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Happy New Year! Welcome to a new decade!
With the start of 2020, many of us set goals and resolutions for the year ahead. Do your goals for this year include purchasing real estate? If so, be sure to share your plans with us so we can discuss the market forecast for the year and how best to navigate the market accordingly. Timing, strategy, neighbourhood, competition, lending policies and market knowledge all factor into your chances for success and we would be happy to put you on the right path!
Royal LePage has released its 2020 market forecast and has predicted moderate growth for both the freehold and condo market in Toronto. See below for more details.
Also, be sure to enter our draw to win a Google Home Mini device, check out our new Blog post, review the monthly market statistics and much more in this month’s newsletter!
Alex and Elaine
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Why Interviewing a Real Estate Agent is Important
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Recently, we were informed by our assistant that she had decided to pursue an opportunity to further develop her skills in another field of interest. We were most happy to support her in this next chapter of her career. After posting an online ad to find her replacement, we found ourselves overwhelmed after receiving over 290 applicants within the first 10 days. Some had some administrative experience, some had real estate backgrounds, and some were hoping to apply their seemingly unrelated skills to an industry they wanted to break into. We shortlisted a number of potential candidates and began the interview process.
Conducting the interviews was an interesting endeavour.…… |
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Home Sales and Prices Are Set To Rise This Year
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| It’s been a year of ups and downs for Canada’s housing markets, but, for the most part, they gained strength and posted increases in both prices and sales.
Though sales data for December is needed to paint a complete picture, housing market activity up until the end of November offers enough insights to reflect on the past and plan for the future.
If there was one development that defined Canadian real estate in 2019, it was the housing market’s resilience, especially since the slowdown that started in 2018, when the stress test was extended to uninsured mortgages, lasted longer than most had anticipated.
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| | | Congratulations to Vasanti S. for winning 2 tickets to the Raptors vs. Wizards game last month! |
| | We are proud to announce that we have received the Chairman’s Club Award for 2019 – top 1% of Royal LePage realtors in Canada!
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| | Toronto Real Estate Market Report December 2019 |
| TREB President Michael Collins reported that December 2019 residential sales reported through TREB's MLS® System by Greater Toronto Area REALTORS® were up by 17.4 per cent year-over-year to 4,399. Total sales for calendar year 2019 amounted to 87,825 – up by 12.6 per cent compared to the decade low 78,015 sales reported in 2018. On an annual basis, 2019 sales were in line with the median annual sales result for the past decade.
"We certainly saw a recovery in sales activity in 2019, particularly in the second half of the year. As anticipated, many home buyers who were initially on the sidelines moved back into the market place starting in the spring. Buyer confidence was buoyed by a strong regional economy and declining contract mortgage rates over the course of the year," said Mr. Collins.
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| | | Royal LePage 2020 Market Forecast |
| | According to the Royal LePage Market Survey Forecast, Canadian home prices are expected to see healthy appreciation by the end of 2020, driven by low single-digit appreciation in both the condominium and detached home segments. The decline in high price appreciation in the condominium segment, in recent years, reflects a shift in millennial demand towards houses and is expected to reinvigorate sales activity in the suburbs. The aggregate price of a home in Canada is forecast to rise 3.2 per cent year-over-year to $669,800 in 2020, with the median price of a condominium and two-storey detached house projected to increase 3.6 per cent and 3.1 per cent to $506,100 and $785,400, respectively.
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ThinkTorontoHomes, Royal LePage Terrequity Platinum Realty
293 Eglinton Ave. East, Toronto, Ontario M4P 1L3 Canada www.thinktorontohomes.com | info@thinktorontohomes.com |
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