The Toronto housing market remained steady in terms of home sales and prices compared to last month.

According to TRREB's latest report, August recorded a total of 5,294 home sales, a modest increase of nearly 1% compared to July. This represents a 5.2% drop from the same period last year.

The market saw an average home price of $1,082,496, reflecting a slight 3% decrease compared to July, but increasing a modest 0.3% from August last year.

These numbers reflect several factors currently impacting the market, such as rising borrowing costs and economic uncertainty surrounding the decisions made by the Bank of Canada. 

The rapid succession of rate hikes has prompted potential homebuyers to pause their plans and sellers to withhold listing their properties until buyers regain confidence in their borrowing power.

Jason Mercer, TRREB’s chief market analyst, has identified the profound influence of these hikes on the market's seasonal shifts. 

"More balanced market conditions this summer compared to the tighter spring market resulted in selling prices hovering at last year’s levels and dipping slightly compared to July," Mercer explained. "As interest rates continued to increase in May, after a pause in the winter and early spring, many buyers have had to adjust their offers to qualify for higher monthly payments. Not all sellers have chosen to accept lower-than-expected selling prices, resulting in fewer sales."

Stay tuned to see how the real estate market changes as we head into the fall market. Feel free to reach out if you have any questions!

If you’re considering selling your home, setting the right selling price is important. Here are 3 pricing strategies that can help you quickly sell your home at the best price.

Pricing at Market Value

One of the best strategies involves pricing your home at market value. Doing so offers potential buyers an accurate notion of what they should anticipate paying, thus preventing listing stagnation. This approach might involve a brief wait for offers in a steady market or even less time when demand is high.

Pricing Above Market Value

Opting to list above market value can be a risky strategy. Overpricing can extend market presence, reduce offers, and deter potential offers. Buyers might hesitate to bid less than the list price, resulting in a stagnant listing. While acceptable in high-demand times, overpricing can backfire during market shifts. 

Pricing Below Market Value

Strategically underpricing is common to spark bidding wars and secure a lucrative deal. However, it could create unrealistic expectations for buyers who can't afford the property. Consequently, disappointment might arise when the sale price exceeds the initial ask. While this strategy draws numerous bids, only a fraction may possess the financial capacity to close.

Determining your home's price requires careful consideration and research. Your choice should be influenced by your goals, the market's conditions, and your personal situation. Whether you go for market value or slightly adjust it, the key is finding equilibrium between drawing buyers and achieving optimal returns. Relying on an experienced real estate agent can guide you towards well-informed decisions, leading to a successful home sale.

Cashback mortgages have gained popularity in Canada in recent years, offering borrowers a unique financial option. With this type of mortgage, borrowers receive a lump sum cash payment from the lender at the time of closing.

How It Works

Cashback mortgages involve lenders providing borrowers cash upon closing. This sum, usually ranging from 1% to 7% of the mortgage amount, can help in a number of ways such as covering closing expenses, enhancing the home, or paying off high-interest debts. The cashback amount is typically integrated into the mortgage balance, incurring interest throughout the loan's duration.

Benefits of Cashback Mortgages

Financial Assistance: Particularly helpful for first-time buyers or those needing extra liquidity, cashback mortgages help manage initial homeownership expenses or refinancing costs.

Home Enhancement: This option empowers borrowers to make home improvements or settle high-interest debts, effectively boosting their property's value and financial well-being.

Flexibility and Security: Borrowers can allocate the lump sum according to their financial needs and aspirations, ensuring flexibility and financial security.

Drawbacks of Cashback Mortgages

Elevated Interest Rates: Cashback mortgages often feature higher interest rates compared to traditional mortgages, translating to increased overall interest expenses.

Restrictive Terms: Borrowers might encounter restrictions on refinancing or early repayment, potentially limiting their future mortgage flexibility.

Extended Costs: As the cashback sum is rolled into the mortgage balance, borrowers accumulate interest on this amount over the loan's life, leading to prolonged costs and an extended mortgage term.

Delayed Mortgage Payoff: Borrowers focused on swift mortgage repayment might find cashback mortgages counterproductive, as diverting the cashback payment elsewhere could extend the mortgage term and heighten interest expenses.

In Canada's real estate scene, cashback mortgages offer an exciting path for homebuyers and refinancers. By teaming up with financial advisors, you can make smart choices that match your homeownership goals and financial health.

When it comes to attracting potential buyers to your property, first impressions matter. Here are my top curb appeal strategies to help your home stand out and sell for maximum value.

Lay the Foundation

The journey to winning over potential buyers begins with a well-maintained driveway. Keeping garbage and recycling bins organized and promptly dealing with any debris that accumulates can drastically improve the outlook. Attend to any cracks in the driveway and sidewalks, as a smooth pathway can make visitors feel welcome right from the start.

Illuminate for Allure

Ensuring your home is well-lit not only enhances its visual appeal but also provides a sense of security. Regularly check and replace faulty light bulbs, and take the time to clean and update your lighting fixtures. Investing in stylish, well-maintained fixtures can give your home an instant upgrade. 

Nurture Your Gardens

Overgrown plants can detract from the beauty of your property. Trimming shrubs, tending to flowers, and clearing out weeds can greatly enhance the overall appearance of your garden. Basic gardening tools and a little effort are all you need to create an appealing outdoor space that resonates with potential buyers.

Banish the Grime

A thorough cleaning can make a world of difference. Use a pressure washer or garden hose to quickly rejuvenate your home's exterior. Start with the siding, then move on to the pathways, driveway, and other surfaces that could benefit from a refresh.