Wondering what Toronto’s real estate roller coaster means for you? With new listings climbing and prices holding steady, now’s the time to get the facts. In today's episode, Lei will share what buyers need to know, how sellers can stand out, and why market absorption is the buzzword this season.
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Episode Transcript
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Speaker 00 (00:00):
Toronto's housing market is changing, and whether
you're buying, selling, or justcurious, understanding what's
happening now can shape yournext move.
Let's get the scoop.
Only here at Let's Talk House,your go-to source for all things
real estate, mortgage, andbeyond in the Greater Toronto
(00:20):
Area in Canada. Welcome home.
I'm your host, Lei VillarCisneros.
Today's housing market ischanging, and whether you're
buying, selling, or justcurious, understanding what's
(00:40):
happening now can shape yournext move.
With sales down, listings up,and interest rates shifting,
this This podcast dives into thelatest data and unpacks what it
means for your bottom line.
Learn how today's market canimpact your plans from
first-time homebuyers toseasoned investors.
(01:02):
Today, we're diving into thelatest numbers from May,
unpacking what they mean forbuyers and sellers, and talking
about how interest rates andeven global trade can shape our
market here in Toronto.
So grab a coffee or maybe anotepad and let's jump in.
Starting with the marketsnapshot.
(01:25):
Home sales are down 13% yearover year.
That translates to 7,013 sales.
That's about 1,000 transactionslower from May of last year,
giving buyers more time andleverage.
New listings are up 14% fromMay last year.
(01:50):
That's 18,612 MLS listings.
You probably noticed this asyou go around.
More for sale signs are in theneighborhood, offering choices,
but also increasing competitionfor sellers.
What does that mean?
You can sell a house on 2021price tag.
(02:12):
Those who bought in 2023 and2024 that needs to sell right
now are in for a big surprise.
Home prices are down about$100,000 to $200,000 in some
neighborhoods.
Ouch! Some investors who boughtproperties using mortgage, like
(02:35):
most of us, are now in adilemma because the rental
payment is not enough to coverthe cost of maintaining the
property.
They are losing hundreds, ifnot thousands, every single
month.
And if you don't have the cashto maintain the property, then
unfortunately, you have to letgo.
(02:57):
But what if the market value isless than the mortgage balance?
It's like you have to pay mefrom your pocket just to sell
the home.
How about if you bought apre-construction condo that is
just closing this year?
Well, it's a mess.
The lenders might not give youthe mortgage unless you dig
(03:21):
deeper in your pockets to coverfor the difference.
It is a headache.
Real big one.
So sellers, you can't keep yourprices the way it used to be.
Have you heard agents turningdown listings because of this?
Oh yeah, I just declined threethis week.
(03:42):
Agents are not going to wastetheir marketing dollars if they
know your house will just sit onthe market.
This result in having more andmore homeowners raising their
hands to sell their homes,offering choices and and
increasing competition forsellers.
Detached homes in Toronto 416are averaging $1.43 million,
(04:05):
while condos are steady at$683,000, numbers that matter
whether you're buying, selling,or holding.
In the 905, detached homes areat $1.32 million, that's down
5.6% year-over-year, and condosare surprisingly higher in price
(04:28):
at $869,000.
The bottom line?
For sellers, expect morecompetition and buyers asking
for incentives or repairs.
Pricing strategy is key.
Homes priced right still sellquickly, but Overpricing could
lead to extended days on themarket and lower offers.
(04:51):
Staging and presentation mattermore than ever.
First impressions can make orbreak your sale.
So this is also the time thatyou have to really ensure that
the agent knows what he or sheis doing because it can make or
(05:11):
break your sale.
For buyers, More listings meansless pressure and the ability
to negotiate.
Lower interest rates arehelping to ease the monthly
payment crunch, giving you morebuying power than you might
think.
But watch for surprises.
If tariffs rise or inflationpicks up, borrowing costs could
(05:36):
climb again, impacting what youcan afford down the road.
This is why in real estate, youcan't stay by the sidelines for
long.
You snooze, you lose.
Remember during the pandemic,March and April were down, but
as soon as we hit halfwaythrough the year, prices
skyrocketed.
Now let's talk about the roleof interest rates.
(05:58):
Interest rates have recentlysoftened, providing a much
needed boost to affordabilityfor many buyers.
That's good news.
The not so good news?
If inflation or global tradetensions trigger new tariffs, or
economic instability, ratescould spike again.
(06:19):
This window of opportunitymight not last long, so if
you're considering a move, itcould be smart to act while
conditions are still favorable.
Now let's talk about marketabsorption.
This doesn't get always enoughattention.
this is basically how fasthomes are selling relative to
(06:39):
how many are available it'scalculated by dividing the
number of sales by the number ofactive listings a high
absorption rate means homes areflying off the market it's a
seller's market a low absorptionrate means homes are sitting
longer giving buyers moreleverage so real estate follows
(07:03):
the rule of supply and demand ifthere's a lot of supply prices
go down if there's a lot ofdemand and there's no supply
prices go up right now with morelisting and fewer sales our
absorption rate is lowertranslation more choices for
buyers and a bit more cautionfor sellers now let's talk about
(07:27):
how this means for Sellers,this means you've got more
competition and buyers are beingpickier.
Price your home right, investin presentation, and consider
those small repairs that couldmake a big difference.
Remember, first impressionsmatter.
And if you're a buyer, well,this is a welcome change.
(07:52):
More listings mean lesspressure and more negotiating
power.
And hey, with interest rateeasing a bit, those monthly
payments might be a littleeasier on the wallet.
Just keep an eye on inflationand tariffs because if they
spike, rates could climb again.
At the end of the day, it's notjust about numbers.
(08:13):
It's about your dreams, yourlifestyle, and the memories
you're about to create.
Understand these stats help youmake confident decisions.
Let's be honest, buying orselling a home is never just
about numbers.
It's about your next chapter,whether that's finding a place
(08:34):
to grow your family, downsizingto simplify life, or making a
smart investment for yourfuture.
I get it.
It's emotional.
it's overwhelming at times butthat's exactly why i'm here to
help you navigate thecomplexities weigh the pros and
cons and move forward withconfidence speaking of the pros
(08:58):
more listings means betterselection for buyers softer
prices give both buyers andsellers room to negotiate lower
rates boost affordability butthey might not last the cons
Uncertainty around global tradeand inflation could change the
game overnight.
Sellers might need to investmore in presentation and be open
(09:23):
to negotiation.
Buyers still face challengesfinding the perfect fit,
especially in popularneighbourhoods.
Final thoughts?
In a market that's constantlyevolving, staying informed and
prepared is everything.
Whether you're buying yourfirst home, upsizing,
(09:43):
downsizing, or just curious.
I'd love to help you make senseof it all.
Well, that's a wrap.
If you're thinking of buying,selling, or just watching the
market, let's share insights andexperiences because knowledge
is power and community iseverything.
(10:04):
Or reach out to me directly fora personalized strategy that
fits your unique goals.
Because your next move deservesmore than just a stat sheet.
you've been listening to let'stalk house podcast your go-to
source for all things realestate, mortgage and beyond in
the Greater Toronto Area, inCanada be sure to press the
(10:29):
follow button so you won't missan episode also subscribe to
Youtube channel follow me oninstagram and facebook at @
leivillarrealestate. As alwaysthanks for listening and we'll
see you next time.
Toronto's housing market is changing, and whether
you're buying, selling, or justcurious, understanding what's
happening now can shape yournext move.
Let's get the scoop.
Only here at Let's Talk House,your go-to source for all things
real estate, mortgage, andbeyond in the Greater Toronto
(00:20):
Area in Canada. Welcome home.
I'm your host, Lei VillarCisneros.
Today's housing market ischanging, and whether you're
buying, selling, or justcurious, understanding what's
(00:40):
happening now can shape yournext move.
With sales down, listings up,and interest rates shifting,
this This podcast dives into thelatest data and unpacks what it
means for your bottom line.
Learn how today's market canimpact your plans from
first-time homebuyers toseasoned investors.
(01:02):
Today, we're diving into thelatest numbers from May,
unpacking what they mean forbuyers and sellers, and talking
about how interest rates andeven global trade can shape our
market here in Toronto.
So grab a coffee or maybe anotepad and let's jump in.
Starting with the marketsnapshot.
(01:25):
Home sales are down 13% yearover year.
That translates to 7,013 sales.
That's about 1,000 transactionslower from May of last year,
giving buyers more time andleverage.
New listings are up 14% fromMay last year.
(01:50):
That's 18,612 MLS listings.
You probably noticed this asyou go around.
More for sale signs are in theneighborhood, offering choices,
but also increasing competitionfor sellers.
What does that mean?
You can sell a house on 2021price tag.
(02:12):
Those who bought in 2023 and2024 that needs to sell right
now are in for a big surprise.
Home prices are down about$100,000 to $200,000 in some
neighborhoods.
Ouch! Some investors who boughtproperties using mortgage, like
(02:35):
most of us, are now in adilemma because the rental
payment is not enough to coverthe cost of maintaining the
property.
They are losing hundreds, ifnot thousands, every single
month.
And if you don't have the cashto maintain the property, then
unfortunately, you have to letgo.
(02:57):
But what if the market value isless than the mortgage balance?
It's like you have to pay mefrom your pocket just to sell
the home.
How about if you bought apre-construction condo that is
just closing this year?
Well, it's a mess.
The lenders might not give youthe mortgage unless you dig
(03:21):
deeper in your pockets to coverfor the difference.
It is a headache.
Real big one.
So sellers, you can't keep yourprices the way it used to be.
Have you heard agents turningdown listings because of this?
Oh yeah, I just declined threethis week.
(03:42):
Agents are not going to wastetheir marketing dollars if they
know your house will just sit onthe market.
This result in having more andmore homeowners raising their
hands to sell their homes,offering choices and and
increasing competition forsellers.
Detached homes in Toronto 416are averaging $1.43 million,
(04:05):
while condos are steady at$683,000, numbers that matter
whether you're buying, selling,or holding.
In the 905, detached homes areat $1.32 million, that's down
5.6% year-over-year, and condosare surprisingly higher in price
(04:28):
at $869,000.
The bottom line?
For sellers, expect morecompetition and buyers asking
for incentives or repairs.
Pricing strategy is key.
Homes priced right still sellquickly, but Overpricing could
lead to extended days on themarket and lower offers.
(04:51):
Staging and presentation mattermore than ever.
First impressions can make orbreak your sale.
So this is also the time thatyou have to really ensure that
the agent knows what he or sheis doing because it can make or
(05:11):
break your sale.
For buyers, More listings meansless pressure and the ability
to negotiate.
Lower interest rates arehelping to ease the monthly
payment crunch, giving you morebuying power than you might
think.
But watch for surprises.
If tariffs rise or inflationpicks up, borrowing costs could
(05:36):
climb again, impacting what youcan afford down the road.
This is why in real estate, youcan't stay by the sidelines for
long.
You snooze, you lose.
Remember during the pandemic,March and April were down, but
as soon as we hit halfwaythrough the year, prices
skyrocketed.
Now let's talk about the roleof interest rates.
(05:58):
Interest rates have recentlysoftened, providing a much
needed boost to affordabilityfor many buyers.
That's good news.
The not so good news?
If inflation or global tradetensions trigger new tariffs, or
economic instability, ratescould spike again.
(06:19):
This window of opportunitymight not last long, so if
you're considering a move, itcould be smart to act while
conditions are still favorable.
Now let's talk about marketabsorption.
This doesn't get always enoughattention.
this is basically how fasthomes are selling relative to
(06:39):
how many are available it'scalculated by dividing the
number of sales by the number ofactive listings a high
absorption rate means homes areflying off the market it's a
seller's market a low absorptionrate means homes are sitting
longer giving buyers moreleverage so real estate follows
(07:03):
the rule of supply and demand ifthere's a lot of supply prices
go down if there's a lot ofdemand and there's no supply
prices go up right now with morelisting and fewer sales our
absorption rate is lowertranslation more choices for
buyers and a bit more cautionfor sellers now let's talk about
(07:27):
how this means for Sellers,this means you've got more
competition and buyers are beingpickier.
Price your home right, investin presentation, and consider
those small repairs that couldmake a big difference.
Remember, first impressionsmatter.
And if you're a buyer, well,this is a welcome change.
(07:52):
More listings mean lesspressure and more negotiating
power.
And hey, with interest rateeasing a bit, those monthly
payments might be a littleeasier on the wallet.
Just keep an eye on inflationand tariffs because if they
spike, rates could climb again.
At the end of the day, it's notjust about numbers.
(08:13):
It's about your dreams, yourlifestyle, and the memories
you're about to create.
Understand these stats help youmake confident decisions.
Let's be honest, buying orselling a home is never just
about numbers.
It's about your next chapter,whether that's finding a place
(08:34):
to grow your family, downsizingto simplify life, or making a
smart investment for yourfuture.
I get it.
It's emotional.
it's overwhelming at times butthat's exactly why i'm here to
help you navigate thecomplexities weigh the pros and
cons and move forward withconfidence speaking of the pros
(08:58):
more listings means betterselection for buyers softer
prices give both buyers andsellers room to negotiate lower
rates boost affordability butthey might not last the cons
Uncertainty around global tradeand inflation could change the
game overnight.
Sellers might need to investmore in presentation and be open
(09:23):
to negotiation.
Buyers still face challengesfinding the perfect fit,
especially in popularneighbourhoods.
Final thoughts?
In a market that's constantlyevolving, staying informed and
prepared is everything.
Whether you're buying yourfirst home, upsizing,
(09:43):
downsizing, or just curious.
I'd love to help you make senseof it all.
Well, that's a wrap.
If you're thinking of buying,selling, or just watching the
market, let's share insights andexperiences because knowledge
is power and community iseverything.
(10:04):
Or reach out to me directly fora personalized strategy that
fits your unique goals.
Because your next move deservesmore than just a stat sheet.
you've been listening to let'stalk house podcast your go-to
source for all things realestate, mortgage and beyond in
the Greater Toronto Area, inCanada be sure to press the
(10:29):
follow button so you won't missan episode also subscribe to
Youtube channel follow me oninstagram and facebook at @
leivillarrealestate. As alwaysthanks for listening and we'll
see you next time.
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