Radwan Realtor

Headline: 📉 The Market is Down 20%... So Why Can't You Buy Yet?
​A recent Bloomberg poll shows that 55% of Canadians (and 70% of young adults aged 18-34) are wishing for a further drop in real estate prices. But here is the harsh reality that most people are missing: Price corrections alone don't fix affordability.

TikTok · KHALED AL RADWAN

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🏡 Toronto Real Estate Market Update 📊

The market is definitely slowing down, and this news coincided with the Bank of Canada's decision to keep interest rates steady, which was a relief for the industry.

Here's a snapshot of what happened in August:

📉 Price Drops: The benchmark price dropped by nearly $20,000, and the average price saw a significant decrease of approximately $36,000.

🏠 More Inventory: There was a slight increase in available homes compared to demand.

💰 Affordability Concerns: Despite the market slowdown and potential price drops, the growing gap between housing prices and income levels. For first-time homebuyers and policymakers alike, this presents a challenge that won't be easily resolved.

It's essential to keep an eye on the market as we navigate these changes. Stay informed by following us for more updates!

Bank of Canada raises policy rate 25 basis points, continues quantitative tightening

Bank of Canada raises policy rate 25 basis points, continues quantitative tightening The Bank of Canada today increased its target for the overnight rate to 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is also continuing its policy of quantitative tightening.

The Toronto Regional Real Estate Board has released data for April, showing that Toronto's real estate market is continuing to heat up due to a lack of inventory, resulting in prices shooting up across the board. Despite 4+ percent interest rates, many are predicting that Toronto's real estate prices will continue to rise for the rest of 2023. However, signs of an impending recession are growing with a weakening Canadian economy and business insolvencies up. The benchmark price rose $27,000 in April, the average price rose nearly $47,000, and the median price rose $34,000. Sales to list price ratio was up, and homes are selling for more than their asking price. The lack of listings compared to one year ago has resulted in a 38 percent drop in the number of new listings coming to market in April. Some realtors are predicting that Toronto's real estate market has nowhere to go but up, while others argue that the trend could be short-lived and prices could reverse another 10 percent due to the leading impact of interest rate hikes.

The Bank of Canada has maintained its policy rate of 4.5%. Despite recognizing that the economy is growing at a stronger pace than expected, the bank is concerned that it may take longer than anticipated to return inflation to its 2% target, so it plans to keep interest rates higher for longer. The bank disagrees with market expectations that rate cuts will occur in the near future. The government spending plans are not contributing to slowing growth, but they are not helping with inflation either. The governor stressed that inflation is coming down and businesses and government should not incorporate the higher cost of goods into wage negotiations.

Updated news from the Toronto Regional Real Estate board! The latest data shows a surge in housing prices for the second consecutive month. This increase is due to a lack of sales and listings coming to market, which is causing prices to rise. The Benchmark price has increased by over $27,000, the average price by close to $13,000, and the median price by $25,000. Homes are now selling for 1% more over asking price compared to the previous month. While there is slightly more inventory on the market, there is still a lack of available inventory leading to increased competition. This shortage of listings is partly due to a lack of distressed selling, and many sellers are holding out for higher prices. This, combined with pent-up demand, is contributing to the current state of the Toronto real estate market. Keep an eye out for the Bank of Canada's interest rate announcement next week, as it will likely have a big impact on the market.

أفادت الجمعية العقارية الإقليمية في تورونتو بأن هناك زيادة في أسعار السكن للشهر الثاني على التوالي. ترجع هذه الزيادة إلى نقص في عدد المبيعات والعروض المتاحة في السوق، الأمر الذي يؤدي إلى ارتفاع الأسعار. حيث زاد السعر المرجعي بأكثر من 27,000 دولار، والسعر المتوسط بقرابة 13,000 دولار، والسعر الوسيط بمقدار 25,000 دولار، وتباع المنازل بنسبة 1% أعلى من سعر الطلب المعروض في الشهر السابق. ورغم وجود المزيد من المخزون في السوق، فإنه لا يزال هناك نقص في العروض المتاحة مما يؤدي إلى مزيد من الصراعات والتنافس. وترجع هذه النقص في العروض جزئياً إلى نقص المبيعات العاجلة، ويعتزم العديد من البائعين الانتظار حتى يصل سعر العقارات إلى مستويات أعلى. كما يسهم الطلب المحتجز في السوق العقارية بتأثيراته على الأسعار الحالية في تورونتو. ويمكن أن تؤثر إعلانات البنك المركزي الكندي لأسعار الفائدة في الأسبوع القادم بشكل كبير على السوق

LEASE | 151 Wickson Tr 7, Toronto | 4 Bed | 3 Bath
A stunning and fully furnished 4-bedrms, 3-baths townhouse in Toronto. Bright and spacious interiors, walk-out patio, and fenced backyard. The finished basement offers additional space and functionality for family. Conveniently located steps away from schools, malvern town centre, community/rec centre, library, park, and TTC. Just minutes away from highway 401, centennial college, and u of t campus, making it an ideal home for students or professionals.
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As we embark upon the holy month of Ramadan, it is a time for reflection, devotion, and self-discipline. May this sacred time remind us of the blessings in our lives and inspire us to show gratitude and generosity towards others. Let us also remember those who are less fortunate and strive to make a positive impact in our communities. May Allah accept our fasts, prayers, and good deeds, and grant us peace, happiness, and prosperity throughout this blessed month and beyond. Ramadan Mubarak to all!