Tag: real estate news

Slow sales, hard scrabble in Toronto real estate

dansa

The Toronto Regional Real Estate Board tallied 75,140 sales through its Multiple Listing Service for all of 2022, 38.2 per cent below the 121,639 transactions seen in 2021.Mitch Fain/Mitch Fain

The real estate market in Toronto, Ottawa and many Ontario cities is off to a slow start in January with thin inventory, jittery buyers and Bay Street predicting another interest-rate hike.

John Lusink, president of Right at Home Realty Inc. and Property.ca, says the market is more balanced between buyers and sellers at the moment but also complicated and unpredictable.

“It’s going to be a tough year,” he says.

The executive says listings are typically low in the first half of January and this year is in line with the trend. In the second week of January, his firm’s inventory stood at 1,884 listings across its 14 offices.

That compares with only 1,100 at the start of January last year when “fear of missing out” among buyers saw properties snapped up quickly.

“We aren’t seeing a surge of inventory,” he says, adding that many of the listings he sees coming on now are properties that did not sell in the fall.

For all of 2022, the Toronto Regional Real

…Continue Reading

Local real estate heads see ‘return to normalcy’ in 2023

dansa

The head of the local real estate association said we’re seeing more of a balanced market, and there’s more interest being seen from potential buyers to at least explore moves

The president of the Guelph and District Association of Realtors sees the local real estate market returning to normal next year.

A recent survey by Royal LePage is predicting a one per cent drop in the aggregate price of a home in Canada by the fourth quarter of 2023, to an estimated $765,171. That’s a drop from the $772,900 for Q4 this year.

Broken down, it’s seeing a two per cent decline in aggregate housing prices in the Greater Toronto Area, from $1,078,300 to $1,056,734.

The report didn’t discuss Guelph specifically in its forecast, but local association head Tyson Hinschberger noted Guelph and southern Ontario are always influenced by the GTA market.

So what does this all mean for Guelph?

“Certainly I think that at the end of the day, it speaks more to a return to normalcy and stability than probably a lot of the frenzy that we’ve seen over the last 12 to 18 months,” he said.

Speaking on behalf of the association, he believes the worst is

…Continue Reading