Kirk Morris
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3089 bathurst Street suite 218
Harnessing the power of digital marketing, I leverage cutting-edge strategies to showcase properties.
Welcome back, and Happy New Year!
Today, I sat down with Kyle Bridson, realtor and owner at Queen St West Brokerage in downtown Toronto. I asked Kyle three critical questions regarding his thoughts on what we could see in the market for 2024!
1) Will the market change this year?
2) How will the rental market be affected?
3) Is 2024 a good time to buy?
What do you think we will see in 2024 for the Toronto Real Estate Market?
Berkshire Hathaway Homeservices Queen West - Bridson Realty Group
Today, we're diving into the world of luxury living in Toronto as we explore the top-tier homes that have commanded the highest prices, from the most expensive leased listing to the most expensive sold home.
Kicking off our list with the most expensive condo rental, this magnificent condo is in the prestigious Ritz Carlton Residence. Features 2+1 Bedroom, 3 Bathrooms, and 2500 Sq.Ft of living space. With Private Elevator Access and abundant amenities like valet parking. This Gorgeous Home In The Sky fetched an impressive $22000 a month.
For our most expensive sold condo:
This stunning condo is nestled in the heart of Yorkville, just under 4400 sq ft of exquisitely designed space. The suite was bought from the builder and custom-designed with incredible details. No wonder this property commanded a jaw-dropping price of 7.6 million dollars.
Now, onto the freehold properties,
Feast your eyes on this architectural masterpiece in the prestigious neighborhood of Bridle Path. 26,000 sq ft of living space nestled on 4 acres. Indoor Desert Gardens & Pool+H/Tub, Sports Court Ideal For Basketball, Squash, and Golf Simulator. This property is leased for a whopping $66000 a month.
Now, what you have all been waiting for,
The crème de la crème of Toronto real estate. Crowned as the most expensive property sold in 2023 in Toronto, this Georgian-style home in Forest Hill is a true masterpiece. This exceptional home offers 10,000 sq. ft. of living space. Outdoor living features a spectacular "Mykonos Blue" pool. No luxury is spared in this meticulously designed residence as it commanded 17.1 million dollars.
Let’s talk real estate!
12/12/2023
Who doesn't love to read statistics on a Monday?
Today, I'll discuss the numbers for the Toronto market in November.
Overall prices are up 0.4% from last November of 2022. With the average home price of $1,051,180!
- Condos took a hit of -1%
- Freehold townhomes are up 2%
- Detached homes are up 3%
The number of sales is down 10% year over year overall.
- Condos sales are down -8%
- Freehold townhomes are down -0.5%
- Detached homes are down -14%!
Average days on the market: is up 13% to 25 days!
So what do all these numbers mean?
As of today, the best high-ratio, 5-year fixed Toronto mortgage rate is 5.04%. Putting 20% down, your monthly mortgage will be $5585 for the average home in Toronto. Prices are down as homes are sitting on the market.
There are many people who want to buy but are sitting on their hands.
Not only did townhomes take the most minor hit, but they also sold the quickest! Many of these people are stepping away from their condos and buying their first freehold home. Townhomes provide a more prominent space; most have basements, which can bring forward income and help with current high mortgage payments.
The biggest question is whether interest rates will drop in the new year. If they do, will prices go back to a positive trend?
The photo describes my thoughts on the current housing market in Toronto.
In this episode, we hit the streets!
This video was filmed the week of November 13th.
After being on the market for just a few weeks, the property has sold for 875K.
Welcome to Minute Mondays!
Today, I'd like to shed light on a critical aspect of the real estate landscape that affects both homeowners and the broader economy — defaults on mortgages.
Let's define what a mortgage default is. A mortgage default occurs when a borrower fails to meet the agreed-upon terms of their mortgage, typically by missing one or more payments.
There are various reasons why homeowners may find themselves in a mortgage default. Job loss, financial hardships, economic downturns, and recent hikes in interest rates can all amplify these issues.
The consequences for homeowners are beyond the apparent risk of losing one's home; defaults can lead to damaged credit scores, making it challenging to secure future loans or mortgages
Mortgage defaults can have a cascading effect on the broader economy. They contribute to a decrease in property values, affecting the housing market.
Now, Lenders can implement proactive measures such as flexible repayment plans, counseling services, and early intervention strategies. The government will often intervene to mitigate the impact of mortgage defaults.
In conclusion, understanding the dynamics of mortgage defaults is essential for creating a resilient and stable housing market. We can work together towards a real estate landscape that is both sustainable and supportive of homeownership.
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