Miguel Fernandez Morales, LLB, MBA's blog

Written by Miguel Fernandez Morales | Published on June 2, 2023

The Greater Toronto Area (GTA) housing market continued to tighten in April 2023. On a year-over-year basis, sales edged lower compared to April 2022, but new listings were down by more than one-third. Fewer listings relative to sales meant there was more competition between buyers, supporting an improvement in selling prices since the beginning of this year.

“In line with TRREB’s outlook and recent consumer polling results, we are seeing a gradual improvement in sales and average selling price. Many buyers have come to terms...

Written by Miguel Fernandez Morales | Published on June 12, 2023

The Greater Toronto Area (GTA) housing market continued to improve from a sales perspective in May 2023. Unfortunately, the supply of homes for sale did not keep up with the demand for ownership housing. Sales as a share of new listings were up dramatically compared to a year ago. This is a clear signal that competition between buyers increased substantially compared to last year, resulting in the average selling price reaching almost $1.2 million last month.

“Despite the fact that we have seen positive policy direction over...

Written by Miguel Fernandez Morales | Published on June 12, 2023

Prime rate reaches 22-year high of 6.95% and could rise further as rate-hike expectations grow

Variable-rate borrowers will see their interest cost on their next mortgage payment rise as banks and other financial institutions have lifted their prime rates to a 22-year high of 6.95%.

Prime rate, which is used to price variable-rate mortgages and personal and home equity lines of credit (HELOCs), generally takes its cue from movements of the Bank of Canada’s overnight target rate, which the Bank hiked by 25 basis points on...

Written by Miguel Fernandez Morales | Published on August 10, 2023

Home sales and the average selling price in the Greater Toronto Area (GTA) in June 2023 remained above last year’s levels. Seasonally adjusted sales dipped on a month-over-month basis. The seasonally adjusted average selling price and the MLS® Home Price Index (HPI) Composite benchmark were up compared to the previous month.

“The demand for ownership housing is stronger than last year, despite higher borrowing costs. With this said, home sales were hampered last month by uncertainty surrounding the Bank of Canada’s outlook...

Written by Miguel Fernandez Morales | Published on October 30, 2023

Higher borrowing costs, continued uncertainty about the economy and Bank of Canada decision making, and the constrained supply of listings resulted in fewer home sales in August 2023 compared to August 2022. The average selling price remained virtually unchanged over the same period. On a seasonally adjusted monthly basis, sales and average price edged lower.

“Looking forward, we know there will be solid demand for housing – both ownership and rental – in the Greater Toronto Area and broader Greater Golden Horseshoe....

Written by Miguel Fernandez Morales | Published on October 30, 2023

The impact of high borrowing costs, high inflation, uncertainty surrounding future Bank of Canada decisions and slower economic growth continued to weigh on Greater Toronto Area (GTA) home sales in September. However, despite the market being better-supplied with listings, the average selling price was up year-over-year.

"The short and medium-term outlooks for the GTA housing market are very different. In the short term, the consensus view is that borrowing costs will remain elevated until mid-2024, after which they will...

Written by Miguel Fernandez Morales | Published on November 6, 2023

More than once I have received those hand-written-looking cards in my mail offering to sell my house for cash with no realtors. As a realtor myself, I always thought there was a catch. Until I saw an article in CBC news about a woman who used this service and lost around $60,000 to save $25,000 in commission hiring a realtor.

How It Worked for Her

Laurie was having troubles with her finances and had seen street signs and posters in her neighbourhood — companies offering to pay quick cash for houses. She'd even received...

Written by Miguel Fernandez Morales | Published on March 21, 2024

Greater Toronto Area (GTA) home sales and new listings were up on an annual and monthly basis in February 2024. Selling prices also edged upward compared to a year earlier. Population growth and a resilient regional economy continued to support the overall demand for housing. Higher borrowing costs kept home sales below the February sales record reached in 2021.

"We have recently seen a resurgence in sales activity compared to last year. The market assumption is that the Bank of Canada has finished hiking rates. Consumers...

Written by Miguel Fernandez Morales | Published on April 4, 2024

March 2024 home sales reported through TRREB's MLS® System were lower than the March 2023 result, due in part to the statutory holiday Good Friday falling in March this year versus April last year. 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.

Greater Toronto Area (GTA) REALTORS® reported 6,560 sales through TRREB's MLS® System in March 2024 – down by 4.5 per cent compared to March...

Written by Miguel Fernandez Morales | Published on April 5, 2024

The once bustling real estate industry in Ontario is experiencing a seismic shift. An exodus of 45,000 real estate agents and brokers has hit the market since the slowdown began. While some view this as a necessary correction, others argue that Toronto still harbors an excess of agents.

According to Statistics Canada, the real estate sector has witnessed a significant departure of almost 45,000 professionals in Ontario alone. This mass exodus has left many wondering about the implications for the housing market. The reasons...