By: Gavin Chen

AUGUST 2020

Tags: 2020 NEWSLETTER, ROYAL LEPAGE TERREQUITY BESPOKE REALTY, GAVIN CHEN, THE GAVIN CHEN TEAM, TORONTO REAL ESTATE, OAKVILLE REAL ESTATE, MISSISSAUGA REAL ESTATE

Have you seen one of those TV shows where someone brings in an item, usually an antique and an expert appraises its value?  It’s fun to watch the reaction when the expert reveals what the item is worth.

While those shows are entertaining, they also teach us an important lesson.  If you have an asset or investment, you should always know and keep track of its current market value.

Your home is an investment, maybe your most important one.  So, it’s a smart idea to periodically calculate what it would likely sell for on today’s market.  I recommend you determine its current market value annually.

Why keep up to date on the market value of your home?

It can help you in many ways.  For example, if you consider moving at some point down the road, or need to sell quickly, knowing the market value will help you make a more informed decision.

I can help you keep up to date on what your home is worth.  Contact me to learn how.

Realty Stat: Sales were up 29.5% (11,081 sales) compared to July 2019.  Average sale price was also up by 16.9% year over year.

Freehold and townhouses are leading the charge with the most aggressive demand and acceleration in pricing, largely due to buyers desire for large square footage and private entrances. Condo sales pricing is still up year over year but it is a more balanced market with a greater inventory.  This is a great time for buyers to get a condo with less competition and lots of selection.

Rental market also has an abundance of inventory which is great for renters, but landlords should be aware that units are leasing below pre-Covid pricing.

Foodie Tip: Aug.12th - 31st: For the Love of Lobster!  Time to get your lobster rolls on....who will reign supreme.  Check it out: https://torontolife.com/food/for-the-love-of-lobster/