Township Of Uxbridge Market Update – February 2024
Buyers Re-Enter the GTA Housing Market in February
TORONTO, ONTARIO, March 5, 2024 – Greater Toronto Area (GTA) home sales and new listings were up on an annual and monthly basis in February 2024. Selling prices also edged upward compared to a year earlier. Population growth and a resilient regional economy continued to support the overall demand for housing. Higher borrowing costs kept home sales below the February sales record reached in 2021.
“We have recently seen a resurgence in sales activity compared to last year. The market assumption is that the Bank of Canada has finished hiking rates. Consumers are now anticipating rate cuts in the near future. A growing number of homebuyers have also come to terms with elevated mortgage rates over the past two years. To minimize higher monthly payments, some buyers have likely saved up a larger down payment, chosen to purchase a less-expensive home type and/or looked to a different location in the GTA,” said TRREB President Jennifer Pearce.
REALTORS® reported 5,607 GTA home sales through TRREB’s MLS® System in February 2024 – an increase of 17.9 per cent compared to February 2023. Even after accounting for the leap year effect, sales were up by 12.3 per cent year- over-year. New listings were up by an even greater annual rate than sales in February, pointing to increased choice for buyers. On a seasonally adjusted month-over-month basis, February sales were lower following two consecutive monthly increases while new listings were flat. Monthly figures can be somewhat volatile, especially when the market is approaching a transition point.
Home selling prices in February 2024 remained similar to February 2023. The MLS® Home Price Index Composite benchmark edged up by 0.4 per cent. The average selling price of $1,108,720 increased by a modest 1.1 per cent. On a seasonally-adjusted monthly basis, both the MLS® HPI Composite and the average selling price edged upward.
“As we move through 2024, an increasing number of buyers will re-enter the market with adjusted housing preferences to account for higher borrowing costs. In the second half of the year, lower interest rates will further boost demand for ownership housing. First-time buying activity will also be a contributing factor, as many renters look to trade high monthly rents for a long-term investment in which they can live and build equity,” said TRREB Chief Market Analyst Jason Mercer.
“Population growth has been at a record pace and with the anticipated lower borrowing costs, the demand for housing – both ownership and rental – will also increase over the next two years. Unaffordable housing not only has a financial impact but also a social impact. Recent research conducted for TRREB by CANCEA in our 2024 Market Outlook and Year in Review report underscores the negative impact of unaffordable housing on peoples’ mental health and life satisfaction. It’s comforting to see that there has been some real building happening in the GTA and that the provincial government is rewarding those municipalities that are working to eliminate the red tape and meet those homeownership needs,” said TRREB CEO John DiMichele.
I wanted to extend an invitation to schedule an introductory call with me. This call will be an opportunity for us to get to know each other better and discuss any real estate-related questions or plans you may have. You can easily book a time that works for you by clicking on the following link: Calendly Link – Schedule a Call Or Visit!.
I look forward to connecting with you soon.
News Update: CMHC To End First-Time Homebuyer Incentive Program
The First-Time Home Buyer Incentive has been discontinued.
The deadline for new or updated submissions for the First-Time Home Buyer Incentive is midnight ET on March 21, 2024.
For new and resubmitted First-Time Home Buyer Incentive applications
All new applications and resubmissions for previously cancelled or declined applications must reach the Program Administrator by March 21, 2024 (midnight ET).
- In cases where an application was previously cancelled or declined, it must be resubmitted and received by the Program Administrator before the March 21, 2024 (midnight ET) deadline.
- If an application is submitted on or before the March 21, 2024, deadline (midnight ET) and is declined due to an application error, the mortgage loan insurer is responsible for rectifying the issue and resubmitting the application.
- Applications resubmitted after March 21, 2024 must undergo a manual review. Requests for such reviews must be submitted no later than March 25, 2024 (midnight ET).
The Program Administrator will process applications received before the deadlines promptly. No new approvals will be granted after March 31, 2024.
For approved applications
The Program Administrator will continue to consider post-approval changes, following the guidance outlined in the Operational Policy Manual (PDF) available on the Place to Call Home website (refer to section 6.3).
For inquiries: FTHBIOps@cmhc-schl.gc.ca
The First-Time Home Buyer Incentive helps qualified first-time homebuyers reduce their monthly mortgage payments without adding to their financial burdens.
The First-Time Home Buyer Incentive is a shared-equity mortgage with the Government of Canada, which offers:
- 5% or 10% for a first-time buyer’s purchase of a newly constructed home
- 5% for a first-time buyer’s purchase of a resale (existing) home
- 5% for a first-time buyer’s purchase of a new or resale mobile/manufactured home
The shared equity component of the incentive means that the government shares in both the upside and downside of the property value, up to a maximum gain or loss equal to 8% per annum (not compounded) on the Incentive amount from the date of advance to the time of repayment.
By obtaining the Incentive, the borrower may not have to save as much of a down payment to be able to afford the payments associated with the mortgage. The effect of the larger down payment is a smaller mortgage, and, ultimately, lower monthly costs.
The homebuyer will have to repay the Incentive based on the market value of the home at the time of repayment equal to the percentage (for example, 5% or 10%) of the original home value used to determine the Incentive, up to a maximum repayment amount equal to:
(i) where the home’s value has appreciated, the Incentive plus a maximum gain of 8% per annum (not compounded) on the Incentive amount from the date of advance to the time of repayment; or
(ii) where the home’s value has depreciated, the Incentive minus a maximum loss of 8% per annum (not compounded) on the Incentive amount from the date of advance to the time of repayment.
The homebuyer must repay the Incentive after 25 years, or when the property is sold, whichever comes first. The homebuyer can also repay the Incentive in full any time before, without a pre-payment penalty.
Canada Mortgage and Housing Corporation (CMHC) ©2024
SOLD! – 12 Village Green Lane
SOLD Property courtesy of YorkDurhamHomes
Enter February’s VIP Gift Card giveaway!
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The Significance of the Kitchen in Homebuying Decisions
In the intricate dance of real estate transactions, where myriad factors influence the choice of a new abode, one element consistently emerges as a critical determinant: the kitchen.
Often hailed as the heart of the home, the kitchen holds sway over buyers’ minds and hearts, transcending its traditional role as a mere cooking space. In this extended exploration, we delve deeper into the multifaceted significance of the kitchen in the realm of homebuying.
Functionality and Efficiency:
At the core of the kitchen’s allure lies its functionality and efficiency. Homebuyers, keen on finding a sanctuary where daily routines seamlessly unfold, prioritize kitchens designed for optimal usability. A well-laid-out kitchen, equipped with ergonomic features such as ample counter space, strategically positioned appliances, and intelligently planned storage solutions, offers more than just a venue for culinary endeavors.
It becomes a sanctuary where the symphony of meal preparation unfolds effortlessly, transforming mundane tasks into moments of culinary creativity and familial bonding. For the discerning buyer, the kitchen represents a haven of efficiency, where the harmony of form and function orchestrates daily rituals with ease.
Aesthetics and Design:
Beyond its utilitarian purpose, the kitchen serves as a canvas for artistic expression and design innovation. Buyers, attuned to the visual harmony that pervades their living spaces, gravitate towards kitchens that exude aesthetic allure. From sleek, modern designs characterized by clean lines and minimalist sensibilities to cozy, rustic retreats infused with warmth and charm, the spectrum of kitchen aesthetics is as diverse as the individuals who inhabit them.
Meticulously chosen finishes, stylish fixtures, and thoughtfully curated accents converge to create a visual symphony that resonates with the buyer’s sense of style and sensibility. In the pursuit of their dream home, buyers seek kitchens that transcend mere functionality, offering an immersive sensory experience that tantalizes the eye and uplifts the spirit.
Social and Entertaining Spaces:
In an era marked by the celebration of social connectivity and communal living, the kitchen emerges as a nexus of social interaction and conviviality. Buyers, envisioning a lifestyle characterized by vibrant gatherings and cherished moments shared with loved ones, prioritize kitchens designed for entertaining. Open-concept layouts seamlessly integrate the kitchen with adjoining living spaces, fostering a sense of connectivity and inclusivity that transcends physical boundaries.
From casual brunches with friends to elaborate dinner parties that unfold with theatrical flair, the kitchen serves as a stage for culinary artistry and social engagement. In the eyes of the discerning buyer, a well-appointed kitchen isn’t merely a functional space—it’s a dynamic hub of social activity and shared experiences, where the tapestry of life unfolds in all its richness and complexity.
Investment Potential:
Beyond its intrinsic value as a living space, the kitchen holds considerable investment potential for both buyers and sellers alike. Recognizing the pivotal role that kitchens play in shaping buyer perceptions and driving purchasing decisions, sellers are increasingly inclined to invest in kitchen renovations and upgrades. From modernizing outdated fixtures to incorporating state-of-the-art appliances and premium finishes, strategic enhancements can significantly elevate a property’s market value and desirability.
Savvy buyers, attuned to the transformative power of kitchen renovations, view such investments not as expenses, but as strategic opportunities to enhance their quality of life and maximize their return on investment. In this symbiotic relationship between buyer and seller, the kitchen emerges as a focal point of negotiation and investment, where the promise of future returns converges with the pursuit of personal fulfillment and domestic bliss.
In the grand tapestry of homebuying decisions, the kitchen stands as a luminous thread that weaves together disparate elements of functionality, aesthetics, social connectivity, and investment potential. Beyond its role as a mere culinary workspace, the kitchen embodies the essence of home—a sanctuary where daily rituals are imbued with meaning, and cherished memories are forged amidst the warmth of familial bonds.
As buyers embark on their quest for the perfect abode, they find themselves inexorably drawn to kitchens that transcend the ordinary, offering a sanctuary where the art of living unfolds in all its splendor and grace. In the timeless dance of real estate transactions, the kitchen reigns supreme as a beacon of comfort, creativity, and domestic harmony—a testament to the enduring significance of home in the human experience.
Enhancing Your Home’s Curb Appeal: Elevate Your Property’s First Impression
Landscaping forms the foundation of your home’s exterior aesthetics. Start by maintaining a well-manicured lawn, trimmed hedges, and neatly pruned trees. Add pops of color with seasonal flowers and plants to create a welcoming ambiance. Consider investing in professional landscaping services for a polished look that complements your home’s architecture.
Exterior Painting: Refresh and Renew
A fresh coat of paint can breathe new life into your home’s exterior. Choose colours that complement your surroundings while reflecting your style. Pay attention to details like the front door, shutters, and trim, as these accents can make a significant impact. Don’t forget to prep the surfaces properly for long-lasting results.
Upgrade Your Front Door: The Gateway to Welcome
The front door is the focal point of your home’s facade. Consider upgrading to a stylish, energy-efficient door that enhances both security and aesthetics. Opt for bold colours or unique designs to make a statement and create a memorable first impression. Complete the look with complementary hardware and lighting fixtures.
Illuminate Your Entryway: Guiding Light
Well-placed outdoor lighting enhances safety and adds a touch of elegance to your home’s exterior. Install fixtures along pathways, near the front door, and around landscaping features to create visual interest and highlight architectural details. Choose energy-efficient LED lights for cost-effective and environmentally friendly solutions.
Upgrade Your Garage Door: Seamless Integration
The garage door often occupies a significant portion of the home’s facade. Replace outdated or worn garage doors with modern, stylish options that complement your home’s architecture. Choose materials and finishes that blend seamlessly with the overall aesthetic while prioritizing functionality and durability.
Clean and Maintain Exterior Surfaces: Shine Bright
Regular cleaning and maintenance are essential for preserving your home’s exterior surfaces. Pressure wash siding, decks, and driveways to remove dirt, grime, and mildew buildup. Repair any cracks or damage to stucco, brick, or wood surfaces promptly to prevent further deterioration and maintain curb appeal.
Add Architectural Details: Character and Charm
Architectural details can add character and charm to your home’s exterior. Consider installing decorative trim, moulding, or brackets to enhance the visual interest and break up large expanses of siding. Incorporate elements like window boxes, pergolas, or awnings to create depth and dimension.
Upgrade Your Mailbox and Address Numbers: Attention to Detail
Small details like the mailbox and address numbers can make a big difference in your home’s curb appeal. Choose stylish, durable mailbox designs that complement your home’s style and colour scheme. Ensure that address numbers are prominently displayed and easy to read from the street for added convenience.
Create Outdoor Living Spaces: Extend Your Home’s Appeal
Outdoor living spaces are increasingly popular and can significantly enhance your home’s curb appeal. Create inviting areas for relaxation and entertainment with comfortable seating, dining areas, and outdoor kitchens. Incorporate landscaping elements like pergolas, fire pits, or water features to create a tranquil oasis.
Enhance Your Entryway: Inviting and Welcoming
The entryway sets the tone for the rest of your home. Make it inviting and welcoming with stylish furniture, accessories, and decor. Add a welcoming doormat, seasonal wreath, or potted plants to add warmth and personality. Consider upgrading the porch flooring or adding a porch swing for added charm.
Conceal Eyesores: Strategic Solutions
Every home has its flaws, but strategic solutions can help conceal or minimize them. Hide unsightly features like air conditioning units, utility boxes, or trash bins with clever landscaping, fencing, or decorative screens. Create visual distractions with focal points like water features or garden art to draw attention away from problem areas.
Invest in Professional Photography: Capture the Beauty
Once you’ve enhanced your home’s curb appeal, don’t forget to document it with professional photography. High-quality images can showcase your property’s best features and attract potential buyers or renters. Highlight architectural details, landscaping, and outdoor living spaces to create a compelling visual narrative that resonates with viewers.
Elevating your home’s curb appeal is a worthwhile investment that pays dividends in both aesthetic appeal and property value. By implementing these tips and paying attention to detail, you can create a welcoming exterior that leaves a lasting impression on visitors and passersby alike. Remember that even small changes can make a big difference in enhancing your home’s overall appeal and making it stand out in the neighbourhood.