May Toronto Real Estate News

You may have seen the news, it's been all over the media!  The housing market across the GTA is adjusting to higher borrowing costs, with the number of transactions down on a monthly and annual basis. As has been the case with previous rate tightening cycles, some home buyers have moved to the sidelines to determine how they will reposition themselves in the marketplace given the higher rate environment and related impact on affordability.

 Subsequently, average prices may be down in certain areas from the peaks of February & March.   Outlying areas tend to react first to any market change. 

Will the market crash?  Supply still seems to be low in most areas.  Prices are still up 15%  vs. last year.  Areas that are the most affected:

  1. Beautifully renovated properties - still command top price   
  2. Areas that are desirable to live (or are connected to transit) - still command top price
  3. Entry level properties - buyer demand for value priced properties is still strong

Some sellers continue to test the market:  as a consequence, you will see homes staying for sale longer, as some sellers want to hold out for peak prices (we call these 'unmotivated sellers' - they are willing to wait out this cycle.

Offers anytime may still mean sellers want over asking price:  It used to be that there were 2 strategies used to sell a property: 1. List at a price that left room for negotiation and 2. List low to stimulate a bidding war. Now there seems to be a 3rd strategy - if the property did not sell in a bidding war, the seller keeps the price low to encourage showings but still wants over the asking price.

More than ever, choose to work with an experienced Realtor! As a consumer, understand that crazy home prices mean that many people think getting their real estate licence will make them some fast, easy money.  This means there are many part time & inexperienced realtors out there.  Can you imagine if you were the buyer and your agent did not understand how to draft a contract that protected you in your biggest financial transaction?  Or if you were pressured into making a quick decision without the advice of an experienced professional? 

Overall statistics:

My personal insights:

  • when I'm the listing agent, I am noticing you need to price aggressively to get as many of the 'sideline buyers' through a property as possible
  • there are fewer offers on offer night, but prices are still high for in-demand homes
  • there are a lot of sellers hoping for February/March prices 'testing the market'
  • buyers think the sky is falling and are not afraid to put low offers forward
  • offers are coming in with conditions (we have not see that for a while)
  • there are opportunities to be had - you need to look for them! 
  • motivated buyers are taking their budget and buying 'lower rung' properties so as not to miss the market
  • anticipated interest hike in June may take another bite out of the prices...
  • Scarborough still remains one of the best value areas in Toronto - both for Condos and for Homes

We are not sure how long these conditions will last, perhaps through the summer? 


Recent Blog Posts you're looking to buy or sell, it will require a move!  To help get you organized (or even if you just want to live in an uncluttered space, I have created a 30 day declutter challenge!   There are several ways you can participate:

1.  Download the attached calendar 

Notice that the challenge is on weekdays to give you rest and reward for the work!

2. Join the Facebook group for daily posts, hints and tips here: 

30 Day Declutter Challenge Facebook group

How to sort through your stuff: 

Whether you live in a Toronto home, or you're preparing your Scarborough home for sale - it helps to have some things to think about when you're decluttering.  Here are some tips and tricks.

Get organized:  Have 3 sorting bins, boxes or bags ready & label them: keep, donate & trash

Use the following criteria to sort: 

Do I use this?  You shouldn’t really have to think long about this.  You either use it or you don’t.  Take note that the question is NOT “Will I possibly use this one day?”.

Is this item extra?  How many wooden spoons do you really need?  Do you really use all four cookie sheets?  Evaluate what you need and use on a regular basis.   Remember that you can always borrow items from friends or family for those “one time” events.  Choose your favorite and donate the extras!

Would I buy this today?  I find that this is a really helpful questions when looking at decorative items.  Ask yourself if you still love it and if it is still your style.  Is it adding beauty or function to the space or is it just adding to the clutter?

Does this help to make my life easier?  There may be some items that you don’t really need, but you do use regularly and they help to simplify things.  For example, we have a rice maker that we use at least a couple of times per week.  Yes, I could make rice on the stove and get rid of the rice maker, but it really does help to make things run smoother.  You can definitely splurge on some items – just make sure they are useful to you!

Does it fit? This is one of the most helpful clothing busters – make sure you’re keeping items around that both fit and make you feel good!  

Have you worn it in a year?  If it’s sports specific (and covid has prevented you from participating for a while)  you can give this rule some leeway, but if you haven’t worn it in a year do you really need it?   

Good luck with your challenge! 


It's the news on everyone's mind when I talk to them about Real Estate.  The recent Bank of Canada hike of 1% instead of the anticipated .75% to curb inflation has had a major effect on Real Estate affordability, and we are seeing the effects in the market big time.
Continuing the pattern of June, buyers are adopting a wait and see attitude, slowing showings, offers and sales!
As a result, prices are down in most areas.  
This month I have done a video wrap up of what's happening - you can find my video here (I'm not acting shifty here - I am glancing sideways to my notes!) with key facts and my observations: 

The average house price is $1,146,254, remaining 5.3% over June 2021, but is trending lower on a monthly basis.  In fact, in many areas, homes are selling hundreds of thousands of dollars less than in the spring.  

Affordability is the real issue

Even though home prices, especially detached house prices in Toronto have dropped (sometimes significantly since Spring) the affordability of these homes, even at the lower prices has not.  Here's an example of a home that would have sold for $1.3M in Spring, that may sell for $1.1 now prices have dropped - this home is still costing more to carry! 


Qualification is tighter, too

Remember the stress test for home buyers?  It's gotten stricter with the rate increases, too.  In many cases, qualifications for a mortgage is now 6 or 7%

We had high interest rates before

Of course, the super low interest rates and skyrocketing home prices was unsustainable, and, as many agents will tell you we've seen high interest rates before.  But the average house price during those times was under $300,000; and there was no pre-qualifying stress test, either.

Opportunities are there for those who seek them out!

We have not seen a market this slow in terms of sales, showings and offers in a long while (like 10 years) so it's a good time to look, research and if you find a deal, act fast.  Once the market adjusts and normalizes these opportunities may not last long! 

The Downtown Toronto rental market is very aggressive now

Now that offices are opening up and immigration has also opened up, there is more and more demand for downtown rentals, and rentals near transit.   I've just been helping some clients rent downtown, and I can tell you it's brutal.  To secure a rental, potential tenants are submitting applications without seeing the units, offering a years month up front, and 30% of the time they are leasing over the asking price!  So if you're considering renting make sure you're organized and act swiftly.  

To start your Scarborough home search, you can search by neighborhood here:

Guildwood homes for Sale

West Hill homes for Sale

West Rouge Homes for Sale

Homes for Sale in Scarborough Bluffs

Homes for Sale in Highland Creek


Welcome to 194 Audrey Ave!  This large century home features amazing modern updates, light filled interiors & lots of space! 

Some of the great updates & features of this Scarborough home for sale are: 

  • Open concept main floor with lots of natural light
  • Main floor laundry and powder room
  • Walk out to low maintenance yard from main floor
  • Professionally finished basement with separate entrance that was once an apartment - with a rough in kitchen (cabinets, counters, sink & stove plug are there) for easy conversion back to an in-law suite
  • 4 bedrooms upstairs
  • Hardwood floors throughout
  • 3rd floor with flex space & 4th bedroom
  • Tons of storage

Listed at $1,249,000 this  home is located near the beach, shopping on Kingston Rd and has easy transit access.   Watch the full video tour here: Video tour of 194 Audrey

To view other great Scarborough homes that are for sale visit: 

Guildwood homes for Sale

West Rouge homes for Sale

Highland Creek homes for Sale

Port Union homes for Sale