REAL ESTATE BLOG

Economists anticipate Canadians will have to wait a few more months for relief from high interest rates, with the timing of cuts dependent on economic data. The Bank of Canada’s recent decision to maintain rates at five percent aligns with projections, and the central bank hints that rate hikes are likely behind, signaling a shift in discussions toward how long the current stance will be maintained. Governor Tiff Macklem emphasized caution, stating that the risk of a rate hike is not...

The Bank of Canada has maintained its policy rate at five percent, signaling a shift in focus from whether monetary policy is restrictive to how long the current stance will be maintained. The decision, widely expected, comes as officials observe a stalled economic growth that is anticipated to remain slow in the near term, aiming to bring inflation back to the bank’s two percent target next year. Governor Tiff Macklem emphasized a consensus to maintain the policy rate, revealing a...

TORONTO, ONTARIO, December 5, 2023 – High borrowing costs and uncertain economic  conditions continued to weigh on Greater Toronto Area (GTA) home sales in November 2023.  Sales were down on a year-over-year basis, while listings were up from last year’s trough in  supply. With more choice in the market, selling prices remained basically flat year-over-year.   “Inflation and elevated borrowing costs have taken their toll on affordability. This has been...

As we approach the new year, it's crucial to stay abreast of the real estate landscape, and the recently released RE/MAX Canadian Housing Market Outlook 2024 offers invaluable insights into what we can anticipate in the coming months. This comprehensive report, credited to RE/MAX Canada, dives deep into the challenges and opportunities that Canadians may encounter, with a particular focus on the Ontario real estate market. Read the full Canadian Housing Market Outlook here Key...

The latest insights into the Toronto real estate market for November 2023 have arrived, offering a nuanced perspective on the current scenario. Typically, we delve into specific market segments, providing tailored advice for our clients. However, this month, we're starting with crucial advice that applies to both buyers and sellers. Overview of the Market: The fall market concluded with a somewhat sluggish performance, except for pre-construction, which remained remarkably active....

HOME SALES ARE DOWN, BUT PRICES ARE UP As we edge towards the end of 2023, real estate activity tends to always taper down during ths time of year. When you look back at October, you will find that: Lack of affordability and uncertainty remained issues for many would-be home buyers in the Greater Toronto Area (GTA) in October 2023. As a result, sales edged lower compared to last year. However, selling prices remained higher than last year’s levels. “Record population...

We are witnessing a significant shift in Toronto's real estate landscape as it enters a buyer's market for the first time in decades. October brought forth a 5.8% decline in sales compared to the same period last year, marking one of the lowest October home sales figures in history. Accompanying this decline in sales is a substantial increase in inventory, with monthly new listings soaring by 38% from the previous year. Active listings have surged by 50.1% since October 2022,...

The real estate landscape in Ontario is experiencing a notable shift, with an increasing number of investors turning their attention towards multi-family homes. Traditionally, single-family homes dominated the real estate market, but the advantages and potential returns associated with multi-family properties are drawing both seasoned and new investors. This article explores the factors contributing to the rise of multi-family home investing in Ontario. Stable Income Streams: Multi-family...

More Listings = More Balanced Real Estate Market Even though September was the start of the Fall market, there was noticeably an increase in listings in September. Although a majority of buyer clients remain uncertain about the housing market, active buyer clients have had the fortune of acquiring some incredible properties without bidding wars and more room for buyer negotiation– yes, this translated into more balanced September market:  The impact of high borrowing costs,...

Evaluating the Parallels between the 90s and Today: Insights into Canada's Current Real Estate Market" As Canada's real estate market experiences rapid shifts in interest rates, comparisons to the housing market of the 1990s are surfacing. The Bank of Canada has escalated interest rates from 1.0 percent in April 2022 to 5.0 percent by July of this year. Drawing parallels, between February 1994 and January 1995, the central bank raised rates from 7.25 percent to 10.5...

The Importance of First Impressions, especially in a Tough Market In the realm of real estate, the phrase "first impressions matter" holds a profound significance, especially when it comes to listing your home for sale. The initial moments a potential buyer steps foot into your property can set the tone for their entire perception of the space, significantly influencing their decision-making process. This is why crafting an impeccable first impression is not just an aesthetic...

Hello August! The overall real estate in Toronto is slow, which is typical this time of year, however I am encountering just as many sellers wanting to sell as many buyers wanting to buy – could this mean a more balanced market? I can also say that both sides are taking their time to ‘pull the trigger’ and make any big decisions now. Lets take a look at the Stats from TRREB for the month of July: Greater Toronto Area (GTA) home sales, new listings and home prices were up in...

This month, a significant number of my buyers are choosing to spend their weekends at the cottage or indulging in a relaxed brunch rather than attending open houses. On the other hand, many sellers are eager to list their homes on the market to gauge the potential selling price.  Here is the monthly market report from the Toronto Regional Real Estate board for June 2023:  Although uncertainty lurks, with the rise of inflation, prime & mortgage rates, Home sales in GTA...

The Ontario government is continuing to strengthen protections for tenants by holding the rent increase guideline for 2024 at 2.5 per cent, well below the average inflation rate of 5.9 per cent. The rent increase guideline is the maximum amount a landlord can increase rent during the year for most tenants without the approval of the Landlord and Tenant Board. The guideline is based on Ontario’s Consumer Price Index, a measure of inflation calculated by Statistics Canada using data that...

Hello All: Affordability remains a prevailing concern among individuals across this province. The housing crisis has become a prominent topic of discussion among everyone including Toronto's mayoral candidates, with each presenting their proposed solutions to address the issue.  As housing prices continue to rise across the province, we believed it would be beneficial to identify areas where buying a house remains more accessible for prospective homeowners. According to recent...

There is a lingering skepticism regarding Toronto's alleged housing supply shortage, as it seems to serve as a convenient justification for the construction of more condominiums. However, the crux of the matter lies in the Greater Toronto Area (GTA), where the housing supply is insufficient and lacking in quality. Numerous examples highlight this inadequacy, such as cramped 450-square-foot one-bedroom units and 650-square-foot two-bedroom units without bedroom windows. Additionally,...

Hello All,  We wanted to bring your attention to a recent incident that serves as a cautionary tale regarding the accuracy of information in status certificates. It underscores the importance of thorough due diligence when it comes to real estate transactions. The incident centres around a homeowner who purchased a highly desirable condominium unit. As part of their responsible approach, they requested a status certificate—a document that provides vital details about the unit...

With the arrival of spring, it's the perfect time to give your home's exterior a much-needed refresh. A thorough spring clean-up will not only enhance your home's curb appeal but also help maintain its condition and prevent potential issues. Whether you're a new homeowner or a seasoned pro, here are some essential tips to guide you through an effective and efficient exterior spring clean-up. 1. Inspect and Repair: Start by inspecting your home's exterior for any signs...

It comes as no surprise but with Buyer peak in demand, and considerably low inventory in the GTA competition has heated up, and as a result, can be very stressful for Buyers. In the highly competitive Toronto real estate market, it's crucial to be well-prepared and equipped with effective strategies to secure your dream home. As your trusted real estate advisor, I understand the stress and challenges you may face during this process. To help you navigate the intense market conditions with...

In April, the Toronto real estate market witnessed continued activity and a dynamic environment. The market remained robust, characterized by strong demand and limited housing supply. Home prices saw steady appreciation, with the average selling price for all home types increasing compared to the previous year. Tight inventory levels persisted, contributing to intense competition among buyers and creating a seller's market. While sales activity slightly dipped compared to March, it remained...

As home ownership costs hit record highs in Canada, RBC Economics and Assistant Chief Economist Robert Hogue have published a report outlining the current state of the housing market. The report states that home ownership costs have reached new heights in recent quarters due to interest rate hikes. RBC's aggregate affordability measure increased by 3.7 percentage points in Q4 2022 due to higher rates alone. The report highlights the fact that the dramatic loss of affordability since...

 As we are greeted with the warmer weather, and the arrival of the spring market, I have personally seen a lot more activity between buyers and sellers in comparison to weeks prior. Although the recent slow down in the market can be attributed to the consistent rate hikes, and economic uncertainty, low inventory levels and increased first time home buyer participation has seen the return of ‘bidding wars’ in certain markets.  The reality is many buyers may be waiting...

If you haven’t heard already, The Bank of Canada has announced that it will maintain its target for the overnight rate at 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. The central bank is also continuing its policy of quantitative tightening. What does this mean for the real estate market and homeownership? Firstly, let’s understand what quantitative tightening is. It is a contractionary monetary policy used by a central bank to decrease the...

After a period of frenzied buying in 2020 and 2021, Canada's housing sector cooled significantly in 2022 due to the Bank of Canada raising interest rates, which resulted in market uncertainty and many prospective buyers waiting on the sidelines. This has led to a shift away from the red-hot seller's market, with 60% of regions in the country expected to transition to a balanced or buyer's market in 2023.   In a balanced market, the supply of residential properties matches...

The Toronto real estate market reached its peak in February 2022, just before the Bank of Canada raised its interest rates. As we entered February 2023, uncertainty prevailed regarding which way the market would swing, up or down. Sellers and buyers were both apprehensive, with the former undecided on whether to sell their property or rent it out due to rising rental rates, while the latter were eager to purchase a home, yet unsure if it was the right time or if they should wait for the...

On March 3rd, 2023, the Bank of Canada announced that it would be keeping its key interest rate unchanged at 4.50%. This decision is in line with market expectations and is good news for home buyers and sellers who are currently in the market or considering entering the market.   The key interest rate is the rate at which banks lend money to each other, and it serves as a benchmark for the interest rates that banks charge on loans to their customers. When the key interest rate is...

A new report warns of a rapidly growing rental housing supply deficit in the Greater Toronto Area (GTA). It’s not a mystery that we have an existing housing supply crisis in the GTA. With growing rental rates, and high numbers of immigration in 2023, this problem will not just go away.   According to a report released by the Building Industry and Land Development Association (BILD) and the Federation of Rental Housing Providers of Ontario (FRPO), the region's rental...

 As we welcome February 2023, The Toronto Real Estate market has again proven to be more resilient than expected at the beginning of the year. In addition, the past few weeks have seen an increase in the number of buyers and investors who have been patiently observing the market for a while and are now considering or making plans to enter the market. It will be interesting to see buyer activity in the upcoming weeks, as the market seems to be stabilizing and as we enter the spring market....

As another long weekend is upon us, we thought it’d be a great idea to highlight some activities that you can do with your family and friends! From crafting to cooking and volunteer work, below you will find a few great ways to celebrate Family Day weekend this year. Roll up your sleeves and get Crafty!  Time to tap into your creative side, and pull out all the glitter, stickers and other things you can find around the house or at your local craft store. Set up a craft station...

As of January 1st, unless homeowners qualify for one of the exemptions, Toronto residential properties that are vacant for a total of more than six months in a calendar year may be liable to the new Vacant Home Tax (VHT) imposed by the city. The VHT was established to increase the city's housing supply. If you are a homeowner, you may have already received your VHT Declaration form in the mail. It's a yellow sheet, and takes a few minutes to complete.  What You Need To...

As we start the New Year and reflect on the craziness that was the 2022 Real Estate Market, I outline the major factors that impacted homebuyers, sellers & renters across Toronto and the GTA. To describe the year in review as a ‘roller-coaster’ would be adequate. We saw the best of times from January to March, the worst of times from April to July, and a complete 180 from August until now! During the height of the buying frenzy fueled by historically low interest rates, low...