November’s Newsletter: What $300K Buys in Canada – Visual History of Kensington Market – Why assignment sales are in the news – and the risks associated with them
November 9, 2022
It’s hard to believe we are nearing the end of the year and the holiday season is fast upon us! I don’t know about you but my favourite thing about this time of year is that it’s the start of “comfort food, guilt-free gluttony”… sauces, stews and hearty soups; along with the multiple clothing layers to cover my growing belly!
Speaking of bellies, the Santa Claus Parade is happening this month, along with the Royal Agricultural Winter Fair. See below for those events and more in this month’s event blog! Also below, are articles on the history of Kensington Market and the pros and cons of assignment sales.
The Toronto Real Estate Board has released the numbers for October sales and there are no real surprises. Sales are down almost 50% compared to October 2021, though prices remain fairly steady compared to September 2022. TRREB indicates that it believes “The Bank of Canada’s most recent messaging suggests that they are reaching the end of their tightening cycle. Bond yields dipped as a result, suggesting that fixed mortgage rates may trend lower moving forward, which would help affordability.”
At the end of October, the Bank of Canada raised the key interest rate by another half a percentage point. We’ll have to wait and see if any further increases can be expected and how the market will be affected.