Vol. 31, Issue 4, July 2023
- Julie's Scoop
- Quote of the Day
- Krazy Kontests
- Chit Chat…
- A few of our Favourite things
- Real Estate Market
- 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!
Hope you’re enjoying the heat wave here in Toronto! Fortunately we’re getting some rain at night as the gardens are so dried out!
Our team is enjoying a variety of adventures this summer. Holly is loving making her garden beautiful. School’s out so it’s been a bit of cottage and pool time for Emily & Scott & family. Brenda was in Vancouver for her 60th high school reunion. Jay has been spending plenty of time with family in Hamilton and T.O. It’s like Christmas in July for me with the Tour de France being on & I was thrilled to see a Canadian Mike Woods win stage 9 on Puy de Dome.
I am still recovering from my bike accident at the Ride to Conquer Cancer. I broke bones in both my hands (yes - hard to believe!) in a slow mo accident. I am grateful as it could've been much worse. I am also grateful for my family and friends who have helped me so much since. I've never broken a bone before so this has been an interesting experience. Full kudos go to the Ontario health care system both in Hamilton emerg., as well as to St.Joe's hospital for their follow up with Dr. & OT. It is a blessing to live so close to St Joe’s because I have not driven yet!
Despite the crash, my Ride to Conquer Cancer team and Proud Marie's group that I've been captain for 15 years is incredibly rewarding and exciting. Our team this year raised a whopping $169,794!
Since our last newsletter, we've been busy with some fundraising. The JKT was a part of Keller Williams RED Day global. Since May of 2009 our entire company, from the U.S. and Canada to all our family of offices abroad, sets aside the second Thursday of May to Renew, Energize, and Donate within the communities we serve. We volunteered at “Loaves and Fishes” Food Bank out of St. Pius X Church in Bloor West Village, as well as at Ernestine's Women's Shelter. So many people are doing so much good and it's just a small token of our appreciation to spend some time helping out those in need.
Our team also hosted a number of clients in June at the renovated Rogers Center. It was even more fun because the Blue Jays won an exciting game! So nice to be amongst the JKT peeps.
The market has been interesting - we had the typical flurry of activity this spring. Today the Bank of Canada raised their rates .25%, after raising as well in June. There was a nice reprieve between Jan-June at 4.5%. The June 7 & today total gets us to 5%. Our sellers have actually done quite well. When homes are prepared properly and positioned correctly in the marketplace, based on understanding the buyers and where the value is, sale prices rebounded - plenty of multiple offers were on the go, not all, but many. For buyers, rates have been quite competitive still, alot more of course like “the old day” rates, but also because # of transactions is down, so banks want to make $ on 5*clients.
Unfortunately these change of rates has been quite an eye-opener as well. We are understanding just what some homeowners are struggling with financially. This rapid increase in mortgage rates is harshly affecting those with mortgage renewals coming due as well as anyone on variable/line of credit. There are some pretty desperate situations. Even investors are being hit hard because their rental rates, despite seeming high, do not cover a lot of the expenses now as interest rates have doubled or more since the investor originally locked into their rate. I can see it continue particularly in the condo market, and I can see that properties with an income component will be popular, to help offset costs. I think we've been fortunate in Toronto so far that the lack of inventory has helped keep market values strong. The central bank will make its next determination about interest rates on September 6.
guiding you home™,
P.S. We are excited to share a new educational program for our clients in partnership with one of our trusted mortgage brokers Michael Boccia. First segment is for those focussed on RESP’s. Check it out!
Krazy Kontest Winners… Love supporting LOCAL!
Our April Winner was Lisa Chu! Lisa chose a GC to the East End Jules Bistro.
Our May Winner was Ashley Ricketts! Ashley chose Keko Shawarma in the Junction.
Our June Winner is Scott Ceriko. We excitedly await to hear his choice of a place in Roncesvalles with a great patio.
And do not forget you can still enter our July Krazy Kontest NOW!
Have you been thinking about your children's RESP?
We are excited to share a new educational program for our clients in partnership with one of our trusted mortgage brokers Michael Boccia. His mission is to help homeowners make the most out of their mortgage, to achieve their financial goals. We both believe that knowledge is power, and our aim is to empower you with the information you need to make informed decisions. The first course is all about RESP’s. Check it out! And let us know if it is helpful.
LACK OF LISTINGS LED TO TIGHTER GTA MARKET CONDITIONS IN JUNE
Home sales and the average selling price in the Greater Toronto Area (GTA) in June 2023 remained above last year’s levels. Seasonally adjusted sales dipped on a month-over-month basis. The seasonally adjusted average selling price and the MLS® Home Price Index (HPI) Composite benchmark were up compared to the previous month.
“The demand for ownership housing is stronger than last year, despite higher borrowing costs. With this said, home sales were hampered last month by uncertainty surrounding the Bank of Canada’s outlook on inflation and interest rates. Furthermore, a persistent lack of inventory likely sidelined some willing buyers because they couldn't find a home meeting their needs. Simply put, you can't buy what is not available,”
said Toronto Regional Real Estate Board (TRREB) President Paul Baron.
GTA REALTORS® reported 7,481 sales through TRREB’s MLS® System in June 2023 – up 16.5% compared to June 2022. The number of listings was down by 3% over the same period.
The year-over-year increase in sales coupled with the decrease in new listings mean market conditions were tighter this past June relative to the same period last year. The average selling price was up by 3.2% to $1,182,120. The MLS® HPI Composite benchmark was still down by 1.9% on a year over-year basis – the lowest annual rate of decline in 2023. On a month-over-month basis the seasonally adjusted average price and MLS® HPI Composite benchmark were up.
“A resilient economy, tight labour market and record population growth kept home sales well above last year’s lows. Looking forward, the Bank of Canada’s interest rate decision this month and its guidance on inflation and borrowing costs for the remainder of 2023 will help us understand how much sales and price will recover beyond current levels,”
said TRREB Chief Market Analyst Jason Mercer.
“GTA municipalities continue to lag in bringing new housing online at a pace sufficient to make up for the current deficit and keep up with record population growth. Leaders at all levels of government, including the new mayor-elect of Toronto, have committed to rectifying the housing supply crisis. We need to see these commitments coming to fruition immediately, or we will continue to fall further behind each month,”
stressed TRREB CEO John DiMichele.
“In addition to the impact of the listing shortage, housing affordability is also hampered on an ongoing basis by taxation and fees associated with home sales and construction as well as the general level of taxation impacting households today. Going forward, we need to look at all of the factors influencing the household balance sheet and people’s ability to house themselves,”
Campfire Circle provides programs for kids and families affected by childhood cancer or serious illness, at no cost to families. In the summer and all year long.
Ooch was an extraordinarily happy experience for the kids - full of friendship and fun and a place to take away all the worries - where Jen Palacios and I both volunteered.
If you are in the position to pay it forward, please donate to one of these worthy charities during this time. 💕
A company's success is strongly impacted by the customer reviews and for those of us in real estate, Google reviews and Facebook reviews create the biggest impact. We are asking for your help to go online and add your input and we will happily donate to a charity of your choice for your efforts!
You can do it on Google Maps here (it's very very important that youwrite a comment as well in addition to the rating), or you can also leave the same review on JKT's Facebook page here by clicking on "Yes" next to the "Do you recommend the JKT?" It's true, 5* reviews are almost as precious as a referral nowadays!
Interested in new build condos and townhouses? We have access to pre-public sales of new developments. Be sure to get in touch to take advantage of this leg up!
A continuing column of the Julie Kinnear Team's sales...
21 Kenneth Avenue in West Bend ~ SOLD OVER ASKING (represented seller & buyer)
|20 Guildwood Parkway #214 in Guildwood Pkwy / Kingston Rd ~ represented buyer
Did You Know? We have a large number of awesome trusted realtors in different towns and communities across Ontario, Canada and Internationally. Just get in touch so we can introduce you.
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.