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Cooler Toronto Market Holds Steady Through Summer

HIGHER INTEREST RATES LEAD TO FEWER HOME SALES

  • Higher borrowing costs, continued uncertainty about the economy and Bank of Canada decision making, and the constrained supply of listings resulted in fewer home sales in August 2023 compared to August 2022. The average selling price remained virtually unchanged over the same period.
  • New listings were up by 16.2 per cent year-over-over, providing some relief on the supply front, but year-to-date listings are still down substantially compared to the same period last year. Seasonally adjusted sales were down slightly by one per cent month-over-month compared to July 2023, while new listings were up slightly by 1.3 per cent compared to July.
  • In the broader Greater Toronto Area (GTA) Markets, sales were down slightly as compared to August 2022, signalling a cooler summer market.

RESIDENTIAL STATS

Total Residential Transactions Average Selling Price Total New Listings Residential Property Days on Market

CONDO PRICES SOFTEN AND SALES PICK UP

  • High interest rates has put downward pressure on condominium prices (down 4.2% compared to Q2 last year) and sales have simultaneously picked up (increased by 20.7% compared to Q2 last year)
  • The constraint of new listing is keeping a steady flow of sales in the condo market, but not creating a frenzy within the condominium market with listings taking slightly longer to sell than during the same period last year (20 days on market vs. 15 days on market during Q2 last year).
  • Condominium rentals are up on all fronts, including number of rentals, price and new listings coming to market.

CONDOMINIUM SALES STATS

Total Condo Apartment Sales Total New Listings Condo

CONDOMINIUM RENTAL STATS

Apartment Rental Stats

COMMERCIAL STATS

All Leasing Activity

The “All Leasing Activity (Sq. Ft.)” chart summarizes total industrial, commercial/retail and office square feet leased through Toronto MLS® regardless of pricing terms.
The “All Sales Activity” chart summarizes total industrial and commercial/retail and office sales through Toronto MLS® regardless of pricing terms.

Average Leasing Rates Commercial

In conjunction with the Toronto Regional Real Estate Board (TRREB) redistricting project, historical data may be subject to revision moving forward. This could temporarily impact per cent change comparisons to data from previous years.

Distinctive Real Estate Advisors Inc., Brokerage is pleased to present a recap of the latest market forecast release and August highlights from the Toronto Regional Real Estate Board (TRREB).

We’d welcome an opportunity to discuss the Cooler Toronto Market Holds Steady Through Summer. If you have any questions about our services, please contact our team.

Box’d, Toronto’s First Fully Automated Restaurant Launches Mid-Pandemic. Will This Be The Future of Restaurants?

As a result of Covid-19’s social distancing restraints, the food industry has been forced to implement innovative efficiencies in their production and reopening which adhere to society’s current food safety fears.

Mohamed Fakih, owner of Paramount Fine Foods, opened Box’d, Toronto’s first fully automated restaurant adapting to the current changes that we are facing due to Covid-19.  “Being fully automated means Box’d can offer Canadians a new and exciting ‘smart’ way to experience eating out safely,” said Ahmed Daify , Box’d franchisee.

“Throughout the COVID-19 pandemic, many Torontonians chose to cook their meals at home, but as the restrictions ease and more businesses open people are looking forward to eating out. We understand that people may still be a little wary of public places, so we have created a dining option that is fast, efficient, and safe,” Said Mohamad Fakih, owner of Box’d.

How it works:

You order your meal through their website, or using their in-house digital kiosk, and once it is ready, you pick it up from separated sanitized cubbies. When your order is ready, your name and cubby number will pop up on the screen indicating where to retrieve your meal. All one has to do is double tap their cubby and their meal will be sitting there, packed and ready to devour.

“The state-of-the-art technology used throughout Box’d will revolutionize and transform how consumers experience dining on-the-go and will help our guests feel safe…With one chef per meal, all meals are sealed and delivered to sanitized, individual cubbies which simplifies the process and keeps cleanliness and safety top of mind,” said Chef Tomer Markovitz.

For More Information Visit:

1.https://www.boxdbyparamount.com/

2.https://www.retail-insider.com/retail-insider/2020/6/canadas-1st-fully-automated-restaurant-opening-this-summer

3.https://www.forbes.com/sites/katedingwall/2020/06/24/this-automated-restaurant-launched-mid-pandemic-is-this-the-future-of-restaurants/#1663a2971861

The Time is Now: Planning for Growth in the GTA

This year’s report is now available and  subtitled “The Time is Now” explores some of the most important market issues affecting our industry today.

Backed with hard data from TREB and our partners, flip page to page and discover groundbreaking research that addresses the increasing population across the GTHA and tackles the ongoing demand for housing.

A MUST-READ: TREB’s 2020 Market Year in Review & Outlook Report

Some of the exciting content and topics you can read about in this year’s report include:

Market Year in Review & Market Outlook:

2019 Year in Review – includes a review of TREB MLS® System statistics and TREB-commissioned Ipsos surveys of homeowners and recent buyers.

2020 Market Outlook – features a forecast of the year to come, including an outlook of sales, listings and home prices.

The Rental Market – understand rental market conditions and a sense of the rental market moving forward.

New Home and Residential Land Sectors – discover research from Altus Group that dives deep into new home sales and residential land sales.

The Commercial Market – uncover hard data on commercial property sales and commercial leasing that stretches from industrial, to office and retail spaces.

Policymakers on Solutions for Population Growth – hear from policymakers and their approach to managing population growth, including contributions from the Minister of Municipal Affairs and Housing Minister, City of Toronto Mayor John Tory, and several other GTA big city mayors and regional chairs.

Future of Transportation Infrastructure in the Greater Toronto Hamilton Area – research from the Canadian Centre for Economic Analysis that offers a review of current transportation challenges across the GTHA, as well as suggested solutions.

Transit-Supportive Development Along Bus Corridors – the Pembina Institute presents research on transit-supportive development and the interplay of housing diversity and ideas on increasing housing supply.

Future GTHA Economic Growth and Housing Affordability – research from Ryerson University’s Centre for Urban Research and Land Development that offers a perspective on the GTHA’s growing economy and housing affordability challenges.

DOWNLOAD YOUR COPY AND JOIN THE DIALOGUE TODAY

This is TREB’s fifth annual Market Year in Review & Outlook Report, and each year it proves to be a resourceful tool that allows you to engage in discussions with colleagues and clients on pressing topics related to our industry.

DOWNLOAD THE REPORT HERE

Most of Canada’s housing market likely to be fertile ground for bidding wars in 2020

Looking for a home to buy in 2020? You may find lots of competition and not a lot to choose from.

Canadians hoping to buy a house in 2020 better brace themselves for limited choice and plenty of competition, the latest housing market data suggests.

While conditions remain ho-hum in the Prairies and Newfoundland and Labrador, in the rest of the country, there are plenty of buyers and not much for sale.

A lack of housing supply would be “the story” for 2020, the Canadian Real Estate Association (CREA) warned in its housing market forecast in mid-December.

The latest national statistics, released by CREA Jan. 15, seemed to confirm the trend. The number of existing homes available for purchases was at a 12-year low in December, the association said.

READ MORE: Canada’s home prices rise 9.6 in December compared to a year ago, sales up almost 23%

The issue has been long in the making, according to CREA senior economist Shaun Cathcart.

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