Dare I say it? Summer is almost over.
I know the official end of summer is still a few weeks away, but you can feel the shift already. The air is a little cooler. The sun is setting earlier. And, as always seems to happen at this time of year, people are starting to think about what they want the next season of their life to look like.
September has always felt a bit like January to me.
It is a time of renewal. A time to reset. A time when people join the gym, rethink their routines, and sometimes make much bigger life decisions.
Over the past couple of weeks, I’ve started hearing from people who are thinking about downsizing, upsizing, and rightsizing this fall. Some are looking for less maintenance. Some need more space. Some want to be closer to family. Others are simply asking themselves whether their current home still fits the life they want to live.
Despite all the unease happening in the world right now, many people we are speaking with are still reevaluating their living situation and considering what changes they want to make.
I’ve also noticed another conversation coming up more often lately.
I was recently out with friends and, inevitably, the conversation turned to real estate. A friend who works in finance was quite convinced that the market was doomed and that parents and grandparents would no longer be able to help their children or grandchildren buy homes.
It is a conversation I seem to be getting pulled into more and more these days.
And while I absolutely appreciate that not every parent or grandparent is in a position to help financially, I have also seen the opposite play out many times over the years. Whether it is today, 10 years ago, or 20 years ago, many families have found ways to help the next generation get into the market.
According to Statistics Canada, 40.1% of Canadian homeowners are mortgage-free. In other words, roughly four out of 10 homeowners in Canada have paid off their mortgage.
That is a significant amount of untapped home equity.
For many parents and grandparents, that equity becomes part of the conversation when their children or grandchildren are trying to buy a home. It may not be available to everyone, but it is one of the reasons I am cautious when I hear overly gloomy predictions about the real estate market.
The market is changing, yes.
But doomed? I don’t believe that.
What I do believe is that different parts of the market are behaving very differently.
Take the investor market, for example. Owning an investment condo has become much more difficult. Between higher mortgage payments, maintenance fees, property taxes, and softer rents in some areas, the cash flow can be very tight.
I recently spoke with someone who is paying about $800 per month out of pocket to cover the costs of a condo they are renting out.
I’m seeing it personally as well. We are currently looking for a new tenant for our basement apartment. Our last tenants were paying $1,800 per month. They moved out in July, and I first listed the apartment at $1,650. I have since reduced it to $1,595, and it is still taking time to find the right tenant.
So when people talk about the market being challenging, I understand that too.
The market is not easy for everyone right now. Sellers need to be realistic. Buyers need to be prepared. Investors need to run the numbers carefully. And anyone thinking about making a move needs advice that is specific to their situation, not based on broad headlines or cocktail-party predictions.
That is really the point.
There is no one Toronto real estate market right now.
There is the market for a family house in a great neighbourhood.
There is the market for a small downtown condo.
There is the market for investors.
There is the market for first-time buyers.
There is the market for downsizers.
And each one tells a slightly different story.
So if this September has you thinking about a change — whether you are considering moving up, moving down, buying your first place, helping a family member, or reassessing an investment property — we would be happy to talk it through with you.
Sometimes the best first step is simply a coffee and an honest conversation.
And please don’t forget if you need to buy or sell, please call Davelle.
My First Home: How to Buy Smart in Toronto
Know someone who talks about buying a home “someday”? Forward them a copy of our new My First Home magazine. It covers what to know, where to look, and how to buy smart in Toronto.
Want to Make This Market Work for You?
As always, if you have questions about the market, or would like an updated home evaluation, we’re here to help.
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