Vol. 31, Issue 6, October 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)
- Spotlight on behind the scenes JKT member Lucia Spisiakova
- What They Got - More of our happy buyers & sellers!
Lots to share! Hope everyone had a nice Thanksgiving, and are enjoying the colours as they change in the neighbourhood, parks and Don Valley! Loving all those houses being decorated for Halloween!
The JKT had a blast with many clients at the pumpkin patch/day at the Farm - Dixie Orchards. It is amazing how close Caledon is to the city, yet so peaceful, with wild chickens, animals, fields and fun for the whole family! Check out more photos in here.
September was a big month for Brenda Kinnear on our team, as she has finally retired her actual real estate license after 45 years! My Mom was a big inspiration for me to get into the biz after spending so much time with her in my teens watching her at work. Brenda is still happily assisting behind the scenes, and was a big help at Dixie Orchards
Jay Banks is an avid baseball fan, and former amateur player. He was a spirited team member of our Keller Williams Co-Elevation team this year, in our annual tournament with fellow brokerages! Has the injuries to prove it too! They made it to the finals - Jay is in the back right corner with sunglasses on.
Holly and I attended our KWCE brokerage Fall kick off event together down at Harbourfront. What a fabulous terrace and view 10 Yonge Street has! Funny with all the traffic snarls and issues with the Gardiner being rerouted and Ontario Line construction, one rarely stops to enjoy the beautiful waterfront.
Check out the JKT Spotlight Lucia Spisiakova. You may now know her but Lucia is one of the extraordinary masterminds behind our extensive amazing website.
The real estate market continues to feel the pinch and pain more and more from the dramatic interest rate increases since March 2022. The prices are starting to be affected too, despite the numbers from Market Watch last month. The number of transactions are down, with the number of listings up. It is not dead by any means, but it is not exactly bouncy. It is unpredictable. There are still some multiple offers and big prices, alongside numerous price reductions and adjustments. The irony is that our city and real estate market is fickle, and nobody knows how long this will last. The key always is to balance what is right for your future and family - it is impossible to time the market.
Currently it is a great move up market - (if everything is slightly depressed the higher home will go down dollar wise more than the less $$ one). It is always a good time when you buy and sell in the same market, so you get the benefit either on the buy side or the sell side. It is also a good time to move when you know you are going to stay for the long haul as this won’t last. It is also a good time to sell if you have other plans and you have built up equity, even if it is not the absolute peak - because yes, once again who knows what the future will bring. Owning has a whole heckuva lot of benefits over renting - especially at the price of leasing currently. If we learned anything from covid it is life will throw curve balls, so quality of life is invaluable.
There is finally some negotiating power for buyers. An opportunity for buyers to have conditions in their offers (what?!). Avoid waiting to see what everyone else does - as it will very quickly turn again. The key is to get off the sidelines if you can! Good news was the inflation #”s might keep the interest rates capped again.
guiding you home™,
Krazy Kontest Winners… Love supporting LOCAL! We also love the restaurants they chose!
Kongrats to September winner Christa Pinkas! Christa chose Pizza Defina for her $75 gift card to a favourite local restaurant!
October winner Pete Lily! Pete chose Barque Restaurant for his $75 gift certificate. Another yummy choice, and another long time player of the JKT KRAZY KONTEST - his perseverance has finally paid off.
One of our friends & clients Diane Buckell is leading the charge of advocating for accessible and inclusive access to High Park - We wholeheartedly support the movement High Park Access For All. Check out the link to sign the petition too.
Access to public spaces like High Park is essential for all members of the community, and it's important for people to voice their concerns when changes may limit that access. The city needs to hear from people who care and want to use it. Unfortunately the City may mean well by removing car access - but it is limiting the availability for soooo many others. It's vital for the city to consider the needs of a diverse range of individuals, including those with mobility issues, families with young children, and those who rely on vehicles to transport equipment or supplies for various activities within the park.
With the new rules, the City has ensured that High Park has barriers to all but the fit and able bodied literally 365 days a year…. Just the 1 -2 km walk in for some is impossible to then enjoy a stroll through the park. Lack of parking affects access to Splash Pad, Playgrounds, Sports Facilities, The Zoo, Childrens Garden, the Dog park, Grenadier Pond, Colborne Lodge & Grenadier Restaurant The bizarre logic of closing off cars entering from the Bloor Street entrance and creating massive traffic snarls on a street like Parkside which is even more dangerous to cross and creates chaos.
Petitions and community actions can be effective in raising awareness and bringing about change. Now is the time to engage!
The impact of high borrowing costs, high inflation, uncertainty surrounding future Bank of Canada decisions and slower economic growth continued to weigh on Greater Toronto Area (GTA) home sales in September. However, despite the market being better-supplied with listings, the average selling price was up slightly year-over-year.
“The short and medium-term outlooks for the GTA housing market are very different. In the short term, the consensus view is that borrowing costs will remain elevated until mid-2024, after which they will start to trend lower. This suggests that we should start to see a marked uptick in demand for ownership housing in the second half of next year, as lower rates and record population growth spur an increase in buyers,” said TRREB President Paul Baron.
REALTORS® reported 4,642 home sales through TRREB’s MLS® System in September 2023 – down 7.1% compared to September 2022. The year-over-year dip in sales was more pronounced for ground-oriented homes, particularly semi-detached houses and townhouses. On a month-over-month seasonally-adjusted basis, sales were also down slightly. Compared to 2021 though, with the reported 9,046 sales through TRREB’s MLS® System in September 2021 – it is closer to 49% down from 2 years ago.
New listings were up strongly on a year-over-year basis from the extremely low level in September 2022. The number of listings also trended upward on a month-over-month seasonally adjusted basis.
The MLS® Home Price Index (HPI) Composite benchmark was up by 2.4% year-over-year. The average selling price was up by 3% over the same time period. On a month-over-month seasonally-adjusted basis, both the average selling price and the MLS® HPI Composite benchmark edged lower by less than one per cent.
“GTA home selling prices remain above the trough experienced early in the first quarter of 2023. However, we did experience a more balanced market in the summer and early fall, with listings increasing noticeably relative to sales. This suggests that some buyers may benefit from more negotiating power, at least in the short term. This could help offset the impact of high borrowing costs,” said TRREB Chief Market Analyst Jason Mercer.
“TRREB’s annual consumer polling has shown that half of intending home buyers in Toronto will be first-time buyers in any given year. The average price of a condo in Toronto is over $700,000. Yet, the first-time buyer exemption threshold for the City’s upfront land transfer tax has remained at $400,000 for a decade-and-a-half. With this in mind, TRREB applauds Toronto City Council for asking City staff to provide a report on a more appropriate exemption level moving forward,” said TRREB CEO John DiMichele. He further stressed that “many housing and taxation policies are currently set in opposition and we need all levels of government to align policies and work together to solve this housing crisis.”
- Buy now, don't wait for rates to come down and prices to go up.
- Push your budget. Most people preach caution and want you to avoid being house poor... People usually settle into a budget and continue to progress at work - big mortgage payments will seem easier as time goes on.
- Make a plan for purchasing your first home or next home and talk to experts to find out how to execute that plan.
- I think everyone will look back at this time and wish they bought in 2023. Yes, rates are high, but you also have limited competition and can protect yourself with conditions in your offer like never before. In a few years we may even call this the "good old days"
Fred Victor - A Leader in Ending Homelessness in Toronto
Fred Victor is a social service charitable organization that fosters long-lasting and positive change in the lives of homeless and low- income people access housing, health care, and employment services. Along with Health Promotion groups, including Suicide Intervention and overdoses reversed.
They need your support more than ever. Donate here
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!
You may not know her but Lucia is one of the extraordinary masterminds behind our extensive custom website. Lucia plays a crucial role in various aspects of our organization by managing our internet marketing & social media.
The magic happens from Lucia - including sending out this newsletter! And putting together our new listings, the Kontest, and even our seasonal decor, blog posts, client lists etc. We could NOT do it all without Lucia. Amazingly, Lucia is also based out of Kittsee Austria and Bratislava Slovakia. Her ability to work across different time zones and maintain productivity is impressive.
Lucia's combination of technical skills, creativity, and adaptability is a valuable asset in our competitive and fast-paced environment. We are blessed to have such a computer whiz who has our backs. Someone who understands our clients needs, and is so patient and creative to work with. Did I also mention that the JKT has always been somewhat of a family business? Lucia is not just a valuable professional but also a part of our family, as Julie’s sister-in-law and the mother of Constantin, Julian and Aurelian. Her dedication is much appreciated. Ask a busy person to get things done, is a trueism here!
A continuing column of the Julie Kinnear Team's sales...
363 Sorauren Avenue #316
|26 Kenneth Avenue | Toronto - West Bend ~ SOLD OVER ASKING (represented seller)
WHAT WE HAVE...
31 Brumell Avenue | York - Lambton Baby Point ~ Incredible price! Live in the wonderful community of Baby Point nearby schools, public transit and neighbourhood parks and restaurants. More details in here.
OPEN HOUSE THIS WEEKEND! Saturday October 21 & Sunday October 22; 2pm-4pm
|170 Avenue Road #1607 | Toronto - Yorkville ~ great value for a 2bed/2 bath/parking/locker/balcony - live in a glamorous building Yorkville! More details in here
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.