December 2024 Newsletter

Thurston Olsen Real Estate Group

Hey Friends!

As 2024 comes to a close, we want to take a moment to say THANK YOU to each and every one of you for helping to make 2024 an incredible year in real estate for the TO Group. Your trust, support, and referrals have made all the difference, and it’s been an absolute privilege helping you and your people navigate the Toronto market.

From finding dream homes to building wealth through smart investments, we’re grateful to be part of the journey.

Here’s to an even brighter 2025—cheers to you and your families!

Now, let’s take a few minutes to give you another Real Estate update for December 2024.

The Bank of Canada is set to announce its final interest rate decision of the year on December 11th. This will set the tone for borrowing costs heading into 2025, with impacts on mortgage rates and affordability. Many are speculating that the overnight rate will decrease by either 0.25% or 0.5%. This will directly affect those who have or will be going for variable rate mortgages.

What We Are Seeing From the Field

The Toronto housing market is heating up as home sales surged by 39.1% year-over-year in November 2024. Buyers are jumping in, thanks to reduced borrowing costs and favorable market conditions, while new listings increased by a modest 4.2% compared to November 2023. However, this imbalance tightened market conditions, nudging the average home price up 2.8% year-over-year to $1,080,167.

Key Highlights:

• Home Sales: 2,236 homes sold in November, with single-family detached homes driving much of the price growth.
• Listings: 4,360 new listings entered the market, showcasing more opportunities for buyers.
• Condo Market: While prices remain just below last year’s levels (down 1%), ample choice gives condo buyers strong negotiating power.

What’s Ahead?

With population growth fueling housing demand and borrowing costs trending lower, experts anticipate a robust market recovery in 2025.

This upbeat market trend hints at exciting times ahead. Whether you’re looking to buy, sell, or invest, now’s the time to plan your next move!  Let’s Chat

Shout Out To A Local Business

In The Beach – Landscape Maintenance Specialists

Thank You for Making Our Holiday Season Food Drive a Huge Success!

(We may need a bigger truck for the next one!)

Feeling Cold and Looking for Some Sun?

Tap Into Our Global Referral Network with RE/MAX and the TO Group

Hey Friends,

We hope you’re doing well! It’s that time of the year where the cold weather has kicked in and you might be wishing you were somewhere warm right about now.

We thought this might be a good opportunity to let you know that our brokerage has just opened an office in Naples, Florida!

Imagine spending half of the year playing golf in sunny Florida, surfing in South America, or enjoying the extensive history of Europe.

You may have dreamed of owning a property outside of the GTA and you may not know where to start. We have good news – we can help!

We wanted to remind you that as part of the RE/MAX family, we have access to a vast global referral network that spans not only the GTA or Ontario, but worldwide.

Whether you or someone you know is looking to buy or sell a property, be it here in Toronto or anywhere around the globe, our referral network connects us with top agents internationally.

This means you can trust us to find the right expert, no matter where your next move or investment takes you.

If you or anyone in your circle needs real estate assistance, please don’t hesitate to reach out. We’re always here to help, with the power of a trusted global network behind us!

Cheers!
Ford and Chris

November 2024 Newsletter

Thurston Olsen Real Estate Group

Hey Friends!

Halloween is in the rear-view mirror and All I want For Christmas Is You by Mariah Carey is back on the radio on repeat and that can only mean one thing: we must be in the home stretch for 2024!

Let’s take a few minutes to give you another Real Estate update for November 2024.

The Government of Canada has launched a new initiative designed to help homeowners tap into their home equity and contribute to addressing the lack of housing.

Starting January 15, 2025, Canadian homeowners will be able to access up to 90% of their property’s value to build secondary suites. This move is a big deal in the ongoing effort to boost housing supply and improve affordability.

Here’s a quick, easy-to-digest breakdown of the program’s key details:

How Does It Work?

Maximum loan-to-value (LTV): The LTV ratio can be up to 90% of the “as improved” property value, with the total property value capped at $2 million.

Amortization period: Borrowers can spread payments over up to 30 years, making the financial hit a bit more manageable.

Number of units: Homeowners can add up to four units on their property, including the existing one.

Self-contained units: Each secondary suite must (among other things) be a fully self-contained unit, meaning it has separate living facilities, such as a private entrance, kitchen, and bathroom. This helps to ensure compliance with municipal zoning requirements.

No short-term rentals: Sorry, Airbnb fans—these additional suites must be used for long-term rentals only.

Will This Actually Help Toronto’s Housing Crunch?

We’re all for creative solutions that empower homeowners and add much-needed housing. But let’s be real—is this just a convenient political move ahead of the 2025 elections, or will it genuinely make a difference in cities like Toronto, where housing demand keeps climbing?

What are your thoughts? Is this policy the game-changer we need, or just a flash in the pan?

Thank You for Making Our Thanksgiving Food Drive a Huge Success!

At the TO Group, we’re deeply committed to supporting those in need within our community.

Thanks to your incredible generosity, our Thanksgiving food drive in support of the Daily Bread Food Bank was a huge success—our most rewarding one yet!

We couldn’t have done it without you! Every donation made a real difference for families who needed it most. A heartfelt thank you to everyone who contributed.

What’s Next?

Get ready for our East Side Food Drive: The Holiday Edition! We’re gearing up to spread even more holiday cheer. Stay tuned for details on how you can help us make the season brighter for our community members.

Let’s continue making an impact together!

As always, we’re here for any real estate services or advice you, your family, or friends might need. Feel free to introduce us—we promise to make you look great!

Cheers!
Chris and Ford

East Side Food Drive

THE THANKSGIVING EDITION!

Hey Friends,

With Thanksgiving just around the corner, we’re excited to announce that we’re gearing up for our 12th East Side Food Drive in support of the Daily Bread Food Bank!

We would love your help to make this event a success. To make it as convenient as possible for you, we’ll pick up your food donations right from your doorstep and deliver them to Daily Bread on your behalf.

Together with Daily Bread Food Bank, we believe that access to food is a basic human right, not a privilege. No one should go hungry or face barriers to accessing food.

If you live on the east side of Toronto and want to contribute, here are some of the most needed items:

– Shelf-stable and non-perishable foods such as rice, beans, pasta, and flour.

– Canned proteins like chicken and tuna.

Ready to help out? Click the button below, fill out the form, and have your donations ready for pickup on Thursday, October 10, 2024.

Want more info about our East Side Food Drive?

Check out photos and videos from our past events and learn more about our East Side Food Drive by clicking the button below!

Thank you in advance for your support. We appreciate you and wish you a wonderful Thanksgiving!

Thurston Olsen Real Estate Group

Hey Friends!

October is not just about pumpkins and falling leaves—it’s a time to reflect on the incredible community spirit in Toronto.

As we gear up for Thanksgiving and upcoming holiday events, we’re here to support both your real estate needs and community efforts, including our latest East Side Food Drive.

Let’s take a few minutes to give you another Real Estate update for September 2024.

Who wouldn’t want that?!

At The TO Group, we leverage our extensive network of industry professionals to help you achieve your financial goals. One of our trusted mortgage brokers, Zac Lofeudo from the Vine Group, is hosting a complimentary seminar on how to benefit from the Rental Cash Damming strategy.

This CRA-approved method can help you pay off your mortgage up to 15 years sooner while saving on both taxes and interest!

If you have equity in your home or own rental properties, you won’t want to miss this seminar. Don’t miss out on this opportunity to fast-track your financial freedom. ?

Click the link below to register for the seminar and start your journey to smarter real estate investing!

Big changes are coming to Canada’s mortgage policies, effective December 15th, aimed at improving affordability and accessibility for homebuyers. While these reforms offer exciting opportunities, they also come with some potential challenges for the long-term housing market. Let’s dive into the key changes:

1. Extended Amortization Periods: For first-time homebuyers and those purchasing new builds, the amortization period is increasing to 30 years (up from 25 years). This lowers monthly payments, improving affordability. However, keep in mind that a longer mortgage means paying more in interest over time.
2. Higher Purchase Prices with Less Down: The threshold for a less than 20% down payment has increased from $1 million to $1.5 million. This allows buyers to purchase higher-priced homes with smaller down payments. But remember, carrying costs for a $1.5 million home with a minimal down payment can be high, so this will benefit a select group of buyers with high incomes.
3. Increased Competition Among Lenders: Insured mortgage holders can now switch lenders at renewal without going through another stress test. This opens up competition, making it easier for Canadians to find better mortgage rates.

These reforms aim to make home ownership more accessible, but will also impact affordability. Whether these changes are a long-term benefit remains to be seen.

Our prediction? We feel that this may fuel demand and competition in the marketplace which could boost home values. Now could be a great time to buy.

Let’s have a chat if making a move has been on your mind!

More new listings and more sales!

As expected with a typical fall market, new listings and sales improved compared to August 2024. More encouraging is that new listings (+8.5%) and sales (+3.7%) have both increased year over year compared to September 2023. A welcome sign showing increased activity in the market compared to last year!

Average prices remain fairly level compared to last September. However, we did see a price improvement of approximately 8.5% for homes in Toronto compared to last month.

The condo market still remains well supplied with approximately 6100 active listings as of September 30th, 2024. This means that there are ample options for condo buyers with the potential to negotiate price. Condo sellers should be prepared to be patient and realistic with their price expectations.

Check out the September year-over-year stats below for more information on the current market. If you would like statistics specific to your neighbourhood, an updated Comparative Market Analysis for your home, or help deciphering what the numbers could mean for you, please let us know and we would be happy to provide that for you.

For most of us, our home is our biggest investment—so it’s important to protect it, especially from the challenges of Canadian winters. A well-maintained home not only ensures comfort and peace of mind but also helps preserve and even increase its value.

By keeping your home in top condition, you’re setting yourself up for a better return when you decide to sell.

Ready to get started? Click below for your complimentary Fall Home Maintenance Checklist to ensure your home stays in prime condition year-round.

Last Call for Our East Side Food Drive – Thanksgiving Edition! ? October 10, 2024

We’re gearing up for our next East Side Food Drive, and we’d love your support! The need for food in Toronto is urgent. 1 in 10 people now rely on food banks, double from last year.

Let’s come together to make a real impact for our community this Thanksgiving.

Click below for more info on our East Side Food Drive and to sign up to contribute.

As always, we’re here for any real estate services or advice you, your family, or friends might need. Feel free to introduce us—we promise to make you look great! 

Cheers!
Chris and Ford

Thurston Olsen Real Estate Group

Hey Friends!

Well, Summer happened quickly!

We hope that you took some time to enjoy the beautiful weather, time with family and friends, and maybe even a summer vacation!

The TO Group is recharged and ready to take on the Fall real estate market.

Let’s take a few minutes to give you another Real Estate update for August 2024.

For those who hold variable rate debt, their shoulders are likely feeling a bit lighter as the Bank of Canada continues to drop its overnight rate. Can you hear the collective sighs?

On September 4th, the Bank of Canada dropped their overnight rate by another quarter point, their 3rd straight rate cut.

It is widely expected that they will make 2 more cuts before the end of the year and further cuts into 2025.

So, what does this mean?

The real estate industry views this as a positive sign going forward and many expect that this will inject some life into the more recent “slumping” market. We’ve already been receiving calls from buyers who had been waiting for their time to get into the market and we feel that this will be a sign of things to come!

While a 0.25% decrease in the overnight rate only results in a monthly savings of approximately $15 per $100,000 borrowed, the biggest immediate impact will be in consumer confidence. The light at the end of the tunnel is finally in view along with lighter debt commitments.

Have you been waiting for a sign? This could be it.

Reach out and let’s have a chat!

With the first week of September in the books, we have already seen increased activity from buyers, more specifically in the freehold market. Some listings that had been hanging around during the summertime are starting to get scooped up.

The condo market remained slow moving with a resale inventory that approached 6000 units at the end of August. There are still some fantastic deals to be had out there. With increasing rent prices and a clearer picture of decreasing borrowing costs, now could be an excellent time to purchase a condo.

TRREB President Jennifer Pearce noted that the Bank of Canada’s recent rate cut on September 4 could boost affordability, particularly for first-time buyers using variable rate mortgages. As mortgage rates are expected to decrease, more first-time buyers may enter the market, especially in the condo sector.

Check out the August year-over-year stats below for more information on the current market. If you would like statistics specific to your neighbourhood, an updated Comparative Market Analysis for your home, or help deciphering what the numbers could mean for you, please let us know and we would be happy to provide that for you.

The TO Group loves working with clients looking to upsize from their current home to their dream home.

Whether you’re looking for more space for your growing family, a better school district, or a bigger yard for your favourite furry friend, we can help you achieve your real estate goals!

We’ve put together a handy Upsizing Guide that will help you prepare for your next move.

Want a copy? Just click below and we’ll send you one.

We are looking forward to our next East Side Food Drive – Thanksgiving Edition on October 10, 2024 and would really appreciate your support!

The demand for food in our city is urgent. One in ten people in Toronto are now relying on food banks, twice as many as the year prior. Let’s team up to make a difference!

Click below for more info on our East Side Food Drive and to sign up to contribute.

As always, we would be happy to help you and any of your friends, family, colleagues, or neighbours with real estate services or advice. If you can think of anyone that could use our help, feel free to make an introduction! We promise we’ll make you look good ;)

Thurston Olsen Real Estate Group

Hey Friends!

If you know the TO Group, you know that we are huge sports fans and we find so much inspiration, fun, and meaning in sport.

With the 2024 Paris Olympics being at the forefront of many news outlets, we thought we’d have a bit of fun with this month’s newsletter and make it Olympics inspired!

Let’s take a few minutes to give you a gold medal worthy Real Estate update for August 2024

Toronto Real Estate Market Report: August 2024 – The Olympics of Real Estate

As the world cheers for the athletes at the Olympics, the Toronto real estate market has been having its own games, and July 2024 had some performances worth celebrating!

Let’s dive into the highlights and see how buyers, sellers, and new listings competed in the arena.

Sales Score a Victory In the race for home sales, The City of Toronto reported 1,987 transactions in July 2024, marking a 5.4% increase from July 2023. It seems like the recent cuts in the “interest rate hurdle” by the Bank of Canada gave buyers the extra boost they needed. With two rate cuts back-to-back in June and July, the cost of borrowing has become a little less daunting. Think of it as the wind at the backs of the marathon running buyers, making the path to home ownership a bit smoother.

More Listings, More Choices – A Buyers’ Decathlon New listings soared with 6,074 homes entering the MLS® System in the city of Toronto, an 18.7% jump from last year. This influx of options has been a win for buyers, offering them a smorgasbord of choices. In this decathlon of decisions, they’ve been able to catch a breather and strategize, thanks to a better-supplied market. It’s like having tickets to all of the Olympic events, but you get dibs on the best seats!

The Pricing Bar Remains Steady On The High Jump of Affordability The average price of a home in Toronto remained fairly steady again, up about 2% year-over-year. The average selling price landed at $1,087,436, just a hair up the July 2023 figure of $1,066,184. This is what buyers have been chasing for the last number of years. It’s a delicate balance—think of it as a high jump where the bar is set just right to give everyone a fair shot.

Innovation and Infrastructure – The Torchbearers for the Future ? The Toronto Regional Real Estate Board has been waving the flag for innovative home construction, and Toronto City Council’s recent move to consult on single egress stair requirements for multi-residential buildings up to four storeys is a step in the right direction. It’s like handing the relay baton to builders, encouraging them to create family-friendly, multi-family units. And let’s not forget the much-anticipated Crosstown LRT, set to light the way for better public transit connections, making it easier for everyone to get to the finish line.

The Road Ahead – Ready, Set, Buy! As more buyers lace up their shoes for the race to home ownership, the current surplus in inventory will keep prices relatively flat. But as this inventory is gradually absorbed, expect market conditions to tighten, and prices to potentially rise again. Will it be a marathon or a sprint to increased prices? We’ll stand by watching to see who wins the race.

So, whether you’re buying, selling, or just cheering from the sidelines, the Toronto real estate market is an exciting event to watch. Stay tuned for more updates, and may the best home win! ?

Check out the July year-over-year stats below for more information on the current market. If you would like statistics specific to your neighbourhood, an updated Comparative Market Analysis for your home, or help deciphering what the numbers could mean for you, please let us know and we would be happy to provide that for you.

Keep Your Home Atop The Podium – Exclusive Offer For Professional Summer Photography!

You never know when your next dream home will pop up. When it does, you want your current home to be in gold medal shape! But what if it’s winter, and your beautiful yard is hidden under snow and ice? Show potential buyers how lucky they can be to own such a luscious oasis with vibrant summer photos! ?

When selling in the Fall or Winter, it can be advantageous to provide potential buyers with professional exterior photos that showcase your home in its full summer glory. This will make your home stand out and highlight its year-round appeal.

Don’t Miss Out on This Golden Opportunity!

If you are considering selling your home in the upcoming Fall or Winter, take advantage of this great offer, which is part of our listing service. Reach out for more info. *Terms and conditions apply.

We’re Here To Be Of Service To You And Your People!

As always, we would be happy to help you and any of your friends, family, colleagues, or neighbours with real estate services or advice. If you can think of anyone that could use our help, feel free to make an introduction! We promise we’ll make you look good ?

Hey Friends!

Summer is almost here!

Summer just happens to be the favourite season for the TO Group.

We absolutely love summer and we wait all year for the warm weather and long fun-filled days.

A few of the many things we love about summer:

• Ford and Chris just happen to both have birthdays in July
• Beach Volleyball
• (more) Jays games
• Golf
• An ice cold beer (or two) on one of Toronto’s many patios

Enough about us, let’s take a few minutes to give you another real estate update for June 2024

After what feels like months of waiting, the Bank of Canada has made their first decrease in the overnight lending rate. With a collective sigh of relief from many, the BoC decreased the rate by 0.25% on Wednesday to sit at 4.75%. While the decrease won’t have a huge effect on affordability, it is a sign that things are starting to move in the right direction.

Many expect the initial drop in rates to result in more decreases over the next year or so (possibly adding up to 1.5%).

Generally speaking, there is usually a bit of a delay before we start to see these changes take place in the market, so we’ll see how quickly things unfold over the next few months.

So what does this mean? Well, if you have a variable mortgage for $1,000,000 (using round numbers), your monthly savings will be approximately $155 with the decrease of 0.25% to the overnight rate. It sure doesn’t seem like a lot, but it all adds up! If anything, this will likely start to give buyers a bit more confidence in Toronto real estate and they will likely enter the market. Often when we see more buyers enter the market, we see more competition, and we see price increases.

If you have been waiting to purchase your first home, or an investment property, now could be a great time to put your plan into action! The rate cuts are good news for many and there are currently plenty of great opportunities out there that we don’t expect will last very long.

This could be one of the best times to purchase a home in the last few years. Reach out at any time to chat about what this could mean for you!

As the warm weather comes, the real estate market tends to slow. People start to focus their attention on summer vacations vs. buying their next home. This is exactly what we saw happen as May transitioned into June.

Overall, prices in the city of Toronto stayed relatively flat comparing May 2024 to May 2023, coming in 0.3% lower than the previous year.  The biggest change that we saw was the decrease in sales by 17.8% year-over-year. Even more interesting is that new listings in the GTA were up 21% over the same time period, meaning that there were many more options to choose from than what buyers are used to. There is plenty of speculation out there as to why this happened, however the most popular opinion is that buyers are waiting for rates to come down further before going shopping. Many families are getting stretched financially due to inflation and the higher cost of living which doesn’t always align with a move.

We noticed that the freehold market moved more quickly than the condo market, especially if a home was newly renovated and checked all of the boxes. There are plenty of condos to choose from out there, so buyers have ample choice to find their perfect home or investment.

Check out the May year-over-year stats below for more information on the current market. If you would like statistics specific to your neighbourhood, an updated Comparative Market Analysis for your home, or help deciphering what the numbers could mean for you, please let us know and we would be happy to provide that for you.

2118 Bloor St W unit 402 is an absolute stunner! 

Big, Bright, and Beautiful on Bloor St W! Welcome home to this luxurious retreat at Picnic condos, a boutique building in High Park! This oversized corner unit features a custom floor plan, ample floor to ceiling windows, and is beaming with natural light. The modern kitchen showcases Scavolini cabinetry, high-end european appliances, upgraded gas cooking, and sleek Caesarstone countertops, complete with a breakfast bar. The open concept living space is perfect for entertaining friends and family and includes a walk out to a private balcony featuring a gas line for a BBQ. The Primary retreat boasts a picturesque tree-top view, dual walk through closets with built-in shelving, and a spacious spa-like 4-piece ensuite. Steps to all of the amazing shops, restaurants, cafes on Bloor St W, TTC, and the sprawling 400 acre High Park!

Check out www.2118BloorWest.com for more info and photos!

318 King St E unit 801 is one of the best valued condos in Corktown!

Welcome home to boutique urban living at The King East. This Oversized 1-bedroom condo offers the perfect blend of modern comfort and convenience. Enjoy the open concept living space with approx 9′ ceilings and concrete accents for a super cool loft-style feel. Includes a large bedroom with plenty of closet space and natural light. The modern open concept kitchen features full-sized stainless steel appliances (including a gas range), stone countertops, and floor to ceiling windows. This beautiful residence features 600 square feet of awesome in addition to the spacious balcony – complete with a gas line for a BBQ and stunning city views. Within walking distance to everything you need – Distillery District, St. Lawrence Market, George Brown College, parks, some of the best restaurants in the East end of the city. Multiple options for commuter access and TTC – including the future Ontario Line station that will be completed across the street. Move in and enjoy everything that this beautiful residence has to offer.

Check out www.318king.com for more info and photos!

The Bank of Canada has the following rate announcements scheduled for 2024. Interest rates have an integral effect on how our real estate market operates so it will be interesting to see how things unfold as the announcements come.

• Wednesday, July 24
• Wednesday, September 4
• Wednesday, October 23
• Wednesday, December 11

We are looking forward to some summer fun, but keep in mind that the summer real estate market is often full of opportunity. Let’s chat about what opportunities we can find for you!

As always, we would be happy to help you and any of your friends, family, colleagues, or neighbours with real estate services or advice. If you can think of anyone that could use our help, feel free to make an introduction!  We promise we’ll make you look good ;)

Cheers!

Chris and Ford

Hey Friends!

Spring is finally back and so is Blue Jays baseball. As most of you already know, the TO Group are lifelong fans of the Jays and we spend an ample amount of our downtime watching Canada’s team. We are hopeful that they win some playoff games this season!

With that said, we have purchased tickets to a number of games this year and we wanted to try something new! So, we have a proposal for all of our loyal followers (this means you).

Any referral that you send to the TO Group that results in a successful closing will result in a pair of awesome seats to a Jays game this season*.  As a bonus, you’ll get peace of mind knowing that your people will receive the best service in Real Estate ;)

Now, let’s take a few minutes to give you another Real Estate update for April 2024.

Did you know that there are homes for sale that aren’t available to the general public via MLS? These are often referred to as “Exclusive Listings” or “Pocket Listings”

An exclusive listing is when a seller enters into a listing agreement with a Brokerage but does not go to MLS. The listing remains exclusive to the listing brokerage and their agents have the exclusive opportunity to find a buyer.

March 2024 home sales were lower than the March 2023 result. Despite a better-supplied market compared to last year, there was enough competition between buyers to see a moderate increase in the average March home price compared to last year’s level.

Market conditions have gradually improved over the last quarter. Buyers seem to have adjusted to the higher interest rates as it has become more clear that the rates will likely not increase any further.

Homeowners who had been anticipating improved market conditions helped provide a better supply to the market in March which was welcomed by anxious buyers.

Assuming that we benefit from lower borrowing costs in the near future, we expect that sales will increase, new listings will be absorbed, and tighter market conditions will push selling prices higher.

Check out the March year-over-year stats below for more information on the current market. If you would like statistics specific to your neighbourhood, an updated Comparative Market Analysis for your home, or help deciphering what the numbers could mean for you, please let us know and we would be happy to provide that for you.

We are now in our 4th year of organizing our East Side Food Drive and we just wrapped up our Easter Edition which was a huge success! Thanks to everyone who contributed! This is truly one of the most gratifying events that we put on for our community and we really enjoy watching it grow. The Food Banks are having trouble keeping up with the demand this year so every effort counts! 

Ford and Chris

*As a thank you for any referrals between April 5/24 – Sept 1/24 (excluding leases) which result in a successful purchase or sale, the TO Group would like to offer you a pair of tickets to a 2024 regular season Blue Jays game at the Rogers Centre. We appreciate your support!