🛑 23rd Aug 2024 - Competition for Homes in Niagara grinds to a halt!

💥 Friday 23rd August 2024 💥 How To Sell A Home That Didn't Sell! Toronto Real Estate Hot Highlights! "Unlocking the Potential of Real Estate: Free Reports & Fresh Listings!" "Toronto Real Estate Hot Highlights" is your go-to source for the most exciting and crucial developments in the city's real estate market. Every day, we bring you a curated selection of the top stories, market trends, and insider insights that matter most. Whether you're a buyer, seller, investor, or just interested in the Toronto real estate scene, our daily highlights ensure you stay ahead of the curve with all the essential updates and analysis you need to navigate this vibrant market. What role does pricing play in the expiration of home listings, and how can sellers determine the optimal listing price to avoid future expirations? Pricing plays a critical role in the expiration of home listings. When a property is priced incorrectly, it can lead to a lack of interest from potential buyers, ultimately resulting in the listing expiring without a successful sale. Here’s a closer look at how pricing affects the likelihood of an expired listing and strategies sellers can use to determine the optimal listing price to avoid future expirations: 1. Impact of Incorrect Pricing on Listing Expiration Overpricing: Consequence: One of the most common reasons for a listing to expire is overpricing. When a property is priced too high relative to comparable properties in the market, it can deter buyers who perceive it as a poor value. Overpriced homes tend to sit on the market for extended periods, leading to a staleness that further diminishes buyer interest. Buyer Psychology: Buyers today have access to extensive online resources and are generally well-informed about market conditions. An overpriced home can cause buyers to dismiss it early on, leading to fewer showings and offers. Underpricing: Consequence: While less common, underpricing a property can also lead to issues. If a home is significantly underpriced, buyers may assume there are hidden flaws or problems with the property. Additionally, sellers might leave money on the table if they don’t generate sufficient competitive bidding to drive the price up. Perception: An underpriced home may attract a lot of interest, but if the final sale price doesn’t meet the seller's expectations, it could lead to regret or financial loss. 2. Determining the Optimal Listing Price Comparative Market Analysis (CMA): Purpose: A CMA is an essential tool for determining an appropriate listing price. It involves analyzing recent sales of similar properties in the area, including the price per square foot, condition, and specific features. This analysis provides a data-driven foundation for pricing decisions. Execution: Sellers should work with their REALTOR® to review the CMA and ensure it considers both current market conditions and any unique aspects of the property. Understanding Market Conditions: Supply and Demand: Sellers need to consider the current state of the market—whether it’s a buyer’s market, seller’s market, or balanced market. In a buyer’s market, where there are more homes than buyers, pricing competitively is crucial to stand out. In a seller’s market, there may be more leeway to price slightly higher, but it’s still important not to exceed what buyers are willing to pay. Trends: Keep an eye on trends such as seasonal fluctuations in demand, interest rate changes, and local economic factors that might impact buyer behavior. Price Banding: Concept: Price banding refers to the strategy of setting the price within a specific range that appeals to the broadest segment of buyers. For example, if most buyers are searching for homes within a specific price range, listing just below a major threshold can attract more interest (e.g., pricing at $499,000 instead of $510,000). Psychological Pricing: Rounding the price to a more attractive number (e.g., $499,900 instead of $500,000) can also make a difference in buyer perception. Assessing Property Condition and Unique Features: Condition: The property's condition relative to others in the area plays a significant role in pricing. Sellers should be honest about any necessary repairs or updates and factor those into the listing price. Unique Features: Special features or upgrades that set the property apart should be highlighted and considered in the pricing, but sellers need to ensure these features are valued appropriately and not overestimated. Testing the Market: Soft Launch: Some sellers opt for a “soft launch” of their property, listing it at a higher price initially to test the market’s response. If there’s little interest, they can adjust the price accordingly. However, this strategy should be used cautiously to avoid the listing becoming stale. Reevaluating: If a listing has been on the market for a while with minimal interest, sellers should be open to reevaluating and adjusting the price rather than letting it expire. 3. Avoiding Future Expirations Regular Market Reviews: Adjustment: Stay in close communication with your REALTOR® to regularly review market conditions and adjust the price as needed. The market can change quickly, and timely adjustments can prevent a listing from becoming stale. Effective Marketing: Exposure: Ensuring the property is marketed effectively, with high-quality photos, virtual tours, and detailed descriptions, can help attract the right buyers at the right price. Negotiation Strategy: Flexibility: Be prepared to negotiate with buyers who might make offers below the listing price. Understanding the bottom line and being flexible can lead to a successful sale rather than letting the listing expire. Conclusion Pricing is one of the most crucial factors in ensuring a home sells before the listing expires. Sellers can determine the optimal listing price by conducting a thorough CMA, understanding market conditions, employing price banding strategies, and remaining open to adjustments. Working closely with a REALTOR® and being responsive to market feedback can prevent the listing from becoming stale and expiring. Competition for homes in Niagara grinds to a halt Buyers in Niagara have more choice than at any point in the last five years thoroldtoday.ca READ MORE ... 3-bedroom home sells for well under average price in Mississauga | INsauga A Mississauga three-bedroom home sold for well under the average price in the city — good news for buyers but not sellers. insauga.com READ MORE ... Calgary among best condo markets for investors in Canada Calgary is likely to be on Toronto real estate investors’ radar more thanks to a recent report showing the city is among the more lucrative markets in Canada where average rent exceeds the mortgage cost when purchasing the average-priced condominium. “Alberta’s largest cities were among top cities in the report with Edmonton at No. 1 and Calgary in sixth,” says Tarek Hageahmad, realtor with eXp Realty in Calgary. The study by Zoocasa, a national... msn.com READ MORE ... New home prices edge up slightly in July, first annual increase in 15 months: StatCan The cost of a new home in Canada was up 0.1 per cent in July compared to a year earlier, the first annual increase since March 2023, according to Statistics Canada. ctvnews.ca READ MORE ... Average rate on a 30-year mortgage eases to 6.46%, the lowest level in 15 months The average rate on a 30-year mortgage eased this week to its lowest level in 15 months, welcome relief for home shoppers navigating a housing market that remains out of reach for many Americans. The rate fell to 6.46% from 6.49% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged […] halifax.citynews.ca READ MORE ... Modest gains in housing affordability seen across most of Canada Housing affordability is improving across Canada, albeit modestly, a new report shows. National Bank of Canada Financial Markets released its Housing Affordability Monitor report this month showing continuing improvement in affordability in the second quarter of 2024 (April to June). It found in eight of 10 markets it tracked that mortgage payments as a percentage of income fell from the previous quarter. The two outlier markets, the report... msn.com READ MORE ... Young Canadians have ‘no shortage of barriers’ but are still optimistic about homeownership, report says More than half believe that owning a home is an achievable goal, according to a Royal LePage survey ca.finance.yahoo.com READ MORE ... "People who romanticized rural life during the pandemic can't come back": A GTA mortgage broker on cottage buyers' remorse - Toronto Life 1,077,815 Torontonians can’t be wrong. torontolife.com READ MORE ... Edmonton's apartment-style condos are ripe for investment Edmonton is tops among the nation for condominium investor profitability, a new study shows. Yet the demand for resale apartments is among the coolest segments in the city’s real estate market, which may partly explain why the condo market seems like a deal for investors, says a local realtor. “Edmonton is probably the cheapest part of the national condo market,” says Kristal Smith, realtor with eXp Realty in the city. “Prices just haven’t gone... msn.com READ MORE ... Buyer doesn't close, liable for property value loss of over $330,000 Discover the risks of negotiation missteps in property transactions. Find out how making certain demands can result in financial losses... realestatemagazine.ca READ MORE ... B.C. $500M rental protection fund nears 1,500 homes | Globalnews.ca A B.C. government fund to help non-profits buy rental buildings to protect tenants from eviction and maintain affordable rents is on track to exceed its target of 2,000 homes. globalnews.ca READ MORE ... Housing crisis: Quebec plans to build 500 prefabricated house units The Quebec government presented its strategy on Thursday to resolve the housing crisis without new funding.  montreal.citynews.ca READ MORE ... Spotlight:Why you shouldn’t time the mortgage market Experts caution that this approach could be a high-stakes gamble, fraught with potential pitfalls and opportunity costs. haltonhillstoday.ca READ MORE ... Younger Canadians sacrificing more to save for a home: Royal LePage survey A new survey finds that despite affordability issues, Gen Z and younger Millennial Canadians are reducing spending and building credit in the pursuit of home ownership. bnnbloomberg.ca READ MORE ... 25 homes on Toronto street to be taken over by Metrolinx for subway line Over two dozen homes in Toronto's Riverdale neighbourhood will soon have to be vacated to make way for the construction of the forthcoming Ontario ... blogto.com READ MORE ... Meghan Markle's former Toronto house is back on the market Even though it's been more than seven years since Meghan Markle was living in Toronto during the filming of Suits, there's something kind of exciti... blogto.com READ MORE ... Ontario cottage prices are way down and experts are unsure of what's next for the market The real estate market in parts of the GTA is just starting to slowly heat back up after home sales fell off a cliff in recent months, but the down... blogto.com READ MORE ... Most Canadian Home Builders Plan To Cut New Supply In Half: CHBA  - Better Dwelling Canada’s planned builder boom is turning into a bust. The Canadian Home Builders Association (CHBA) released the results of its Q2 2024 survey. They found that home builder sentiment remained negative for an 8th consecutive quarter. As a result of weak demand, most plan to significantly reduce the numbers of homes they build—by half on […] betterdwelling.com READ MORE ... EQB unveils construction loan for laneway homes, garden suites Product provides 'critical solution' to housing issues, says SVP mpamag.com READ MORE ... Canadian youth prioritize homeownership over weddings, survey reveals More than three in four unmarried first-time homebuyers under 30 are focused on owning a home mpamag.com READ MORE ... Editor's Note "Welcome to my Newsletter Page! I am a professional Real Estate Agent in Toronto GTA with an Architectural background from India. With a unique combination of design and real estate knowledge, I am dedicated to helping clients find their dream home. My expertise in both fields allows me to understand the potential of a property and how to best showcase it to potential buyers. I am committed to providing excellent service and going above and beyond for my clients. Let me help you navigate the real estate market and find your perfect property in the Greater Toronto Area & Surroundings. Contact me today!" Click Here For Hot New Toronto Regional Real Estate Board [TRREB] MLS® Listings. Call | Email me for more Info on any GTA Listings, Buying, Selling, Investing or Homebuyer's queries. Click Here to View Listings like Real Estate Agents. Click Here For HOMES & CONDOS In Toronto. Click Here For PRE-SALE CONDOS in Toronto. How does Rent-To-Own Homes works? Click Here for Power of Sale Listings. Manoj Atri, REALTOR®  Experienced Toronto GTA Sales Representative with Architectural Background. My forte: Power of Sale | Bank Foreclosures | Fixer-Upper | Rent-To-Own Homes All types of Credits Low or Zero down With Bank Cash-Back + Cash For Renovations Info & Much More... Re/Max Hallmark Realty Ltd., Brokerage 401-685 Sheppard Ave E, Toronto ON M2K 1B6 Cell: [416] 275-2089 | Office: [416] 494-7653 | Email: Manoj@ManojAtri.com Websites:   Homebuyer Hub | ManojAtri.com | ManojAtri.ca SearchRealEstateInToronto.ca | Rent-To-Own Homes | ManojAtri.ReMaxHallmarkRealty.ca  Social Media: Facebook Profile • OLD Fan Page: Rent to Own Homes GTA • Facebook NEW Fan Page Blog • Instagram • LinkedIn • Pinterest • Twitter • Tumblr • Youtube • Client Testimonials Subscribe To My FREE Daily Curated Hot News Articles e-Newsletter! © Copyright 2023 ManojAtri.com All rights reserved. "Disclaimer: Articles in this newsletter are generated by AI." If you no longer wish to receive these Emails, please Unsubscribe Here

📉 22nd Aug 2024 - Canadian Condo Prices See First Double Dip Decline On Record!

💥 Thursday 22nd August 2024 💥 Start Your Home Buyers Journey Here! Hot News Daily: Toronto Real Estate! "Your Resource for Home Buying & Selling: Expert Reports & New Listings!" "Hot News Daily: Toronto Real Estate" is your essential briefing on the latest and most significant updates in the Toronto real estate market. Each edition brings you the hottest news, key insights, and expert analysis, all curated to keep you informed about the trends and opportunities shaping the market. Whether you're buying, selling, investing, or just keeping tabs on the industry, "Hot News Daily" ensures you're always in the know about Toronto's dynamic real estate landscape. How do factors such as timing, location, and property type affect the potential for home buyers to save thousands of dollars on their purchase, and what considerations should they keep in mind when evaluating these factors? Factors such as timing, location, and property type can significantly impact the potential for home buyers to save thousands of dollars on their purchase. Here’s how each factor affects savings opportunities and what buyers should consider: 1. Timing Market Cycles: Impact: Real estate markets go through cycles of expansion and contraction. Buying during a buyer's market—when there is more supply than demand—can lead to lower prices and greater negotiating power. Consideration: Buyers should research market conditions and trends to determine whether it’s a buyer’s or seller’s market. They might want to consider purchasing during off-peak seasons (e.g., late fall or winter) when there are typically fewer buyers competing. Interest Rates: Impact: Interest rates fluctuate based on economic conditions. Lower interest rates reduce the overall cost of borrowing, potentially saving buyers thousands over the life of the mortgage. Consideration: Monitoring interest rate trends and locking in a low rate can result in significant savings. Buyers might also consider adjustable-rate mortgages (ARMs) if they expect rates to fall or plan to move before the rate adjusts. Economic Conditions: Impact: Economic downturns or recessions can lead to reduced home prices due to lower demand, presenting opportunities for significant savings. Consideration: Buyers should be prepared to act quickly if economic conditions create a favorable buying environment, but also ensure they have a stable income and financial security before purchasing. 2. Location Neighborhood Trends: Impact: Homes in up-and-coming neighborhoods often appreciate faster, leading to higher long-term value. Buying in such areas before they fully develop can offer initial savings and substantial equity growth. Consideration: Buyers should research emerging neighborhoods, considering factors like planned infrastructure improvements, new businesses, and community development projects. Urban vs. Suburban vs. Rural: Impact: Urban areas typically have higher prices due to demand, while suburban and rural areas may offer more affordable options. However, proximity to job centers, schools, and amenities also affects pricing. Consideration: Buyers should weigh the benefits of lower prices in suburban or rural areas against the potential costs of longer commutes, less access to amenities, and future resale value. School Districts: Impact: Homes in top-rated school districts generally command higher prices, but they also tend to hold their value better. Conversely, homes in less competitive districts might offer savings. Consideration: Buyers with or without children should consider the long-term resale value implications of buying in a particular school district. Sometimes, choosing a home near a well-regarded but not top-tier school can offer a compromise between price and value retention. 3. Property Type Single-Family Homes vs. Condos vs. Townhomes: Impact: Condos and townhomes are generally more affordable than single-family homes, but they may come with higher monthly fees (e.g., HOA fees) that offset initial savings. Consideration: Buyers should evaluate the total cost of ownership, including fees and maintenance, rather than just the purchase price. Townhomes and condos may also have resale challenges if demand shifts more towards single-family homes. New Construction vs. Resale Homes: Impact: New construction homes often come with a premium but offer modern amenities and warranties that can reduce maintenance costs. Resale homes may be more affordable but could require immediate repairs or updates. Consideration: Buyers should assess the condition and features of resale homes versus the added costs of purchasing new. Negotiating for builder incentives or purchasing a slightly older new construction home can sometimes lead to savings. Fixer-Uppers vs. Move-In Ready: Impact: Fixer-uppers are typically priced lower but require investment in renovations. Move-in-ready homes command higher prices but offer immediate livability. Consideration: Buyers should have a clear understanding of renovation costs and timelines when considering a fixer-upper. They should also be realistic about their willingness and ability to undertake such a project, factoring in potential returns on investment. Summary of Considerations: Research and Market Knowledge: Stay informed about local market trends, interest rates, and economic conditions. Flexible Timing: Be willing to adjust your purchasing timeline to take advantage of favorable market conditions or economic shifts. Location Strategy: Balance the immediate savings of purchasing in less expensive areas against long-term appreciation potential. Property Type Evaluation: Consider the total cost of ownership, including fees and maintenance, not just the sticker price. Negotiation: Always negotiate the price and terms to your advantage, especially in buyer’s markets or when buying new construction or a fixer-upper. By carefully considering these factors and remaining flexible in their approach, homebuyers can maximize their potential savings and make a financially sound purchase. Canadian Condo Prices See First Double Dip Decline On Record - Better Dwelling Canada’s condo market has provided big returns for investors, but it’s currently running on fumes. Canadian Real Estate Association (CREA) data shows the price of a benchmark, or typical, condo apartment fell in July. The investor-dominated segment didn’t see prices fall nearly as much as the general market since rates began climbing. However, condos have […] betterdwelling.com READ MORE ... Alberta remains a hotspot for out-of-province homebuyers Could the Bank of Canada's latest moves see interprovincial migration boom? mpamag.com READ MORE ... Should Canada ditch the mortgage stress test? What experts are saying | Globalnews.ca Before someone borrows money from a federally regulated lender, like a bank, they need to prove they can afford payments at a qualifying rate. This is called a 'stress test.' globalnews.ca READ MORE ... Soaring $29 million condo is one of the most expensive for sale in Toronto Just northeast of Avenue Rd. and Bloor St. W, the prestigious condos at 155 Cumberland St. offer some pretty luxe living. Built as an office buildi... blogto.com READ MORE ... 5 Homes for Sale in Alberta Under $200,000 Here are 5 homes for sale in Alberta offering incredible value. They’re sure to sell fast, and might even be gone by the time you read this! blog.remax.ca READ MORE ... House of the Week: $3.7 million for a whimsical custom-built home backing onto an Etobicoke ravine - Toronto Life 1,077,815 Torontonians can’t be wrong. torontolife.com READ MORE ... Andy Prest: What else could you buy for the price of North Vancouver's least expensive house? The least expensive home sold on the North Shore this summer went for $1.2 million. Let's see what that might get you in other parts of Canada 🏡 newwestrecord.ca READ MORE ... Ontario sets new planning rules intended to boost home building - Mortgage Rates & Mortgage Broker News in Canada Ontario's housing minister announced a new set of planning rules Tuesday, which he said will set the stage for a "long-term building boom." canadianmortgagetrends.com READ MORE ... Income needed to buy a home in Ottawa drops in July For homebuyers entering the market, some relief may be on the way as new numbers from Ratehub show the income needed to buy a home dipped in July for 13 major Canadian cities, including Ottawa. ottawa.ctvnews.ca READ MORE ... Mortgage rates are creeping closer to 4% after the latest inflation news How low do rates have to go to get buyers off the sidelines? We're watching for 4% - the magic number that could draw people to the market. But a few wildcards could be in the mix. rates.ca READ MORE ... Toronto condo parking: A pricey amenity that can add 6 figures to a home Toronto condos with parking can be quicker to sell but cost up to $122,000 more than those without, especially in high-demand, central areas realestatemagazine.ca READ MORE ... I chose to rent my home instead of owning — and I’m much happier. Here’s why Buying a property isn’t the most important consideration in creating a home you’re happy with; there are advantages to both buying and renting thestar.com READ MORE ... Canada's young adults are prioritizing homebuying, says RBC For under 30s, owning a home is more important than other financial goals wealthprofessional.ca READ MORE ... Lower Mortgage Rates Could Improve Canadian Affordability But Not Just Yet - nesto.ca Inflation continues to cool in July. Learn from Globe and Mail reports how nesto can help Canadians navigate the Great Renewal and find their best mortgage rate. nesto.ca READ MORE ... B.C. regulator slaps developer, director with nearly $100K fine for causing 'consumer harm' | CBC News A Surrey, B.C.-based property developer and its director have been ordered to pay nearly $100,000 by the province's real estate regulator for causing "consumer harm." cbc.ca READ MORE ... Toronto condos aren’t selling. What does that mean for renters? Condo sales in the GTA are down, according to the latest data from the Toronto Regional Real Estate Board, but the number of condos on the market is up. With fewer people buying property for the first time, what does it all mean for rental prices? CBC’s Shannon Martin breaks it down. cbc.ca READ MORE ... 48-storey condo tower to replace a group of small houses in Toronto Toronto is still (impatiently) waiting for the Eglinton Crosstown LRT to enter service as the TTC's Line 5, but neverending delays and cost overrun... blogto.com READ MORE ... This abandoned Toronto house hasn't been on the market since 1951 While homebuyers usually need a salary of at least $208,950 to buy the average house in Toronto, you won't need that much to buy 35 Via Italia.  Th... blogto.com READ MORE ... Top cities for renters in Canada: Quebec leads the way while St. John’s outranks 99 cities Explore the top cities for renters in Canada, where you can enjoy a well-balanced lifestyle while saving for your future. realestatemagazine.ca READ MORE ... July market slowdown nationwide despite June’s interest rate cut gains The Canadian real estate market paused in July despite gaining momentum in June. Find out why and what it means for buyers and sellers. realestatemagazine.ca READ MORE ... Editor's Note "Welcome to my Newsletter Page! I am a professional Real Estate Agent in Toronto GTA with an Architectural background from India. With a unique combination of design and real estate knowledge, I am dedicated to helping clients find their dream home. My expertise in both fields allows me to understand the potential of a property and how to best showcase it to potential buyers. I am committed to providing excellent service and going above and beyond for my clients. Let me help you navigate the real estate market and find your perfect property in the Greater Toronto Area & Surroundings. Contact me today!" Click Here For Hot New Toronto Regional Real Estate Board [TRREB] MLS® Listings. Call | Email me for more Info on any GTA Listings, Buying, Selling, Investing or Homebuyer's queries. Click Here to View Listings like Real Estate Agents. Click Here For HOMES & CONDOS In Toronto. Click Here For PRE-SALE CONDOS in Toronto. How does Rent-To-Own Homes works? Click Here for Power of Sale Listings. Manoj Atri, REALTOR®  Experienced Toronto GTA Sales Representative with Architectural Background. My forte: Power of Sale | Bank Foreclosures | Fixer-Upper | Rent-To-Own Homes All types of Credits Low or Zero down With Bank Cash-Back + Cash For Renovations Info & Much More... Re/Max Hallmark Realty Ltd., Brokerage 401-685 Sheppard Ave E, Toronto ON M2K 1B6 Cell: [416] 275-2089 | Office: [416] 494-7653 | Email: Manoj@ManojAtri.com Websites:   Homebuyer Hub | ManojAtri.com | ManojAtri.ca SearchRealEstateInToronto.ca | Rent-To-Own Homes | ManojAtri.ReMaxHallmarkRealty.ca  Social Media: Facebook Profile • Blog • Pinterest • Tumblr Subscribe To My FREE Daily Curated Hot News Articles e-Newsletter! © Copyright 2023 ManojAtri.com All rights reserved. "Disclaimer: Articles in this newsletter are generated by AI." If you no longer wish to receive these Emails, please Unsubscribe Here