Time Running Out For Toronto Home Sellers – Oct 18

Sellers you got to know your audience I’ll talk about that and then get into the latest home prices and insights for the city of Toronto for weekending October 18 2023 let’s say you’re having a party and you invite a whole bunch of people and you’ve got ribs and steak as food and

Hamburgers but all the people you invited are vegetarians are they going to be excited to be at your party probably not if they know ahead of time they’re probably not going to show up and if there’s another party down the street that they can go to instead of your place or your

Party that is catering to what they like non-meat products let’s just say they’re vegetarian they’re probably going to go there or if you have a football party and say Hey you call a bunch of people come to my house Sunday afternoon let’s watch the football game and they’re not into sports why would

They come I see sellers a lot of them kind of doing the same thing it’s it’s like you don’t know your audience you’ve got to kind of have a pretty good idea what the market is about right now the climate and what the buyer is thinking you you’ve got to know to properly

Strategize how to sell your house or condo and I see too many examples where I look at it and I say what’s the seller thinking and I know sometimes the seller isn’t thinking they kind of just leave it to their realtor to do everything and and and it’s it’s a mistake for example

Things that bug the buyer photos if the photos are are just not really realistic and we you know Photoshop has changed a lot of things out there but if the photos are not real the minute the buyer shows up and they see that it just it

Upsets them I was at a condo showing this weekend my client’s looking for water view they want to see the lake they want a beautiful view of the lake well photos in this one condo were great so we went to go see it we saw a few but

This one I’m talking about winter go see soon as you walk in you could see out the windows in in the living room and there’s another condo there but we went there for the lake view and we see another condo so as you get closer

Closer we had to be right up against the glass to see the lake on the balcony you had to lean over the edge on the balcony to see the lake and that’s what the photographer did they leaned over took a picture and the realtor thought this is

Great the seller are you not looking at your photos are you not seeing that and thinking okay it’s a nice photo but it’s not really realistic of my condo’s view are you not questioning your realtor because the buyers are coming are basing it on what you’re telling

Them or what you’re showing him and you’re showing him you’ve got leg views this upsets the buyers the buyers right now think that every seller is desperate I know it’s not true but that’s what the buyers are thinking and they’re looking at list prices and just automatically

Want to negotiate down that’s the buyer mentality so those of you out there with an offer date many cases I don’t see the rationale I you’ve got to really look in your area if the offer date has been working okay maybe do it but lots of areas it’s

Just not working anymore and then it doesn’t sell but you don’t change the price you don’t put the price that you expect you keep the price really low and just expect buyers to compete those days are gone buyers are looking at this and saying ah we’ll just wait we’ll see what

Happens we’ll see when they put it at the price that they’re really interested in but we’re not going to go in compete or they are putting in offers really low and it bugs you as a seller but you you’re like you’re bringing this on yourself you’ve got to understand what

The buyers are thinking in this climate and you need to cater your listing to that buyers are looking to negoti excuse me buyers are looking to negotiate down here was one listing we saw again this week was a productive weekend this weekend one listing this condo was priced at

$3.99 downtown Toronto can you imagine 3.99 downtown Toronto and for sure price is going to sell for if it sells eventually it’s going to sell for much higher but in The Brokerage remarks and these are brokerage remarks are are comments on the listing that really just only between Realtors and The Brokerage

Remark says please call listing agent for seller expectations so they got it listed at$ 3.99 who are they looking to attract a ton they’re going to get probably a ton of showings but it there’s other buyers that’ll see that like my clients will send me a listing and I’ll say yeah

That’s the list price but it’s really not what they’re expecting and other properties in the area similar have sold for much more so that price is more of a loss leader I’ll say that to my client and they go oh forget it then I go

What’s a nice house do you want to go see it sometimes they still say no I don’t want to play those games let’s just wait to for them to list it at the price that they want and then we have a good idea of their expectations they

Just don’t want to go this is what’s going through the buyer mind these are the people coming to your listing party you’ve got to know what they’re thinking you’ve got to know what’s going to attract them be careful about repelling the buyers because there’s fewer buyers out

There than ever before and there’s way more competition than ever before so you’re either going to attract people or you’re going to help other sellers sell their properties that are offering more of the way the buyer wants to buy if you think this video can help somebody you

Know please pass it along if you get value from what we’re talking about subscribe and if you want to speak with me about your real estate situation selling buying it’s really simple below this video in the description is a link to my calendar click on that book of

Time that’s convenient for you and we’ll talk about whatever’s on your mind now let’s get into the [Applause] Numbers Sellers it might be feeling like time is running out well think about it we started September things shot up activity shot up listings sales but we’re already on the other side of that Peak and it’s all downhill from here to Christmas activity will drop fewer buyers are showing up at the doors

There’s fewer offers but there’s more competition there’s more listings out there it’s getting harder and harder to achieve the sale that you’re looking for kind of feels like you’re running out of time let’s get into the numbers here’s a quick summary average sold prices condos semis in towns detached this is just for

The city of Toronto and I’ve got it kind of split up by September and then after September so this is pre- Labor day but if we look at the the righted after Labor Day September numbers prices were generally going up and then we peaked and kind of the end

Of September now prices are starting to Trend down we’re going to start off with detach properties again this is just for the city of Toronto only detach properties for weekending October 18 I’ve got a whole year here broken down by week sales have been trending down

Now compared to last year the last year I mean compared to last week we’re only four four lower than what we sold last week so 115 detach properties were sold for weekending October 18th 27 of those were sold at $2 million or more which is

One more at $2 million or more than what we sold the previous week average sold price like I I’m going to say it came down cuz technically it did but it’s really $1,000 lower than what it was the previous week so it’s basically the same 1,000 1,

67,000 is the average sold price for All detach property sold but that number average sold price since we peaked kind of towards the end of September prices average prices have been trending down 1 million 67,000 is 4% higher than where we were this time last year the median price is

9% higher than where we were this time last year and if we look at the August prices well although we’re trending down now we’re still higher than where we were prices for August so August is kind of the low point of of this year so

Far 115 were sold 42% % sold at list price or more let me just talk about that number or that phrase sold at list price or more that doesn’t necessarily mean that they were all sold with an offer date because many times properties are listed at a really really

Competitive price and boom a buyer buys it right away at the list price so that’s sold at list price or more and if it’s price comp competitively no offer date sometimes for the right house a very favorable house that’s in demand if it’s priced right where it really makes

Sense to a lot of buyers that should sell at sometimes you’ll get two or three buyers trying to buy that house and you find yourself in a multiple offer situation and it might sell a little bit more this is very different from right off the bat being listed with

An offer date so sold that list price or more and compasses all those scenarios I talk about where a buyer just buys it right away at list price or a couple buyers and it goes a little bit more couple buyers competing or there’s an offer date and it sells for a bit more

Than what it was listed at so understand they’re not all offer date scenarios but 42% sold at list price or more listings listings were trending down but from this week to the the previous week it did go up a bit 390 detou properties were listed active listings is just

Climbing we jumped up from 135 to 1 1,500 to 1700 now we’re over 1,800 active detach properties for sale that are available for sale starting the new week so lots of properties sitting out they’re not sold some neighborhoods we were in one neighborhood this weekend

In just a matter of two or three blocks there was 15 detach properties for sale we go into another neighborhood there’s two or three in kind of the same space so depending on where you are are or what where you’re looking to buy could

Be a ton of homes for sale could be one or two and that’ll definitely be affecting the price months of inventory climbed up just slightly we’re sitting now at 3.6 months of inventory and and that has been trending upwards here’s Toronto broken down into nine different sections and and I’ve got

The arrow beside months of inventory to kind of show the direction versus the previous week did months of inventory go up or did it go down well all of Toronto were sitting at 3.6 months of inventory but there’s parts of Toronto that are out forming the the whole Toronto

Average Scaro sitting at it’s half it’s sitting at 1.8 months of inventory months of inventory came down from the previous week so it became a little bit more competitive East jork Riverdale beaches area months of inventory sitting at two 58% sold at list price or more for that area High Park sitting at

2.7 uh we only sold four in all of High Park and that’s an area where where there’s just not a lot of competition so it’s really doing a lot to maintain its price at tobico 2.5 months of inventory that stayed the same as the previous week Rexdale downs view 2.8 and then you

Got some of your other areas 3.6 in York Mills uh West and Yorkdale 5.6 months of inventory 5.3 in Wale Bay View different neighborhoods behaving differently it’s a different buying or selling experience in the different neighborhoods here’s semis semi detached properties 52 semi- detached properties were sold that’s double than what we did

The previous week but 52 is kind of in line to where we’ve been the last few weeks average sold price came down sitting out 1, 215,000 and that has been trending down 1215 is 2% higher than where we were this time last year and the medium

Price is 7% higher than where we were this time last year months of inventory well look when we were at 52 sales we’re at 1.8 this is going back 3 weeks then sales drop down to 26 and math will look at that and go wow if we’re only buying

26 every week how much inventory we have well we had 3.9 months of inventory but now that we’re back to selling 52 months of inventory drops back down again because we’re going to go through the inventory quickly so we’re sitting at 1.9 months of inventory that in a

Crazy kind of way has been trending up slowly we were at 1.4 1.1 even previous we’re now sitting at 1.9 months of inventory and 60% of the semi-old sold at list price or more it’s still for especially for for a good sem it’s very very competitive here’s town houses 19

Tow houses were sold these are freeold town houses five of those were at $1.5 million or more average sold price climbed up to 1,2 52,000 1252 is 12% lower than where we were this time last year the medium price of 1270 is 24% Higher free town houses these

Numbers are are are all over the place it’s hard to sometimes make heads or tails out of the free whole townhouse numbers months of inventory dropped down to 2.1 months of inventory condos sales went up they were slowly trending down but we went from 138 condo sales to

171 which is more in line to where we’ve been most of September so 171 condos were sold 14 of those were at $1 million or more average sold price came way down to 72,000 so out just past Labor Day average prices were trending up the end of September now boom they’re coming down

Again uh 72,000 is 7% lower than where we were this time last year the medium price is 3% lower and you could September prices were trending up but now starting to Trend down again of the 171 that sold 30% less than a third sold at list price or

More listings jumped up the listings were trending down but from this week to the previous week listings have jumped up to 845 listings but active listings it’s just climbing we went from 36 00 to over 4,000 now we’re close to 4,400 active condos available for sale

That’s a lot of condos out on the market and months of inventory although from previous week to now it came down by a little bit by 0.1 it’s still sitting at 5.9 very much a buyer Market when it comes to condos and this is an average

It’s a month of months of inventory for all of cond so you’re going to get some buildings that have a whole bunch of listings in there and you’re going to find some buildings where there’s maybe one or two but overall average though you’re looking at 5.9 months of inventory

Average days on Market is 22 here’s a quick summary condos were sitting in a buyer Market uh detached a balanc market and and semis and towns I I I got to say it it really it always boils down to the to the home doesn’t matter what the home

Type is it boils down to the area what’s happening but generally speaking across the board in most cases it’s more of a balanced market and in some situations it’s going to be more of a buyer Market thanks for watching have a great day welcome to 4027 blur Street West in

At toico before I show you the inside of this home let me tell you what makes it so unique it has in all eight bedrooms eight bathrooms it has 9t and 10t ceilings each room has its own individual climate control these are all luxury features you would expect from a

Custombuilt home but what really stands out in this home is that it was designed from the very beginning for two families to live separate and independent of each other both above grade let me start by showing you the principal residence so this is the principal residence including the

Finished basement you have five bedrooms five bathrooms about 3,000 square Ft So here’s the finished basement it has 10t ceilings an entertainment area two bedrooms two bathrooms and a private walk up to the Backyard so this is the private self-contain ConEd luxurious secondary Suite with three bedrooms three bathrooms have a Look


Toronto Real Estate Market Report for the week of Oct 12 – Oct 18, 2023. This video will focus specifically on Toronto but be sure to SUBSCRIBE for more reports on other areas!

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20 Komentar

  1. The days of emotional buying are done. At the end of the day everything reverts back to a math/logic base as all things economy-based always do.

  2. Condofishing that’s a new one 😅

  3. The government should crack down on this. In any other situation this would be considered false advertising. If there is a list price and someone offers full price, the seller should be bound by law to sell it

  4. Letting you know when you presented the stats only audio came up. No video! Was it consciously done?
    Thank you!

    Would you also say a few words about the mortgage rates when sales are down. Is there a relationship between the trend of sales figures and mortgage rates and sales numbers.

  5. I don't understand what you exactly want to say. Why don't you tell the truth. The home price is crashing.

  6. Sellers hold the line!!

  7. Home prices will be corrected. Don't be a fool, wait for the interest rate to sette and home prices drop down a lot more so the Canadians can be able to afford buying homes again.

  8. I would like to know who are the fools still buying these astronomically high priced homes with high interest rates? Let's say they are cash buyers, well still the home prices will drop down, so why buy a property that will drop down. Wait a bit and let that interest settle down and see where the home prices will settle at and then make a move.

  9. A lot of buyers sitting on the sidelines are going to be severely disappointed when the market starts going back up (and fast) after BoC holds rates tomorrow and for the next few months, followed by rate reductions late next year. Buyers have a limited window right now to get a slighlty discounted price. Talk of the market "crashing" is laughable.

  10. Who is still trying the offer date strategy get a grip.
    Anyone with their home up for sale is desperate to sell unless it's an estate sale.

  11. the age of greed is over, lol the free money is all gone "watchya gonna do when they lowball everybody" lololol

  12. My grandfather buy is home in toronto for $ 7 000 back in 1958 I look for the price one weak ago is 950.000$ same home where my father born in 1960 this is crazy don't think. 😢

  13. I really enjoy watching your videos as you are a perfect balance of being in touch with reality and being competitive at the same time. Thank you Santo for your hard work

  14. My grandmother told me always trust a bald guy who does not shave his head.

  15. Sellers you gotta lower prices 😂

  16. Any bets if Toronto condos will be in the high 600s next week?

  17. Real estate ALWAYS GOES UP 😂

  18. Rates could go as high as 20% in next few years. Hyper inflationary stagflation will likely last till 2030. Probably looking at 15 year system reset process. Too late to cash out.

  19. Time is Running out I agree with rates this high and BOC no mention of cuts till inflation hits the magic 2%! Just think the whole G7 real estate collapsed 2007 2008 Spain 60%, Portugal 50%, USA collapse, Canada avoided it by backing up Banks and Good fiscal policy. We still have at least till Oct 2025 to next federal election. And in the meantime JT picked a fight with India. Egads! If people don't sell soon they will regret tremendously not selling in the year 2025 as 56% of mortgages come up for renewal! Egads it will far to late to sell and you missed the boat.

  20. We sellers should stop selling and let’s see who is holding the power at zero inventory to sell.

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