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 In Episode 22, Geeta and Xerxes discuss the recent Bank of Canada rate hike and its implications for mortgage renewals and variable vs fixed rates. They also analyze the May statistics for home and condo sales, noting an increase in sales compared to last year but also mentioning that not all homes listed actually sold. They provide average price points for detached, semi-detached, and townhouses in different areas of Toronto. The team emphasize the importance of understanding the risks involved in buying or selling in the current market and advise against trying to time the market. They also advise sellers to reach out to agents at least six months before putting their homes on the market. Overall, TR Talks is a must-listen for anyone interested in the Toronto real estate market.

Shownotes

Bank of Canada Rate Hike [00:03:30]

• Geeta and Xerxes discuss the implications of the 0.25% rate hike
• How it will affect mortgage renewals and variable vs fixed rates
• They also discuss how salaries have not kept up with the cost of living and rate increases
• Xerxes notes that it's a warning shot from the Bank of Canada and that inflation has gone the wrong way
• Geeta adds that salaries have not gone up in line with interest rate hikes and that since 2001, interest rates have been the highest they've ever been

May Market Update [00:13:45]

• Geeta and Xerxes analyze the May statistics for home and condo sales
• They note an increase in sales compared to last year, but also mention that not all homes listed actually sold
• They provide average price points for detached, semi-detached, and townhouses in different areas of Toronto

Advice for Buyers and Sellers [00:17:05]

• Geeta and Xerxes emphasize the importance of understanding the risks involved in buying or selling in the current market
• They advise against trying to time the market and suggest moving within the same market
• They also advise sellers to reach out to agents at least six months before putting their homes on the market

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