As some of you may know, we just welcomed our new baby daughter Selena. I never thought I would be a dad once again but here I am 😅. I am so proud of my wife and all the moms for the sheer amount of work & sacrifice you go through every day while being pregnant, on the day of giving birth & taking care of your family. Salute!

Onto the real estate market. Overall sales is down by 29.3% and average price of homes sold have prices declined by 5%.

As we approach the end of the year, the Toronto housing market is beginning to show signs of cooling off. Sales in the fourth quarter are down compared to the same period last year, and prices have begun to level off.

Despite the slowdown, Toronto remains one of the hottest housing markets in the country. The average price of a detached home in the city is still above $1 million, and demand for rental properties remains high.

As we head into the fourth quarter, here's a look at the latest trends in the Toronto housing market:

Sales are down: Sales of detached homes in Toronto are down 6.5% compared to the fourth quarter of last year. This is the first time since 2015 that sales have declined in the fourth quarter.

Prices are levelling off: After years of rapid price growth, the Toronto housing market is finally starting to cool off. The average price of a detached home in the city is now $1,066,000, which is down 2.5% from last quarter.

Rental demand remains high: Despite the slowdown in sales, demand for rental properties remains strong. The average rent for a one-bedroom apartment in Toronto is now $2,300, which is up 4.5% from last year.

The Toronto housing market is showing signs of cooling off, but it remains one of the hottest markets in the country. Sales are down and prices have levelled off, but demand for rental properties remains high.

WHAT'S MY OUTLOOK ON THE CANADIAN REAL ESTATE?

We all see in the news that the market slowing down and prices continue to fall due to the increase in mortgage rates and high inflation which the Bank Of Canada is fighting through higher interest rates. I remain confident that the real estate market will stabilize. For real estate investors, investing in real estate is and should be for a long-term horizon. Flipping and speculating on housing is not investing. Also, supply of homes remain tight and with more and more people opting to rent because of affordability, demand for housing will continue. According to Smart Prosperity Institute - "We find that under the RoCA benchmark, Ontario had a pre-existing shortage of 471,500 homes in 2021, and will need an additional 1,034,900 homes to keep up with projected 2021-31 population growth, for a combined total of 1,506,400 net new homes needed over the next ten years." (Source)

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Featured Home For Sale

To view more photos of this gorgeous home:

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Thanks for reading! Enjoy your weekend. ☺️

P.S. Have you been to Milliken Park in Scarborough? I've created a short video here.

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