ABTeam November 2023 Blog
Tuesday Nov 07th, 2023
A TIME FOR REMEMBRANCE ...
November is a month of reflection and appreciation, with Remembrance Day occupying the very essence of that for all of humanity. We, as fortunate Canadians, live in the greatest country on Earth, enjoying a standard and mode of living that so easily could have been lost if not for the sacrifice of thousands of soldiers who have died fighting to protect it. To honour them, to pay homage to their gift, we all stop for a precious minute of silence on November 11th at 11:00am each year. With intentionality, we tune out all of the noise of our everyday living and for 60 meaningful seconds, we give pause, and acknowledge the profound weight of the cost of our freedom. Even in these days, with the global scope of challenges we face, there is still just so much to be grateful for, and the reminder that Remembrance Day affords us is both powerful and necessary. That gratefulness extends to every area of our lives, and of course, that includes you, our incredible clients.
MORE SELLER'S, FEWER BUYER'S TAKE PRESSURE OFF HOUSING PRICES IN CANADA - ROBERT HOGUE, RBC
The most striking trend that emerged in recent months has been the return of sellers to the housing market. September was a case in point where new listings increased sequentially in all major markets. The factors driving this trend are many but soaring interest costs no doubt are prompting a growing number of owners to move. High interest rates at the same time dampen demand. Home resales are now weakening in British Columbia and Ontario—though Calgary continues to stand out for its vigour. Growing supply and cooling demand have significantly reduced earlier market tensions. Conditions in several markets—including Vancouver, the Fraser Valley and Toronto—have in fact tilted in buyers’ favour. Indeed, this shift has led to small price declines. The MLS Home Price Index fell slightly month-over-month in Vancouver, the Fraser Valley and Toronto in both August and September. The Index continued to climb in Calgary where demand-supply conditions remain very tight. We expect little change in this broad picture in the months ahead. We think buyers will stay on the defensive in many parts of Canada despite more choice becoming available to them. High interest rates, ongoing affordability issues and a looming recession are poised to pose major obstacles. Any material acceleration in the market recovery will have to wait until interest rates come down in 2024. In the Toronto area, market balance is tipping in buyers’ favour. Frustrated by low inventories earlier this year, buyers now have more options to choose from as sellers make their way back to market. September marked the sixth consecutive month new listings have increased in the Toronto area—this time rising by a solid 11.0% m/m. But that hasn’t sparked the release of pent-up demand. Home resale's continued to slide in September, down 1.8% m/m. High interest rates, poor affordability and growing economic uncertainty pose serious obstacles for buyers at this point. A sharp loosening in demand-supply conditions over the past four months is now cooling prices down. The MLS HPI edged lower in both August (-0.2% m/m and September (-0.8%). We expect further erosion in the near term with buyers holding a stronger bargaining position.
RE/MAX JAZZ is thrilled to announce its completion of the $150,000 pledge made to building the brand new pediatric department at Hearth Place Cancer Support Centre! In 2020 we launched our support of Their Opportunity, a grassroots organization that funds kids' sports programs for under privileged and at risk youth locally. Our $150,000 commitment to this worthy undertaking will see hundreds, if not thousands, of children in our community able to realize their dreams of enrollment and participation in sports and recreation, giving them direction and purpose and invaluable life skills. It's all thanks to you, our loyal clients, who trust us every day with your real estate transactions! Every buy and sell that happens through RE/MAX JAZZ carries with it a donation to WEEMAX, our charitable arm that has funded these most worthy causes!
You have made this amazing achievement possible! Thank you!!!
DATES TO REMEMBER:
11.11 Remembrance Day
11.13 World Kindness Day
11.14 World Diabetes Day
11.15 National Philanthropy Day
11.19 International Men's Day
11.27 Cyber Monday
As always, we are sincerely grateful for the opportunity to serve your real estate needs, and those of your family and friends, neighbours and co-workers. It is a constant thrill to receive personal recommendations from our clients, and we have been so fortunate to be able to build our business on our name and reputation – and it’s all thanks to you!