August Real Estate Market Update

Hi, here is my monthly real estate market update with information on house prices in Toronto and insight into what’s happening in the market right now.  As well, I am launching some exciting events right into the fall – scroll to the bottom of this post for details and how to participate!

You have probably seen tons of news articles on what is happening right now in the real estate market in Toronto, a lot of the information you’re seeing is confusing!   LOTS of people are under the impression that prices have fallen 45% - that’s simply NOT TRUE! 

What’s really going on? 3 key things:

1. The number of sales are down 45% versus last year. This refers to the number of real estate transactions, not prices!   However, this is a 2 year low for our market, and considering the past 2 years were definitely affected by Covid, this is an interesting fact.  Some of this is being caused by the interest rate hike in June, which pushed some buyers to the sidelines as their purchasing power and qualification criteria were affected.    

Other buyers are just enjoying the summer and will put their minds back into real estate come fall.   Buyers are approaching the home buying process with extreme caution right now, making careful decisions and often making offers that are reflective of where they think the market will be in a few months.

2. As a result of the interest rate hikes and slow sales, prices have dropped in many regions. For homes hovering around the million mark & above - in some areas we’ve seen drops of hundreds of thousands of dollars in home values since the spring peak.  And this price drop has affected areas outside of the GTA the most.   Remember, the interest increases mean that consumer affordability has decreased, despite price drops in many areas. 

Traditionally the summer sees a slowdown in real estate sales, with peaks in Spring & Fall.   

3. Prices will likely continue to remain soft in the fall.  There will be another rate increase at the beginning of September - likely around September 7.  The mortgage professionals I spoke to anticipate this will be a lower hike than in June, when interest rates increased 1%. 

As I mentioned before, the fall market usually brings more inventory (and buyers) this fall we may also see additional inventory in the form of sellers who didn’t sell in the summer and took their homes off the market, and the homes where the buyers purchased in the aggressive spring market then couldn’t close.   This, combined with the increased inventory we usually see in the fall will likely result in prices falling more.  


This year I’m planning quite a few exciting events!    Some are live and some are virtual – here’s a sneak peek:

1. First time home buyer seminar: August 23, 6:00 pm.  Sign up here:  FIRST HOME WEBINAR

2. Downsizing seminar series - end of September sign up here: GET READY TO DOWNSIZE

3. Community Shredding event October 22 (Scarborough) Sign up here: COMMUNITY SHREDDING EVENT

Recent Blog Posts

Explore this incredible opportunity in the heart of Markham's housing market! This centrally located 4-bedroom Markham home is now for sale!  It sits on a deep private lot with an expansive backyard – perfect for family living. Recently renovated with brand-new flooring and a fresh coat of paint throughout, this residence boasts an inviting eat-in kitchen equipped with stainless steel appliances. The spacious bedrooms and separate side entrance offer versatility and comfort. Enjoy the bright, airy atmosphere thanks to ample natural light streaming through the large windows in the generous basement, ideal for relaxation and gatherings. Situated on a serene, low-traffic street, this home epitomizes convenience. 

It's a short walk to schools, parks, public transit, Centennial GO station, Markville Mall, and the vibrant shopping district along Highway 7.  You can even walk to grocery stores! This is great for commuters – an almost unheard of walking proximity to everything you need that’s rarely found outside the city core. Don't miss this opportunity to make this fantastic home in one of Markham's prime locations yours!


A disturbing trend I've come across recently is the fraud in the rental space.   As an agent who handles a fair share of rentals; these issues have shown up over several ways this year.   I'll tell you about 3 instances I've had and the red flags that appeared with each! 

When I'm representing a landlord and an application comes in, I spend a lot of time going through an applicants documentation and getting references and looking through their background.  Here's what I do:

  • Call their employer by finding the employer's website and calling through their office to confirm employment.  I don't just call the supervisor on the application
  • Look carefully at the documents to see if they are real; company letterhead & credit reports can be faked or bought
  • Check social media & linked in
  • Call past landlords
  • Make sure there is a building at the address they're currently renting
  • Check that the landlords name and property owners names match.   If it's an apartment building call through the property management company if it's an apartment rather than calling the number provided.
  • Look at the credit report for signs of altering

With those things in mind, let's look at 3 things that have happened to me this year!

1.  Student rental Scam - fake rental and landlord

First of all, you should never have to pay to submit a rental application, or be asked for a deposit before you get a chance to see the place.   These scams are generally ads on sites like Kijijii and Facebook for rentals that look too good to be true.  They also steal MLS listings for homes and advertise them at lower rates.  I came across one recently through a family friend desperate for some student housing.  It was a big scam; and when I called them out they 'protested too much'.    Here's how to spot these scammers:

  • They demand payment to submit a rental application
  • They demand a deposit before you see the unit
  • Makes excuses why they are not available to speak to on the phone 
  • Will only communicate through messenger, text or email
  • The advertised price is way lower than other rentals
  • Their Facebook profile was just created
  • Their Facebook name does not match their user name ID (see the URL) 

2. Fake Rental Applications   

There are some very good forged documents out there.  I had some people submit an application on a lease I was advertising and here's what I found during the checks, among the other checks I did as above :

  • Inconsistencies in addresses on the application
  • Employment letter does not look real - no header or footer with information on the company letterhead

3. Forged Tenacy Papers

I had a call from a gal who had a great story, good employment, good credit, moving to Toronto from outside the city for work, can't come in to look for a place so needed virtual showings.  Could I help her find a place.  Sounds great right?  

Now I don't usually check tenants out before I help them (and I'd helped out a client with an out of town move this year already in a similar situation)  But with everything going on right now, I felt it couldn't hurt to see what her references would say.   So she sent in her application & 

then came the paperwork - the address of her job didn't match up with her story.  The company had never heard of her or her supervisor.  There was even no property listed at the home she had put for her address!  Other red flags for scammers include what she did:

  • get overly upset when called out 
  • provide complicated excuses for 'mistakes' on application forms
  • call the fact checker a liar, unprofessional, etc.

So be careful out there folks! 


A big thank you to the communities of Guildwood, West Rouge & Port Union for the terrific support last Saturday for my Community Shredding Event.  About 30 families participated - and their generous food donations filled our Jeep to the brim!   The food donations were taken straight to Feed Scarborough - the Scarborough Food Security initiative and will be distributed to local satellite food banks in the area.   Judging from the huge line up outside the Manse Rd. food bank Saturday, it's much needed. 

Chartwell Guildwood was my partner for this event and provided the venue and great snacks.  Thank you Kelly & Dianne for your wonderful support.  As always, Papersavers was gracious, friendly, professional and helpful!  

One interesting sideline - My husband, myself, Dianne and Alex from papersavers all grew up within the same area!   Such a big city/small world!