GTA Stakeholders' Report - October 2023

A Message From Our Founders

Dear Community,

We want to express our heartfelt gratitude for your unwavering support throughout 2023. As of October 2023, we have had the privilege of serving more families in our community than in any other year, and it’s all thanks to your trust in us.

Your feedback and suggestions on how we can better serve our community have been invaluable. We’ve been listening, learning, and growing because of your input, allowing us to continually improve our services.

I’m thrilled to share that, once again, we’ve been nominated for the Toronto Star Reader’s Choice Awards and Community Votes Markham for Real Estate Best Agent and Broker. Your votes mean the world to us, and we kindly ask for your support. You can vote for us by scanning this QR code and clicking on the link!

Always remember that Kirby Chan & Co. is here to serve you. We are committed to providing a tailor-made, custom real estate experience that you truly deserve.

Thank you for being an essential part of our community, and here’s to a bright future together.

With gratitude and sincerity, Kirby and Carrie

A New Fall Market

Canada’s Evolving Real Estate Industry

The Canadian housing market is in the midst of a transformative phase, influenced by a combination of economic, social, and global events. The upcoming fall season is projected to experience a tempered housing market, attributed largely to rising interest rates and a consistent shortage of inventory. This trend is expected to remain consistent, with the national average residential sale price across all home types maintaining its current levels.

Notably, younger generations, encompassing millennials and Gen Z, are navigating these challenges, with many re-evaluating their housing plans due to the scarcity of affordable options.

The market’s trajectory is further complicated by an upcoming interest rate decision by the Bank of Canada. A considerable segment of potential homebuyers are cautiously awaiting this announcement, using

it as a pivotal factor in their housing decisions.

Historically, the Canadian housing market followed a predictable annual cycle. However, the last three years have seen deviations from this norm. The initial impact of the Covid-19 pandemic saw a dip in sales, which was followed by a surge in 2020. Since then, the market’s behaviour has been less predictable. The low mortgage rates of 2020 and 2021 initially boosted housing demand. However, 2021 witnessed a shift with the onset of rising inflation, leading to higher interest rates and subsequently affecting housing affordability.

Another factor reshaping the market is the increasing role of investors.

Their growing presence suggests a potential change in the traditional seasonal dynamics of the market.

In such a fluid and complex market, having expert guidance becomes paramount. Kirby Chan & Co. offers the expertise and insights to navigate these challenges, ensuring that individuals make informed decisions tailored to their unique needs. If you’re considering a move in this evolving landscape, Kirby Chan & Co. stands ready to assist, providing clarity and direction in these uncertain times.