End of Summer Toronto Real Estate Market Update

End of Summer Toronto Real Estate Market Update

– Hey everyone it’s Tom
Karadza with another rock star minute and today we’re doing
an end of summer market update. We just go back from Croatia,
Nick and I, and so we’re just getting the lay of the
land and we’re talking to our team. So here’s what we’re seeing
around the greater Toronto area as of right now. And it’s back to every
area is its own real estate market, so what I mean
by that is we’re seeing $1.8 million properties
in the core of Toronto sell for over ask recently
just in the last few weeks, a $1.8 million property
selling for over $2 million. So we’re seeing that, but
then we’re seeing properties, well let me go to Oakville
next, in Oakville we’re seeing properties over $2 million
really that market has almost vanished and it’s really
light, very light demand over $2 million in an area
like Oakville and then out in the Hamilton, Kitchener,
St. Catherine’s if we go to an area where we spend a lot
of time buying single family home properties to use as
rental properties to work with investors on those kinds
of properties, we’re able to buy under ask right now,
which is rare, so maybe up to 5% under ask, kinda like in
that window, and then we’re seeing properties like triplexes
in Barrie sell for over asking price. So really the market is
as it should be right now, every area is operating
independently on the fundamentals of that community. So Toronto’s different than
Oakville, Oakville’s different than Hamilton and St.
Catherine’s and Kitchener, and different than Barrie. And there’s a flip side to
this as well, we’re seeing very unique rental demand
so not only for the straight rentals on what we would
call a starter home being offered to rent, we’re
seeing stronger than average rental demand there and rental
prices are up to, up $50 and $100 a month, we’re now
seeing $2,000 a month in some areas like St. Catherine’s
just last week we had somebody sign up a straight rental at
$2,000 a month on a single family home, which is
new, that’s now pushing up to the highest we’ve seen it. But we’re also seeing a
really strong executive rental demand, so some foreign buyers
who were buying properties before they’re no longer
buying, so we’re seeing some people in areas like
Oakville rent properties out for like five, six, seven
thousand dollars a month, because some of these foreign
buyers are now renting for a year until they get
status in Canada and then are planning to buy, So both in the executive
rental space and the straight rental space, the demand
has increased for different reasons. Executive rental, because of
foreign buyers, and straight rental because it’s harder
to buy a property, the banks have been tightening the
rules over the last 12 months it’s harder to buy and it’s
increasing the demand for rental properties so hopefully
that gives you a little end of summer market update,
until next time, your life, your terms. We’re good?
– [Woman] Yeah! (upbeat music)

One thought on “End of Summer Toronto Real Estate Market Update

  1. Lesson one, never ever listen advise from real estate agents because no matter what they will tell you "best time to buy is know" that's how they make money more trans actions more money they make

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