Spring 2023

According to the Royal LePage House Price Survey released on January 13, 2023, the aggregate1 price of a home in the Greater Toronto Area decreased 4.6 per cent year over-year to $1,068,500 in the fourth quarter of 2022. On a quarterly basis, the aggregate price of a home in the GTA decreased 2.7 per cent; the third consecutive quarterly decline recorded. Broken out by housing type, the median price of a single-family detached home decreased 6.7 per cent year-over-year to $1,325,900 in the fourth quarter of 2022, while the median price of a condominium increased 2.7 per cent to $683,100 during the same period. “For the first time in several years, the GTA real estate market showed a return to more normal seasonal trends, with activity levels down heading into the start of winter and the holiday period,” said Karen Yolevski, chief operating officer, Royal LePage Real Estate Services Ltd. “Rising interest rates have poured cold water on housing demand in the region, compared to most of 2020 and all of 2021, which were extremely active and recorded exuberant price gains.” In the city of Toronto, the aggregate price of a home decreased 4.5 per cent year-over-year to $1,086,700 in the fourth quarter of 2022. During the same period, the median price of a single family detached home decreased 4.0 per cent to $1,517,300, while the median price of a condominium decreased 4.2 per cent to $681,500. “While home prices in Toronto and the surrounding area have come down from their peak, affordability remains a real challenge for many in Canada’s second-most expensive city. Once interest rates stabilize, I believe many buyer hopefuls who have been sitting on the sidelines will return to the market.” said Yolevski. “With record-breaking immigration levels reached last year and similar figures expected in 2023, additional demand will be placed on a region struggling with a chronic shortage of inventory, whether from newcomers themselves or investors looking to take advantage of a boost in rental demand.” 

Yolevski added that, with a record number of condominium completions in the GTA expected this year, supply in the rental market could get a much needed boost. In December, Royal LePage issued a forecast projecting that the aggregate price of a home in the Greater Toronto Area will decrease 2.0 per cent in the fourth quarter of 2023, compared to the same quarter in 2022. 

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.

Your kitchen is the most frequented room in your home. So, it’s only natural that it becomes the focus of your renovation dream—from daydreams of marble countertops to pleas for top-of-the-line appliances. But you don’t need a costly renovation to make a big impact. Little changes can enrich your kitchen and transform it into a luxurious space for entertaining and dining.

Here are three inexpensive, easy ways to add a pop of extravagance to your kitchen:

Opt for New Bar Stools or Kitchen Chairs

Don’t underestimate the power of swanky furniture in a kitchen. You’re no longer limited to neutral fabrics or leather when it comes to bar stools. Plush armchairs with boldly coloured velvet can transform even the simplest kitchen into a luxe café. If you’re looking for something more natural and earthy, opt for a rattan and metal combination.

Upgrade your Faucet

A chrome kitchen faucet can be boring and predictable. The options for unique, eye-catching faucets are limitless today, from sleek matte black options, to luxe gold and bronze designs. Pick a faucet that will accent the finishes on your bar stools or kitchen accessories for a designer look.

Reimagine your Backsplash

You don’t need to re-grout tiles to transform your backsplash. Today’s peel-and-stick tiles can be placed directly on top of your existing backsplash and boast an easy installation. You can create an entirely new feel in your kitchen by picking a modern subway tile pattern or a shiny self-adhesive option that has the luxury look of marble without the added price tag.

Cleaning likely doesn’t top the list of things you enjoy about homeownership. But it’s an important part of taking care of your home all the same. However, there are some bad cleaning habits that can do more harm than good.

1. Neglecting HVAC Air Filters

Dirty filters reduce the airflow to your furnace, causing it to work harder, use more energy, which in turn costs you more money.

2. Using the Wrong Products

Harsh chemicals can strip off protective finishes or create build-up, ruining what you’re trying to keep clean. For example, using an 

acid-based cleaner on marble countertops can etch the stone.

3. Overlooking Outdoor Tasks

If the inside of your home is perfectly clean, but your gutters and yard are littered with debris, you’re neglecting the value of curb appeal!

4. Ignoring Small Leaks

Even the smallest leaks are enough to encourage mold and rot away wood flooring and support beams.

5. Cleaning with Dirty Tools

If your vacuum bag or filter is filled with dust, it won’t do a good job sucking up any more. A dirty mop or sponge simply pushes around more soil and bacteria. Be sure to clean your tools after every use for a satisfying clean.

Remember, these tips will help ensure the longevity of your home! Get in touch to learn how else you can protect your investment.

In 2022, we at Estate Realty were able to raise a total of $76,050 for the Shelter Foundation through our commission donor program, salaried-staff contributions and fundraising events. Raising an astounding $775,000 to-date for a cause we hold so dear, Estate Realty has helped rebuild the lives of families affected by abuse.

Royal LePage professionals understand that a house is only a home if the people who live there feel safe. That’s why, 25 years ago, we unanimously agreed that helping women and children find safety from domestic abuse should be where we channeled our big hearts and charitable efforts. Since its founding on August 26, 1998, the Royal LePage Shelter Foundation has proudly grown to become the largest public foundation in Canada dedicated exclusively to funding women’s shelters and domestic violence prevention, raising $40 million to date.