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.

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.

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.

FOR IMMEDIATE RELEASE

Media Relations

Ottawa, Ontario

January 24, 2024

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

Global economic growth continues to slow, with inflation easing gradually across most economies. While growth in the United States has been stronger than expected, it is anticipated to slow in 2024, with weakening consumer spending and business investment. In the euro area, the economy looks to be in a mild contraction. In China, low consumer confidence and policy uncertainty will likely restrain activity. Meanwhile, oil prices are about $10 per barrel lower than was assumed in the October Monetary Policy Report (MPR). Financial conditions have eased, largely reversing the tightening that occurred last autumn.

The Bank now forecasts global GDP growth of 2½% in 2024 and 2¾% in 2025, following 2023’s 3% pace. With softer growth this year, inflation rates in most advanced economies are expected to come down slowly, reaching central bank targets in 2025.

In Canada, the economy has stalled since the middle of 2023 and growth will likely remain close to zero through the first quarter of 2024. Consumers have pulled back their spending in response to higher prices and interest rates, and business investment has contracted. With weak growth, supply has caught up with demand and the economy now looks to be operating in modest excess supply. Labour market conditions have eased, with job vacancies returning to near pre-pandemic levels and new jobs being created at a slower rate than population growth. However, wages are still rising around 4% to 5%.

Economic growth is expected to strengthen gradually around the middle of 2024. In the second half of 2024, household spending will likely pick up and exports and business investment should get a boost from recovering foreign demand. Spending by governments contributes materially to growth through the year. Overall, the Bank forecasts GDP growth of 0.8% in 2024 and 2.4% in 2025, roughly unchanged from its October projection.

CPI inflation ended the year at 3.4%. Shelter costs remain the biggest contributor to above-target inflation. The Bank expects inflation to remain close to 3% during the first half of this year before gradually easing, returning to the 2% target in 2025. While the slowdown in demand is reducing price pressures in a broader number of CPI components and corporate pricing behaviour continues to normalize, core measures of inflation are not showing sustained declines.

Given the outlook, Governing Council decided to hold the policy rate at 5% and to continue to normalize the Bank’s balance sheet. The Council is still concerned about risks to the outlook for inflation, particularly the persistence in underlying inflation. Governing Council wants to see further and sustained easing in core inflation and continues to focus on the balance between demand and supply in the economy, inflation expectations, wage growth, and corporate pricing behaviour. 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 March 6, 2024. The Bank will publish its next full outlook for the economy and inflation, including risks to the projection, in the MPR on April 10, 2024.

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.

Embarking on the journey of purchasing your first home in Ontario is an exciting but sometimes overwhelming experience. From understanding the market dynamics to taking advantage of government incentives, there’s much to consider. In this blog post, we’ll explore essential tips for first-time homebuyers in Ontario, with a special focus on the government’s First-Time Home Buyer Incentive programs.

Financial Preparedness:
Before diving into the market, assess your financial situation. Establish a budget, taking into account not just the purchase price but also closing costs, moving expenses, and potential renovations. Being financially prepared is a crucial first step.

Explore First-Time Home Buyer Incentives:
The Ontario government offers incentives to support first-time homebuyers. Programs like the First-Time Home Buyer Incentive (FTHBI) can provide shared equity loans, reducing the overall mortgage burden. Research and understand the eligibility criteria and benefits of these incentives.

Get Pre-Approved for a Mortgage:
Knowing your budget beforehand is essential. Secure a mortgage pre-approval to understand how much you can borrow and to show sellers that you are a serious and qualified buyer.

Understand Market Trends:
Stay informed about the current real estate market trends in Ontario. Knowing whether it’s a buyer’s or seller’s market can influence your negotiation strategy and timing.

Work with a REALTOR®:
Engaging the services of a professional REALTOR® like myself can be invaluable, especially for first-time buyers. As Realtors we can provide insights into neighbourhoods, guide you through the buying process, and help you make informed decisions.

Consider Additional Costs:
Beyond the purchase price, factor in additional costs such as property taxes, utilities, and potential homeowners’ association fees. Being aware of these expenses will prevent unexpected financial strain.

Attend Open Houses:
Visit open houses to get a feel for different neighborhoods and property types. This hands-on approach helps you refine your preferences and priorities.

Inspect Before You Invest:
A thorough home inspection is crucial. Identify potential issues before finalizing the purchase to avoid unexpected expenses down the line.

Be Mindful of Closing Costs:
Closing costs can add up, including legal fees, land transfer taxes, and home insurance. Understand these costs in advance to avoid any last-minute surprises.

Plan for the Future:
Consider your long-term plans and whether the property aligns with your future goals. A home is a significant investment, and thinking ahead can contribute to a more successful and satisfying purchase.

Conclusion:
Navigating the Ontario real estate market as a first-time homebuyer requires careful planning and consideration. By incorporating these tips and exploring government incentive programs like the First-Time Home Buyer Incentive, you can make informed decisions and embark on your homeownership journey with confidence. Remember, with the right preparation, your first home purchase in Ontario can be a rewarding and fulfilling experience.

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.

In the bustling Ontario real estate market, making a memorable first impression is crucial for a quick and successful home sale. One of the key strategies to achieve this is effective home staging. In this blog post, we’ll explore essential home staging tips tailored to the Ontario market, helping sellers create a captivating environment that resonates with potential buyers.

• Declutter and Depersonalize:
  Begin the home staging process by decluttering and depersonalizing your space. Remove personal items, excessive furniture, and any clutter that might distract potential buyers. This allows them to envision the space as their own and emphasizes the property’s potential.
• Highlight Key Features:
  Identify and emphasize the unique features of your home. Whether it’s a stunning fireplace, spacious kitchen, or picturesque window views, showcasing these highlights can leave a lasting impression on potential buyers.

• Let in Natural Light:
  Ontario is known for its beautiful natural light especially during the summer months. Maximize this asset by opening curtains and blinds during showings. Well-lit spaces feel more inviting and spacious, contributing to a positive viewing experience.
• Neutralize Color Palette:
  Neutral tones create a blank canvas that appeals to a broader audience. Consider repainting walls in soft, neutral colors and using neutral-colored furnishings. This not only enhances the overall aesthetic but also helps potential buyers envision their own décor in the space.

• Invest in Quality Photography:
  In today’s digital age, many homebuyers begin their search online. High-quality photos are essential for attracting attention and encouraging potential buyers to schedule a viewing. Consider hiring a professional photographer to capture your home’s best angles.
• Arrange Furniture Thoughtfully:
  Proper furniture placement can enhance the flow and functionality of each room. Arrange furniture in a way that highlights the room’s purpose and makes it easy for potential buyers to navigate.

• Create Inviting Outdoor Spaces:
  In Ontario, outdoor spaces are highly valued. Ensure that your yard, balcony, or patio is well-maintained and inviting. Consider adding cozy seating, potted plants, or outdoor lighting to enhance the appeal of these areas.
• Address Minor Repairs:
  Take care of any minor repairs or maintenance issues before listing your home. This includes fixing leaky faucets, squeaky doors, and any visible signs of wear and tear. A well-maintained home suggests that it has been cared for, instilling confidence in potential buyers.

• Stage Each Room’s Purpose:
  Clearly define the purpose of each room to help potential buyers visualize their lifestyle in the space. If you have a multipurpose room, consider staging it with a specific function in mind to avoid confusion.
• Keep it Fresh:
  Lastly, ensure your home is clean, fresh, and inviting. Open windows for ventilation, use air fresheners sparingly, and consider adding fresh flowers or plants to enhance the overall atmosphere.

Conclusion:
Effective home staging is an invaluable tool in the competitive Ontario real estate market. By creating a visually appealing and welcoming environment, sellers increase the likelihood of capturing the attention of potential buyers, ultimately leading to a quicker and more successful home sale. Implement these tips to make your property stand out in the bustling real estate landscape.

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.

Securing pre-approval is a pivotal step for homebuyers in Canada, as it provides a more comprehensive and concrete commitment from lenders compared to pre-qualification. To initiate this process, prospective buyers should gather essential financial documents, including proof of income, employment verification, and details about existing debts. These documents help lenders assess the buyer’s financial stability and capacity to repay a mortgage, forming the basis for a pre-approval decision.

Choosing a reputable mortgage professional or financial institution is paramount when seeking pre-approval. The selected expert will carefully review the buyer’s financial documentation, conducting a thorough analysis of their creditworthiness. This evaluation goes beyond the initial pre-qualification, providing a more accurate estimate of the loan amount the buyer can secure. With pre-approval, buyers gain a clearer understanding of their budget, streamlining the home search process and allowing them to focus on properties within their financial means. Please contact me so I can refer you to the trusted and highly recommended mortgage professionals that my clients and brokerage have used.

Upon successful pre-approval, buyers receive a formal commitment from the lender, often in the form of a letter. This document specifies the approved loan amount, interest rate, and other pertinent details. Armed with this pre-approval letter, buyers demonstrate to sellers that they are not only serious about purchasing a home but also financially capable. In a competitive real estate market, having pre-approval significantly enhances a buyer’s negotiating power and increases the likelihood of their offer being accepted.

Buyers should be aware that pre-approval typically has a validity period, usually ranging from 60, 90 or 120 days. During this time, it is crucial for buyers to actively search for a home and finalize their purchase. If the homebuying process extends beyond the pre-approval‘s expiration date, they may need to undergo the process again, taking into account any changes in their financial circumstances.

In conclusion, obtaining pre-approval is a strategic move for homebuyers in Canada. By diligently preparing financial documentation, collaborating with a trusted mortgage professional, and actively pursuing properties within their approved budget, buyers can position themselves as serious and capable contenders in the competitive real estate landscape. The pre-approval process not only streamlines the home buying journey but also instills confidence in both buyers and sellers throughout the transaction.

On January 3, 2024, the REALTOR® Cooperation Policy will be enforced, bringing into operation the new “Duty of Cooperation” as outlined in Article 30 of the REALTOR® Code.

What is mandated by this policy?

• In cases where public marketing of a residential listing takes place, REALTORS® must ensure the inclusion of the listing on an MLS® System within the timeframe specified by their respective board or association, unless an exemption is applicable. The policy allows for a maximum timeframe of up to three-(3) days.

Are there any exemptions?

• The policy does not restrict brokers from exclusively representing a buyer or seller.
• Moreover, it stipulates that REALTORS® must apprise their seller clients of the advantages of marketing their listing on an MLS® System. Should the seller opt to forgo the benefits of public marketing, this decision must be confirmed in writing.

What is defined as public marketing?

• Public marketing refers to reaching out to the general public and/or any REALTOR® not directly affiliated with the listing brokerage/office in a business capacity.
• It is not categorized as public marketing when a listing REALTOR® directly markets to REALTORS® from another brokerage or office. “One-to-one” marketing does not trigger the policy, while “one-to-many” does.

How does this policy positively impact you and your clients?

• Benefits for sellers: Inclusion on an MLS® System enhances exposure to potential buyers.
• Benefits for buyers: A greater number of sellers on MLS® Systems translates to increased options for buyers.
• Benefits for REALTORS®: Collaboration between REALTORS® remains fundamental to the success of every real estate transaction.

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.

TRREB: The 2023 GTA Housing Market: High Borrowing Costs and Growing Affordability Challenges

TORONTO, ONTARIO, January 4, 2024 – While the overall demand for housing remained buoyed by record immigration in 2023, more of this demand was pointed at the rental market. The number of Greater Toronto Area (GTA) home sales in 2023 came in at less than 70,000 due to affordability issues brought about by high mortgage rates.

“High borrowing costs coupled with unrealistic federal mortgage qualification standards resulted in an unaffordable home ownership market for many households in 2023. With that said, relief seems to be on the horizon. Borrowing costs are expected to trend lower in 2024. Lower mortgage rates coupled with a relatively resilient economy should see a rebound in home sales this year,” said new Toronto Regional Real Estate Board (TRREB) President Jennifer Pearce.

There were 65,982 home sales reported through TRREB’s MLS® System in 2023 – a 12.1 per cent dip compared to 2022. Despite an uptick during the spring and summer, the number of new listings also declined in 2023. The trend for listings has been largely flat-to-down over the past decade, which is problematic in the face of a steadily growing population. On a seasonally adjusted monthly basis, sales increased compared to November, while new listings declined for the third straight month.

The average selling price for all home types in 2023 was $1,126,604, representing a 5.4 per cent decline compared to 2022. On a seasonally adjusted monthly basis, the average selling price edged higher, while the MLS® Home Price Index Composite edged lower.

“Buyers who were active in the market benefitted from more choice throughout 2023. This allowed many of these buyers to negotiate lower selling prices, alleviating some of the impact of higher borrowing costs. Assuming borrowing costs trend lower this year, look for tighter market conditions to prompt renewed price growth in the months ahead,” said TRREB Chief Market Analyst Jason Mercer.

“Record immigration into the GTA in the coming years will require a corresponding increase in the number of homes available to rent or purchase. People need to have comfort in knowing that they can plan their lives and future with the certainty that they will have the stability of an affordable place to live,” said TRREB CEO John DiMichele.

TRREB is releasing its 2024 Market Outlook and Year in Review report and digital digest on Thursday, February 8. Discover the listings, sales and price forecast for 2024 and a more in-depth look at the 2023 housing market. The outlook will also include the latest Ipsos polling on home buying and selling intentions, homeowners’ viewpoints on government policy and taxation, and insights on immigration.

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May this year bring you joy, success, and new opportunities. As we embark on another chapter, may it be filled with love, laughter, and memorable moments. Here’s to a prosperous and fulfilling year ahead!

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.

Bank of Canada maintains policy rate, continues quantitative tightening

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

Inflation in advanced economies has continued to come down, but with measures of core inflation still elevated, major central banks remain focused on restoring price stability. Global growth slowed in the second quarter of 2023, largely reflecting a significant deceleration in China. With ongoing weakness in the property sector undermining confidence, growth prospects in China have diminished. In the United States, growth was stronger than expected, led by robust consumer spending. In Europe, strength in the service sector supported growth, offsetting an ongoing contraction in manufacturing. Global bond yields have risen, reflecting higher real interest rates, and international oil prices are higher than was assumed in the July Monetary Policy Report (MPR).

The Canadian economy has entered a period of weaker growth, which is needed to relieve price pressures. Economic growth slowed sharply in the second quarter of 2023, with output contracting by 0.2% at an annualized rate. This reflected a marked weakening in consumption growth and a decline in housing activity, as well as the impact of wildfires in many regions of the country. Household credit growth slowed as the impact of higher rates restrained spending among a wider range of borrowers. Final domestic demand grew by 1% in the second quarter, supported by government spending and a boost to business investment. The tightness in the labour market has continued to ease gradually. However, wage growth has remained around 4% to 5%.

Recent CPI data indicate that inflationary pressures remain broad-based. After easing to 2.8% in June, CPI inflation moved up to 3.3% in July, averaging close to 3% in line with the Bank’s projection. With the recent increase in gasoline prices, CPI inflation is expected to be higher in the near term before easing again. Year-over-year and three-month measures of core inflation are now both running at about 3.5%, indicating there has been little recent downward momentum in underlying inflation. The longer high inflation persists, the greater the risk that elevated inflation becomes entrenched, making it more difficult to restore price stability.

With recent evidence that excess demand in the economy is easing, and given the lagged effects of monetary policy, Governing Council decided to hold the policy interest rate at 5% and continue to normalize the Bank’s balance sheet. However, Governing Council remains concerned about the persistence of underlying inflationary pressures, and is prepared to increase the policy interest rate further if needed. 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 behavior 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 October 25, 2023. The Bank will publish its next full outlook for the economy and inflation, including risks to the projection, in the Monetary Policy Report at the same time.

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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.