Sunny Chiu's blog
How to sell your house: A complete guide for sellers
Most home sellers dream of a stress-free sale where they simply list their house, quickly find a qualified buyer, collect the cash and hand over the keys. The reality is that selling a home includes many moving parts — some which you can control and some that are out of your hands.
New numbers from Equifax this week confirmed what housing market watchers have known for a while now: Canadians are addicted to mortgage debt. Canadians took out 410,000 home loans in the second quarter. That's the biggest quarterly jump on record, up 60 per cent compared with the same period a year earlier.
The Toronto Regional Real Estate Board (TRREB) is reporting strong sales for the month of August considering the seasonal lull, and it noted that tight supply conditions have driven the benchmark price of a home in the region up by 17.4% compared to the same month last year.
Statistics released by the Canadian Real Estate Association (CREA) show national home sales were down between June and July 2021.
National home sales declined by 3.5% on a month-over-month basis in July.
Actual (not seasonally adjusted) activity declined by 15.2% year-over-year.
The number of newly listed properties dropped by 8.8% from June to July.
One in three Canadians considering “workarounds” to buy a home amidst declining housing affordability in Canada, supply shortages
- Of those Canadians who are considering alternative ways to become homeowners, 54% are Millennials and Gen Z
- 15% of Canadians reported they were able to grow their savings during the pandemic and plan to use these funds as a down payment on a home in the next six to 12 months
Toronto is a business hub in Ontario, meaning many people live directly in the 416 or as close as possible, to reduce commute time to and from the office. However, the trade-off for what was once considered to be a more efficient location, is the steep cost of urban housing. But times have changed a great deal in the last 12 months, and what was once considered “convenient” has become a burden thanks to the impact of COVID-19, which has been roaring through Ontario since March 2020.
Home prices in the Greater Toronto Area have continued to soar, with the average selling price hitting $1,090,992 in April, a 33% ascent from last year’s $820,226, according to the latest figures from the Toronto Regional Real Estate Board (TRREB).
Detached dwellings continue to lead the market, registering a 41% price growth year-on-year to $1,387,629. Median prices for every other home type also increased during the period, with semi-attached houses posting a 24% jump to $1,068,923, townhouse prices up 26% to $857,574, and condo prices climbing almost 20% to $691,791.
A bungalow in the Junction has sold for just over $1 million, despite the fact it has zero bedrooms.
The detached home at 314 Ryding Ave. was up on the market for just three days before being sold for $1,004,000 this weekend.