Talk about flipping a switch on the weather machine. It feels like we had 24 hours of Spring in between grey, cold and wet and super hot and humid. With that change in season comes the inevitable rebuilding of Toronto streets, road closures for festivals and races, and weekend traffic jams on the 400 that says “It’s Summertime!”. Unlike last summer, the real estate market is mirroring the weather, and sales activity is brisk. Prices have remained strong, without being crazy, and interest rates have continued to work their way down to the high 2’s and low 3% ranges we had seen back in 2016-2017. With Federal and US elections happening this Fall, it’s unlikely that we’ll see interest rates floating back up anytime soon. So our Spring Market started late, and is continuing through the Summer, and will likely dovetail nicely into the Fall Market. If you aren’t heading away for the summer, this will be a great time to buy and sell with prices and borrowing costs steady and stable.
In this edition of Smartmoves, we’ll look more deeply into June TREB market updates. We’ll peek into an ongoing debate in Richmond Hill about the use of Open House signs in the area. Finally, we’ll check up on Laneway Housing and see how far we’ve come in adding housing stock to our City.
