Frank Fu Feng

416-800-5898

Re/Max Realtron Realty Inc., Brokerage

www.realtyfrank.com

Mobile: 416-800-5898

Dear friend,

I hope you are enjoying a sun-kissed, restful summer. With the final days of summer closing in, you probably will want to get outside and enjoy it, especially before the return of a busy routine sets in come September.

During these dog days of summer, perhaps you have some time to consider home repairs or renovation projects that have been on your mind. It’s always a good idea to stay on top of repairs and improvements before they pile into one big, overwhelming, and expensive list should you decide to.

Remember, if you need recommendations for reputable contractors or service repair people, I have an extensive network of professionals I can recommend. Call today. I would be happy to help.

Sincerely,

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GTA REALTORS® Release July 2024 Stats

GTA Real Estate Market Update by Toronto Regional Real Estate Board

TORONTO, ONTARIO, August 6, 2024 – Greater Toronto Area (GTA) home sales in July 2024 were up compared to July 2023. While sales were up from last year, buyers continued to benefit from more choice in the GTA marketplace, with annual growth in new listings outstripping that of sales. The better-supplied market meant that buyers also benefitted from a slight relief in selling prices on average.

"It was encouraging to see an uptick in July sales relative to last year. We may be starting to see a positive impact from the two Bank of Canada rate cuts announced in June and July. Additionally, the cost of borrowing is anticipated to decline further in the coming months. Expect sales to accelerate as buyers benefit from lower monthly mortgage payments," said TRREB President Jennifer Pearce.

GTA REALTORS® reported 5,391 home sales through TRREB's MLS® System in July 2024 – a 3.3 per cent increase compared to 5,220 sales reported in July 2023. New listings entered into the MLS® System amounted to 16,296 – up by 18.5 per cent year-over-year. On a seasonally adjusted basis, July sales and new listings edged lower compared to June

The MLS® Home Price Index Composite benchmark was down by approximately five per cent on a year-over-year basis in July 2024. The average selling price of $1,106,617 was down by 0.9 per cent over the July 2023 result of $1,116,950. On a seasonally adjusted monthly basis, both the MLS® HPI Composite and the average selling price were up slightly compared to June 2024.

"As more buyers take advantage of more affordable mortgage payments in the months ahead, they will benefit from the substantial build-up in inventory. This will initially keep home prices relatively flat. However, as inventory is absorbed, market conditions will tighten in the absence of a large-scale increase in home completions, ultimately leading to a resumption of price growth," said TRREB Chief Market Analyst Jason Mercer.

"Innovation in new home construction must continue. TRREB applauds Toronto City Council's decision to consult with the province on adopting single egress stair requirements in the building code for multi-residential buildings up to four storeys. This would make it easier to create a variety of multi-family units large enough for families. Another important part of the housing formula is connection to public transit. We are very encouraged to hear that we are closer to an opening date for the Crosstown LRT and are looking forward to a firm announcement," said TRREB CEO John DiMichele."

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My Observations:

I hope you are enjoying the summer and getting a chance to see the Olympics, Canada has been doing great and making us all proud!

The real estate market was as expected, 5,391 homes sold, a little bit more (3.3%) than last year, and as of July 30, the average sales price stands at $1,127,525 (YTD), up $1,261 (.1%) over the start of the year. The 20-30% drop in home prices bandied about has not occurred. Everyone was concerned that the higher interest rates would cause more foreclosures, however the banks have been flexible in handling renewals, allowing 30-year amortization schedules, thus lowering the monthly repayment schedules. In some cases, lending institutions have allowed negative repayment schedules where the principle increases slightly each month instead of being paid off. These flexibilities have allowed homeowners to avoid the necessity of selling their homes and have provided stability in the market.

Another positive market influence in July was a small reduction in the borrowing rates, a trend which will continue over the next 18 months.

The most impactful number in July was the listing inventory of 23,877 homes for sale in the GTA. That means the average buyer has a choice of 4 homes to choose from, not great, but far better than no choice, circumstances we have become familiar with over the last several years. BUT…. with immigration up and new home starts down, this situation will change very quickly. Even in today’s market, well priced homes are selling at 99% of the listed price in 24 days.

Some sectors of the market, namely condominiums are not doing as well as the average. There has been a lot of speculation on pre-construction condominiums, and those who gambled on being able to sell at a profit are instead being forced to sell at a loss. This represents an opportunity in the market for those investors who are prepared to hold and rent as rents are high and likely to rise due to a lack of supply.

Don’t forget as the real estate market improves and prices increase by 10%, a $1,000,000 home goes up $100,000 while a $1,500,00 home goes up $150,000. If you can afford to, now is a great opportunity to upgrade your home while there is a good choice of homes available for sale!

If you know of anyone thinking of buying or selling or if you have any questions about the market, please give me a call, after all, you have a friend in real estate!

Have a great August,

Your Friend In Real Estate

Best Regards,

Frank Fu Feng

Direct: 416-800-5898

www.realtyfrank.com

How to Prevent Auto Theft

• Park your vehicle in a locked garage, or if you must park outside, be sure the area is well-lit.
• Keep your vehicle locked with windows closed.
• Take valuables out of your vehicle.
• Don’t leave your vehicle unattended with the engine running.
• Install an audible alarm that goes off if your vehicle is tampered with.
• Have a sticker or unique identifier on your vehicle.
• For keyless cars, keep your fob in a metal box or Faraday box far away from the parked car (i.e., not near the front door) to block the signals that allow thieves to steal keyless cars.
• Install a kill switch (when the car is parked the driver manually switches it off, severing the electrical connection between the battery and the onboard electronics, so a thief can’t make off with it).Use a steering wheel locking device to deter thieves.

Ultimately, if you make use of these tips another vehicle is going to be a lot more enticing to take off with than yours.

Into the Future with Home Robotics

Security – Patrolling camera robots add an extra layer of security to detect motion, record high-definition video, detect smoke, and alert owners in real time of an emergency or suspicious activity.

Outdoor work – Whether it's weeding, mowing, or cleaning your pool or grill, robots have you covered.

Cooking – Have your own personal chef robot-style. These robots can cook entire meals if you decide on the dish and have the ingredients in place.

Companionship and enrichment – Particularly great for conversing and playing games with children and the elderly, they can also assist with daily tasks, and interactively tutor school subjects, tailored to the student’s level.

Pet care – Simplify your life with pet feeders that release food and water at specified times. Self-cleaning litter boxes can take care of cleanup and help reduce unpleasant smells.

Undoubtedly, home robots aren’t cheap, but are becoming more cost-effective. If you factor in the time and energy they save you, they may be worth the investment so you can sit back and relax while your robot does the rest.

DIY Outdoor Space Makeover Tips

Adding plants is another way to brighten your space. Think colourful annuals grouped in pots, with a colour scheme for cohesion. You could also add a shallow planter of succulents on a table. For privacy, full-leaf plants, fast-growing vines, and ornamental grasses are good options.

To give your patio furniture a fresh new look, change your cushion covers. Choose a colour theme and incorporate that with both solid colours and patterns. Ensure the fabric dries quickly and is easy to clean.

Look to your walls and floors as additional ways to transform your space To add visual interest you can incorporate wall art, fountains, statues, birdhouses, clocks, mirrors, or maybe even a chandelier. Update your flooring with an outdoor rug or interlocking deck tiles to tie things together.

With a few little tweaks, you can create a whole new ambiance the next time you step outside to relax.

Notable, Quotable, Quotes!

“Doubt indulged soon becomes doubt realized.”
Francis Ridley Havergal

“Don’t be discouraged. It’s often the last key in the bunch that opens the lock.”
Anonymous

“Worry is like a rocking chair – it gives you something to do, but doesn’t get you anywhere.”
Dorothy Galyean