | Canadian real estate news High interest rates have caused many homebuyers and sellers to push pause on their real estate plans over the last six months, significantly curtailing…

To summarize; the GTA housing market weathered the uncertainty of 2023 with unwavering resilience. Moving into 2024, there are positive indicators for recovery and growth, and greater confidence in the potential for a robust comeback. The cyclical nature of real estate, coupled with anticipated rate cuts and pent-up demand, positions the market for a spring resurgence.

Shawn Radvanyi - Dec 2023 Market Stats Brochure This interactive flipbook is created with FlippingBook, a service for streaming PDFs online. No download, no waiting. Open and start reading right away!

🫡

Planning to spend the winter in a warm climate? 😎

If you own a residential property in Toronto, consider declaring its 2023 occupancy status before you go.

👉Remember, you must declare every year.

🗓️ The deadline is February 29, 2024.

Get more information and submit your declaration at https://www.toronto.ca/services-payments/property-taxes-utilities/vacant-home-tax/

Ratehub.ca's 2024 mortgage predictions | Ratehub.ca With 2024 just around the corner, Ratehub.ca's Co-CEO James Laird shares his mortgage predictions, and thoughts on the housing market.

Modest interest rate cuts expected to spur activity next year, leading to a rise in property prices - Royal LePage Blog | Canadian real estate news Following several years of unprecedented ups and downs, Canada’s housing market could return to more normal levels of activity and price trends next year.…

🏠 All residential property owners in Toronto must declare the property's occupancy status every year – even if they live there. 🏠

The deadline to declare occupancy status for the 2023 calendar year is February 29, 2024.

The City’s secure online portal is the best way to submit a declaration.
Declarations can be made by owners or their authorized representative. Homeowners can complete and submit a paper declaration form if they cannot declare online.

Declare your property's occupancy status at: https://www.toronto.ca/services-payments/property-taxes-utilities/vacant-home-tax/

From Open Offers To No More "Customers": What To Know About Ontario's New Real Estate Rules Effective December 1, 2023 Ontario's Real Estate Rules Undergo Significant Changes with TRESA Implementation The Trust in Real Estate Services Act (TRESA) has ushered in a new era for Ontario's 96,000 real estate professionals, as its latest phase took effect on December 1. This legislative shift, introduced by the provincial

November 2023 GTA Real Estate Snapshot: Trends and Prospects

As of November, GTA home prices plateaued at $1,082,179, mirroring last year's figures. A mid-year surge tapered off due to interest rate hikes, resulting in the second-lowest point for home values in the year.

November's total inventory stands at 16,759 listings, a monthly drop of 2,781 but a YoY increase of 4,849. As economists discuss potential interest rate cuts in spring, speculation arises about the market regaining momentum. An article in the Globe and Mail suggests a full percentage point cut next year. Despite stagnant sale prices, the market presents favorable conditions for buyers with the anticipation of rate cuts.

Examining asset classes, semi-detached homes maintain stability with a $42,000 price range since July, boasting a 2% YoY gain. In the GTA detached segment, monthly losses led to an average sales price of $1,403,500, with inventory declining to 6,834, a 20% decrease from October. Condos remain active with a 50% yearly increase in inventory but experienced a 1,212 sales dip, the lowest since January.

Recent news highlights over 2 million mortgage renewals across Canada. Chrystia Freeland's announcement under the Canadian Mortgage Charter provides relief. Lenders must inform homeowners four to six months before renewal, offering options to avoid negative amortization and sell without penalties. Banks can't charge "interest on interest" during periods of negative amortization.

For homeowners, delaying may have repercussions, and the current period presents an opportune time to buy with factors like immigration, housing supply constraints, and potential lower interest rates, resulting in less competition compared to what may transpire in 2024.

For your specific market area of interest, please DM me.

November 2023- Shawn Radvanyi - Market Stats Brochure This interactive flipbook is created with FlippingBook, a service for streaming PDFs online. No download, no waiting. Open and start reading right away!

Bank of Canada maintains policy rate, continues quantitative tightening The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is continuing its policy of quantitative tightening.

Real Estate thought for the day....

October 2023 GTA Market Update

In the province of Ontario, 35 per cent of residential mortgage holders will be renewing their lending agreement within the next year and a half (21% within 12 months and 15% in 12 - 18 months). Of them, 74 per cent say they are concerned about their upcoming renewal.
According to the survey, 81 per cent of mortgagees in the province obtained their mortgage from a prime lender; 73 per cent have
a fixed-rate mortgage (open or closed); and 21 per cent have a variable-rate mortgage (open or closed).

RLP Mortgage Renewal Survey 2023