Today, the Bank of Canada introduced its inaugural Reconciliation Action Plan, a blueprint for strengthening its relationship with Indigenous Nations and Peoples. The plan outlines the Bank’s commitment to fostering an inclusive workplace, championing Indigenous economic development, and building a deeper understanding of Indigenous economies in Canada.
Developed through extensive consultation with Indigenous partners, advocates, and employees, the plan reflects a two-year process of dialogue and learning. The Bank sought to understand the unique challenges faced by Indigenous communities and explore ways to collaborate towards reconciliation.
The plan is centered on two key priorities:
Deepening Understanding of Indigenous Economies: The Bank will actively seek to understand the diverse economic realities of Indigenous communities across Canada. This includes research, data collection, and engagement with Indigenous leaders and experts.
Building an Inclusive Organizational Culture: The Bank is committed to creating a workplace that values Indigenous perspectives and experiences. This involves fostering a culture of inclusion, diversity, and respect, and ensuring that Indigenous employees have opportunities for growth and development.
“The Bank’s role is to promote the economic and financial well-being of all Canadians,” said Senior Deputy Governor Carolyn Rogers. “Our approach to reconciliation is rooted in that mandate and guided by our core values of forward thinking, inclusion, and inspiring confidence.”
The Bank will report annually on its progress towards reconciliation and will review and update its goals and actions every three years through ongoing engagement with Indigenous partners.
Markham, Ontario is a vibrant and growing city located in the Greater Toronto Area. Known for its diverse community, Markham offers a high quality of life with excellent schools, parks, and recreational facilities. The city boasts a thriving economy, with a mix of residential, commercial, and industrial sectors.
Markham is also home to a variety of cultural attractions, including museums, art galleries, and community events. With its convenient location and abundance of amenities, Markham is an ideal place to live, work, and play. In the Bullock area sits this traditional home that was first built in 1962 but has been upgraded a number of times since including 2nd living room and sun room additions made in 2004. The roof has 35-year ICO asphalt shingles that was replaced in 2017. For whole home power backup there is a auto-switch gas generator.
The home has approximately 2634 Sq feet on four finished split levels plus an unfinished basement for storage. Featuring renovations and number upgrades over the years in different parts of the home with updated windows all with window treatments and someautomated, newer hardwood floors in additions, newer ensuite bathroom, 2 living rooms, 2 gas fireplaces, 2 kitchens, 2dining rooms, private deck with awning, concrete patio in fully fenced backyard, whole home backup generator, and for ease of access to upper level there is chair lift, makes this a great option for many growing families.
A charming two-story brick home with a stucco addition to the back nestled in a peaceful neighbourhood in the Bullock Community of Markham. The home features a well-manicured lawn, a large maple tree providing ample shade, and mature landscaping. The front exterior boasts a classic design with matching red front doors. The asphalt driveway with stone-border leads to an inviting stone patio entry while providing convenient parking.
This is a modern and inviting living room with a vaulted ceiling. The room features hardwood flooring, large windows with automated blinds that offer ample natural light, and a cozy fireplace. A ceiling fan adds a touch of comfort, while a wall-mounted television provides entertainment. The space is tastefully decorated with a combination of neutral tones and pops of color, creating a welcoming atmosphere. There is also easy access to the backyard from a side door to enjoy the serene private space.
The first of two dining rooms was once a garage and has since been converted to a spacious and well-lit dining room featuring hardwood flooring and a neutral colour palette. It can easily accommodate a large dining table that can seat up to 8 adults. The room has a small foyer from the entry with different flooring that divides the space from the adjacent dining area. Large windows allow for ample natural light, creating a bright and inviting atmosphere.
A modern kitchen with dark wood cabinetry, white countertops and fridge, and other stainless steel appliances as looks over the open-concept living area. A large island with a breakfast bar provides additional counter space and seating. The kitchen features ample natural light from overhead “daylight”, creating a bright and airy atmosphere. The backsplash is adorned with white subway tiles, adding a classic touch. The overall impression is one of functionality and style for anyone who likes to entertain.
A cozy and inviting primary bedroom in a basement setting. The room is very large as it comfortably holds a queen-size bed, bedside tables with lamps, and a dresser with storage drawers as well as a chest of drawers, A window provides natural light, while a gas fireplace adds warmth and comfort. The overall atmosphere is one of relaxation and tranquility.
The ensuite spa-like bathroom is a great size with a soothing blue colour palette. The bathroom features a large soaking tub, a separate enclosed shower with a glass door, and a vanity with ample storage. Some walls are tiled in a neutral tone, complementing the overall serene atmosphere while recessed lighting adds to the ambiance.
The second living room on the main floor is a classic one with a traditional style. The room features a curved bay window that offers ample natural light, a comfortable sofa with colourful throw pillows, a coffee table, and a grandfather clock. A wall-mounted television provides entertainment, while a vintage tea trolley adds a touch of charm. The overall atmosphere is cozy and inviting.
A formal dining room with a classic style opens to the living area. The room is big enough for a large dining table placed strategically under the chandelier hanging from the ceiling, with even more space for a sideboard. French doors lead to a sunroom, providing additional natural light and a connection to the outdoors. The overall atmosphere is elegant.
Of the two kitchens in the home, this is a classic kitchen with white cabinetry, a white refrigerator, and a gas stove. The kitchen features a window overlooking the backyard, providing natural light. A vintage hutch adds a touch of charm, while the light green walls create a warm and inviting atmosphere. The overall impression is one of functionality and nostalgia.
As part of the newer addition to the home, a bright and airy home office or sun-room with ample natural light from large windows. The room features hardwood flooring. The room is also suitable for a home gym. A door leads to a private deck, providing a peaceful outdoor workspace or relaxation area. The overall atmosphere is clean, organized, and conducive to productivity.
A clean and functional full bathroom with a modern aesthetic is on the upper floor right next to the bedrooms. The room features a white vanity with a rectangular sink, regular-sized tub and shower, a large round mirror, and a window that provides natural light. The walls are painted in a neutral tone, creating a calming atmosphere. The overall impression is one of simplicity and practicality.
The smallest of all the bedrooms is this cozy and inviting bedroom with a classic aesthetic. The room features hardwood flooring, a window with blinds and shades having a view over the front yard, and a double closet The overall atmosphere is peaceful and serene.
Another cozy and inviting bedroom with a classic aesthetic. The room features hardwood flooring, a window with blinds and shades overlooking the front yard, a double closet. The walls are painted in a neutral tone, creating a calming atmosphere. The overall impression is one of simplicity and comfort.
As one of the larger ones, this is a bright and airy bedroom with a modern aesthetic. The room features hardwood flooring, a window with blinds and shades overlooking the backyard, and also has a double closet. The room is large enough for a king-size bed and matching bed-side tables. The walls are painted in a neutral tone, creating a calming atmosphere. The overall impression is one of simplicity and comfort.
The lot has a spacious backyard with a large, well-manicured lawn. The home features a rear patio with a barbecue grill and a concrete slab for outdoor entertaining. A shed is visible in the background, providing additional storage space. The backyard is surrounded by mature trees and a privacy fence, creating a private and peaceful outdoor oasis. It gives an overall impression of tranquility and relaxation.
A well-maintained backyard with a spacious concrete patio, a grassy lawn, and a large shed. A privacy hedge separates the backyard from neighbouring properties, providing a sense of seclusion. Great space for a barbecue grill and the area is also perfect for outdoor entertaining.
A decent-sized deck with a retractable awning that provides shade and protection from the elements. Lush greenery of the backyard can be seen beyond the railing, creating a peaceful and inviting atmosphere. The retractable awning adds a touch of versatility and functionality to the outdoor space to protect against the hot sun or rain.
This home is located in a suburban neighborhood with a variety of homes, including large and modern homes as well as traditional well-built older homes which were the mainstay of the established community. Several mature trees, including large shade trees that are visible in the area which accurately embodies the characteristics of a quiet and peaceful residential community.
To see all the information including survey, floor plans, video tour, aerial drone video, interactive matterport 3D tour, additional photos and descriptions visit the property website at http://www.GeraldLawrence.Realtor/158SherwoodForestDrive
As autumn approaches, Ontario’s real estate market presents promising opportunities for prospective homebuyers. Recent trends indicate a favorable shift, with property prices having softened slightly compared to last year and overnight interest rates seeing a decrease to 4.25%. Furthermore, experts suggest that rates might continue to decline throughout the rest of the year.
Why Now Is a Good Time to Buy
Favorable Interest Rates: The recent reduction in overnight rates is a positive signal for buyers. While lenders might lower their mortgage rates further if the overnight rate decreases, securing a pre-approval now is crucial. Locking in your pre-approval ensures that you can take advantage of any potential rate reductions before closing on your home. This strategic move can lead to significant savings over the life of your mortgage.
Increased Property Availability: With summer vacations coming to an end and the school year now in full swing, the market is seeing an influx of new listings. More properties are becoming available, giving buyers a broader selection to choose from. This increase in inventory, coupled with the current pricing trends, creates a favorable environment for buyers to find their ideal home.
Market Dynamics: The combination of lower prices and reduced interest rates creates a unique window of opportunity. Buyers who act now can benefit from both a more affordable purchase price and potentially lower monthly mortgage payments.
Crafting a Winning Strategy
To navigate this evolving market successfully, it’s essential to have a well-thought-out strategy. Here are a few steps to consider:
Secure Your Mortgage Pre-Approval: Even if interest rates drop further, having a pre-approval in place will give you a competitive edge. It also provides a clear understanding of your budget, allowing you to act quickly when you find the right property.
Stay Informed About Market Trends: Keep a close eye on market trends and interest rate fluctuations. This information will help you make informed decisions and adjust your strategy as needed.
Consult a Real Estate Professional: The buying and selling process involves numerous moving parts. Working with an experienced REALTOR® can ensure that all aspects of your transaction align smoothly. I am here to offer expert advice and support throughout the process, from finding the perfect property to closing the deal.
Contact Me Today
As the fall market unfolds, now is the ideal time to start planning your real estate journey. Whether you’re looking to buy or sell, having a comprehensive strategy is key to a successful transaction. Reach out today to discuss how you can take advantage of the current market conditions and secure your next home with confidence.
Together, we can navigate the complexities of the real estate market and help you achieve your homeownership goals.
The real estate market inside scoop for the community you love. See homes that are for sale and have recently sold. Find out if home sales in your neighbourhood are trending up or down. See what homes around you are currently selling for.
TORONTO, ONTARIO, September 5, 2024 – Greater Toronto Area (GTA) home sales were down on a year-over-year basis in August 2024. New listings were up slightly over the same period. While the region’s housing market remained well-supplied in August, average home prices only edged slightly lower compared to August 2023.
“The Bank of Canada’s rate cut announced on September 4 will lead to a further improvement in affordability, especially for those using variable rate mortgages. First-time buyers are especially sensitive to changes in borrowing costs. As mortgage rates continue to trend lower this year and next, we should experience an uptick in first-time buying activity, including in the condo market,” said Toronto Regional Real Estate Board (TRREB) President Jennifer Pearce.
GTA REALTORS® reported 4,975 home sales through TRREB’s MLS® System in August 2024 – down by 5.3 per cent compared to 5,251 sales reported in August 2023. New listings entered into the MLS® System amounted to 12,547 – up by 1.5 per cent year-over-year. On a seasonally adjusted basis, August sales edged up on a monthly basis compared to July, whereas new listings were down slightly compared to the previous month.
The MLS® Home Price Index Composite benchmark was down by 4.6 per cent year-over-year in August 2024. The average selling price was down by a lesser 0.8 per cent compared to August 2023 to $1,074,425. The different annual rates of change between the MLS® HPI Composite and the average selling price were largely due to an increase in the share of detached home sales compared to last year, impacting the average price. On a seasonally adjusted basis, the average selling price edged lower compared to July.
“As borrowing costs trend lower over the next year-and-a-half, home buyers will initially benefit from both lower monthly mortgage payments and lower home prices. Even as demand picks up, especially in 2025, it will take time for the inventory of listings to be absorbed. Ample choice in the market will help keep price growth moderate, at least in the initial phases of recovery,” said TRREB Chief Market Analyst Jason Mercer.
“Today’s elevated listing inventory will ultimately recede. We need to maintain a sustained focus on boosting home construction, especially as it relates to producing the right mix of home types to meet consumers’ needs. This new housing also has to be affordable. Municipalities can help by reducing development charges, which are ultimately passed on to home buyers. If people can’t find affordable housing in the GTA or surrounding Greater Golden Horseshoe, they will move elsewhere, and not necessarily to other parts of Ontario or Canada. Housing is a key driver of our region’s economic development,” said TRREB CEO John DiMichele.
The Bank of Canada’s Rate Cut – Wednesday September 4, 2024
The Bank of Canada has once again adjusted its monetary policy. In a move aimed at stimulating economic growth and combating inflationary pressures, the bank has reduced its target for the overnight rate to 4¼%. This decision is part of a broader strategy to normalize the balance sheet and maintain a healthy economic equilibrium.
Globally, the economy continues to exhibit mixed signals. While the United States and Eurozone have shown signs of resilience, China’s economic growth has been hampered by weak domestic demand. Despite these regional variations, inflation rates have generally been moderating. In Canada, the economy expanded by 2.1% in the second quarter, driven primarily by government spending and business investment. However, recent data suggests a slowdown in economic activity, and the labor market has been sluggish.
Inflation in Canada has been on a downward trajectory. In July, the consumer price index rose by 2.5%, marking a significant decline from previous months. While shelter price inflation remains a contributing factor, it is showing signs of easing. The Bank of Canada’s preferred measures of core inflation have also stabilized around 2½%.
Given the ongoing moderation in inflationary pressures and the persistent excess supply in the economy, the Governing Council has decided to lower the policy interest rate by an additional 25 basis points. This decision reflects a careful assessment of the opposing forces influencing inflation and is guided by the latest economic data. The Bank remains committed to restoring price stability for Canadians.
The next announcement regarding the overnight rate target is scheduled for October 23, 2024. At that time, the Bank will also release its updated Monetary Policy Report, providing a comprehensive outlook for the economy and inflation.
The real estate market inside scoop for the community you love. See homes that are for sale and have recently sold. Find out if home sales in your neighbourhood are trending up or down. See what homes around you are currently selling for.
Here are some stats on the benefits of home ownership. For example, let’s say you have a $500,000 30-year mortgage with an 8% interest rate. Your monthly payment would be approximately $3,700 a month. Making one extra payment of $3,700 a year would cut your mortgage by 7 years and save you up to $220,000 in interest.
Some people make their payments every two weeks, and that’s how they get the extra payment a year. If you have a larger mortgage balance than 500,000, the payment is bigger but the savings will be too. This is just one way you can create more equity in your home.
Another interesting fact is that owning a home is a hedge against inflation. For example, here’s the purchasing power of $10,000 over time.
1964: $10,000
1984: $3,072
2004: $1,663
2024: $1,002
That same 10,000 down on a 100,000 property in 1963 over time
1964: $100,000
1984: $323,163
2004: $600,249
2024: $1,029,289
That’s a million-dollar difference!
So not only is your home a great hedge against inflation, but you can also increase equity by paying an extra principal and reducing the life of your loan.
Give me a call if you’d like to learn what your next real estate steps should be.
The real estate market inside scoop for the community you love. See homes that are for sale and have recently sold. Find out if home sales in your neighbourhood are trending up or down. See what homes around you are currently selling for.
It’s rare for most people to remain in the same home throughout their adult lives. Sometimes, a growing family needs a larger home. Or it could be kids moving out on their own, leaving parents with a space that’s too big for their lifestyle.
Choosing to upsize — or downsize — can be an emotional, as well as logistical, decision. If you’re at that point in your life, the information above will help you start thinking about that process and make it a little less daunting.
I belong to a large network of real estate professionals across North America so if you’re ready to move onto the next stage of your life — local or not — I can help you find the home of your dreams. Let’s set up a time to chat and start the conversation!
With the options made available through new housing legislation, municipal efforts in changing by-laws as well as advanced building technology that allows fully off-grid and semi off-grid options available to people on rural or unserviced lots, this is an opportunity however small for buyers to consider. Please reach out to me to discuss more.
Get an Instant FREE Home Value Estimate in 10 seconds at QuickHomeValues.ca
TORONTO, ONTARIO, August 6, 2024 – The Greater Toronto Area (GTA) housing market saw an increase in sales compared to July 2023. While this is positive news, buyers continue to have more options due to a significant rise in new listings. As a result, average selling prices have eased slightly.
TRREB President Jennifer Pearce attributes the sales uptick to recent Bank of Canada interest rate cuts and anticipates further sales growth as borrowing costs decrease. July sales reached 5,391, a 3.3% increase year-over-year, while new listings jumped 18.5% to 16,296. Despite these increases, both sales and new listings dipped on a month-over-month basis.
Average selling prices dropped 0.9% year-over-year to $1,106,617, and the MLS® Home Price Index Composite fell by approximately 5%. However, both measures saw slight increases compared to June on a seasonally adjusted basis.
TRREB Chief Market Analyst Jason Mercer predicts that home prices will remain relatively flat as buyers take advantage of lower mortgage payments and the ample inventory. However, he warns that market conditions could tighten as inventory is absorbed without a substantial increase in new home completions, potentially leading to renewed price growth.
TRREB CEO John DiMichele emphasizes the need for innovation in new home construction and applauds Toronto City Council’s decision to consult on adopting single egress stair requirements for multi-residential buildings up to four storeys. He also highlights the importance of public transit and expresses enthusiasm about the upcoming Crosstown LRT opening.
Get an Instant FREE Home Value Estimate in 10 seconds at QuickHomeValues.ca
The Bank of Canada today lowered its policy interest rate by 25 basis points. The overnight rate target is now 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. The Bank will continue to normalize its balance sheet.
Global Economy
Global economic growth is projected to remain steady at around 3% through 2026. While inflation is still elevated in most advanced economies, it is gradually declining. The US economy is slowing as expected, with consumer spending moderating and inflation easing. The euro area is recovering from a weak 2023. China’s economy is growing modestly,supported by exports despite weak domestic demand. Global financial conditions have improved, with lower bond yields,higher stock prices, and strong corporate borrowing. Oil prices and the Canadian dollar have remained relatively stable compared to the Bank’s April forecast.
Canadian Economy
Canada’s economy likely grew by about 1½% in the first half of 2024. However, with strong population growth, the economy is operating below capacity, leading to excess supply. Household spending, including on housing, has been weak. The labour market is softening, with rising unemployment, slower job growth, and longer job search durations.Wage growth is moderating but remains elevated.
Looking ahead, the Canadian economy is expected to strengthen, supported by rising exports and increased business and household spending as borrowing costs decline. Housing investment will also grow significantly. However, slower population growth in 2025 will temper economic expansion. Overall, GDP is forecast to grow by 1.2% in 2024, 2.1% in 2025, and 2.4% in 2026. This gradual strengthening will help reduce excess supply in the economy.
Inflation
Inflation eased to 2.7% in June, reflecting broader price pressures declining. The Bank’s core measures of inflation have been below 3% for several months, and the overall pattern of price increases is returning to normal levels. However,shelter costs, driven by rent and mortgage interest, continue to contribute significantly to overall inflation. Inflation in services related to wages, such as restaurants and personal care, is also elevated.
The Bank expects core inflation to slow to around 2½% in the second half of 2024 and continue to decline in 2025. Total inflation is forecast to fall below core inflation later this year due to temporary factors affecting gasoline prices. As these factors dissipate, inflation may rise slightly before stabilizing around the 2% target next year.
Monetary Policy Outlook
Given the easing of broad price pressures and the expected decline in inflation towards the 2% target, the Bank has reduced the policy interest rate by 25 basis points. While excess supply is helping to reduce inflation, price pressures in some areas, particularly shelter and certain services, are persistent. The Bank will carefully monitor these opposing forces and adjust monetary policy as needed to achieve the 2% inflation target.
Information Note
The next interest rate announcement is scheduled for September 4, 2024. The Bank will release its next full economic and inflation forecast on October 23, 2024.
Impact of the Bank of Canada’s Decision on Mortgage Qualifiers in the GTA
The recent interest rate cut by the Bank of Canada is generally positive news for Canadians looking to qualify for a mortgage. Lower interest rates typically mean lower mortgage payments, making it easier for potential homebuyers to meet the qualifying criteria.
However, the situation is more complex in the GTA, where housing prices remain exceptionally high. While a lower interest rate can improve affordability, it’s essential to consider the following factors:
Positive Impacts:
Lower Mortgage Payments: With lower interest rates, monthly mortgage payments will decrease, freeing up more disposable income for potential homebuyers.
Increased Borrowing Power: Lower rates can potentially increase borrowing capacity, allowing buyers to qualify for larger mortgages.
Challenges Persisting in the GTA:
High Housing Prices: Even with lower interest rates, the overall cost of purchasing a home in the GTA remains a significant barrier for many.
Stricter Mortgage Qualification Rules: While interest rates have decreased, the stress test for mortgage qualification remains in place, which can limit borrowing capacity.
Competition: The GTA housing market is highly competitive, and even with improved affordability, securing a home can be challenging.
Overall Outlook:
While the interest rate cut is a step in the right direction, it’s unlikely to dramatically change the housing market in the GTA. Prospective homebuyers will still face significant challenges due to high prices and competition.
To improve your chances of qualifying for a mortgage in the GTA:
Increase Your Down Payment: A larger down payment can significantly improve your mortgage affordability.
Improve Your Credit Score: A good credit score can help you secure better interest rates.
Shop Around for Mortgage Rates: Compare offers from different lenders to find the best deal.
Consider Alternative Housing Options: Explore options like condos or townhouses, which may be more affordable than detached homes.
It’s crucial to consult with a mortgage broker to assess your specific financial situation and explore your options. They can help you understand the impact of the interest rate change on your ability to qualify for a mortgage in the GTA.
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