Fall 2023

According to the Royal LePage House Price Survey released on July 13, 2023, the aggregate1 price of a home in the Greater Toronto Area increased 1.1 per cent year over-year to $1,180,400 in the second quarter of 2023. On a quarterly basis, the aggregate price of a home in the GTA increased 5.4 per cent.  

Broken out by housing type, the median price of a single-family detached home increased 0.7 per cent year-over-year to $1,447,600 in the second quarter of 2023, while the median price of a condominium decreased 1.0 per cent to $731,100 during the same period. 

 “The GTA housing market continues to see strong activity across all segments, despite new listings currently sitting below levels seen during the same period last year. Buyers in the market today are educated, determined and prepared to make a purchase, but they are facing tight competition once again,” said Karen Yolevski, chief operating officer, Royal LePage Real Estate Services Ltd. “The additional interest rate hikes are causing many would-be sellers to hesitate. Our strong job market and flexibility to work remotely means most people can afford to wait it out, causing further supply shortages and multiple-offer scenarios on almost every listing.” 

In the city of Toronto, the aggregate price of a home decreased 1.9 per cent year-over-year to $1,222,000 in the second quarter of 2023. During the same period, the median price of a single family detached home increased 4.9 per cent to $1,778,500, while the median price of a condominium decreased 1.9 per cent to $728,700. 

 As affordability and low supply continue to challenge buyers, the region’s rental market is also getting tighter. In the Greater Toronto Area, the average rental price of a one-bedroom apartment increased more than 15 per cent year-over-year in the first quarter of 2023.2 

1 Aggregate prices are calculated using a weighted average of the median values of all housing types collected. Data is provided by RPS Real Property Solutions and includes both resale and new build.

 2 TRREB, Rental Market Report, 2023 Q1, 

Planning a home renovation is an exciting prospect. Whether you’re considering investing in your dream kitchen, adding an addition to accommodate your growing family, or upgrading your outdoor space, there are many factors to consider before breaking ground on your project. Most importantly, you’ll need to determine how your home renovation will impact your insurance coverage.

Here are three common renovations that could impact your insurance.

1. Building a New Addition

Whether you’re thinking of expanding your living room, finishing the basement, or building a new garage, any new addition to your home will likely increase its replacement value (and, in turn, your insurance coverage). Before building a new addition, contact your insurance provider to see how your proposed renovation will impact your current coverage.

2. Adding a Pool

Adding a pool to your home can increase its value and offer an incentive to would-be buyers. However, pools also increase the risk of water damage to your property and subject you to new liability. Check with your insurance broker to see whether your existing policy covers a pool and if you’ll need to increase your liability coverage. You may also want to inquire about what steps you must take to ensure your pool is safe, such as adding a fence with a locked gate around the perimeter.

3. Renovating the Kitchen

Kitchen upgrades are a great way to increase the value of your home and your insurance coverage, especially if you add new countertops, appliances, or flooring. If your contractor upgrades the plumbing or electrical wiring as part of the renovation, ask your broker if you qualify for a discount, or if your coverage needs to be adjusted. Kitchen upgrades can reduce the chances of water and fire damage, so there may be an opportunity to reduce your premium.

It’s time to rethink the whole process of fall cleanup. While raking your lawn and tidying your garden may be top of mind before winter strikes, the reality is the traditional approach to leaf cleanup may be doing more harm than good to the environment.

Those fallen, rotting leaves are home to important pollinators, butterfly larvae, microbes and worms. In fact, leaf litter is where many species of insects (the good kind — those that add to the biodiversity of your neighbourhood’s plant life) spend the winter. Birds building nests may also use different bits of leaf litter as nesting material.

So, what can you do instead of piling your leaves into bags? Here are a few eco-friendly ideas.

Use leaves as mulch for your planter beds: 

Can’t stand the idea of a lawn full of leaves? Does your homeowner association require you to clean up your lawn? Rake leaves off of the lawn and add them to your planter beds for organic mulch that will protect your plants all winter long.

Mulch leaves on your lawn: 

Use your mower to mulch leaves on your lawn to protect it from winter damage and fertilize the soil.

Add leaves to your composter: 

Do you have a backyard composter? Rake your leaves and add them to your mixture to create a rich, biodiverse soil for next year.

Bold steps and big hearts-Royal LePage trekkers head to Ecuador !