As an agent, I always look at the current Toronto house market trend – in general, the property market of the city. Today's current market prices are challenging at best, but it doesn't mean you can't buy properties at all – you just need the perfect timing. Here's a simple analysis of the Toronto house market trend to help you make informed buying decisions.

Property Prices Are Rising

According to recent data, the Greater Toronto Area’s benchmark home price for March 2024 was $1,113,600, marking a 0.3% increase year-over-year. 

The average home sold price in the GTA also saw a 1.2% year-over-year increase, reaching $1,121,615 in March 2024. 

However, the picture varies across different property types. While detached home prices decreased by 0.2% year-over-year to $1.47M, semi-detached homes saw a 3.1% increase to $1.12M. 

Freehold townhouses experienced a slight uptick of 0.2%, reaching $1.04M. On the other hand, condo apartment prices decreased by 0.5% year-over-year, settling at $700k. 

In my view, these numbers are a mixed bag for homeowners and potential buyers, but if you've got enough, I recommend buying despite these prices as I think it would get way higher in the following years – Toronto is a great city, after all.

Demand Soars While Supply is Short

One of the key driving forces behind the Toronto housing market is the stark imbalance between supply and demand. Data suggests that investors who own more than one property in Ontario make up more than 25%. 

Unfortunately, many homebuyers who are in need of a home are finding themselves trapped in a competitive market due to high demand and limited supply. This imbalance has led to bidding wars and skyrocketing prices in certain Toronto neighborhoods. But with a helpful agent, you can always find the best prices without difficulty.

Increased Foreign Investment

Another notable trend in the Toronto housing market is the increased foreign investment. Many non-resident foreigners have stayed in the city for two years either due to work or school. 

As per law, non-residents who have stayed for more than two years in the country can now buy various types of properties. While this influx of foreign investment has contributed to the overall growth and dynamism of the market, it has also raised concerns about affordability and accessibility for local residents.

Lower Wages in 2024

Despite the buoyant housing market, the broader economic landscape in Toronto has seen some challenges, particularly in terms of wages. Average union wage settlements above 5% are becoming more rare, indicating a slowdown in wage growth. In the first quarter of 2024, wages were found to be lower by 4% compared to the previous year. The limited buying powers we currently will most likely bog down and cause problems in the market.

Government Intervention and Policies

The government, especially in Toronto, isn't idly standing by as the property bubble continues to get bigger. The introduction of the Non-Resident Speculation Tax (NRST) aimed to curb foreign investment and cool down the market. 

Furthermore, the expansion of rent control measures and the introduction of the Fair Housing Plan have been implemented to ensure affordability and stability in the market. These interventions have had varying degrees of success, with some arguing that more needs to be done to address the root causes of the housing crisis.

I know the analysis above reads a little bleak right now, but trust me, I think that it'll get better over time. For the time being, if you're looking for an excellent property in Toronto, you've come to the right place. Let's find the perfect property for you today with my help. I'm Mats The Agent, and you can reach me through a call or by filling out my inquiry form above!

Planning to sell your home soon? You can list it on various auctioning sites or ask around and see what your immediate leads can offer you. 

Or, you can hire a real estate agent and get the best prices for the property you're selling, especially if it's in a prime location like Toronto.

Before you choose an agent to help sell your house, it's essential to ask the right questions to ensure they are the right fit for you. Today, I'll share some helpful questions to ask your estate agent when selling your house:

1. Experience and Expertise

Inquire about the real estate agent's experience in the industry. Ask them how long they've been working in real estate and if they have any specialized expertise that might benefit you. Some specialize in residential or commercial properties. Selling a high-end home with lots of amenities? Better get someone who knows how to appraise it well – and has a great network of leads who might be interested.

Additionally, inquire if they have sold properties in your area before, as familiarity with the local market can greatly help. It also means they have some leads who can link them to other sellers who may be interested in the type of property you're selling.

2. Pricing and Marketing

Appraisals matter – they determine the total profit you can gain based on the maximum and floor value of your property. A capable agent has a pricing strategy for any occasion, which includes plans on how to market your home to potential buyers. Furthermore, request examples of successful sales your agent has made in the past – while past performance doesn't indicate the future, it's a good indicator of things to come.

3. Communication and Availability

Information is power, and it's no different when selling your property with the help of a real estate agent. Ask how often they will provide updates on the sale progress and the time and days they're accessible to talk shop. If they're working with a team, ask who will be your primary point of contact to avoid confusion.

When conversing with your agent, ask about the possible leads they currently have, the difficulties they currently face in terms of finding leads, appraising the home, strategy, and beyond. Be sure to ask for their plan of action – a remark shouldn't be enough to give you satisfaction since your house is on the line.

4. Fees and Contracts

Admittedly, working with real estate agents like me won't be free – we'll charge you in two ways. We usually earn a percentage as our commission and administrative pay if we successfully sell your property. Even if we state that we'll be working with you this way, always ask your prospective agent to put it in paper and clarify all exclusivity and other clauses on the contract before you sign.

5. Client References

Unsure about your real estate agent's track record? Ask them for testimonials or contact information for previous clients to learn about their experiences working with the agent. If you can, look up their website – you'll be sure to find their achievements, previous commissions, and overall performance. Alternatively, you can ask their secretary to give you a reference about their capabilities.

6. Market Analysis and Strategy

Every real estate agent knows how to read the market. While they can give you recommendations, this is based on their strategy and has its own sets of pros and cons. Furthermore, you can request a market analysis along with the appraisal of your property to learn its maximum and floor value. Lastly, inquire about the agent's strategy for selling your house quickly and at the best price – usually, this can be impressive or a bit weak depending on their experience in your current market.

7. Legal and Regulatory Knowledge

All real estate agents can only become registered and licensed if they're fully familiar with local property laws and regulations regarding property sales. Ask them for regular updates regarding any legal requirements essential met during the sale process and the date they'll process it. Also, ask them about any legal professionals that may be involved (and need to get paid) throughout the selling process.

8. Timeline and Expectations

Experienced agents distinguish themselves from new blood with their capacity to set definite timelines that are followed and accurate estimates on pricing. If your agent can give you a set time of ending the entire sales process based on previous scenarios they've worked together with their past clients, you're definitely in good hands. Be sure to ask them about it – a good agent will likely not need you to ask at all.

Ready to sell your home? Entrust it to an experienced and reliable agent. I'm Mats the Agent, and I'm here to help you get the best prices to sell your property in Toronto. Call me today or visit my website to get started!

Whether it's your first time or have dipped your toes in the water that is the vibrant real estate market of Toronto, the decision to buy or rent properties is one that weighs heavily for most people. Both options offer distinct benefits depending on your goals. In this post, you'll learn from the experience of a reliable real estate agent in Toronto to see whether it's better for you to buy or rent a property in Toronto.

Priorities

By far, Toronto – and Canada in general – has an economy strong enough to deflate the high 3.4% inflation of the previous year down to 2.9%. If you're coming from another city or nation, you'll find that the high initial costs of earning properties is a gateway towards better returns in the future to date as Toronto has had a historic trend of economic upturns.

So, buying a property could be greatly expensive, but if your priority is to raise your children and establish your roots in Toronto, your home will increase in value over time and even be a useful asset to your offspring in the future.

On the other hand, renters might find high prices bad news. Then again, renting a room or board in the name of developing your career in Toronto is still practical – you won't be dealing with additional costs, only the regular pay to your landlord. Once you've saved enough, you can return and maybe buy a property once the market is in good shape.

Affordability

As I've mentioned, purchasing a property in Toronto often requires an enormous initial investment. It's not surprising that property prices are soaring in the city's most desirable neighborhoods, and that saving for a down payment can be challenging. However, if you can afford it (and you want to plant roots like I've mentioned) buying a home allows you to build equity over time and bring yourself to long-term financial stability.

Alternatively, renting provides a more flexible financial commitment. While rental prices in Toronto can also be high, renters are not responsible for property taxes, maintenance costs, or mortgage payments. If you're not keen on staying in Toronto or just want to experience the financial center of Canada, this flexibility can be advantageous as it keeps you mobile and unattached to anything fiscal or legal.

Market Conditions

The Toronto real estate market has historically been strong, with property values appreciating over time. As I've mentioned, the market just recently deflated from a high inflation rate the previous year. Of course, the same can't be said for its current market, but, if you do by chance encounter a stable market, a home is a wise investment with limitless potential for future financial gain.

For renters, the current market conditions are easily avoidable – you're just paying the rent after all. If anything, your landlord probably has a locked-in interest term regardless of market movement. So, if property values decline, you don't have to worry about anything – renters are not responsible for the property's value.

Flexibility

There's no doubt about it: owning a property provides a sense of stability and permanence. It makes you feel and experience the freedom to customize your living space and establish roots in a community. It also helps you become part of the community and enjoy the fruitfulness that Toronto is. However, this can also limit your flexibility if you need to relocate for work or personal reasons.

If you're focused on your career and aren't too keen on staying long in the city, renting is most likely the most flexible option. Usually, lease terms are typically shorter than mortgage contracts – especially useful for those who anticipate changes in their living situation or career in the near future.

Maintenance and Repairs

Do you enjoy DIY? Well, good news for you. As a homeowner, you are responsible for all maintenance and repairs on the property – which means you can do whatever you want with it (as long as you don't go head-to-head against your HOA's covenants and regulations). However, it also means it's a significant financial responsibility to keep it in good shape and have high equity.

For the most part, renters are not responsible for most maintenance and repair costs – you should leave that to your landlord. While you can save money in the short term, you won't be able to add stuff you might have liked to have – for instance, you can't install modular cabinets to store more goods and other items in the kitchen and bedroom.

Long-Term Financial Goals

For many, buying a property is a long-term investment in their financial future. Over time, property values tend to appreciate, building equity and potentially providing a source of retirement income. If you plan to stay in Toronto and eventually spend your days in the sunset here, then I strongly recommend buying a property.

But if you're not really interested in investing and are only here to study or work, renting can be a more suitable option. Sure, school and work contracts might span years or half a decade, but they're far from long-term plans. 

Want to buy a property in Toronto? Let me help you find the best ones. I'm Mats and we can work together to find the best properties suitable for your needs. Call me today or visit my website and let's get started!

Hey there, Toronto and Ontario homeowners! Are you ready to take a peek into the crystal ball of real estate and see what 2024 has in store for us? According to the latest insights from Re/Max's housing outlook report, there are some interesting trends on the horizon.

Did you know that Toronto's home prices are expected to drop by 3% next year? That's right, a recent report predicts a slight dip in prices, which might just be the opportunity you've been waiting for. But it's not just Toronto - the entire province of Ontario is experiencing a mix of ups and downs in the real estate market.

So, whether you're planning to buy, sell, or just curious about the market trends, buckle up as we explore what's in store for the real estate landscape in 2024. Let's dive in!

Toronto's Condo Market Set to Bounce Back

Good news for condo owners! After taking a hit in 2023, Toronto's condo market is expected to bounce back. With developers canceling projects, the inventory is getting tight, which could lead to an increase in prices. So, if you've been waiting to sell or buy a condo, keep an eye out for those modest gains or a flat market going into late spring.

Ontario Real Estate Market

Mixed Performance Across Ontario

Ontario's real estate market is a mixed bag. While Toronto might see a dip, cities like Windsor are looking at a 7.5% price increase. However, Kitchener is facing an 8% price decline, mainly due to struggles in the tech industry, a significant job market in the region. These job market fluctuations are crucial to understanding local real estate trends.

National Real Estate Outlook

Overall, the national average home price is expected to increase by 0.5%. This reflects a trend where Canadians are seeking properties with rentable spaces to offset high mortgage payments and utility bills. It's all about making the most of your investment!

As we wrap up our journey into the future of Toronto and Ontario's real estate market, one thing is clear - 2024 is shaping up to be a year of change and opportunity. With Toronto's home prices expected to drop and the condo market set to bounce back, there's plenty for homeowners and buyers to consider.

Whether you're looking to make a move or just staying informed, staying connected to local real estate trends is key. Consider joining local real estate groups, attending community events, or engaging with local real estate professionals to stay in the loop.

If you're ready to take the next step in your real estate journey, whether buying, selling, or investing, don't hesitate to reach out to our team at Mats The Agent. We're here to help you navigate the market and make informed decisions. Here's to a successful 2024 in Toronto and Ontario real estate!

Toronto's year-on-year economic growth is spectacular. The city has only grown massively since 2009 with its 2.4% GDP contribution to date – what you can surely expect from Canada's business and financial district. Surely, you've got it made if you have a finance career in Toronto – making moving in a must for anyone for easy commute and laying down your roots.

However, a strong economic city with good long-term fundamentals puts it so high up, it's hard to reach for real estate investors or homeowners who just want to buy a home. This brings us to the crucial question: should I buy a house in Toronto now or wait?

Let's dive deeper into it with insight from an experienced real estate agent in this post.

Looking at the Numbers

WOWA, a trusted finance expert, lists that $1 million is the average price of a Greater Toronto Area home. On average, the sale price of a typical-sized home is $1.1 million. Want a detached home you can call yours without any shared walls? You'll need to shell out $1.4 million for that one.

Other figures show that condominiums and townhouses have dropped in prices. The usual one-bedroom condominium is just about $700,000 today, while a townhouse is priced at $1 million.

Now that you have seen the most recent prices, you might have a better answer to, "Should I buy a house in Toronto now or wait?"

Still no definite answer? Here are a few things you can consider to help you have a grasp on more details.

Pros and Cons to Owning Your Toronto House Right Now

As you might have noticed, there's no definite answer to whether you should buy your house in Toronto now or wait a little longer until the hoped-for deflation or 'bubble burst' happens – it would take years for this to occur.

In my experience, I think it's much better to consider the pros and cons of owning a home right now. Anytime is a good time to buy, provided you're mindful of the long-term.

Pros

• Highest Quality: Highly-priced properties on the market vary in quality, but rest assured most of them are constructed with high quality and durable materials in mind. It might mean properties of both low and high quality are available in Toronto's market. Having a keen eye with the help of a real estate agent like me will help you separate the wheat from the chaff.
• Benefit from Increases: There's no surprise that Toronto's property would skyrocket even further in the next five years. In 2019, some buyers won't decide on purchasing highly-priced properties. This year, they still won't – but if they bought, they could have sold or used a higher equity due to the high prices of today's properties.
• Helpful to Your Portfolio: If you run an REIT or want to invest in properties to rent out, buying higher means you get higher returns. With over 500,000 immigrants heading to Toronto and Canada as a whole, you can competitively price your properties and see higher demand for rental and purchasable properties. If you have the capital, you can probably increase your portfolio in Toronto.

Cons

• Steep Prices: Seeing the pros as really convincing, it's still no surprise that there's a huge barrier to entry in becoming a Toronto property owner. You'll need a high capital or the stomach and grit for outstanding financial discipline to purchase a home today. The prices are high, and they won't be coming down very soon.
• Low Variety: While property quality has equalized thanks in part to higher prices everywhere, it also means designs and styles have been standardized. If you're looking for a property you can personalize, you'll need to shell out a bit more to stand out, especially if you want to age in place in your Toronto property.
• Quick Sales: The prices are higher, but they're little more than usual for investors and fund managers. That would mean some premium property up for sale of high quality and at a good price would get snapped up instantly.

Summary

Now that you know what you're up against, should you buy a house in Toronto or wait a bit more? I highly recommend seeing all the pros and cons of buying a house right now. If it's much better to wait a little longer – see if the prices move more in your favor – then it's a much better option rather than forcing yourself to buy a home in an unsustainable position.

Truthfully, knowing if you're in a suitable position to buy a property can be challenging, so I highly recommend consulting with an experienced agent to help with your needs. Hi, I'm Mats The Agent, and I'm here to help out with all your real estate needs. Call me today or visit my website, and let's find the perfect property for you.

Who has time to study about Toronto real estate and how the prices move, analyzing the market, and other stuff? Real estate agents, of course. Real estate transactions can be complex and daunting, whether you're selling or buying a property. 

With the help of someone who has in-depth experience and knowledge in the field, hiring a real estate agent can make a significant difference in finding a property suited to your tastes, at the right price point, and beyond. Here are the key ways real estate agents benefit both property sellers and buyers.

Expertise and Market Knowledge

Anything that requires a license to pass means there's a huge need for responsibility, accountability, expertise, and market knowledge. Any real estate agent should possess a wealth of knowledge about trends, pricing, and neighborhoods in their local market. 

For sellers, this expertise is invaluable in determining the right listing price to attract buyers while maximizing profit. An experienced real estate agent can provide insights into what features or upgrades might increase the property's value and appeal to potential buyers. On the other hand, agents can offer guidance to buyers to find the perfect neighborhoods that align with their lifestyle and budget.

No-Hassle Leads

It's the real estate agent's job to find you a suitable buyer of your property or seller of a property you desire. Depending on your agent, you can find leads for average or high-ticket properties or buyers. Furthermore, you can count on them to help you market the property with professional photography, virtual tours, and targeted social media and internet campaigns where necessary. 

Negotiation Skills

Negotiations is a skill honed by years of experience – while it can be taught, nothing substitutes for a real estate agent who knows their stuff. Renowned real estate agents can determine the immediate need of the seller or buyer, the value of the property for sale, and other factors essential for negotiations. 

If you're a seller, a real estate agent can lift up your property price through appraisal, emphasize the value of various features and amenities it has versus other properties in the neighborhood, and ensure you get favorable contract terms. 

On the other hand, agents can inform buyers about possible wear and tear damage a property could have and, based on the local property prices, the actual price it should be sold. Agents may also inform them whether the seller is rushing to sell it to move to another city, the history of its former buyer, and other information critical to their decision to buy the house.

Guidance Through the Process

Real estate agents do not pass their licensure examinations without knowing the entire process of buying and selling the house. They're the best qualified to provide guidance and support all throughout. Agents can help sellers prepare their homes through recommending repairs, staging, and suggesting pricing strategies. Agents of buyers can help them with all the paperwork, requirements, and other clerical tasks involved in buying a house from start to finish.

Access to a Network of Professionals

An agent is well-connected to many professionals linked to the industry, such as mortgage lenders, home inspectors, appraisers, and home remodeling contractors. With this network, a seller can find out their home's worth and its potential after a contractor has remodeled the property and added new features. For buyers. It means their agent can hire appraisers and inspectors to check the house's actual conditions and the possible estimate of repairs it needs, which should add to the property's total cost.

Need help in buying or selling your house? You've come to the right place to find an agent willing to help you out. I'm Mats The Agent, and I'm ready to help you with all your home-buying needs. Call me today or visit my website and let's get started!

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We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.