Winter 2023

According to the Royal LePage House Price Survey released on October 12, 2023, the aggregate1 price of a home in the Greater Toronto Area increased 4.5 per cent year over year to $1,147,400 in the third quarter of 2023. On a quarterly basis, however, the aggregate price of a home in the GTA decreased 2.8 per cent. 

Broken out by housing type, the median price of a single-family detached home increased 4.0 per cent year over year to $1,399,000 in the third quarter of 2023, while the median price of a condominium increased 3.4 per cent to $725,400 during the same period. 

 “The typical summer slowdown took effect in July and August this year, when families shifted their energy to enjoying vacations and warm weather. September saw a slight boost in activity and a welcome increase in inventory, although not nearly enough to address the disparity between supply and demand in the region. It does offer buyers more choice, though, and better conditions within which to negotiate,” said Karen Yolevski, chief operating officer, Royal LePage Real Estate Services Ltd. “There are many factors at play: affordability remains a real challenge, especially for first-time buyers; qualifying for a mortgage is not easy with the average fixed-rate loan currently sitting above six per cent, and buyers having to qualify for the stress test at two points higher; and overall fatigue has taken its toll on consumers.” 

 Yolevski added that buyers and sellers seem to be in a stalemate. If activity declines further and inventory continues to build, it could eventually translate into lower prices.

 In the city of Toronto, the aggregate price of a home increased 2.5 per cent year over year to $1,156,000 in the third quarter of 2023. During the same period, the median price of a single family detached home increased 8.9 per cent to $1,693,700, while the median price of a condominium decreased modestly by 0.4 per cent to $705,400. 

 “Counter to typical seasonal trends, the city’s luxury property segment is expected to see increased activity in the final months of 2023. Many luxury buyers are hoping to transact before the Graduated Municipal Land Transfer Tax comes into effect on January 1st, which will apply an additional tax on properties sold over $3,000,000. This could result in a run-up of sales in the final quarter of the year,” said Yolevski. 

Royal LePage is forecasting that the aggregate price of a home in the Greater Toronto Area will increase 9.0 per cent in the fourth quarter of 2023, compared to the same quarter last year. The previous forecast has been revised modestly downward to reflect softer activity than expected in the third quarter. 

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.

Texture has always had an influence on interior design. Today’s trending fabrics are bolder and make more of a statement than ever before, adding a luxurious yet cosy feel to any living space.

Inviting textures such as boucle, felt, matte velvet and natural linen is a great way to embrace this latest design craze while creating the comforting feeling we all crave in the winter months.

If you’re looking to level up your design motif this winter, here are some creative ways to embrace this sensory-driven trend for a modern, livable home.

Mix-and-Match Pillows

Layering pillows is an effortless way to add texture without having to break the bank on large furniture items. Create an Instagram-worthy look by combining rich leather cushions with crocheted lumbar pillows. Embrace shams with varying textures and elaborate fringe. Better yet, add a boucle pouf to the floor for a piece that can double as extra seating.

Layer Rugs

Rugs are one of the easiest ways to transform the look of a room. Natural fibres like jute and sisal are fantastic options for high-traffic areas. Plus, their neutral colours will stand up to your changing décor. You can also add an elaborate area rug to rooms that are already carpeted. An ornamental rug under a bed frame or a braided mat under a coffee table can really elevate a space.

Embrace Textured Art

Three-dimensional art is trending. Artists are increasingly mixing mediums to create sculpture-inspired wall art to make a modern statement. The best part? These pieces can be easily DIY’d using drywall mud, a framed canvas, and a palette knife set.

The freezing temperatures and shorter days of winter may seem like good excuses to stay indoors. But, believe it or not, your outdoor space can be a great place to spend time during the winter. All you need is a bit of ingenuity and planning to embrace the cold and snow.

Try some of these tips to enjoy your outdoor living space this winter:

Enclose Your Patio Space 

If your patio space isn’t already covered, the first step to creating a winterized outdoor space is to protect it from the elements. Investing in a gazebo or pergola will help keep snow off of your furniture and reduce the need for shovelling.

Create an Ambiance 

Braving the cold may not seem like such a big deal when you dress your space with twinkling string lights, beautiful winter urns filled with birch and pine, and cosy throw blankets.

Add Some Heat 

Take the bite out of the cold by adding a few heat sources to your patio. Hang heat lamps from an overhead structure or place floor heaters around at a safe distance from patio furniture. Propane fire pits, outdoor fireplaces, and fire tables provide warmth and instant ambiance!

Entice with Food 

Take outdoor entertaining to a new level by investing in an outdoor pizza oven or smoker. You can even embrace your summer tradition of barbequing in the winter by positioning a heat source near your grill for a unique winter dining experience.

If you’ve invested any money into your garden, you know how important it is to protect your investment from the inevitable cold snaps of our Canadian winter.

How do you ensure you’ll still have a beautiful yard full of life come spring? It starts with giving our plants some much-needed TLC, even during the cooler months. Here’s how:

1. Know the Forecast
When it comes to garden maintenance, you have to be proactive. Stay up to date with the forecast in your area to find out when frost will hit and check the weather forecasts daily once the colder temperatures arrive.

2. Get to Know Your Plants
Plants react differently to various levels of freeze. Most plants will suffer damage when the temperatures drop to below –4C for several hours. Between –4C and –2C is considered a hard frost and can kill root-hardy perennials if it lasts for several hours.

3. Cover Your Plants

After determining what plants need protection, head to your local garden centre to stock up on burlap for wrapping. The idea is to build a tent over the plant while not letting the cover actually touch the plant. Remember, air still needs to be able to circulate around it. Finally, weigh down the sides so they don’t blow open.