Fadi Mamar - Realtor

🚨Breaking News: Bank of Canada keeps interest rate at 4.5% as inflation cools🌡️💸 With previous rate hikes having an impact, the bank cautiously assesses risks while monitoring service price inflation and wage growth📈👀

🚨 Toronto's rental market is on fire! Despite a slight dip in the past 3 months, rents have grown by a whopping 22.8% in the last year alone, reaching an average of $2,838. One-bedroom apartments in Toronto are way above the national average, averaging at $2,513💰💼

🏠📈👀 HOLD UP! 🛑👀🏠 The Bank of Canada has maintained its overnight rate target at 4.5% with a commitment to restoring price stability for Canadians. While the global economy is slowing down, there are some signs of growth and inflation in the United States and Europe. Here in Canada, the weaker-than-expected GDP in Q4 of 2022 was largely due to a slowdown in inventory investment. However, the labour market remains very tight, and employment growth has been surprisingly strong. Inflation is easing, but prices for food and shelter remain high, which may cause continued hardship for Canadians. The Bank remains resolute in its commitment to restoring price stability, so stay tuned for updates as economic developments evolve.

🏡 Toronto's housing market takes a hit as February sales drop 47% compared to the same time last year due to higher interest rates. However, the number of new listings also dropped by 40.9%, leading to a constrained supply of listings and increased competition between buyers. 💰 Home prices have dropped over the past year from the record peak in February 2022, making it easier for homebuyers to purchase more affordable homes. 📈 The market is expected to pick up soon as demand increases and supply remains low. Let's hope the City of Toronto's initiative to allow duplexes, triplexes, and fourplexes in all neighborhoods citywide helps with the housing supply issue!

The Bank of Canada raised their key interest rate to 4.5% on Jan 25th, marking the 8th consecutive hike in the past year, but says this could be the peak as they expect a significant decline in inflation in the coming months. Time to assess the impact of the hikes & hold the policy rate at its current level, but additional hikes may be in the cards if needed. Stay updated on inflation & interest rate trends for 2023 💰📈

Starting Jan 1 2023, non-residents are banned from buying residential property in Canada for 2 years with exceptions for foreign workers & students. Breaking the ban can result in fines up to $10,000. Protecting Canadian housing crisis! Contact us today to learn about the exceptions to this rule.

Condo market defies odds! 💪 Despite a 54.1% drop in sales (3,582 in Q4 2022) and 14.3% decrease in new listings, the average selling price held steady at $710,520, similar to Q4 2021's $710,246. The affordability of condos continues to make them a popular choice in the housing market. 💰

Rent on the rise! 💸 The average rent for a 1BR condo increased by 19% to $2,503 in Q4 2022, while 2BR saw a 14.1% hike to $3,178. Despite fewer rental transactions and listings, the rental market remains strong due to population growth and affordability issues. Get ready for more rental demand in 2023! 🏢