I hope you have enjoyed the summer. It goes by so fast. So here we are 3/4 of the way through the year and I am truly hoping for good September and October. Lots of noise this past month about the recent Court of Appeal decision against the Toronto Real Estate Board and the Order to release sold data to the public. I for one, will have all the SOLD data accessible on my site as soon as TREB will release it. They said they would comply with the Order and it will be released by October 22nd. What does this mean to you, the public? It means that the listing price and the SOLD price will now be public domain. There are sites out there that already have it, such as mongohouse, property.ca, etc. but the data they have published was scraped from the TREB database over time and therefore they had it readily accessible to release as soon as the Order came down. TREB feels that they will be pursuing those companies for illegally scraping their data but at the end of the day, the data is being released for all to see.
I am completely happy that the fight is over. The main issue with the release of the data was not to hide it from the public by any means. The main issue was privacy. This simply is a matter of protecting the publics privacy. So now, let's say you sell your home and make $500K, the whole world will see what you made on the sale of that property, whether it is an ex spouse, the Government, a credit card company, a co worker, a mover, a neighbour, an investment broker, etc. I am sure by now you see what I am trying to say. So there are positives with letting the data flow freely but there will also be issues down the road which could be potentially harmful to some who do not want their sale price disclosed for the whole world to see. Or as the Order states, now conditional sales data must also be released. So this means, that for example, you have your house listings for 3 months at 799 and no offers, you finally get one for 740K and because you have bought new, you decide to take it. Closing day comes and there is an issue and the house doesn't close and your home has to go back on the market. NOW that previous 740K will show all over the internet as the SOLD price even though it didn't sell and do you think your next offer is going to be 750??? I can bet it won't be... so it could negatively affect the sale of your home if it doesn't close. So I think TREB was trying to say only after it firms up and closes should the price be released. But regardless they lost and lets move on !!! Let the public see the data and let's have a transparent real estate market.
As for the actual sales in the market, we are seeing a shift. The prices are coming down in small increments. Lots of terminations and relists. The days on market are getting longer. We are going back to the good old days of real estate where the good will prevail and the fly by night agents will leave. This is a thick skinned business where people think you are rolling in the dough. People don't see the long hours, the birthday parties that you have to take phone calls for, the late nights and the nights where you do all kinds of work on a listing or an offer and it doesn't sell. Those hours are unpaid. So when people say you make too much money, they don't see all the other times where agents have worked and given up quality time with their parents, friends and family to service a client and it doesn't work out and they don't get paid. Neither one of my children want to be real estate agents, if it was all glitter and never ending money, don't you think they would? LOL. So believe everything you hear. There are agents out there that work very hard and have huge expenses with association fees, brokerage fees, taxes, gas, automobiles, photographers, website providers, lead generation, postcards, printers, search engine optimization and the list goes on. It is not all the fun and glamour that people think it is when they meet an agent. There are many behind the scene hours that are spent relentlessly trying to find that perfect house for someone or sell that house for someone because you know this is their biggest investment in life and they need as much as they can out of it.
Now on to all media hype. TREB is reporting that sales are up. They are comparing the sales to 2017 and it may look up compared to August 2017 but in 2015 and 2016 the sales were almost double what they are now. So sales are slowing down. I think we will see a better September and October (fingers crossed) but I do think we will see an interest rate hike in October. So if you are thinking of buying this year, lock in your rate with a broker for 90 to 120 days so you have time to shop. I also highly recommend you sell first in this market. Anything under $500K in this Durham seems to be moving fairly quickly but over $500K is a struggle unless it is priced very competitively.
The next year will prove very interesting in real estate. We have tons of listings out there and more coming now that we are past the long weekend and I would say 20% are moving. It is buyers choice. Pickering seems to be hit very hard as well as Markham and Clarington seems to be moving nicely still. I would think that is mainly because Pickering and Markham had nice increases during the craziness last year and now we are seeing a correction. Brooklin is another one that seems to be getting hammered. Lots of beautiful homes and a lot of them are sitting. They saw huge increases over the past 2 to 2.5 years and now they seems to be coming down. These opinions are my own and from what I am seeing looking at deals and listings everyday. Key word - everyday. If you every want stats for your neighbourhood , just send me an email and I would be happy to tell you how many listings there are, how many have sold, how many days on market, how many terminations. Terminations are key ! You may have seen them. The same house comes out two or three times as a new listing because they are terminating it and relisting it lower and chasing the market down. Price matters. Don't just go with someone to sell your home because they are your friend, go with them because they know the market trends and have a solid marketing plan to ensure you are getting the most value and exposure for your home. I believe there is a very strong value in data and too many agents are too busy plastering postcards with their egos on them. They are the BEST in the WORLD, the #1 in the Company, etc. This is not what sellers or buyers wants. They want data, information, logic and trends. That is what gives value. If you can't justify the market and the pricing , what benefit can I serve you with. Sure sometimes my clients lose but they won't walk away ever feeling they overpaid or were not aware of the market or data relevant to that property.
I have a couple new listings coming out, so check my website regularly. It is updated daily and also keep an eye out for those SOLDS. If you have any questions, as always, you know how to reach me. Email, text or call. 416-300-3004. If you know anyone thinking on buying a home or selling one, I am never to busy for your referrals and if you know anyone that you think may benefit from the monthly newsletter or StreetMatch, please don't hesitate to give them email address or forward this email. Have a great fall everyone and happy house hunting !!!
Cheers to that !
P.S. - I just booked an appointment to show a property in Brooklin, listing in July 2018 for 1,145M and now September down to 899,900. Welcome to the Fall Market.