Real Estate Upate

It's the news on everyone's mind when I talk to them about Real Estate.  The recent Bank of Canada hike of 1% instead of the anticipated .75% to curb inflation has had a major effect on Real Estate affordability, and we are seeing the effects in the market big time.
Continuing the pattern of June, buyers are adopting a wait and see attitude, slowing showings, offers and sales!
As a result, prices are down in most areas.  
This month I have done a video wrap up of what's happening - you can find my video here (I'm not acting shifty here - I am glancing sideways to my notes!) with key facts and my observations: 

The average house price is $1,146,254, remaining 5.3% over June 2021, but is trending lower on a monthly basis.  In fact, in many areas, homes are selling hundreds of thousands of dollars less than in the spring.  

Affordability is the real issue

Even though home prices, especially detached house prices in Toronto have dropped (sometimes significantly since Spring) the affordability of these homes, even at the lower prices has not.  Here's an example of a home that would have sold for $1.3M in Spring, that may sell for $1.1 now prices have dropped - this home is still costing more to carry! 


Qualification is tighter, too

Remember the stress test for home buyers?  It's gotten stricter with the rate increases, too.  In many cases, qualifications for a mortgage is now 6 or 7%

We had high interest rates before

Of course, the super low interest rates and skyrocketing home prices was unsustainable, and, as many agents will tell you we've seen high interest rates before.  But the average house price during those times was under $300,000; and there was no pre-qualifying stress test, either.

Opportunities are there for those who seek them out!

We have not seen a market this slow in terms of sales, showings and offers in a long while (like 10 years) so it's a good time to look, research and if you find a deal, act fast.  Once the market adjusts and normalizes these opportunities may not last long! 

The Downtown Toronto rental market is very aggressive now

Now that offices are opening up and immigration has also opened up, there is more and more demand for downtown rentals, and rentals near transit.   I've just been helping some clients rent downtown, and I can tell you it's brutal.  To secure a rental, potential tenants are submitting applications without seeing the units, offering a years month up front, and 30% of the time they are leasing over the asking price!  So if you're considering renting make sure you're organized and act swiftly.  

To start your Scarborough home search, you can search by neighborhood here:

Guildwood homes for Sale

West Hill homes for Sale

West Rouge Homes for Sale

Homes for Sale in Scarborough Bluffs

Homes for Sale in Highland Creek

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! 


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!