Vol. 27, Issue 2, March 2019
- Julie's Scoop
- Quote of the Day
- Chit Chat...
- Market Watch & Mortgage Rates
- Feeling like Giving Back?
- The Julie Kinnear Team's GEMs (Genuine Evidence of Merit)
- What They Got - More of our happy buyers & sellers!
- A few of our Favourite things
Julie's Scoop
Happy March Break! I hope all is well and you are thriving.
Mary and I recently returned from a fabulous trip to Argentina & Chile (and a few days in Uruguay). We have made it our personal mission to visit as many wine regions of the world as possible, and do these big trips while we are healthy and super adventurous. Yes it is as much fun as it sounds.
Julie hiking in Bariloche, in Argentina's Patagonia region | The wine country in Mendoza, Argentina
It was spectacularly beautiful, between hiking in the mountains and lakes district of Patagonia to gazing from our accommodations at the foot of the Andes in Mendoza, to the cool, gritty urban cities of BA and Santiago with plenty of European flair, to the very exciting unique Chilean wine regions and to comprehending the language.
Street art in Santiago, Chile to discourage graffiti
Mary's father was a native of Madrid, Spain, so with Spanish spoken everywhere and very little English it was a good challenge to try to understand with the speed of the spoken word! And once again the Palacios name was very popular, as Uruguay and Argentina were colonized by Spain.
Apalta Valley and Barrel room in Chile | Casablanca, Chile
As far as the real estate market goes, there is a bit of a buzz going into what is traditionally the hottest real estate season each year. There are a few factors to show that there are some potentially good indicators of a strong spring, despite always seemingly gloomy news! First off, the Feb market stats show that there were fewer sales, but also that there was less inventory available as a result of the perpetual deep freeze and multiple winter storms. This has created a more typical gradual start to the year, with the city in hibernation, which in turn has created a bit of a pent up demand.
Another interesting development has been highlighted after the remarkable drop in the 4th quarter of 2018 in the stock market. It has added fuel to the increasingly popular notion of parents investing in real estate now for their children who they fear may never be able to afford to buy on their own in the city. The stock market tumble makes real estate that much more desirable in the long term. This goes hand in hand with the benefits of receiving high rents for the investment, and the desire to share/distribute wealth from their own equity. It has also continued to add demand for new build condos that will may take time to be built, as well as increase demand for the lower end/condo market and smaller homes.
There is also a strong segment of the population who were blessed and had the opportunity to buy their homes long ago enough that they have plenty of equity to upgrade their current home and/or increase space for their families. Of course, this usually happens after owning for a while, so it's a good reminder for first timers that it starts with a first home: the first condo, townhouse or freehold.
guiding you home,
Julie
P.S. Interested in new build condos and townhouses? We have access to pre-public sales of new developments. Be sure to to take advantage of this leg up!
Quote of the Day:
Chit Chat...
- There has been some talk in the media about the banks lobbying to get rid of the stress test, as it has dramatically affected their bottom line. Maybe it is just a rumour but fingers crossed!
- Have you seen Jen Palacios' pineapple videos on FB? It is a must! We definitely have a Food Network star in the making in our midst!
Market Watch ~ GTA REALTORS® Release February 2019 Stats
March 5, 2019 - Toronto Real Estate Board President Gurcharan (Garry) Bhaura announced that Greater Toronto Area REALTORS® reported 5,025 homes sold through TREB's MLS® System in February 2019. Compared to 5148 in 2018 (-2.4%).
"The OSFI mandated mortgage stress test has left some buyers on the sidelines who have struggled to qualify for the type of home they want to buy. The stress test should be reviewed and consideration should be given to bringing back 30 year amortizations for federally insured mortgages. There is a federal budget and election on the horizon. It will be interesting to see what policy measures are announced to help with home ownership affordability," said Mr. Bhaura.
Despite sales being down year-over-year, new listings actually declined by a greater annual rate. This suggests that market conditions became tighter compared to last year. Tighter market conditions continued to support year-over-year average price growth.
Both the MLS® Home Price Index Composite Benchmark and the average selling price were up on a year-over-year basis in February 2019. The MLS® HPI Composite Benchmark was up by 2.4% year-over-year. The average selling price for all home types combined was up by 1.6% over the same period. Price growth was driven by the condominium apartment segment and higher density low-rise home types. On a preliminary seasonally adjusted basis the average selling price was down compared to January 2019.
"Home sales reported through TREB's MLS® System have a substantial impact on the Canadian economy. A study conducted by Altus for TREB found that, on average, each home sale reported through TREB resulted in $68,000 in spin-off expenditures accruing to the economy. With sales substantially lower than the 2016 record peak over the last two years, we have experienced a hit to the economy in the billions of dollars, in the GTA alone. This hit has also translated into lower government revenues and, if sustained, could impact the employment picture as well," said Jason Mercer, TREB's Director of Market Analysis and Service Channels.
Feeling like Giving Back? Spinal Cord Injury Ontario
SCI is the largest agency in the province providing support, service and advocacy to people with spinal cord injury. The Ontario government recognizes their role in improving circumstances for over 33,000 Ontarian’s living with an SCI, and supporting thousands of family members. Though critical, this government funding does not cover the full scope of services which means donors fill that vital gap. To Donate please visit: https://sciontario.org
The Julie Kinnear Team's GEMs (Genuine Evidence of Merit)
If I had to do it again I would choose you as the realtor. I think you did an excellent job, maybe the best realtor I have had. I also want to give Claire credit, she was very helpful just when I needed the extra help.
- Astrid
What They Got - More of our happy buyers & sellers!
A continuing column of the Julie Kinnear Team's sales...
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109 Pauline Avenue ~ Bloordale Village Sold Under Asking |
56 Hook Avenue ~ Junction List Price: $899,000 Sold Over Asking |
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108 Boultbee Avenue ~ The Pocket Sold Over Asking |
48 Primrose Avenue ~ Mimico Sold Under Asking |
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88 Palace Pier Court #207 ~ Waterfront Sold Under Asking |
100 Western Battery Rd #801 ~ Liberty Village Sold Over Asking |
Our Purpose
Our purpose is for you to be so outrageously happy with the service we provide that you gladly refer us to your friends and family before you've even bought or sold with us.
The JKT - A few of our Favourite Things:
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Tyler
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Claire
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Jen
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Holly
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Tali
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Kathy
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Lupi
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Julie
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