Vol. 26, Issue 5, September 2017
Well as I write this we are in a beautiful late summer heat wave in September. And for all the Ontarians it is a welcome experience after a cool August.
Summer is over, and it is back to the old grind as "they" say! It does feel like a renewal, perhaps since we were all a bit brainwashed over the years from school, or the rhythm of the seasons. Exciting of course for all the students and educators, with all kinds of new and crazy journeys & adventures ahead. Feels like that in the real estate business too. It is actually a welcome time to create new habits, find new homes for our clients and help our sellers live out their dreams & plans too.
Certainly this market "correction" was a long time coming for some who have the benefit of hindsight. :) For buyers, it is definitely an opportunity (I clearly remember our clients who went for it & bought when there was a dip in 2008; who made out very well financially), although just tonight we had some clients in a bidding war for a condo with a number of other buyers! Yep, this relatively balanced period could be short lived. So jump in while you can. The prices have risen since last year, which of course is even better if selling too. And if you're thinking of selling, despite the drop in number of sales, the prices are still above 2016. I think the news about the low unemployment rate, the Canadian banks feeling confident enough to raise the interest rates another 25 basis points within 60 days of the last increase and the growth in the economy are all very positive reasons to be excited about the future and investing in real estate.
There are a number of new rules recently implemented for investment properties - landlords and tenants as well as for mortgages, so please make sure you give us a call/text/email to help you navigate those areas. We are all working full time in the biz here to be of service to you in any way, and we all want to make sure you are fully aware of new responsibilities and issues and how to alleviate any of your stress.
On a more personal note, since the last newsletter in July, I was fortunate to go out west for a week to visit family and friends in Vancouver, and at our family cottage compound on Gambier Island. What an amazing summer they had! As well we spent some quality time at the cottage, going on long bike rides, paddle boarding, kayaking, boating and puzzles of course! Such a blessing to share with friends and family.
Our team hosted a fun picnic in Sorauren Park for a number of clients.
Holly had her niece and nephew visit from Squamish, BC. Tyler, as per the favourite things column below, has had a marvellous holiday in Italy.
Jen spent quality time with the extended family at our cottage as well as visited New Brunswick with her Mom and sister Elena.
Holly is currently in Texas aiding in the relief efforts after Hurricane Harvey's devastating floods in Houston and surrounding. We are proud that Keller Williams (whose head quarters are in Austin) are absolutely committed to helping as they spearhead a huge campaign to raise $20 million dollars! WOW that’s A LOT! Extraordinary company we are a part of. Our annual convention was turned into a Mega Relief effort.
guiding you home,
P.S. This month the JKT is volunteering with The Toronto Humane Society on River Street and we are raising $500,00 which will go towards feeding the animals for the day. Please help with a small donation - click here.
QUOTE OF THE DAY:
- It's a dog's life! Read our most recent JKT Spotlight with Heather Johnston, Animal Massage Practitioner in Toronto.
September 6, 2017 - Toronto Real Estate Board President Tim Syrianos announced that GTA Realtors® reported 6,357 home sales through TREB's MLS® System in August 2017. This result was down by 34.8% compared to August 2016.
The number of new listings entered into TREB's MLS® System, was down by 6.7% year-over-year and was at the lowest level for August since 2010.
"Recent reports suggest that economic conditions remain strong in the GTA. Positive economic news coupled with the slower pace of price growth we are now experiencing could prompt an improvement in the demand for ownership housing, over and above the regular seasonal bump, as we move through the fall," continued Mr. Syrianos.
The average selling price for all home types combined was $732,292 – up by 3% compared to August 2016. This growth was driven by the semi-detached, townhouse and condominium apartment market segments that continued to experience high single-digit or double digit year-over-year average price increases.
The MLS® Home Price Index composite benchmark, which accounts for typical home types throughout TREB's market area, was up by 14.3% year-over-year in August. The fact that MLS® HPI growth outstripped average price growth, points to fewer high-end home sales this year compared to last.
"The relationship between sales and listings in the marketplace today suggests a balanced market. If current conditions are sustained over the coming months, we would expect to see year-over-year price growth normalize slightly above the rate of inflation. However, if some buyers move from the sidelines back into the marketplace, as TREB consumer research suggests may happen, an acceleration in price growth could result if listings remain at current levels," said Jason Mercer, TREB's Director of Market Analysis
Feeling like giving back? TORONTO HUMANE SOCIETY
This month our team will be volunteering with the Humane Society and our hope is to raise $500,00 which will provide food and shelter for the animals for the day. Everyone on the team is a proud fur parent and we value the work of the Toronto Humane Society. To Donate to our day please visit here.
The JKT Recipe of the Month
Serves 12. Ingredients:
- 2 1/4 cups (560 ml) whole wheat flour or gluten-free all-purpose flour
- 2 tsp (10 ml) baking powder
- 1 tsp (5 ml) ground cinnamon
- 1/2 tsp (2 ml) baking soda
- 1/4 tsp (1 ml) salt
- 1/3 cup (80 ml) extra-virgin olive oil
- 1/4 cup (60 ml) plain yogurt
- 1/3 cup (80 ml) packed brown sugar or coconut sugar
- 1 large organic egg
- 1 ripe banana, peeled and mashed
- 1 apple, grated
- 1 cup (250 ml) grated carrot
- 1/2 cup (125 ml) dried currants or raisins
- 1/2 cup (125 ml) chopped walnuts
- Preheat oven to 350 F (180 C). Line standard loaf pan with parchment paper.
- In a medium bowl, combine flour, baking powder, cinnamon, baking soda, and salt.
- In a large bowl, combine oil, yogurt, sugar, egg, and banana.
- Stir dry ingredients into wet ingredients until just combined. Fold in apple, carrot, currants or raisins, and walnuts.
- Transfer to prepared pan, smoothing top. Bake for 50 to 70 minutes, until toothpick inserted in centre comes out clean. Let cool in pan for 15 minutes before transferring to wire rack to cool completely. Store airtight in refrigerator.
The Julie Kinnear Team's GEMs (Genuine Evidence of Merit)
Jen I feel totally remiss in not writing to you sooner but I wanted to close the loop and send you a proper thank you for your wonderful help in selling our condo.
I feel you managed not only a rapid and brilliant selling process with your usual expertise, but you also sensitively and effectively managed what at times was a touchy transition with the tenants. Your approach in connecting with and considering them was truly exceptional and above the call of duty in my books.
Thank you a million times over, I can’t imagine we would have had such a great experience with any other realtor,
What They Got - More of our happy buyers & sellers!
A continuing column of the Julie Kinnear Team's sales...
1304 Indian Road - Lorne Park
Sold Under Asking
53 Wright Avenue - Roncesvalles
List Price: $879,900
Sold Over Asking
578 St Clarens Avenue - Junction Triangle
Sold Over Asking
95 Miller Street - Junction Triangle
Sold Under Asking
65 Scadding #715 - Downtown Core
Sold For Asking
36 Lisgar Street #1506E - Queen West
Sold Under Asking
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: