In this issue:
 GTA REALTORS® Release May 2023 Stats- Toronto home price surge biggest since pandemic peak
- Search All MLS Listings and View Sold Data
- New Listings :
1 Bedroom in Central Erin Mills and 3 Bedroom Semi in Churchill Meadows
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Wood vs. Vinyl vs. Laminate flooring
- Recipe of the Month: Boursin Cheese Tomato Pasta Recipe
- Total Sales Activity 2022 VS 2023
- Events: Mississauga Polish Day, Toronto Beaches Rib & Beer festival, The Taste of Little Italy, 10th Mississauga Halal Food Festival , TD Toronto Jazz Festival , Mississauga MuslimFest , Reptile & Plant Expo
- Pre Construction Mississauga
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GTA REALTORS® Release May 2023 Stats
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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 the last couple of years, governments have been failing on the housing supply front for some time. Recent polling from Ipsos found that City of Toronto residents gave Council a failing grade on housing affordability and pointed to lack of supply as the major issue. This issue is not unique to Toronto. It persists throughout the Greater Golden Horseshoe. If we don't quickly see housing supply catch up to population growth, the economic development of our region will be hampered as people and businesses look elsewhere to live and invest,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron.
GTA REALTORS® reported 9,012 sales through TRREB’s MLS® System in May 2023 – a 24.7 per cent increase compared to May 2022. Conversely, new listings were down by 18.7 per cent over the same period. On a month-over-month seasonally adjusted basis, sales were up by 5.2 per cent compared to April 2023.
“The demand for ownership housing has picked up markedly in recent months. Many homebuyers have recalibrated their housing needs in the face of higher borrowing costs and are moving back into the market. In addition, strong rent growth and record population growth on the back of immigration has also supported increased home sales. The supply of listings hasn't kept up with sales, so we have seen upward pressure on selling prices during the spring,” said TRREB Chief Market Analyst Jason Mercer.
The MLS® Home Price Index (HPI) composite benchmark was down by 6.9 per cent year-over-year in May 2023, but up by 3.2 per cent on a seasonally adjusted monthly basis compared to April 2023. The average selling price, at $1,196,101, represented a small 1.2 per cent decline relative to May 2022. On a seasonally adjusted monthly basis, the average selling price was up by 3.5 per cent compared to April 2023.
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Toronto home price surge biggest since pandemic peak
The spring surge in Toronto house prices accelerated again in May, providing another sign of persistent inflation in parts of the Canadian economy before a key central bank interest rate decision next week.
The benchmark price of a home in Canada’s largest city increased 3.2 per cent last month to $1.14 million on a seasonally adjusted basis, the third straight monthly increase and the biggest since the market peaked in February 2022, according to data released Friday from the Toronto Regional Real Estate Board.
The average selling price, at $1,196,101, fell 1.2 per cent from May 2022 but rose 3.7 per cent from April 2023.
Home prices in Toronto and across Canada tumbled from record highs starting early last year as the central bank began a series of aggressive interest rate hikes to combat inflation. Immediately after the Bank of Canada paused that campaign this year, prices started to bounce back as buyers who had delayed purchases leaped back into the market, only to be confronted with a dearth of homes for sale. In Toronto, the benchmark price is already up 6.8 per cent since February.
“The demand for ownership housing has picked up markedly in recent months,” Jason Mercer, the Toronto real estate board’s chief market analyst, said in a release accompanying the report. “The supply of listings hasn’t kept up with sales, so we have seen upward pressure on selling prices during the spring.”
Though there is some indication the surge in prices is starting to lure sellers back — new listings rose 10.1 per cent in May from the month before — the real estate board data show that even after these homes were put up for sale, demand outstripped supply so much that the market only grew tighter.
One measure of how tight the market is, months of inventory, or how long it would take the market to work through its active listings at the current rate of sales, fell to only 1.3 months. Another measure, the sales-to-new-listings ratio, remained above 70 per cent, indicating more price gains to come, the real estate board said.
This house price surge in Canada’s largest cities, which is starting to be seen across the country, is the latest in a string of data showing the economy generally shrugging off higher interest rates. And it’s contributing to persistent inflation, which at around 4 per cent is still double the central bank’s target.
That has led to predictions the Bank of Canada will resume its interest rate hikes at its meeting Wednesday. Not only are some leading economists making that projection, the financial markets now assign about a 32 per cent chance of it happening, according to Bloomberg calculations on trading data. For the bank’s following meeting in July, the markets now see the odds of another rate hike as almost a coin flip, the data show.
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Hot New Listings
1 Bedroom in Central Erin Mills
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Brand-New-Reno * Prime Location In Mississauga, Right Beside Erin Mills Town Centre / John Frasier / Gonzaga High School * Bright And Spacious One Bedroom Unit With Unobstructed & Highly Desired Southern View * Huge Size Close to 600 Sq. Ft. Plus Balcony * All Utilities Included-In-Unit * With 1 Underground Locker & 1 Underground Parking * Freshly Renovated With Modern Kitchen / Floor And Bathroom, Brand New Appliances, New Painting Throughout * Full Sized Laundry * Close To Major Highways, Steps To Public Transportation, Restaurants & Credit Valley Hospital / Supermarket
Price: $559,000
Maintenance: $535.08
Address: Erin Mills Pkwy/ Erin Centre
Bedrooms: 1
Bathrooms: 1
Apx Sqft: 600-699
Call: 647-388-5950 for more information
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3 Bedroom Semi in Churchill Meadows
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Bedroom Semi-Detached Home Located In Churchill Meadows. Separate Entrance From Garage. Great Layout With 9' Ceilings. Fenced Backyard. . Close To Parks Elementary Schools, High Schools And Erin Mills Town Center.
Price : $997,000
Address: Winston Churchill/Thomas
Bedrooms: 3
Bathrooms: 3
Call: 647-388-5950 for more information
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Wood vs. Vinyl vs. Laminate flooring
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Vinyl flooring
Pro
Affordable
Easy to install and maintain
Great in any room
Cons
Can be scratched or dented
Not environmentally friendly
Hard on feet
Laminate flooring
Pros
Affordable
Easy to install
Low-maintenance
Cons
Not water-resistant
Can be scratched
If top layer is damaged, the plank must be replaced
Engineered wood flooring
Pros
Less expensive than solid hardwood
Easy to clean
Option for DIY installation
Cons
Doesn’t last as long as solid hardwood
Not moisture-resistant
Easily scratched or gouged
Solid hardwood flooring
Pros
Long-lasting
Aesthetically pleasing
Easy to clean
Cons
Not water-resistant
Easily scratched or gouged
Requires revarnishing and refinishing every few years
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Boursin Cheese Tomato Pasta Recipe
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2 Cups Uncooked pasta We used bowtie but you can use your favorite pasta shape
1 Cup Herb Boursin Cheese
2 Cups Cherry Tomatoes
1/2 Red Onion Sliced
1 Tablespoons Olive oil
Preheat oven to 400 degrees.
Place Boursin Cheese in the middle of your baking dish.
Surround the cheese with tomatoes and the sliced onion. Make sure you slice the onion thinly so that it cooks up evenly.
Drizzle with oil. Add salt or seasonings to your choice.
Bake at 400 for 25 minutes or until tomatoes and onions are well cooked and wilted. At this point your cheese should be very hot and melted. It is ok if your cheese has started to melt into the other ingredients.
While the cheese is baking, boil pasta according to package instructions.
When out of the oven, mix the onions and melted cheese until combined
Pour in drained pasta and mix well. You can add some reserved pasta water to thicken up sauce.
Garnish with salt and pepper or sprinkle with a bit of garlic salt or your favorite seasonings/herbs.
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