Vol. 30, Issue 1, January 2022
- Julie's Scoop
- Quote of the Day
- This Month’s Featured Properties
- Krazy Kontests
- 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!
- A few of our Favourite things
Julie's Scoop
Happy 2022 (guess it’s a little too late for Happy New Year!)! All of us at the JKT wish you a healthy and inspired year ahead.
As I write this it is a wild SNOW DAY across Ontario! LOVE it!
You may notice that this is Volume 30, Issue 1 - which means that I am embarking on my 30th year writing this newsletter! Woo. Kinda neat, kinda hard to believe!! Kinnear's Komments has always strived to be an inspired communication with you, our peeps, that includes updates to support you in your real estate journey as well personal stories to help you get to know me and the team better as people, not just real estate sales professionals. Cheers & enjoy a new year of newsletters!
Brenda and Julie in Vancouver
We hope you and your families are safe and healthy. You likely experienced a pretty dramatic change in plans and stress around the holidays. Definitely not exactly as planned. Thankfully our annual JKT holiday lunch was early in December this year, so we were able to dine out for a delicious seafood meal at Honest Weight in the Junction without too much worry. Brenda and I also felt really fortunate that our long planned first trip back to Vancouver & Whistler to see family & loved ones since before the pandemic went off smoothly. Again, before the Omicron tidal wave. (And in between their numerous natural disasters/phenomena out west). Certainly once again, we are all pivoting, and making the best out of a new version of this situation.
(Pic of Dusty's at Whistler when bars were open in December 2021)
I think a new year brings new hope and optimism, and 2022 is no different. As the quote says, we are stronger when overcoming the things we once thought we couldn’t. Now is your opportunity to decide what you want to tackle! You can do it!
A couple of notable items are happening in the market with changes afoot.
What is happening about the anticipated mortgage rate hikes to combat inflation? A lot of experts are hoping/expecting the first hike of many this year starting with the upcoming Bank of Canada meeting on Jan 26th. RBC and J.P. Morgan are both expecting the first rate hike, despite the initial thought that BoC won’t adjust rates until the middle of the year. That would mark the BoC’s first interest rate move since March 2020, and its first rate hike since October 2018.
This means:
1. It is time to lock in your pre-approval with your mortgage broker or banker before any rate hike. We have amazing resources, so if you need a referral we can help.
2. This could also increase demand and create a bit of a frenzy in the short term - ie. buyers wanting to get in before their pre-approvals expire. And hopefully sellers wanting to get in on the action and on the market while Buyers are very motivated.
3. It may also be a good time to revisit your Financial goals and debts and maybe even lock in your mortgage if on variable etc.
4. Good news is that our rates are still at wildly low levels of interest compared to previous era’s & years.
Another hot discussion is the topic of Garden Suites in Toronto. This is similar to laneway housing for those homes without a lane. This is a project that is part of the City of Toronto’s overall solution to lack of rental housing. On Jan 12/22 the Planning & Housing Committee passed the garden suites program, and if it's ratified by the full council on February 2nd, nearly every single-family property (detached, semis, and even some multiplexes) in Toronto will qualify for a garden suite. A Garden Suite is a detached housing unit, usually located in the rear yard, and is separate, or detached from the main house. Garden Suites, like Laneway Suites, are generally smaller than the main house on the lot and are intended to function as a rental housing unit.
Like laneway houses, however, garden suites are “non-severable”; that is, they remain part of the property upon which they are built.
There are more market watch updates below including the desirability of Toronto improving greatly from Year One of the pandemic, which is a positive for all of us. This year looks to be promising as well, and we are looking forward to helping many of you reach your housing or real estate investment goals. Thank you for your trust.
guiding you home™,
Julie
P.S. Stay safe. We are ALL in this together!
Our clients are looking for the best quality information about deciding on best schools and neighbourhoods - that is why we've partnered with a SchoolQ providing invaluable resources! Visit schoolQ.ca/juliekinnearteam & let us know what you think!
Quote of the Day:
This Month’s Featured Properties
1750 Bayview Avenue #308 | Central Toronto - Davisville | $749,000
Ideal Location Where Davisville Village Meets Leaside! Elegant, extra spacious & well laid out 2 bedroom/2 full bath open plan. Ideal for downsizers or moving up. Rear Corner Unit allows for plenty of windows & natural light. Enjoy your tranquil & serene private south balcony overlooking evergreen trees.
1101 Leslie Street #2006 | Toronto - Don Mills | $869,000
Turnkey ready, sub-penthouse in Don Mills Carrington Park. Luxuriate in spacious and tranquil near top floor suite with high ceilings. Updated modern decor. Superior open floor plan - 1113 SF. 2 Bed/2 Full Bath. Walking-friendly trails out your door to Sunnybrook Park and Wilket Creek Park and Edwards Gardens.
Krazy Kontest Winners…Kongratulations!
Love supporting LOCAL! We are continuing the theme for prizes - upping the $$ and supporting local restaurants. More important than ever during this Covid response of Modified Step 2 to Reopen in Ontario..
Kongratulations to our October KK winner Theresa Scandiffio - who chose to support Barque Smokehouse - in Roncesvalles Village!
Kongratulations to our November KK winner Julie Zasada- who chose to support- Playa Cabana on Dupont in the Annex!
Kongratulations to our December KK winner Kelly Smith- who chose to support- Shunoku in Corso Italia!
Market Watch ~ Record # of transactions in 2021 - See Below for TORONTO Specific #’s.
A record 121,712 sales were reported through TRREB’s MLS® System in 2021 – up 7.7% from the previous 2016 high of 113,040 and up 28% compared to 2020. Record demand last year was up against a constrained supply of listings, with new listings up by 6.2% – a lesser annual rate than sales. The result was extremely tight market conditions and an all-time high average selling price of $1,095,475 – an increase of 17.8% compared to the previous 2020 record of $929,636.
“Despite continuing waves of COVID-19, demand for ownership housing sustained a record pace in 2021. Growth in many sectors of the economy supported job creation, especially in positions supporting above-average earnings. Added to this was the fact that borrowing costs remained extremely low. These factors supported not only a continuation in demand for ground oriented homes, but also a resurgence in the condo segment as well,” said TRREB President Kevin Crigger.
One sales trend that stood out in 2021 compared to 2020 was the resurgence in demand for homes within the City of Toronto. Overall sales in the “416” area code were up by a substantially greater annual rate (+36.8%) compared to sales growth for the surrounding Greater Toronto Area (GTA) suburbs combined (+23.6%). The marked recovery in the condominium apartment segment was a key driver of this trend.
“Tight market conditions prevailed throughout the GTA and broader Greater Golden Horseshoe in 2021, with a lack of inventory noted across all home types. The result was intense competition between buyers, pushing selling prices up by double digits year-over-year. Looking forward, the only sustainable way to moderate price growth will be to bring on more supply. History has shown that demand-side policies, such as additional taxation on principal residences, foreign buyers, and small-scale investors, HAVE NOT BEEN sustainable long-term solutions to housing affordability or supply constraints,” said TRREB Chief Market Analyst Jason Mercer.
In December, GTA REALTORS® reported 6,031 sales – a strong result historically, but still down by more than 1,000 transactions (-15.7%) compared to the record of 7,154 set in December 2020. Over the same period, new listings were down by 11.9% to 5,174. The MLS® Home Price Index Composite benchmark was up by 31.1% year-over-year in December. The average selling price was up by 24.2% annually to $1,157,849.
Mortgage Rates
Feeling like Giving Back?
3 INSPIRING CAUSES to Donate to! Throughout the Pandemic, our team has double down on giving back to local charities that benefit from the $$ and exposure.
The Redwood, which provides crucial emotional, social and practical support that families need to get their lives back on track. The Redwood is a brilliant example of how a community can come together. In 1987, a group of neighbours were united by the same cause: the pressing need for a safe haven for abused women and their children in the Parkdale-High Park community in Toronto.
The Redwood takes action as allies and advocates for social change that goes beyond supporting individual women and children fleeing abuse, to dismantle the inequity that exists at every level of our society. Once again The Redwood has been named to the Top 100 Rated Charities in Canada (2021 list) by Charity Intelligence Canada.
To make a financial contribution please call 416.533.9372 x249
Surrey Place - they have a passionate commitment to helping people of all ages with developmental disabilities and autism spectrum disorder in Toronto lead healthy and socially inclusive lives. Surrey Place works with families to provide comprehensive programs and services ranging from assessment, diagnosis, and one-on-one treatment, to family counselling and group support and is provided by a broad network of clinicians and professionals.
Contact:
416-925-5141 ext. 3102
The GEORGE HULL CENTRE helps kids from infancy to 18 to achieve mental wellness. Mental health impacts the entire family; children do not live in isolation. The GHC treat each child in the context of their family because a child’s best chance at mental wellness happens when the family is positively involved in that outcome. By strengthening families, they can make the biggest difference to children’s lives.
The GEORGE HULL CENTRE believes in shining a bold light on the strength of each child. Children who suffer from mental health issues also struggle with self-confidence, self-image and feeling good inside. They remind them of their strengths and provide a platform for renewed courage and hope, which in turn bolsters their confidence and self-esteem, placing them on the path to mental wellness.
Contact:
416-622-8833
If you’re in the position to pay it forward, please donate to one of these worthy charities during this time. 💕
The Julie Kinnear Team's GEMs (Genuine Evidence of Merit)
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 you write 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!
What They Got - More of our happy buyers & sellers!
A continuing column of the Julie Kinnear Team's sales...
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20 Gothic Ave. #711 ~ High Park Sold (represented buyer) |
183 Campbell Ave ~ Junction Triangle Sold (represented buyer) |
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25 Ritchie Ave. #309 ~ Roncesvalles Village Sold (represented buyer) |
15 Mcmurrich Ave. #902 ~ Yorkville Sold (represented seller) |
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65 O'Connor Drive ~ East York Sold (represented buyer) |
1000 King St. West PH 12 ~ Central Toronto Sold (represented seller) |
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
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.
