ELM DRIVE, MISSISSAUGA

tbaird.com REALTY GROUP

e hope you have been enjoying the “dog days of summer” and you are starting to look forward to the coziness that the fall weather brings. W

In this issue we wanted to share some great stories, one in particular about how a group of older women decided to become the “Golden Girls of Port Perry”. Are you at the stage where you have given some thought to aging in place, going into a retirement home or downsizing to a different community or type of home? We have a number of solutions you may want to consider including one that we will share more information about in our next issue, called Sell n Stay Home.

On the Real Estate front July statistics are out from the TRREB board citing that market conditions remained much more balanced in July 2022 compared to a year earlier. As buyers continued to benefit from more choice, the annual rate of price growth has moderated. The MLS® Home Price Index (HPI)

Composite Benchmark was up by 12.9 per cent year-over-year. The average selling price was up by 1.2 per cent compared to July 2021 to $1,074,754. Less expensive home types, including condo apartments, experienced stronger rates of price growth as more buyers turned to these segments to help mitigate the impact of higher borrowing costs.

Chief Market Analyst Jason Mercer for TRREB said “The Greater Toronto Area (GTA) population continues to grow and tight labour market conditions will drive this growth moving forward. Despite more balanced market conditions resulting from rapidly increasing mortgage rates, policymakers must continue to take action to boost housing supply to account for long-term population growth. TRREB has put realistic solutions on the table to address the existing housing affordability challenges. With savings high and the unemployment rate still low, home buyers will eventually account for higher borrowing costs. When they do, we want to have an adequate pipeline of supply in place or market conditions will tighten up again,”

This is still good news whether you are a buyer or seller. We would love to have a conversation with you directly on how the market maybe impacting your choice to buy or sell or even perhaps invest in another property. Our team is always available to sit down with you, or prepare a current market evaluation for your home.

Enjoy the last few weeks of summer and we look forward to catching up soon.