It was a pleasure and an honour to be invited by @omnitvsergio to do an interview for his programming ‘Focus Portuguese’ to discuss important topics relating to the current GTA Real Estate Market.
This interview was super fun! Thank you Sergio Mourato for reaching out and having me.
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Here’s the translation!
1️⃣ Home sales are down and borrowing cost are up. Is. Is now a good time to buy property?
It’s important to understand what they are down from. A normal balanced market or an overheated market? We are down in sales, but home prices are still higher than what they were last year. 5.3% in June for Toronto.
If you’re a first time home buyer this is there opportunity now to get into the market because we are now seeing a balanced market with less competition. If I was a buyer, I would be more concerned with rising interest rates than I would wondering and waiting for prices to drop… will they/won’t they?
2️⃣ Is now a good time to sell?
That depends on the sellers situation. When I meet sellers I ask a lot of questions to determine their need, their motivation, their short and long term goals to see where they are at. Depending on what they tell me I educate them on the market and really allow them to make the decision if it’s the right time for them. I guide the process from there and give them my insights. They are the ultimate decision makers on whether or not it’s the right time. There are buyers out there that are ready and willing to buy a home, there is no question about that.
3️⃣ Inflation was also at 7.7%. Is there the fear factor of those looking to buy a home?
Yes, consumers are very concerned, inflation affects mortgage rates. This affects buyer affortability, less buyers, or buyers looking for homes in lower price points which creates the demand for condos/ town homes or the leasing market. Regardless, demand for housing will continue becasue of the low supply of available homes for sale. Canadians are very reslilient and adjust well. It’s the total monthly cost they look at and those that need to look for lower priced homes to acquire ownership will do that.
4️⃣ BOC is expected to raise interest rates to 3.25% in October. Inflation is anticipated to continue rising. Is the future uncertain for those looking to aquire property?
No one can predict the future. Acquiring property is still and always has been the safest method of investment. Even with drop in sales from the peak of last year, home prices are still up and will continue to go up. The longer buyers wait the further out of reach acquiring propety will be.
5️⃣ Economists are predicting a reduction in housing prices, some say could drop 20% , when will we be able to see these numbers?
Nobody has that crystal ball. What we are seeing now is a correction in the real estate market. The only prediction we can make with certainty is that interest rates will continue to go up, so for buyers, as they continue to wait for dropping prices they will actually pay more down the road in borrowing costs.
6️⃣ In order for a family to purchase a home in Toronto they must have a down payment of 20%. Is this the Canadian dream?
To own a home in Ontario you can purchase with a minium of 5% down – it is possible for homes under 1 million. There are other factors but yes, I’d say it’s a Canadian dream for many.
7️⃣Construction has also slowed down, but with Canada welcoming 400,000 immigrants every year could it have an impact on the real estate market?
We have been in a housing crisis for some time now, although the available homes for sale are low there are still far more buyers looking to purchase. As immigration continues so will the demand for housing. As long as there is demand the real estate market will remain healthy.
Construction materials have gone up significantly which affected home renovations and the build of new homes and new communities. Prices rose 27%. The cost of a new build is transferred over to the consumer which has slowed down sales. That too will adjust, and prices will be reflective of the market.

Happy to answer any questions, anytime!

Carla Corsi, Broker
RE/MAX Realty Enterprises Inc.
1697 Lakeshore Rd West.
📧properties@carlacorsi.com
🌎www.carlacorsi.com
📲 416-576-4433

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