June was a similar month to May in terms of number of sales, listings inventory and overall days on market. There seems to be a large increase in sales of properties under 400k as buyers are getting lower mortgage approvals due to high interest rates. Rates may go up again this month by .25% or more to continue to battle inflation. Will this have an impact on the real estate market? The only impact I think it will make is to reduce the mortgage qualification amounts for buyers. The... [read more]

Its back-to-school season! The summer is officially winding down, and the real estate market is slowly heading towards a seller’s market. Inflation numbers are still high and may cause another rate hike before the year ends. Get your pre-approvals in before this happens! Contact me today to connect with one of my mortgage brokers to explore your options! What is Gross Debt Service? Gross Debt Service (GDS) is the percentage of your total monthly income that goes toward housing... [read more]

The last month of summer has arrived! August is typically a slower time of the year for real estate transactions. School is out, folks are away on vacation and buying/selling is put on hold for some. Interest rates remain at around 5.2% on average for a five-year fixed. Both freehold and condo prices have gone up slightly over the previous year. The rental market remains high with prices ranging from $2400-$3000 a month for the majority of townhomes and small singles throughout the city. The... [read more]

September was a slower month this year with less demand and more inventory. I noticed several price reductions for homes that weren’t getting any movement, a ton of new rental listings and limited motivation from buyers. Inflation numbers are back up and could potentially trigger another rate hike. For any buyer who is on the fence and waiting for rates and prices to drop – it won’t happen. There are loads of good deals out there right now and prices are slowly increasing. If... [read more]

The month of May saw an increase in sales for the first time since February 2022. I noticed a lot more activity across the board from condos to singles, many of which were selling in a few days. Offer hold outs are becoming more common again and some homes are selling over list price. Rental transactions have also increased by 22% compared to the previous year. The new rate hike announced on June 7th might slow the market down moving forward, however, it is too early to tell. If you are looking... [read more]