marketstats

Welcome to a new episode of The Real Estate Podcast with me, Nico James-Bock, a Broker at Royal LePage Signature Realty in Downtown Toronto.  

As we moved through the first quarter Realtors were increasingly reporting that competition between buyers was heating up in many GTA neighbourhoods. The most recent statistics support this with the average sale price above the average list price for the first time since May 2022.  It has been suggested that demand for home ownership will continue to recover this year as high average rents move more closely in line with the cost of ownership.

There were 6896 sales reported in March 2023, down 36.5 per cent compared to March 2022. On a month-over-month basis, actual and seasonally adjusted sales were up. New listings were also down on a year-over-year basis but by a much greater annual rate. This points to tighter market conditions compared to last year, at the end of March TRREB currently reported only a month and a half of inventory of available homes of all types.  

The average selling price was down by 14.6 per cent year-over-year to $1,108,606. The average selling price was up month over-month on an actual and seasonally adjusted basis.

TRREB's Chief Market Analyst, Jason Mercer, reported that with greater uncertainty in financial markets, medium-term bond yields have begun to trend lower. This has and will continue to result in lower fixed rate borrowing costs this year.  Along with record setting immigration, first-time buying intentions will continue to remain strong.

Takeaways

1.Home prices are trending upwards

2.We are expecting another BoC rate hold in the next announcement, Apr 12th

3.Fixed interest rates are directly affected by the Bond Yield

4.Variable Rates are affected by the BoC’s interest rate moves

5.Budget 2023 introduced Urban, Rural, and Northern Indigenous Housing Strategy and The Housing Accelerator Fund

6.an intention to reallocate National Housing Co-Investment Fund dollars from the repair stream to the new construction stream, as needed. 

7.enable financial institutions to offer the previously announced Tax-Free First Home Savings Account, starting April 1, 2023.

8.Bill 23 More Homes Built Faster Act – to see that more homes are built in a timely fashion and offer protection to consumers against unethical developers.

That's it for today's episode. I'm Nico James-Bock, a broker with Royal LePage Signature Realty in Downtown Toronto and founder of The CondoWiz™Group.  As always you can reach out to me through my various channels.

Ciao Ciao

Video Version: https://youtu.be/iBcuB26gT7c

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We are only a few weeks away from the end of the first quarter of the new year!

I have an interesting update on the housing market as home prices have dropped over last year's record peak in February 2022. The drop in prices is assisting in mitigating the cost of higher mortgage rates and borrowing costs.   The average sale price in February was approximately $1,095,617, down 18% compared to February 2022 but it's up almost 5% compared to the same time in 2021.  The housing correction that started in March 2022 continues. But we are seeing signs of a return to normal housing appreciation.

Months of inventory levels dropped slightly and are now hovering around two months.  This inventory represents all home types, should the Toronto Regional Real Estate Board not add another listing, the GTA would be sold out of its residential real estate inventory in just two months.  

There has been an increased demand for real estate that is beginning to run up against a constrained supply of listings which is leading to increased competition among buyers. We feel this will eventually lead to renewed price growth in many areas of the market.  

The Bank of Canada today held its target for the overnight rate at 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. The Bank is also continuing its policy of quantitative tightening. No increase in the rate this time around. 

The residential new construction market has also begun to pick up with the Bank of Canada making their intentions clear to hold interest rates at their current levels, more buyers and investors are engaging in this area of the market.  With a limited inventory of available resale homes, first-time buyers, up-sizers and down-sizers have taken a keen interest in new construction opportunities.  

The charts and graphs are attached to the blog post. You can always view them and reach me through my various channels: 

Ciao ciao 

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In this episode of the Real Estate Podcast with Broker Nico James Bock, I will provide you with a brief update on what is happening in today's residential real estate market.  There have been many headlines  recently that speak of a shift or change in the real estate market.  

To fully understand this so-called “shift”, I’ll walk you through the first quarter results Jan - March 2022, then provide you with a detailed summary of April’s Macro Market Stats.

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In today’s podcast I’m going to provide summary points from an analysis of the February 2022 market stats, as well as key insights into the various residential housing markets.

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The February stats are here! In this episode I present an overview of the February 2022 stats as they pertain to the freehold segment of the market. Plus the top 5 CondoWiz™️ project pics for March.

Helping you increase wealth through #realestate
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