Team Dhingra Real Estate

💫 THE RIGHT ONE WILL COME ALONG 💫

This spring, the Toronto real estate market picked up significantly after the Bank of Canada decided to stop increasing interest rates in March of 2023. The result was a flurry of buyer demand and activity, causing multiple offers and bidding wars.

Our young professional clients rode the waves of showings, several offers, and some disappointments along the way. One of which included losing in a bidding war on a property with 30 other offers!

While the April, May, and June markets were in a frenzy, the buyer demand cooled off in July due to further Bank of Canada interest rate hikes. Fortunately, we had secured a mortgage pre-approval that was valid until August for our clients.

The sellers who were seeing bidding wars in the spring market, were now not getting the prices, offers and bidding wars they were expecting. Thanks to our patience, mixed in with a bit of luck, our clients were able to secure this beautiful 2 bedroom, 2 bathroom condo in the Fort York area for $75,000 under the asking price 🥂🥳

The condo features panoramic views of the sunset, Lake Ontario and the CN Tower. With floor-to-ceiling windows, a large balcony with 3 walk-outs, and an upgraded chef’s kitchen 🤩 We are so happy knowing our clients will love to host and entertain in their new home.

If you or anyone you know wants expert real estate advice, we’re happy to help! 🙂

🔥 SOLD 🔥

Congrats to our clients for purchasing 40 Westray Cres in Ajax 🥂🥳

This tribute-built energy star home is situated in one of the most desirable north Ajax communities! This spacious and bright house has an open concept layout and features 3 bedrooms, 1 den, three washrooms, a large foyer, a large eat-in kitchen, and a private backyard oasis with a 4-person saltwater arctic spa.

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Details:

🛏 3 +1 Bedrooms
🛁 3 washrooms
🚙 2 Parking
💰 $ 870,000
📍 40 Westray Cres, Ajax

If you or anyone you know who is looking to purchase or sell or have any questions, we’ll be happy to help you! Just send us a DM or email us at: [email protected]

🔥 SOLD 🔥

Congrats to our clients for purchasing 40 Westray Cres in Ajax 🥂🥳

This tribute-built energy star home is situated in one of the most desirable north Ajax communities! This spacious and bright house has an open concept layout and features 3 bedrooms, 1 den, three washrooms, a large foyer, a large eat-in kitchen, and a private backyard oasis with a 4-person saltwater arctic spa.

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Details:

🛏 3 +1 Bedrooms
🛁 3 washrooms
🚙 2 Parking
💰 $ 870,000
📍 40 Westray Cres, Ajax

If you or anyone you know who is looking to purchase or sell or have any questions, we’ll be happy to help you! Just send us a DM or email us at: [email protected]

🔥 CASE STUDY 🔥

Congrats to our clients for selling their townhome at 26 Douro in the King West area of downtown Toronto. Sometimes you have to sell - whether due to a work relocation, higher variable interest rate monthly costs, separation, upsizing, or a need for more space if you’re growing your family.

Our clients came to us upon referral. They had a difficult experience in purchasing the property with their previous realtor, and wanted to upgrade their realtor. It’s surprising how often we hear this and are lucky to receive referrals from our past clients.

They had to sell, and had a certain number in mind. Due to the high interest rate market, we have been seeing less interested buyers, showings and offers across the board. Affordability and mortgage qualification continue to plague the market.

Despite these circumstances, we were able to get a great price, and one that was higher than a recent comparable sale. The sellers are happy, and so are we!

Do you know someone looking to buy or sell in the next 90 days? We are happy to help!

🔑 JUST LISTED

Dreamy in Durham! Welcome to 3350 Concession 7 Road, a beautiful hidden gem in Clarington just minutes from the city and close to the highway 407.

This exquisite 5-bedroom and 4 washroom home sits on a premium 2.9-acre lot, embraced by a flowing creek. Recently renovated, it showcases new floors, a modern kitchen with stainless steel appliances, and fresh paint throughout. The finished basement offers an open recreational space along with a bedroom and a full bathroom. The property also has a separate 2400 sqft, 2-storey workshop that adds endless possibilities.

Immerse yourself in nature, cultivate gardens or pursue your hobbies in this peaceful oasis. With its prime location, modern updates, and generous space, this property is a rare find, combining comfort, convenience, and natural beauty.

DETAILS:

🛏 5 Bedrooms + 1 den
🛀 4 Washrooms
🚙 10 Parkings
💰 $1,799,900
📍 3350 Concession 7 Road

For more info, send us a message or email us at [ [email protected] ]

📲 Please share with anyone looking to buy a house like this.

🔑 JUST LISTED

Welcome to 19 Madison Avenue, a beautiful and bright custom built house with 4 bedrooms, a den that can be used as an office and 6 washrooms. The house is approximately 3700 sq feet. It has a finished basement with 11 feet ceilings, a main floor with 10 feet coffered ceilings and a second floor with 9 feet ceilings. It also features multiple fireplaces, a high end kitchen with premium appliances, and a covered porch that leads out to the south facing backyard.

DETAILS:

🛏 4 Bedrooms + 1 den
🛀 6 Washrooms
🚙 6 Parking (4 driveway, 2 garage)
💰 $2,799,000
📍 19 Madison Avenue, Richmond Hill

For more info, send us a message or email us at [ [email protected] ]

📲 Please share with anyone looking to buy a house like this.

🔑 JUST LISTED

Welcome to unit 531 at 55 Merchant’s Wharf; A spacious, sun filled southwest facing 2-bedroom and 2-bathroom unit at Tridel's Aqualina! Located in the growing East Bayside area of Queens Quay East, this building has spectacular amenities - including a gym, spin/bike studio, theatre, party room, and one of the best rooftop pools in the city!

This unit features 2 spacious bedrooms, modern bathrooms, a kitchen with granite countertops, and built-in stainless steel appliances. Lakeside living with close proximity to the Financial District. St. Lawrence Market, Loblaws, George Brown College, and Highways.

Don’t miss this amazing unit!

DETAILS:

🛏 2 Bedrooms
🛀 2 Bathrooms
🚙 1 underground parking
💰 $1,099,000
📍 531-55 Merchant's Wharf Way, Toronto

For more info, send us a message or email us at [ [email protected] ]

📲 Please share with anyone looking to buy a house like this.

🔑 JUST LISTED

Just in time for summer! Check out our new listing!
A beautiful 2 Bedroom 2 Bath townhouse on King West featuring a huge rooftop terrace & CN Tower view.

Perfect for first time buyers or investors looking for a no-brainer investment situated in a prime area in Toronto!

This features an open-concept main floor, an updated kitchen with breakfast bar & stainless steel appliances. The cozy two bedrooms on the second floor come with plenty of closet space.

DETAILS:
🛏 2 Bedrooms
🛀 2 Bathrooms
💰 $799,000
📍 26 Douro St 322, Toronto

For more info, send us a message or email us at [ [email protected] ]

📲 Please share with anyone looking to buy a house like this.

🏡 What’s going on in the Greater Toronto Real Estate Market?

Swipe to see the MAY 2023 Toronto Regional Real Estate Board (TRREB) Market snapshots broken down by region and property type.

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🔻 Market Recap 🔻
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🏡 HOUSES:

Year-over-year, the average price for a house in the Toronto area was $1,472,879 in May, up 2% over the same month last year.
House sales in May were up 18% over last year, the first time since November 2021 that sales are up on a year-over-year basis.
New house listings were down 19%, and the number of houses available for sale at the end of the month, or active listings, was down 25% over last year.
This imbalance between supply and demand is reflected in the Months of Inventory (MOI), which measures inventory relative to the number of sales each month. In May, MOI for houses remained relatively flat at 1.3 MOI, indicating tight supply conditions.

🏢 CONDOMINIUMS:

The average price for a condominium (condo) in the Toronto Area was $778,428 in May, down 2% over last year.
Condo sales in May were up 39% over last year. The number of active condo listings was down 12% over last year. The MOI remained flat at 1.6 MOI in May, indicating that supply is slightly less constrained for condos than for houses, which makes sense given there is slightly less of an imbalance in listings and demand for condos.

Yesterday, June 7, 2023, the Bank of Canada raised its benchmark interest rate 0.25% which takes the bank's benchmark to its highest level since 2001.

It's the first time that Canada's central bank has raised its trend-setting interest rate since January 2023, when the bank signalled it would conditionally pause its aggressive campaign of rate hikes to wait and see if it had done enough to bring down inflation.

After the central bank's decision, Canada's big banks all matched the hike, and raised their variable lending rates to 6.95%.

The central bank's move is going to increase the variable rate mortgage holders' monthly payments. The hikes before yesterday have already added more than $1,000 to the monthly payment on a $500,000 mortgage.

This we expect will continue to push rents up, and it remains to be seen how the rate hike will affect the housing prices and supply.

Do you think they will do a rate hike, rate hold, or rate decrease at the next announcement on July 13th?