Property Update July 29, 2023

Discover Your Dream Home in Oshawa, Ontario: A Kassigner Gem

Oshawa, Ontario – Nestled within the welcoming community of Oshawa, a hidden gem awaits, offering the perfect blend of comfort, convenience, and elegance. Introducing a superb Kassigner-built home that exudes charm and function, providing an idyllic family home for you and your loved ones.

 

A Perfect Family-Oriented Location

Located in a fantastic family-oriented area, this property boasts a prime location, making it a top choice for families seeking a warm and friendly neighborhood. With proximity to five top-notch schools, parents can rest assured their children will receive an excellent education.

 

Nature’s Playground at Your Doorstep

Nature lovers will rejoice in the abundance of green spaces nearby. Just a mere 5-minute stroll will lead you to three picturesque parks, offering endless opportunities for outdoor activities and quality family time. For more play options, you’ll find four inviting playgrounds and two expansive sports fields within a pleasant 20-minute walk.

 

Convenience at Your Fingertips

For those with a daily commute, the property’s unbeatable convenience comes to light. A transit stop is just 4 minutes away, providing easy access to public transportation options.

 

Exquisite Interior and Generous Spaces

Step inside to be greeted by stunning hardwood and tile floors on the main level, creating a warm and inviting ambiance. The second level showcases elegant parquet flooring, adding a classic touch to every room.

The home boasts four spacious bedrooms, offering ample space for your family’s comfort. Additionally, an unfinished fifth bedroom in the basement provides exciting possibilities for customizing your living space. With three total bathrooms, including one with a rough-in for an additional shower, there is tremendous potential for expanding your home to suit your needs.

 

A Garage Fit for Your Needs

No need to worry about parking space – the high and deep garage is perfect for accommodating your large vehicle, complete with a soaring 9ft header for extra height.

 

Your Private Oasis Awaits

Step outside to your own private oasis, a fully fenced backyard providing the perfect sanctuary for relaxation, entertaining friends, and creating cherished family memories.

 

Welcome Home

Don’t miss this incredible opportunity to call this beautiful property your forever home. Contact us today for more information and to schedule your private tour of this fantastic Kassigner gem.

Oshawa, Ontario offers the perfect blend of city amenities and a welcoming community, making it the ideal place to call home. Take the first step towards your dream life by discovering the charm and elegance of this superb Kassigner-built residence.

 

Disclaimer: This property is currently listed for $799,900. (Listing ID: E6701622)

Coldwell Banker R.M.R. Real Estate, Brokerage is a leading real estate agency in Durham Region, dedicated to helping you find your dream home. For inquiries and to book a viewing, please contact Gerald Lawrence at 416-556-0238.

Disclaimer: The above blog is for informational purposes only and is not a formal real estate listing. Prices and availability are subject to change. Please verify all information with the respective real estate agent.

July 12, 2023

Bank Of Canada Raises Overnight Interest Rates Again! – They are not done yet!

Bank of Canada raises policy rate 25 basis points, continues quantitative tightening

The Bank of Canada today increased its target for the overnight rate to 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is also continuing its policy of quantitative tightening.

Global inflation is easing, with lower energy prices and a decline in goods price inflation. However, robust demand and tight labour markets are causing persistent inflationary pressures in services. Economic growth has been stronger than expected, especially in the United States, where consumer and business spending has been surprisingly resilient. After a surge in early 2023, China’s economic growth is softening, with slowing exports and ongoing weakness in its property sector. Growth in the euro area is effectively stalled: while the service sector continues to grow, manufacturing is contracting. Global financial conditions have tightened, with bond yields up in North America and Europe as major central banks signal further interest rate increases may be needed to combat inflation.

The Bank’s July Monetary Policy Report (MPR) projects the global economy will grow by around 2.8% this year and 2.4% in 2024, followed by 2.7% growth in 2025.

Canada’s economy has been stronger than expected, with more momentum in demand. Consumption growth has been surprisingly strong at 5.8% in the first quarter. While the Bank expects consumer spending to slow in response to the cumulative increase in interest rates, recent retail trade and other data suggest more persistent excess demand in the economy. In addition, the housing market has seen some pickup. New construction and real estate listings are lagging demand, which is adding pressure to prices. In the labour market, there are signs of more availability of workers, but conditions remain tight, and wage growth has been around 4-5%. Strong population growth from immigration is adding both demand and supply to the economy: newcomers are helping to ease the shortage of workers while also boosting consumer spending and adding to demand for housing.

As higher interest rates continue to work their way through the economy, the Bank expects economic growth to slow, averaging around 1% through the second half of this year and the first half of next year. This implies real GDP growth of 1.8% in 2023 and 1.2% in 2024. The economy will move into modest excess supply early next year before growth picks up to 2.4% in 2025.

Inflation in Canada eased to 3.4% in May, a substantial and welcome drop from its peak of 8.1% last summer. While CPI inflation has come down largely as expected so far this year, the downward momentum has come more from lower energy prices, and less from easing underlying inflation. With the large price increases of last year out of the annual data, there will be less near-term downward momentum in CPI inflation. Moreover, with three-month rates of core inflation running around 3½-4% since last September, underlying price pressures appear to be more persistent than anticipated. This is reinforced by the Bank’s business surveys, which find businesses are still increasing their prices more frequently than normal.

In the July MPR projection, CPI inflation is forecast to hover around 3% for the next year before gradually declining to 2% in the middle of 2025. This is a slower return to target than was forecast in the January and April projections. Governing Council remains concerned that progress towards the 2% target could stall, jeopardizing the return to price stability.

In light of the accumulation of evidence that excess demand and elevated core inflation are both proving more persistent, and taking into account its revised outlook for economic activity and inflation, Governing Council decided to increase the policy interest rate to 5%. Quantitative tightening is complementing the restrictive stance of monetary policy and normalizing the Bank’s balance sheet. Governing Council will continue to assess the dynamics of core inflation and the outlook for CPI inflation. In particular, we will be evaluating whether the evolution of excess demand, inflation expectations, wage growth and corporate pricing behaviour are consistent with achieving the 2% inflation target. The Bank remains resolute in its commitment to restoring price stability for Canadians.

Information note
The next scheduled date for announcing the overnight rate target is September 6, 2023. The Bank will publish its next full outlook for the economy and inflation, including risks to the projection, in the Monetary Policy Report on October 25, 2023.

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June 2023 Market Stats – Lack Of Listings Led to Tighter GTA Market Conditions in June – TRREB

LACK OF LISTINGS LED TO TIGHTER GTA MARKET CONDITIONS IN JUNE TRREB Urges Governments to Accelerate Action on Housing Supply TORONTO, ONTARIO, July 6, 2023 – Home sales and the average selling price in the Greater Toronto Area (GTA) in June 2023 remained above last year’s levels. Seasonally adjusted sales dipped on a month-over-month basis. The seasonally adjusted average selling price and the MLS® Home Price Index (HPI) Composite benchmark were up compared to the previous month.

“The demand for ownership housing is stronger than last year, despite higher borrowing costs. With this said, home sales were hampered last month by uncertainty surrounding the Bank of Canada’s outlook on inflation and interest rates. Furthermore, a persistent lack of inventory likely sidelined some willing buyers because they couldn’t find a home meeting their needs. Simply put, you can’t buy what is not available,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron.

GTA REALTORS® reported 7,481 sales through TRREB’s MLS® System in June 2023 – up 16.5 per cent compared to June 2022. The number of listings was down by three per cent over the same period.

The year-over-year increase in sales coupled with the decrease in new listings mean market conditions were tighter this past June relative to the same period last year. The average selling price was up by 3.2 per cent to $1,182,120. The MLS® HPI Composite benchmark was still down by 1.9 per cent on a yearover-year basis – the lowest annual rate of decline in 2023. On a month-over-month basis the seasonally adjusted average price and MLS® HPI Composite benchmark were up.

“A resilient economy, tight labour market and record population growth kept home sales well above last year’s lows. Looking forward, the Bank of Canada’s interest rate decision this month and its guidance on inflation and borrowing costs for the remainder of 2023 will help us understand how much sales and price will recover beyond current levels,” said TRREB Chief Market Analyst Jason Mercer.

“GTA municipalities continue to lag in bringing new housing online at a pace sufficient to make up for the current deficit and keep up with record population growth. Leaders at all levels of government, including the new mayor-elect of Toronto, have committed to rectifying the housing supply crisis. We need to see these commitments coming to fruition immediately, or we will continue to fall further behind each month,” stressed TRREB CEO John DiMichele.

“In addition to the impact of the listing shortage, housing affordability is also hampered on an ongoing basis by taxation and fees associated with home sales and construction as well as the general level of taxation impacting households today. Going forward, we need to look at all of the factors influencing the household balance sheet and people’s ability to house themselves,” continued DiMichele.