Frank Fu  Feng

Frank Fu Feng

Sales Representative, SRES, RENE, ABR, SRS

RE/MAX Realtron Realty Inc., Brokerage*

Mobile:
416-800-5898
Office:
416-222-8600
Email Me

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March 2023 Newsletter _ Your Real Estate Update

Frank Fu Feng

416-800-5898

Forest Hill Real Estate Inc., Brokerage, Signature

www.realtyfrank.com

Mobile: 416-800-5898

 

Dear friend,

You probably know, intuitively, that there’s a crucial difference between information and advice.

Gathering information is like finding puzzle pieces — not much good until you know how to put those pieces together.

Getting advice is like finding someone who’s built that puzzle dozens of times before and having them explain where to put each piece.

How does this analogy apply to real estate?

Imagine finding out that local real estate listings are down. That news isn’t particularly helpful. But, if you also got personalized guidance on how that drop impacts the market value of your property, that would be more relevant and valuable.

So, when you have real estate questions, you need both: Good information and great advice.

Where do you get it? You call me.

Not only do I have the latest data and market updates, but I can also explain what that information really means to you, given your situation, needs, and goals.

I can help you put the puzzle pieces together!

GTA REALTORS® Release February 2023 Stats

GTA Real Estate Market Update by Toronto Regional Real Estate Board

TORONTO, ONTARIO, MARCH 3, 2023 – February sales in the Greater Toronto Area (GTA) were down substantially from the pre-rate hike levels of early 2022. However, the number of new listings also dropped substantially year-over-year. The result was that the average selling price and MLS® HPI continued to level off after trending lower through the spring and summer of last year.

“It has been almost a year since the Bank of Canada started raising interest rates. Home prices have dropped over the last year from the record peak in February 2022, mitigating the impact of higher borrowing costs. Many homebuyers have also decided to purchase a lower priced home to help offset higher borrowing costs. The share of home purchases below one million dollars is up substantially compared to this time last year,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron.

GTA REALTORS® reported 4,783 sales through TRREB’s MLS® System in February 2023 – down 47 per cent compared to February 2022, the last full month before the onset of interest rate hikes. The number of new listings entered into the system was down by a similar annual rate of 40.9 per cent to 8,367.

“New listings continued to drop year-over-year in the GTA. Recently released Ipsos polling suggests buying intentions have picked up for 2023. This increased demand will run up against a constrained supply of listings and lead to increased competition between buyers. This will eventually lead to renewed price growth in many segments of the market, especially those catering to first-time buyers facing increased rental costs,” said TRREB Chief Market Analyst Jason Mercer.

The average selling price for February 2023 was $1,095,617 – down 17.9 per cent compared to February 2022. Some of this decline is attributable to the fact that the share of sales below $1,000,000 was 57 per cent in February 2023 versus only 38 per cent a year earlier. On a monthly basis, the average price followed the regular seasonal trend, increasing relative to January 2023. The MLS® Home Price Index (HPI) Composite Benchmark was down year-over-year by a similar annual rate of 17.7 per cent, but was also up on a monthly basis.

“As we move toward a June mayoral by-election in Toronto, housing supply will once again be front and centre in the policy debate. New and innovative solutions, including the City of Toronto’s initiative to allow duplexes, triplexes and fourplexes in all neighbourhoods citywide, need to come to fruition if we are to achieve an adequate and diverse housing supply that will support record population growth in the years to come,” said TRREB Chief Executive Officer John DiMichele.

Best Regards,

Frank Fu Feng

Direct: 416-800-5898

www.realtyfrank.com

What Buyers Want to See when They Walk into a Room

 
 
 

When buyers view your property, they’re likely to visit each room and look around. Their imagination is turned on high. Often, within just a few moments in a space, they’ll form an impression — ideally, a positive one!

So, how do you ensure each room shows well? Here’s what buyers want to see:

1. Space. Buyers will often mentally fit their furniture into a room when they see it. So, make sure each room is uncluttered and staged in a way that showcases its spaciousness.

2. Functionality. Buyers want to see the room for what it is. So, if it’s a bedroom, but you’ve turned it into an exercise room, it might become a distraction to buyers. Consider restoring the room to its original purpose.

3. Themselves. Buyers want to imagine the room as part of their home, not yours. They want to see themselves in it. That’s why it’s smart to depersonalize the space as much as possible. For example, replace the family picture on the wall with a landscape print.

Anticipating how buyers will view each room will help you stage your property effectively.

 

Inspect your House & Property

 
 
 

It is advisable to do a thorough visual inspection of your home’s exterior, as well as any fences, sheds and other secondary buildings on your property, at least once or twice a year. Now, more than ever, extreme and unexpected weather events happen with greater severity and less predictable outcomes.

So, it’s important to anticipate the ability of your property assets to withstand the unexpected. The most critical areas in need of protection are your roof and foundation, as they work hand-in-hand to protect your home’s overall structural soundness.

Check that roofing, gutters and downspouts offer seamless protection and runoff management. Ensure that joints and valleys are sealed, and overhangs are stabilized so that wind and rain won’t force a rupture or breach. On the ground, look for cracks and gaps in concrete that are susceptible to invasive moisture. Likewise, make an effort to build soil up at foundation walls and fence posts, to direct the runoff away from all buildings and fences. Also, be sure that nearby trees are trimmed to mitigate the risk of branches falling during a storm. By keeping a close eye on the condition of your real estate investment, and preventing avoidable damage, you’ll be protecting its long-term value.

 

Worried about Finding a Home if You Sell First?

 
 
 

There are many reasons why selling your current home before buying another one may be a good idea. But, once you’ve made that decision, you may still worry that you won’t find another home to buy after you sell.

Fortunately, there’s plenty you can do to minimize that possibility.

For example, if you sell first, you’ll know exactly how much you’ll be able to put towards a new home. Having that specific number in your back pocket will enable you to target your search and jump on buying opportunities right away. When you see a home you like, you won’t have to wonder, “Can we afford it?”

Creating a buying plan will also help ensure that you find the home you want, quickly.

Ideally, it should have a shortlist of neighbourhoods or areas you are considering. Narrowing your search in that way actually increases the likelihood of finding a “right fit” home. You should also create a profile of the kind of home you’re looking for — type, number of bedrooms, etc. — as well as the features you need, such as a spacious kitchen.

Being open-minded about the homes you see is also crucial. If the “perfect” home isn’t coming up in the listings, be flexible. Often, a less-than-perfect home can become a dream home with just a few improvements.

So, replace worry with planning and action. Then, once you sell, the home you want will be out there – and you’ll find it!

 

Notable, Quotable, Quotes!

“You do not find the happy life. You make it.”
Camilla Eyring Kimball

“You are never too old to set another goal or to dream a new dream.”
C.S. Lewis

“Success is getting what you want; happiness is wanting what you get.”
W.P. Kinsella

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