Realtor Ryan Anderson

See the opportunities, there is way more upside in condos, so get in. They will only keep High-Rising!

GTA Condo Rents Hit Record High in Q2 as Ownership Sales Slump GTA condo rents continue to soar as demand well outpaces supply, reports the Toronto Regional Real Estate Board.

I've said it before and I'll say it again. I don't work for postal codes, I work for my people!

Anyone attending Fanshawe College next year? 🤔🤔🤔🤔

10 470 Second Street Realtor Presentation Video.mp4

🔻Early Data Shows GTA Housing Prices On “Rapid Decline” in April🔻

The official spring numbers for the Greater Toronto Area market won’t be out until next week, but early analysis finds that average housing prices in the region are dropping at a rapid pace.

Initial data comparing the percentage change in sold prices for low-rise homes in the first three weeks of April to the same time frame in February, finds prices are declining across all GTA municipalities, between 6 – 21%.

It’s concrete proof that the anecdotally softer conditions seen thus far this spring are indeed a reality; agents have reported overall fewer buyers in the market, a dramatic drop in offers, and the resurgence of buyers’ market trends such as bully offers and conditions.

“Prices Don’t Drop This Quickly”
What’s doubly unusual about this trend, is that not only is a February to April price decline unseasonal, the current drop is much steeper than any seen in recent years. A likely culprit are sellers who bought at the late-winter peak who are now in a rush to sell in order to close on their impending transactions.

According to the data, the smallest price declines are in Toronto and Richmond Hill, at 6% each, followed by Oakville, where they’re down by 7%. The most notable plunges can be found in the outer suburbs, where, they saw the most dramatic run up in prices during the pandemic’s urban exodus era.

Today’s rising interest rate environment certainly is a factor; the most recent half-point increase implemented by the Bank of Canada earlier this month will add roughly $200 to monthly payments on an $800,000 variable-rate mortgage. Another important point, is that given the volume of home purchasers was much higher than usual over the past two years, today’s buyer pool has been depleted.

🍀Reference:https://cutt.ly/iGT6IUp

Bank of Canada Interest Rate Announcement: Another 0.5% HikeThe 🔰

Bank of Canada has raised its key interest by another 50 basis points in this morning’s announcement, bringing it up to one per cent. This is the second in an expected series of rate hikes slated for 2022, and the biggest single increase since 2000.
The move follows a 0.25-per-cent increase at the Bank’s last interest rate announcement on March 2, which was the first upward move since October 2018, following a trio of decreases in March 2020, to help ease the economic fallout of COVID-19. This new upward trend is intended to rein in the rapid rise of inflation, which hit a 30-year high of 5.1 per cent in January, well above the Bank’s projection of two per cent.
The Bank cited the unprovoked invasion of Ukraine by Russia as a continuing source of major uncertainty, with spikes in the price of oil, natural gas and other commodities adding to inflation, and exacerbating ongoing supply chain disruptions.
In Canada, the Bank says the economy is chugging on all cylinders, with tight labour markets and wage growth back to pre-pandemic levels. Consumer spending is up as pandemic restrictions continue to ease, and businesses report difficulties meeting demand due to supply chain issues. The housing market is “exceptionally high” but the Bank expects it to moderate.

🔗Reference: https://cutt.ly/GGkUxic