Market Update • March 5, 2024

News Update: CMHC To End First-Time Homebuyer Incentive Program

by Gerald Lawrence

IMPORTANT – February 29, 2024

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

About the Program

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.

Property Update • Property Update • February 25, 2024

SOLD! – 12 Village Green Lane

by Gerald Lawrence

SOLD Property courtesy of YorkDurhamHomes

Property Update • Property Update • Property Update • Property Update • February 20, 2024

Just Listed – Kawartha Lakes Waterfront Property

by Gerald Lawrence

Design by Gerald Lawrence

Property Update • February 20, 2024

New Listings Alert!

by Gerald Lawrence

Design by Gerald Lawrence

General Info • February 15, 2024

Enter February’s VIP Gift Card giveaway!

by Gerald Lawrence

A Chilly February VIP Giveaway!

February VIP Club – Giving Away $25 to the place of your choosing!

You’re A VIP …
You’re eligible for my monthly giveaways, real estate news and info. There’s no catch; I want to show my appreciation to past, present, and future clients like you.

This month’s VIP giveaway is an unmatched reward! 2 lucky VIP Club Member will win a $25 gift card to their favourite places! All the places you love on one great gift card!

Enter Contest!

Giving away 2 gift cards for $25. Hit the button to enter the draw; confirm your name and email address, and you’re entered. The winner will be drawn on Wed. Feb. 21, and notified shortly after by email.

First Time Home Seller – Here are The 5 Top Considerations When Selling your First Home

Purchasing your first home is an exciting adventure, isn’t it? It’s rather straightforward – You find a home you love, make an offer, and finalize the deal. But, when it comes to selling your first home and purchasing your second, things get a little more complex. Now, you not only have to find a new home to love but also need to sell your current one. There are many things you need to think about when selling your first home.

Let’s go through 5 of the top things you should consider.

1. Know Your Numbers

Consulting with a mortgage professional can give you clarity by helping you understand your current financial position, including knowing your current mortgage details, potential penalties, and the overall financial implications of your sale. They will assist you in estimating your equity, which can be used for the down payment on your new home, and help you understand your budget for your purchase: like costs associated with selling and buying a home, including porting a mortgage and arranging bridge financing if closing dates don’t align. This step is crucial to make sure you understand your financial readiness and to help you set realistic goals for selling your home and buying the next one.

2. Understand the Market

As a realtor, I can’t stress enough the importance of understanding the local real estate market when you’re planning to sell your home. We will start by familiarizing you with key market dynamics: Are we in a buyer’s or seller’s market right now? What are homes like yours selling for, and how long are they typically on the market? We will consider recent changes in interest rates and any new government or banking regulations that might affect buyer motivation. We will also discuss whether it is better to sell or buy first. By the end of it, you will feel confident in taking on selling your first home.

3. Prepare, Prepare, Prepare

First impressions count. As your realtor, I will guide you in preparing your home to ensure it’s ready to impress potential buyers. Together, we’ll focus on decluttering, thorough cleaning, and carrying out essential repairs. This doesn’t always mean undertaking major renovations; often, a simple, fresh coat of paint or fixing minor issues like a leaky faucet can significantly enhance the appeal of your home. Working together with a home stager, we will make your home inviting to a wide array of buyers, enabling them to envision themselves living there easily. Together, we’ll enhance your home’s appeal by highlighting its best features with personalized advice and strategic staging, ensuring it stands out in the market.

4. Set a Realistic Price

Now that your home is looking its best and ready to list, it’s the perfect time to have a detailed conversation about pricing strategy. As your real estate agent, I will guide you through this critical part of the process, ensuring your property is showcased effectively to attract the right buyers. We will review recent neighbourhood sales and competition to set a price for your home that meets your financial needs and matches market trends. Avoiding overpricing or underpricing, we’ll find the right price based on market knowledge and your home’s value. As your real estate agent, my aim is to set a realistic and competitive price to ensure a successful sale.

5. Strategically Navigating Offers for a Successful Home Sale

Last but not least, it’s important to carefully consider each offer on your home, focusing not just on the highest bid, but on what best meets your needs. Look at the buyer’s reliability and the specifics of the offer. I’m here to help you through these decisions and guide you in the negotiation and closing process. I’ll also explain the different types of offers you might receive, whether they’re in-person, via email, or part of a bidding war. With my support, you’ll be well-prepared for every stage of the sale, be it understanding offers or navigating complex bidding scenarios.

While this list doesn’t quite cover every detail of the home selling process, it highlights the most crucial aspects of selling your first home. Remember, with the right advice, preparation, and guidance, selling your home doesn’t have to be stressful.

See the graphic below for all the smaller details of selling your home. And if you’re ready to sell your first home, I am ready to guide you through the process.

Mortgage Corner

Whether you are a first-time homebuyer, looking to refinance your existing mortgage, or have any other mortgage related questions, we are here to help. Our expertise in the field, combined with a commitment to providing personalized attention and exceptional service, means you can trust us to guide you through the mortgage process with ease.

Click the link below to contact us and learn more about how we can assist you with your mortgage needs.

Learn more…

January’s VIP Gift Card Winner

Congrats to Peta-Ann, Donald H. who won the January VIP Gift Card giveaway!

Get In Touch

Questions on the real estate market, or just want to get in touch?
Email me anytime!

General Info • General Info • February 15, 2024

The Significance of the Kitchen in Homebuying Decisions

by Gerald Lawrence

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.

February 15, 2024

Enhancing Your Home’s Curb Appeal: Elevate Your Property’s First Impression

by Gerald Lawrence

First impressions matter, especially when it comes to your home. Enhancing your property’s curb appeal not only adds aesthetic charm but also increases its value. From simple upgrades to more significant renovations, investing in your home’s exterior can yield significant returns. Here are some tips to help you elevate your home’s curb appeal and make it stand out in the neighbourhood.

Landscaping: The Green Canvas

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.

Market Update • Market Update • Market Update • Market Update • February 6, 2024

Tighter Market Conditions in January 2024 When Compared to the Previous Year

by Gerald Lawrence

TRREB: Tighter Market Conditions in January 2024 When Compared to the Previous Year

TORONTO, ONTARIO, February 6, 2024 – Home sales were up in January 2024 in comparison to January 2023. This annual increase came as some homebuyers started to benefit from lower borrowing costs associated with fixed rate mortgage products. New listings were also up year-over-year but by a lesser annual rate compared to sales. The resulting tighter market conditions when compared to the same period a year earlier, potentially points toward renewed price growth as we move into the spring market.

“We had a positive start to 2024. The Bank of Canada expects the rate of inflation to recede as we move through the year. This would support lower interest rates which would bolster home buyers’ confidence to move back into the market. First-time buyers currently facing high average rents would benefit from lower mortgage rates, making the move to homeownership more affordable,” said TRREB President Jennifer Pearce.

There were 4,223 sales reported through TRREB’s MLS® System in January 2024 – an increase of more than one-third compared to January 2023. The number of new listings was also up year-over-year but by a lesser annual rate of approximately six percent. Stronger sales growth relative to listings suggests buyers experienced tighter market conditions compared to a year ago.

On a month-over-month seasonally adjusted basis, both sales and new listings were up. Sales increased more than listings which means market conditions tightened relative to December 2023.

“Once the Bank of Canada actually starts cutting its policy rate, likely in the second half of 2024, expect home sales to pick up even further. There will be more competition between buyers in 2024 as demand picks up and the supply of listings remains constrained. The end result will be upward pressure on selling prices over the next two years,” said TRREB Chief Market Analyst Jason Mercer.

The MLS® Home Price Index Composite in January 2024 was down by less than one per cent year-over-year in January. The average selling price was down by one per cent year-over-year to $1,026,703. On a month-over-month seasonally adjusted basis, both the MLS® HPI Composite and the average selling price also trended lower.

“While housing market conditions are expected to improve with lower borrowing costs, there are still a number of policy issues that need to be addressed. At the federal level, more reflection on the Office of the Superintendent of Financial Institution (OSFI) mortgage stress test is required, especially to its application at different points in the interest rate cycle. The focus for the Province needs to remain on building 1.5 million new homes. At the municipal level, raising property taxes without consistent support from the federal and provincial governments won’t eliminate Toronto’s structural deficit. Helping first-time homebuyers get into the ownership

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.

Market Update • February 1, 2024

Sellers Are Coming: Over The Next 2 Years | 7 Million People Turn 65

by Gerald Lawrence

In the dynamic realm of real estate, trends and demographics play a pivotal role in shaping the market landscape. A significant shift is on the horizon as the next two years will witness a surge of individuals turning 65 – a staggering 7 million people to be exact. This demographic milestone has profound implications for the real estate market, particularly for sellers. As a REALTOR® in Ontario, Canada, it is crucial to anticipate and adapt to the evolving needs of this aging population.

The first ripple effect of this demographic shift is the influx of homes hitting the market. With a significant portion of the population reaching retirement age, there will be a surge in properties for sale. This surge not only presents opportunities for buyers but also challenges for sellers in a more competitive market. As your REALTOR®, it becomes imperative to strategically position your properties and effectively market them to stand out in this influx. Please reach out to me as soon as you can so we can discuss the real estate opportunities as you make your retirement plans.

Furthermore, the unique preferences and requirements of this aging demographic will necessitate a nuanced approach to real estate transactions. Older sellers may have distinct needs, such as downsizing or seeking homes with accessibility features. Tailoring services to accommodate these needs will be essential in providing exceptional service and ensuring client satisfaction. As a Senior’s Real Estate Specialist – SRES®, I have gained special training and experience to handle the unique situations around this demographic of sellers and buyers.

Beyond the immediate implications for the housing market, the economic impact of this demographic shift cannot be overlooked. The selling and buying of properties contribute significantly to the economy, and the sheer volume of transactions anticipated in the next two years will undoubtedly have ripple effects across various sectors.

Moreover, the rise of remote work has altered the real estate landscape, with individuals no longer bound by geographical constraints. This opens up opportunities for sellers as a broader pool of potential buyers may express interest in properties located in areas that are not as populous as Toronto, such as Durham Region, York Region, Simcoe County and Kawartha Lakes amongst others in Ontario, Canada. As a REALTOR®, I fully leverage digital platforms and marketing strategies to reach this expanded audience which becomes crucial for success of my sellers seeking maximum exposure for the highest price in the shortest time

Despite the opportunities, challenges also arise. Increased competition among sellers may put pressure on pricing strategies. REALTORS® must navigate this landscape adeptly, employing strategic pricing models and negotiation skills to ensure optimal outcomes for their clients or for buyer clients who want to leave no stones unturned when looking for the perfect property.

The demographic shift also underscores the importance of staying abreast of evolving market dynamics and trends. As a REALTOR® in Ontario, continuous education and adaptation to emerging market conditions have been essential to me for providing clients with informed guidance and facilitating seamless transactions, especially as it relates to new real estate laws, provincial rules and federal regulations that get introduced or changed from time to time.

In conclusion, the next two years promise a significant wave of sellers entering the real estate market, driven by the aging demographic turning 65. As a REALTOR® in Ontario, recognizing the multifaceted implications of this demographic shift and adapting strategies accordingly will be paramount. Therefore, I am fully embracing innovation, understanding unique client needs, and staying informed about market trends that will position me for success on behalf of my clients in navigating this exciting yet challenging landscape.

General Info • January 30, 2024

Get a FREE Ticket To The National Home Show!

by Gerald Lawrence

Unveiling the National Home Show: A Must-Attend Event in Toronto, Ontario, Canada

As a proud resident of Ontario, Canada, you likely have an appreciation for the vibrant and dynamic real estate scene in the province. For those with a keen interest in home improvement, interior design, and the latest trends in the housing market, the National Home Show in Toronto stands out as a must-attend event.

Overview of the National Home Show:

The National Home Show, hosted annually at the Enercare Centre in Exhibition Place, Toronto, is a premier exhibition that brings together industry experts, professionals, and enthusiasts. This event serves as a one-stop destination for all things related to homes, providing invaluable insights, inspiration, and the latest innovations in the real estate and home improvement sectors.

What to Expect:

Spanning from March 8-10th and 13-17th, the National Home Show promises an exciting array of exhibits, workshops, and presentations. Renowned experts and influencers in the real estate and home improvement industry gather to showcase the latest trends, technologies, and designs. From cutting-edge smart home solutions to eco-friendly innovations, the event caters to a diverse audience with varied interests.

Exclusive Offer for Clients:

As a keen REALTOR®, it’s my pleasure to extend an exclusive offer to you. I am delighted to offer One-(1) FREE ticket for the National Home Show, allowing you and if you refer another person to register who can be a family member, friend, co-worker or colleague to immerse yourselves in the wealth of knowledge and inspiration that the event has to offer. ONLY 1 TICKET per person.

How to Redeem Your Free Tickets:

If you would like to claim your complimentary tickets, all you need to do is sign up for the Neighbourhood News Report and/or get an INSTANT Free Home Value in 10 Seconds. Once you’ve done so, I will make sure that you and your plus one receive your passes promptly. Please note that this offer is available for a limited time only, so act quickly to secure your spot at this prestigious event.

Networking Opportunities:

Besides showcasing fascinating exhibits, the National Home Show serves as an excellent platform for networking. Connect with industry professionals, and potential clients, and stay ahead of the curve in the ever-evolving real estate landscape.

Conclusion:

The National Home Show is not just an event; it’s an experience that promises to elevate your understanding of the real estate and home improvement sectors. Avail yourself of this exclusive offer and join us at the Enercare Centre in Toronto from March 8-10th and 13-17th for a weekend filled with innovation, inspiration, and invaluable connections.

I look forward to seeing you at the National Home Show!