Whit Norrad

* Market Update - May, 2024 * Overall Conditions in Fraser Valley & Greater Vancouver : Balanced Market My opinion of market condition is based on the average Sales to Active listing ratios in the region. I will try to include those ratios in future updates. Detached Median DOM (Active) : 42 Detached Median DOM (Sold) : 10 Attached Median DOM (Active) : 34 Attached Median DOM (Sold): 10 If the property is priced fairly, it should sell fairly quick! Cost of borrowing is still high. There are definitely some hot spots and dead zones, please reach out if you'd like a comprehensive analysis. Cheers! * Patient. Prepared. Professional. ---------------- Parrotta. Bradley Parrotta 604-803-5450 Parrotta Real Estate Group www.ParrottaRealEstate.com #portmoody #portcoquitlam #vancity #BC  #yvr #fun #coquitlam #pittmeadows #surrey #forsale #buy #sell #vancouver #langley #home #townhome #condo #mapleridge #marketing #newhome #cloverdale #newwestminster

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At the peak of 2009/10, Vancouver $/sf prices for condos were running $1000-$1500/sf. At Kelowna's 2021 peak prices hit $1000-$1250/sf for premium condos. Van's apartment rental rate peaked over $6/sf and is softening. Kelowna is ~$3/sf. Will Kelowna apartment rates hit $6/sf at the peak of the next cycle?

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📊 Toronto real estate update for August: Home sales in the Greater Toronto Area saw a slight decrease with 4,975 homes sold, down 5.3% from last year but up 0.6% from July. The average price dipped slightly to $1,074,425, while new listings increased by 1.5% to 12,547. With the Bank of Canada's recent rate cut, we’re anticipating more activity, especially from first-time buyers and in the condo market. Stay tuned for more updates! 🏡✨ #TorontoRealEstate #MarketUpdate #HomeSales #RealEstateTrends #GreatherTorontoArea

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Toronto Market Report Summary: According to the latest market report, the average selling price of a home in Toronto decreased by 1.0% YoY to $1,128,100 in April 2024. However, the average selling price of a single-family home in Toronto increased by 0.2% YoY to $1,363,700 in April 2024. On the other hand, the average selling price of a townhouse/multiplex in Toronto decreased by 0.8% YoY to $824,600 in April 2024. The average selling price of a condo in Toronto also decreased by 1.4% YoY to $695,500 in April 2024. Lastly, the average rent in Toronto decreased by 2.0% YoY to $2,757 for April 2024. Stay informed with the latest market trends by clicking the link below. https://lnkd.in/gbEQ5jKQ

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Toronto & GTA September 2024 Sales Stats. In September 2024, Toronto Regional Real Estate Board ® experienced an increase in activity, with 4,996 home sales reported through TRREB’s MLS® System - marking an 8.5% jump from the 4,606 sales in September 2023. New listings saw an even bigger boost; climbing 10.5% year-over-year as 18,089 properties hit the market. Home sales across the Greater Toronto Area saw a year-over-year increase in September, as buyers began to take advantage of more affordable market conditions, spurred by lower interest rates and lower home prices. For buyers, this means better opportunities to find a home as affordability improves. For sellers, while the market is more competitive with more listings, the growing demand driven by lower borrowing costs could still attract plenty of interested buyers. ❇️ Looking for the Perfect Match 🏡? ❇️ Want to know what these numbers mean for prices in your specific area 📍? 📞📱📧 Let’s Talk: https://bit.ly/2Q2bOWm

Join us on Monday, May 27th, 11am Remax West head office to learn how to buy a property in Tulum, Mexico. This is four times less expensive than houses in Toronto. We'll guide you through the entire purchase process, legalities, and show you a real project for comparison. To secure your spot, bring: ID or passport copy Utility bill copy A $5,000 USD fully refundable deposit Special Offer: OWN your piece of Tulum, Mexico today and enjoy FREE complimentary airfare to your personal paradise! Ocean Village: Starting from $54,000 USD for land only. Zen Tulum: Starting from $132,000 USD for turn key units. Discover why investing in Tulum real estate surpasses stock market returns and why numerous investors from Canada and the USA are opting for Mexican vacation properties. Refreshments will be served, and parking is available. What are you waiting for? RSVP NOW: https://lnkd.in/gsh42BJY Contact Marta Today! 647-836-9130 [email protected] Watch the full video interview with Daniel Sica here: https://lnkd.in/g3UhETAT Don't miss this chance to understand the value and security of investing in Mexico. #LiveEvent #RivieraMaya #InvestInTulum #RealEstateInvestment #MexicoRealEstate #LuxuryCondos #VacationRealEstate #InvestmentOpportunities #RemaxWest #FinancialStrategy

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June 2024 GTA Market Stats After four years of elevating borrowing costs, interest rates finally dropped in June, leading to buyer optimism. However, as the June data indicates, this has not yet translated into increased sales. Sales fell to 6,213, marking a 16 per cent decline compared to the same period last year. Despite this, there are reasons for optimism for both buyers and homeowners. For buyers, the good news is that not only have interest rates begun their descent, inventory has increased and prices remain stable. The average home in the GTA now sells for $1,162,167, essentially unchanged compared to last month and 1.69 per cent below last June. For homeowners, despite a yearly increase of 67 per cent in active listings, a prolonged period of high interest rates, and recent changes to Canada’s capital gains tax, home prices have proven resilient. As buyers regain market confidence and monetary policy continues to ease, home prices are expected to climb once more. Royal LePage president Phil Soper is forecasting an increase in home sales and prices after the Bank of Canada made its first interest-rate cut in four years.“It’s been four long years since Canadians have experienced a policy-driven drop in the cost of borrowing,” Mr. Soper said to The Globe and Mail. He said the small rate cut and stronger consumer confidence will “material lift” in sales and “accelerated home price appreciation.”

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🏚️Market Update: May 2024 In May 2024, home sales in the Greater Toronto Area (GTA) remained low, especially compared to last spring's brief surge in market activity. Home buyers are still waiting for relief from high mortgage rates. Meanwhile, existing homeowners are anticipating increased demand, as evidenced by a year-over-year rise in new listings. With more options available compared to last year, buyers had more room to negotiate on prices. Key insights from recent Ipsos polling reveal that home buyers are looking for clear signs of declining mortgage rates. As borrowing costs are expected to decrease over the next 18 months, more buyers, including many first-time buyers, are likely to enter the market. This influx is expected to ease the tight rental market. 🌟Market Highlights: ▪️Sales: 7,013 homes sold, a 21.7% decline from May 2023. ▪️Listings: 18,612 new listings, a 21.1% increase year-over-year. ▪️Average Price: $1,165,691, down 2.5% from May 2023 but slightly up from April 2024. Despite high interest rates in May, buyers benefited from slightly lower selling prices compared to last year. Selling prices have adjusted to mitigate the impact of higher mortgage rates. As borrowing costs trend lower, affordability is expected to improve. However, as demand picks up, there may be renewed upward pressure on home prices due to increased competition among buyers. For more detailed insights and to explore your options in this evolving market, connect with us today! #RealEstate #GTARealEstate #MarketUpdate #HomeSales #MortgageRates #RealEstateMarket #FirstTimeBuyers #TorontoRealEstate #HousingMarket #InvestmentProperty #RealEstateTrends #HomeBuying #PropertyMarket #REALTORS #TRREB #SophiaKeshavarz #homesWithsophia

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Many real estate investors are struggling. The past two years have been among the most challenging for the industry. The most common issue causing financial stress among investors is poor cash-flow management. Many investors feel the constant need to redeploy their capital and scale their portfolios, a practice I used to follow as well. This often leaves them equity-rich but cash-poor. When their cash isn't being put to work, it's being wasted. While many investors saw significant equity increases through appreciation, recent price drops have wiped out much of that gain. Constantly refinancing properties during peak prices to redeploy capital has now left many investors with negative equity. Investors in challenging positions have overextended themselves with leverage and have limited cash resources. As many properties are now cash flow negative due to higher rates, their cash reserves are further depleted. Coupled with increased property expenses (utilities, property taxes, etc.) and rent growth capped at 2%, this creates an additional cash flow deficit. Now, investors face the difficult choice of selling properties at a loss or struggling to sell tenanted properties due to low demand. With cash drying up, many investors are forced to take on more debt to cover cash shortfalls. Furthermore, property conditions deteriorate as they cannot afford necessary repairs, such as fixing a leaky roof or addressing pest issues. This is indeed a very challenging time. I have conversations with investors in this position almost weekly. It's also why I have chosen to deleverage some of my long-term buy and hold positions. If you are in this situation, it’s not easy, but you will get through it! You are not alone! If any investors are in a tough position and want to chat, feel free to shoot me a direct message! I’m more than happy to lend an ear and help in any way I can. #realestateinvestor #realestateinvesting #investmentproperty #realestate #propertymanagement

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The trends in Toronto’s luxury real estate market is a vibrant and evolving landscape. From Rosedales historic neighbourhood and The Annex to the skyscrapers in downtown, luxury homes in Toronto are redefining elegance and sophistication. Here are a few of the latest trends that are shaping the luxury market in the city: *Sustainable and Eco-Friendly Designs *Smart Home Technologies *Homes that have spaces for wellness such as gyms, saunas and spa features *Indoor-Outdoor connectivity *Customized & Multifunctional spaces. These trends are at the forefront of Toronto’s luxury real estate market, offering a blend of comfort, style and sustainability. We are always evolving for our clients’ and setting new standards. Lets connect! Modern Vision | Timeless Values #luxuryhomes #luxuryliving #markettrends #torontoliving #torontomarket #luxurymarket

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I Exciting news! Coming soon to MLS: an exclusive listing you won’t want to miss! 💫 Offered at $800,000.00, this gem boasts 3 bedrooms and 3 bathrooms! 🛏️🚿 Welcome to 70 Crockamhill Drive, nestled in the heart of Toronto’s sought-after Agincourt North neighborhood! ✨ This newly renovated home is a true gem, boasting a fresh paint job, a sleek modern kitchen with Quartz countertops, a stylish Mosaic backsplash, and custom-made cupboards. 💫 Step inside to discover the inviting ambiance of modern pot lights and crown molding on the main floor, creating a warm and welcoming atmosphere. ☀️ The open-concept layout allows natural light to flood the space through large windows, while the spacious bedrooms offer comfort and tranquility. 🛏️ Plus, with a separate entrance in the basement, this home offers versatility and convenience. 🚪 Located near Midland Ave and Huntingwood Dr, this property is surrounded by accessible transit stops, grocery stores, restaurants, and bars within walking distance. 🚍🛒 Nature lovers will rejoice in the nearby parks, and the convenience of being just minutes away from Hwy 401 and Kennedy Rd adds to the appeal. 🌳 Families will also appreciate the proximity to schools ranked between 8-9 by the Fraser Institute. 🎓 Why should you make this neighborhood your home? Here are the top 3 reasons: 1️⃣ **Convenience:** Everything you need is right at your fingertips! With transit stops, grocery stores, restaurants, and bars all within walking distance, enjoy the ease of meeting your daily needs effortlessly. 2️⃣ **Recreational Bliss:** Nature lovers will rejoice with parks like Chartland Park, Havendale Park, and L’Amoreaux Park nearby, offering endless opportunities for outdoor fun and relaxation. 3️⃣ **Excellent Transportation:** Getting around is a breeze with TTC Bus Stops and major roads like Hwy 401 and Kennedy Rd nearby, ensuring smooth travels throughout the city. 🚍🚗 Don’t miss out on this amazing opportunity to call this vibrant neighborhood home! Stay tuned for more details! 🎉 Aristotle Abuyen Broker of Record Your Home Sold Guaranteed Realty - The AA Realty Group Inc. Brokerage* 416-669-0011 437-826-0753 1-855-685-4135 x:0507 Your Home Sold Guaranteed or I’ll pay you the difference!** *Independently Owned and Operated, not intended to solicit buyer/ seller under contract. **Seller and the AA Realty Group must agree on price and closing date beforehand. #TorontoRealEstate #ComingSoon #AgincourtNorth #DreamHome #yhsgrtheaarealtygroupinc #yourhomesoldguaranteedorillbuyit #yourhomesoldguaranteed #theaarealtygroupinc

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Just Sold…in 12 Days 🥳 The overall market has slowed since mid-March, but the Condo Market, especially in Downtown Toronto, has been particularly sluggish. I'd even say it's now a Buyer's Market. 🏡 With an abundance of inventory popping up, condos are taking longer to sell. The average Days On Market (DOM) for Studio Condos in Downtown Toronto is hovering between 40-45 days. 📉 In this competitive market, finding a Buyer isn't easy. This is when you need a Partner who thinks outside the box to drive attention to your listing and capture the interest of potential Buyers!🔎 Despite these challenges, I'm thrilled to share that I successfully sold my Client’s condo within 12 days!🚀 This achievement wouldn't have been possible without the trust and collaboration of my incredible client, VC. Thank you for allowing me to be a part of your Home-Selling Journey. 🙏✨ Curious To Learn More? DM Me! Don't forget to follow me to check out my posts about my Journey, along with Valuable Tips, Strategies, and Expert Advice about GTA Real Estate! #justsold #grateful #firsttimehomebuyer #firsttimehomeseller #sellersmarket #buyersmarket #realestateopportunity #realestate #torontorealestate #gtarealestate #ontariorealestate #torontorealtor #gtarealtor #ontariorealtor #torontorealestateagent #gtarealestateagent #ontariorealestateagent #lifestylerealtor #propertyinthe6ix #kevinwongrealtor #mortgagebrokerbenefits #mortgageagentbenefits #mortgageagent #mortgagebroker #mortgages #mortgagesolutions #ferrowrealestate #ferrowrealestateinc #swivelmortgage #swivelmortgagegroup

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