March - Spring is in the Air!
Mother Nature is a tease. Don't get me wrong....I love the sun that is shining through at the time of writing...but man it's still cold! At least the scent of Spring is in the air and hopefully it will quickly take over the winter cold.
So interest rates did go down as predicted last month and we are currently at variables near 2.9% and fixed rates at 3.3%.
Year over year the number of sales are down 2.4%, but average selling price is up 1.6% largely pushed by strong sales in the condominium market.
The market might be a little slower paced but with the right marketing and strategy and negotiations, sales are still happening and record pricing can still be achieved as we have been able to do for our clients this past month.
Investors take note that rental control (for pricing) does not apply to new units. They have been lifted for certain suites if meeting the criteria: 1) owner has lived in the home when unit was created or 2) unit created from an unfinished state.
Renters take note that you want to verify this before you lease and not get surprised with an above average rent increase after your term is up.
Foodie Tip: Konjiki Ramen - 5051 Yonge Street - for those that want to try a broth that is not pork based but clam based. Very unique for Toronto but brought back great memories of Tokyo and Osaka! The noodles were not as chewy as I like but still great. Also look out for the Wednesday Special "Lobster Claw" Ramen at $28...expensive but worth it. Rich broth with big chunk of lobster and a claw.