🏡 Real Estate Reality Check:

🏡 Real Estate Reality Check: : Toronto & Durham Real Estate Market Update – Prices Down 21% Since Peak

📉 Toronto Real Estate: Inventory at Record High, Prices Down 24% From Peak

📉 Toronto Real Estate: Inventory at Record High, Prices Down 24% From Peak: Market insight by Michelle Makos, Managing Partner at Royal Heritage Realty Ltd., Brokerage. 7 Offices and 350 Agents. Speaking her mind about the real estate market and tips so you don't get caught up in the uncertainty.

Thank You Pickering and Community Votes

 

Michelle Makos, Broker ~ 968 Essa Crescent - #Pickering #luxury #lakevie...

Stunning Custom Built 5 Bdrm. Showstopper !! Enjoy The Perks Of A Waterfront Vacation Lifestyle Combined With A Luxurious Home Less Than 30 Minutes To Dt Toronto. You Can Have It All!! Step Out Your Door And You Can Bike On The Waterfront Trail Through The Conservation Area, Laze On The Beach And Kayak Or Skate. It's Paradise In Pickering! This Rare Waterfront Home Featuring 4188 Sq. Ft. Of High End Custom Finishes W/ Breathtaking Views

For Private Viewing call Michelle Makos, Royal Heritage Realty Ltd.  416-300-3004

8369 PEFFERLAW - SOLD FIRM

 SORRY IT'S TOO LATE !!  This #Pefferlaw Property is SOLD FIRM

Thanks to all those who showed it. 

23 Gatesgill Crescent ~ North York Bungalow for Sale

$999,900 - Offers to be reviewed Sunday October 30th.  To arrange a viewing of this home, contact Michelle Makos, Royal Heritage Realty at 416-300-3004.  

PRIME NORTH YORK LOCATION

3+1 Bedroom Brick Bungalow

8369 Smith Blvd., Pefferlaw (Georgina) - NEW LISTING

 Peace and Serenity on this 11.8 Acres of Country Living.  This Piece of Pefferlaw Paradise Features a Beautiful 3+1 Bdrm. Family Home w/ Wrap Around Porch.  Enjoy stunning sunsets or some pond hockey in the winter.  Bring all your toys. This Season Round property has it all.  Spacious Main Floor Area perfect for entertaining.  Large windows to enjoy the views.  Large Primary Bdrm w/Spacious Master Ens. inc. Sep Shower & Jacuzzi Tub. 

SEE VIRTUAL TOUR

For more information on this listing - Contact the Listing Agent, Michelle Makos, Broker - Royal Heritage Realty Ltd.  416-300-3004 ... Call or Text

8369 Smith Blvd., Pefferlaw - 11.8 Acres with 3+1 Bdrm Family Home for Sale

JUST LISTED - 8369 SMITH BLVD.  GEORGINA

$1,199,900

334 Painted Post, Dr., Scarborough - SOLD OVER ASKING

119 Showings, 19 Offers and ONE VERY HAPPY SELLER !!  Let me help get you moved.  I will always work for you.  You are my priority, not a pay cheque.  

Call today to set up a meeting, my direct cell is 416-300-3004.  Let's talk about getting you moved !

Move with Makos !

334 Painted Post Dr, Toronto - JUST LISTED

 

1927 Pine Grove Ave., Pickering - Just Listed

Rare Opportunity !! Prestigious West Pickering Neighbourhood. All Brick 3 Bdrm. Semi With Loads Of Natural Sunlight. This Well Maintained Beauty Is Clean And Move In Ready. No Pets. Non Smoking. Open Concept Main Floor. Garage Access From Front Foyer. Perfect For First Time Home Buyer. New Fully Fenced Backyard W. Lush Garden & Deck. Close To Rouge Valley, 401 407Etr And Go

AND JUST LIKE THAT ... APRIL 2022 COOLS DOWN

Well the numbers for April are about to be released and the sales are way down from the previous month. If you have been watching the listings you will notice that some are still selling over asking but many are not. Some are even relisting higher and taking offers any time. We are at a turning point. The interest rates at the Big 5 Banks are all over 4% now with a Bank of Canada prediction of another .5 to .75% bps.



That in turn will cause the banks to hike again. We are in for a rough ride over the next little while. Many Sellers are holding out for those January and February numbers and unless you have a very unique and over improved property, don't count on it. We are seeing deals that were done in the peak of the market, not closing now.

Some buyers were advised to buy first and bought when the market was at an all time high are now trying to sell their price and not seeing the same value that they thought they would get as little as 2 months ago. The appraisals on some are coming in low and buyers can't make up the difference. This is going to be big hiccup moving forward. No one wants to catch a falling knife.

I do not see the market picking up in the near future at all... if anything I think it slowing down and although it may be great for First Time Home Buyers (if they can get approved at these higher rates), it may also cause a lull as the payment on a $800,000 with a $200,000 down, not including property taxes, gas, inflation, groceries etc.... is well over $4,100.00/mo. So it will in turn effect home prices. Rates go up, prices will come down.

Then we have all these buyers that bought the past 1 year or more with no conditions. Buying a home in winter with no home inspection and now that the snow has melted and the Spring is in the air, they are seeing all kinds of faults in the property. Leaks, Damage, Mold, Imperfections that they maybe didn't notice in their 15 minute walk through/showing (eye roll).... yes, during the crazy times, we have 15 minute appointments for people to make decisions on the largest investment of their lives.

Sadly many of these purchases are now showing some buyers remorse and even more so when they are seeing properties sell for less or not selling at all and sitting when they paid considerably more. Sales Comparison More to support future interest rates hikes:
https://www.canadianmortgagetrends.com/2022/04/bank-of-canada-prepared-to-raise-interest-rates-forcefully-if-needed/   ( You should check these numbers out )


Then I see messages like this: If you are thinking on selling your home, be prepared for it not to sell in multiples over asking now. Those days are slowly disappearing and the days of houses being on the market longer and negotiating prices is more the norm now. Buyers are waiting to purchase... the only ones really buying right now are the ones that were pre-approved back when the rates were much lower and have it locked in for 90 to 120 days. After that, they need to reapply and their purchasing power will go down due to the higher rate. In any market, people will still have to buy and sell homes.

What I am saying is the market is definitely swinging away from a Sellers market. The April Market Watch is showing much of the same thing. GTA Home Prices Cooling from Hot Spring 2022 - HouseSigma Days on market have doubled, Prices and Sales down .. .the further out you go, the further the reductions are starting to happen. I think this is going to be a rough ride for a couple years until we get inflation and interest rates under control.

Right now this is just the early stages. If you are thinking on buying or selling, I would love to have a more personal conversation with you to let you know what your options are and how to market your property to best service your needs. If you are buying, timing right now is everything. Get a pre-approval done (I can send you to a broker who can assist you without leaving your home) and lock in the rates now because more hikes coming. June 1st we will probably see BoC raise another .50 to .75 bps. I hope this gives you a little insight to what we are seeing happening and if you need a sold price or set up for listings, just email and I will be happy to get you set up with what you need. Happy House Hunting and Happy May !!!

Cheers, Michelle
Your Sometimes Too Honest Real Estate Broker 

 

21 Abraham Crt., Ajax - $949,900

Hitting MLS Tomorrow.. Check out this beautiful home. 4+2 Bdrm. Finished Basement, Swim Spa, Open Concept and more. Take a peak. For private Showing call Michelle Makos, Royal Heritage Realty Ltd.

SNEAK PEEK - Fabulous Ajax Bungalow w/Inground Pool & Walk Out Basement ...

738 Krosno Blvd., Pickering - SNEAK PEEK

Calling all First Time Home Buyers !! This lovely Freehold Townhouse (No Maintenance Fees) is hitting the market tomorrow. 3 Bdrms. Updated Kitchen. Walk Out to a Lovely Deck and Backyard. Walking Distance to Lake, Restaurants, Schools, Park and Transit. Take a look. For a Private Showing, call Michelle Makos at 416-300-3004 and I will be happy to show it.

1300 Belair Cres., Oshawa - COMING SOON TO MLS $599,900

Call for private showing !!! Hits the market Thursday ! Perfect for First Time Home Buyer or Investor. 3+2 Bdrm Bungalow with Separate Entrance. Check it out !

Welcome to 493 Broadgreen St. in South Pickering

WOW!  Calling all Nature Lovers and Entertainers !  This One Of A Kind 3+1 Bdrm. Home backs onto Petticoat Creek w/ Lake Ontario just beyond.  Tons of Upgrades.  Stamped Concrete Driveway, Walkways & Skirting around the house.  Oak Stained California Blinds, Skylights, Two Sunrooms, Solid Wood Trim, All Windows Replaced Triple Pane, including 5 Sliding Doors ('18).  Tigerwood Deck & Structures on 2 Level Deck.  Breathtaking Views.  A MUST SEE !!

For Private Showing, contact Michelle Makos, Royal Heritage Realty

Direct - 416-300-3004

1331 Glenanna Rd, Unit #27 - COMING SOON TO MLS

Location Location Location !!!!  Calling all First Time Home Buyers or Investors ... this 3 Bdrm. Condo Town is located in a Prime Pickering Location.  Minutes to transit, Pickering Town Centre and Restaurants.  Good size rooms with Eat in Kitchen.  Walk out to Fully Fenced yard with Composite Deck.  Garden Shed and more.  Check it out !!!  $529,900

To schedule a private viewing call Michelle Makos, Royal Heritage Realty at 416-300-3004

MARCH MADNESS - PRICES CONTINUE TO SOAR

I hope you are enjoying some nicer weather.  The market is much of the same.  Many lenders have come forward expressing some concern on the skyrocketing prices but with interest rates still low and the demand still there, house prices are soaring at a record pace.

A small glimpse from the March Market Report:



The change over year during a pandemic no less is absolutely unreal.  The 905 Market is almost doubled in sales from the 416 Market and they seems to be no end in sight .


We are seeing record sale prices.  The inventory is increasing in the Durham Region as well which has slowed the amount of multiple offers but they are still selling are record numbers.  

The Toronto Regional Real Estate Board (TRREB) says the average selling price jumped 21.6 per cent

in March, versus the same month last year, to $1,097,565.  How long can this last?  Your guess is now as good as mine.  I don't even know how they can possibility correct this without causing some people financial ruin.  It is like the train has left the station and it is full steam ahead.  

Something eventually will happen to put the brakes to this - numerous theories but that is all they are... guesses.  I have heard about Capital Gains Tax on your principal residence ( if valued over $1.4)... other things said we Capital Gains Tax is house was sold within a short period of time (ie. flip) even if your principal residence but these are all just speculations.  

Something will eventually slow this down.  Prices seems to be consistent.  The odd one here and there are sold below asking and some we are seeing not getting any offers and they are relisting it $100,000 higher... all kinds of crazy things happening.  Majority of offers are still firm with no conditions.  

Sales set a record for the third straight month with 15,652 homes changing hands, which is nearly twice as many as March 2020 when COVID-19 was first declared a pandemic and home sales dropped dramatically.  So clearly Covid isn't stopping the real estate market.  You can't go for a hair cut but you can looking at houses.  Who knew!!!

Now let me narrow it down for Durham Region - All Types - Average




Now for Detached Homes:




If you have any questions about buying or selling, I would be happy to assist you.  Just call, text or email.  Work with Realtors you have checked out.  Google Them!!!  I must say I appreciate all of your referrals and I feel blessed to have such great clients to work with both buying and selling.  I appreciate all your questions... Follow me on Twitter @REWoman for daily updates and also know that my live chat on my website now, lets you send me direct messages so if you see anything and have a question, reach out.  Together we can work to inform you with the details you need to make the best decisions.  

Have a great week everyone and stay safe !!! 
 

	Michelle Makos Broker Owner Royal Heritage Realty Ltd P: 905-831-2222M: 416-300-3004 A: 1029 Brock Rd Suite #200 E: michelle.makos@rogers.com FOLLOW ME ON TWITTER FOR LATEST UPDATES - @Rewoman CHECK OUT SOLD PRICES - www.DurhamSolds.ca/sold

 

1410 Crossing Court, Pickering

Simply Stunning Both Inside & Out ! This Gorgeous 4 bdrm. Brick Home is on a Quiet Cul de Sac in a Prime Brock Ridge location. With the luxury of a ravine in this tranquil treed backyard, it exudes Peace, Privacy & Nature. Hardwood flrs, Main Flr Den, Private D.R., Vinyl Clad Windows, Furnace & Air ('16), Roof Shingles ('12) S/S Appliances, Partially Finished Bsmt. and more. Nothing to do but enjoy. Close to French Immersion. Meticulously Maintained. Call Michelle Makos, Royal Heritage Realty Ltd., for more details or a private showing !! This one is a real beauty