Todor  Todorov

Todor Todorov

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Todor Todorov's blog

2023 was the worst year for real estate in 23 years!

According to the Toronto Regional Real Estate Board, 2023 was the worst year for home sales in the Greater Toronto Area since 2000.

Just under 66,000 homes were reported sold last year in the GTA, compared to previous years which saw a higher number of sales. In comparison, annual home sales in 2021 were almost 121,712, a record number according to the TRREB. Last year, numbers are showing similarities to home sales back in 2000, as just over 58,000 homes were sold.

Notably, real estate agent Kushwant Singh says, “the Bank of Canada has increased interest rates three times in the...

The ticking time bomb of Canadian mortgages

If you bought a home during the pandemic, you weren’t alone; 1.4 million Canadians did the same. With mortgage rates at record lows, you may feel pretty lucky to be watching all of the increasing housing drama from the comfort of your already-moved-into living room. But before you drizzle any more butter on your popcorn, remember there could be some drama in store for you, too — just as soon as it’s time to refinance.

Increased Rates Are Slowing The Market

As the Bank of Canada raises interest rates and sends signals that more hikes are on the way, it appears the red hot real estate market in Canada’s largest city is finally cooling down.“We are starting to see significant drops in some communities of more than 20 per cent for single detached homes in the Greater Toronto Area (GTA)”.

Owning a home is still better then renting

Despite the sky-high prices of homes in major Canadian cities, the fact that most residents will never be able to afford them, and the trend of homeowners carrying way more debt than non-homeowners given the hefty mortgages needed to acquire those expensive homes, Canadians who own are spending way less per month than renters.

Oakville is on Fire!

Oakville home prices continue to soar.

 

According to Canadian Real Estate Association (CREA) data for the month of April, the average price of home in Oakville climbed to $1,342,300.

That’s up by 22.37 per cent or $245,400 when compared to sales from last April even though Canadian real estate sales may be slowing down.

No,Canada's housing market wont crash

A report from Lowestrates.ca with an alarmist headline predicts that housing prices will “correct” sometime this year, but according to a mortgage professional in Vancouver, a fundamental misunderstanding is at play.

Sellers Market

The current real estate market is an incredible mix of low listing inventory, combined with record high sales which is putting upward pressure on prices. In December 2020, listings were down -52%, average price for residential properties was up +25.4%, and sales volume up +41% vs. last year. 

It’s a good time to be a Seller, and a tough time to be a Buyer right now!!!

The best time to buy a house is TODAY

The housing market in Toronto has reached new heights too after the global pandemic took its toll on office workers and real estate investors. As stated in a November report by the Toronto Regional Real Estate Board (TRREB), home sales in the GTA were up more than they ever have been for four consecutive months. In October alone, TRREB members reported 10,563 home sales compared to 8,445 in October 2019. The average price for all types of homes combined reached $968,318, an increase of 13.7 per cent from the same time last year.

To sell or nor to sell(your condo)

As the COVID-19 pandemic continues, it has begun to impact the real estate market in a negative way, or at least one part of it — condos in downtown Toronto. The downward trend in this sector of the market has led some to sell their condos in a hurry — and in some cases before the building has even been built.

To Condo or not to Condo

It was a red-hot summer for the Toronto real estate market. It might not makes sense on the surface, considering that Canada’s largest city and the rest of the country are still muddling through a pandemic and a recession. However, once you start digging into the trends, you see that pent-up demand, historically low interest rates, and low supply are contributing to the surge in sales activity and home prices since the height of the virus outbreak.

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