When someone recommends a professional to a friend or neighbour, they do so based on many factors. For example, if you were to suggest a landscape contractor to a friend, you would probably need to feel confident that the professional would treat your friend well and do a great job.

You might have other criteria, too, that would need to be met before you would make such a recommendation.

For me, it all comes down to trust. I often recommend contractors, movers, mortgage advisors, and other professionals to my clients. But, I do so only when I can trust they’ll treat my clients like gold and provide the best service.

That leads me to an important question…

If you were to recommend me to a friend or neighbour, would you feel confident that I’d treat them well and do an excellent job?

I hope you would because that’s exactly what I’d do! In fact, any new clients that come by way of a referral from you would receive first-class treatment — as do all my clients.

So, if you run into someone looking for real estate help, please give them my name.

As always, I appreciate your support!

GTA REALTORS® Release July Stats

GTA Real Estate Market Update by Toronto Real Estate Board

TORONTO, ONTARIO, August 4, 2022 – There were 4,912 home sales reported through the Toronto Regional Real Estate Board (TRREB) MLS® System in July 2022 – down by 47 per cent compared to July 2021. Following the regular seasonal trend, sales were also down compared to June. New listings also declined on a year-over-year basis in July, albeit down by a more moderate four per cent. The expectation is that the trend for new listings will continue to follow the trend for sales, as we move through the second half of 2022 and into 2023.

Market conditions remained much more balanced in July 2022 compared to a year earlier. As buyers continued to benefit from more choice, the annual rate of price growth has moderated. The MLS® Home Price Index (HPI) Composite Benchmark was up by 12.9 per cent year-over-year. The average selling price was up by 1.2 per cent compared to July 2021 to $1,074,754. Less expensive home types, including condo apartments, experienced stronger rates of price growth as more buyers turned to these segments to help mitigate the impact of higher borrowing costs.

“The Greater Toronto Area (GTA) population continues to grow and tight labour market conditions will drive this growth moving forward. Despite more balanced market conditions resulting from rapidly increasing mortgage rates, policymakers must continue to take action to boost housing supply to account for long-term population growth. TRREB has put realistic solutions on the table to address the existing housing affordability challenges. With savings high and the unemployment rate still low, home buyers will eventually account for higher borrowing costs. When they do, we want to have an adequate pipeline of supply in place or market conditions will tighten up again,” said TRREB Chief Market Analyst Jason Mercer.

TRREB is also calling on all levels of government to reassess and clarify policies related to mortgage lending and housing development.

“Many GTA households intend on purchasing a home in the future, but there is currently uncertainty about where the market is headed. Policymakers could help allay some of this uncertainty. As higher borrowing costs impact housing markets, TRREB maintains that the OSFI mortgage stress test should be reviewed in the current environment,” said TRREB CEO John DiMichele.

“With significant increases to lending rates in a short period, there has been a shift in consumer sentiment, not market fundamentals. The federal government has a responsibility to not only maintain confidence in the financial system, but to instill confidence in homeowners that they will be able to stay in their homes despite rising mortgage costs. Longer mortgage amortization periods of up to 40 years on renewals and switches should be explored,” said TRREB President Kevin Crigger.

Frank Fu Feng

Direct: 416-800-5898

www.realtyfrank.com

• How much is our house likely to sell for on today’s market? What should the listing price be? What are the selling costs?

• How long will it take to sell? What happens if our house takes longer than expected to sell?

• How do we prepare our house for the sale? Will we need to make any major improvements? Will we need to hire a contractor?

• What’s ‘home staging’? Will we need to hire a professional stager? Can we do some of that staging work ourselves?

• What happens when we get an offer? What if the offer price is lower than we can accept? How does the negotiation process work?

• What happens after an offer is accepted? What happens on closing day?

• How do we find a new home while selling our current one?

• Besides a good real estate agent, what other professionals do we need? How do we find them?

• What can we do to make the selling process easier and less stressful?

Once you have answers to these questions, you’ll find you’ll be able to go into the selling process with a lot more confidence.

So, if you’re thinking of selling this year, get the answers you need. Then, get the process started!

• Plug or fix the drafts. Even in newer homes, air filtration can occur at windows and doors. So, check around your home for drafts. Windy or cold days are the best days to check. Then, get any drafts you find repaired or, at least, temporarily plugged.

• Check the attic. Heat rises and can escape through the attic. So, once a year, check the attic insulation for thin or bare spots. The insulation should be even across the space.

• Get smart with your thermostat. Most thermostats these days are programmable. Program yours to reduce the heat at night and when you’re away in the winter. In the summer, be easy on the A/C during the day and save the cooling for nighttime.

• Unused rooms? Close the vents to reduce heat or A/C. You might be surprised by how much that will lower your energy bill. (Think about rooms, such as a rec room, that you only use on weekends.)

• Harness the sun. It’s free energy! Whenever possible, keep curtains open during cooler seasons to take advantage of this heat source, even on cloudy days. Do the opposite during hot summer days.

Try some of these ideas over the next couple of months. Then, look at the impact they’ve had on your energy costs.

• Trophies, diplomas, certificates and anything else with a name prominently displayed on it.

• Personal and family pictures.

• Mementos, knickknacks and other items of a personal nature.

• Notes, pictures, etc. on a fridge door or bulletin board.

Depersonalizing is a proven staging strategy that can help sell your home faster and for a better price. Depending on the number of personal items you have, you may be able to display them between viewings.