November Real Estate News

October Real Estate Market Statistics for Toronto Home Sales, and GTA home sales have been released.   The inventory of homes for sale has not keep up with continued demand.  This is a trend we have seen for the past several months, where there continues to be a mismatch between demand and supply. . 

Market conditions tightened across all major home types compared to last year, and the annual rate of average price growth remained in the double digits, including for the resurgent condominium apartment segment.

What does low supply mean if you are a buyer?  Until supply issue is addressed or interest rates increase substantially, Toronto House and Condos prices will continue to rise.  If you are a buyer in the ‘lowest price’ range (which varies per area and type of home) understand this is where the most competition will be.  

If you are a buyer, be prepared to be patient and put offers on several properties until you are successful (one at a time of course!).  Additionally, being flexible with your wish list & area will help you achieve your Real Estate goals.   After all, properties in Toronto are often what we call ‘stepping stones’ – used to build equity to eventually get your dream home! 

Will interest rates rise in 2022?  The banks keep their rate hikes closely guarded.  However, it’s anticipated that rates may rise 1% over the coming year, likely in .25% increments.  If you’re just on the line for your pre-approval, you may want to buy now before prices rise any higher or interest rates put you out of the market.  Most lenders will approve you at a fixed rate for a few months.  

Will supply of properties increase in 2022?  If immigration opens up, that’s very unlikely.  New supply would mean more developments, which take time to be built.   Remember, it’s likely once you see a new condo being built their inventory is likely sold out for the developer to get financing on his construction loans! 

Will prices go down in 2022? While it seems prices can’t get much higher, the cost of borrowing is still very low.  A combination of interest rates and increased supply may help prices plateau, but supply issues are unlikely to be resolved in the first half of 2022.




 

Other recent posts include: 

Government introduces New Rules to streamline Condo disputes

Video Tour of Scarborough Bluffs in the Fall

Video Tour of 46 Earl Rd

 

Recent Blog Posts


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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! 



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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! 

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