April 2023 Market Statistics – Low Inventory, Lower Rates, More Buyers, Prices Improve!

by Gerald Lawrence

TRREB: GTA SALES AND PRICE CONTINUE TO IMPROVE WHILE LISTINGS REMAIN CONSTRAINED TORONTO, ONTARIO,

May 3, 2023 – The Greater Toronto Area (GTA) housing market continued to tighten in April 2023. On a year-over-year basis, sales edged lower compared to April 2022, but new listings were down by more than one-third. Fewer listings relative to sales meant there was more competition between buyers, supporting an improvement in selling prices since the beginning of this year.

“In line with TRREB’s outlook and recent consumer polling results, we are seeing a gradual improvement in sales and average selling price. Many buyers have come to terms with higher borrowing costs and are taking advantage of lower selling prices compared to this time last year. The issue moving forward will not be the demand for ownership housing, but rather the ability to meet this demand with adequate supply. This is a policy issue that requires sustained effort from all levels of government,” said TRREB President Paul Baron.

GTA REALTORS® reported 7,531 sales through TRREB’s MLS® System in April 2023 – down by 5.2 per cent compared to April 2022. In comparison to March 2023, sales increased on an actual and seasonally adjusted basis. On a year-over-year basis, new listings were down by 38.3 per cent in April 2023.

The MLS® Home Price Index (HPI) Composite Benchmark was down by 12.1 per cent year-over-year in April 2023. Compared to March, the benchmark price was up on an actual and seasonally adjusted basis. The average selling price in the GTA was $1,153,269 in April 2023 – down 7.8 per cent compared to $1,250,704 in April 2022. The average selling price also increased compared to March, both on an actual and seasonally adjusted basis.

“As demand for ownership housing has picked up relative to supply, we are seeing renewed upward pressure on home prices. For a short period of time, higher borrowing costs trumped the impact of the constrained housing supply in the GTA. Renewed competition between buyers is once again shining the spotlight on the persistent lack of listings and resulting impact on affordability,” said TRREB Chief Market Analyst Jason Mercer.

“Lack of affordability in the GTA ownership and rental housing markets has been well-documented. On top of this, households faced with steep price increases for basic goods and services have had to make tough decisions to adapt. It is time for governments to make tough choices as well. On average, every dollar a household makes in the first half of the year goes to taxes. Governments need to provide more value for every tax dollar they collect and should be looking for ways to reduce tax burdens moving forward,” said TRREB CEO John DiMichele.

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 • April 21, 2023

Couchiching $$$ – Want to Live In a Lakeside Community Up North?

by Gerald Lawrence

Search for Waterfront Properties on Lake Couchiching in Ramara

Lake Couchiching is a beautiful lake located in Washago, Ontario, Canada. It is part of the Trent-Severn Waterway, a 386 km long canal system that connects Lake Ontario to Georgian Bay. Lake Couchiching is approximately 16 km long and 5 km wide, and it has a maximum depth of 15 meters. The lake is situated adjacent to Lake Simcoe, and they are separated by a narrow channel called the Narrows.

Lake Couchiching is a popular destination for tourists and locals alike, thanks to its pristine waters, beautiful scenery, and endless opportunities for outdoor activities. The lake is known for its clear waters, which make it a popular spot for swimming, boating, and fishing. The lake is home to a variety of fish species, including bass, pike, walleye, and muskie, making it a popular destination for anglers.

Search for Waterfront Properties on Lake Couchiching in Ramara

In addition to fishing, Lake Couchiching is also a great spot for boating. The lake has several marinas and boat launches, making it easy to access the water. There are also several rental companies that offer boats and watercraft for visitors who don’t have their own.

For those who prefer to stay on land, Lake Couchiching offers plenty of opportunities for hiking, biking, and picnicking. The lake has several parks and nature reserves, including the Mara Provincial Park, which is located on the eastern shore of the lake. The park offers hiking trails, camping facilities, and beautiful views of the lake.

Another popular attraction on Lake Couchiching is the Casino Rama Resort. The casino is located on the eastern shore of the lake and offers a variety of gaming options, as well as entertainment and dining.

Lake Couchiching is also a popular destination for winter sports enthusiasts. The lake freezes over in the winter, providing an excellent spot for ice fishing, skating, and snowmobiling. The lake is also located near several ski resorts, making it a great spot for skiing and snowboarding.

Search for Waterfront Properties on Lake Couchiching in Ramara

In addition to its recreational opportunities, Lake Couchiching is also an important ecological resource. The lake is home to several species of waterfowl, including loons, herons, and ducks. It is also an important spawning ground for fish species, making it an important area for conservation efforts.

Overall, Lake Couchiching is a beautiful and diverse destination that offers something for everyone. Whether you’re looking for a spot to fish, boat, hike, or simply relax, Lake Couchiching is a must-visit destination in Washago, Ontario.

Take the time to check out this cottage property across the road from the lake!

Search for Waterfront Properties on Lake Couchiching in Ramara

Property Update • Property Update • April 21, 2023

Cottage For Long Term Lease In Lakeside Community

by Gerald Lawrence

Looking for a stunning lakeside home with all the amenities and comforts you need? Look no further! This beautiful house, located on a quiet private road, is just steps away from the picturesque Lake Couchiching.

Enjoy lakefront living at its best with direct access to the lake from across the road. Swim, sunbathe, or simply relax by the water’s edge. Inside, you’ll find a bright and spacious open-concept design with beautiful finishes throughout. The second bedroom on the main floor is currently being used as a second living space, giving you plenty of room to spread out and enjoy your surroundings.

Located just minutes from shopping, restaurants, and recreational activities, this home offers the perfect combination of convenience and serenity. Take advantage of nearby trails and outdoor activities, or head into Orillia just 15 minutes away for even more options. And if you’re feeling lucky, Casino Rama is only 7 minutes down the road.

Don’t miss your chance to experience lakeside living at its finest. Contact us today to schedule a viewing of this beautiful home!

Uncategorized • April 20, 2023

Home Sellers, Make Your Dream Real With Coldwell Banker®

by Gerald Lawrence

www.QuickHomeValues.ca

To Get a No Obligation – FREE Home Evaluation!

Market Update • April 12, 2023

Good News For Buyers: Interest Rates Stay Unchanged – BOC

by Gerald Lawrence

Bank of Canada maintains policy rate, continues quantitative tightening

FOR IMMEDIATE RELEASE

Media Relations

Ottawa, Ontario

April 12, 2023

The Bank of Canada today held its target for the overnight rate at 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. The Bank is also continuing its policy of quantitative tightening.

Inflation in many countries is easing in the face of lower energy prices, normalizing global supply chains, and tighter monetary policy. At the same time, labour markets remain tight and measures of core inflation in many advanced economies suggest persistent price pressures, especially for services.

Global economic growth has been stronger than anticipated. Growth in the United States and Europe has surprised on the upside, but is expected to weaken as tighter monetary policy continues to feed through those economies. In the United States, recent stress in the banking sector has tightened credit conditions further. US growth is expected to slow considerably in the coming months, with particular weakness in sectors that are important for Canadian exports. Meanwhile, activity in China’s economy has rebounded, particularly in services. Overall, commodity prices are close to their January levels. The Bank’s April Monetary Policy Report (MPR) projects global growth of 2.6% this year, 2.1% in 2024, and 2.8% in 2025.

In Canada, demand is still exceeding supply and the labour market remains tight. Economic growth in the first quarter looks to be stronger than was projected in January, with a bounce in exports and solid consumption growth. While the Bank’s Business Outlook Survey suggests acute labour shortages are starting to ease, wage growth is still elevated relative to productivity growth. Strong population gains are adding to labour supply and supporting employment growth while also boosting aggregate consumption. Housing market activity remains subdued.

As more households renew their mortgages at higher rates and restrictive monetary policy works its way through the economy more broadly, consumption is expected to moderate this year. Softening foreign demand is expected to restrain exports and business investment. Overall, GDP growth is projected to be weak through the remainder of this year before strengthening gradually next year. This implies the economy will move into excess supply in the second half of this year. The Bank now projects Canada’s economy to grow by 1.4% this year and 1.3% in 2024 before picking up to 2.5% in 2025.

CPI inflation eased to 5.2% in February, and the Bank’s preferred measures of core inflation were just under 5%. The Bank expects CPI inflation to fall quickly to around 3% in the middle of this year and then decline more gradually to the 2% target by the end of 2024. Recent data is reinforcing Governing Council’s confidence that inflation will continue to decline in the next few months. However, getting inflation the rest of the way back to 2% could prove to be more difficult because inflation expectations are coming down slowly, service price inflation and wage growth remain elevated, and corporate pricing behaviour has yet to normalize. As it sets monetary policy, Governing Council will be particularly focused on these indicators, and the evolution of core inflation, to gauge the progress of CPI inflation back to target.

In light of its outlook for growth and inflation, Governing Council decided to maintain the policy rate at 4½%. Quantitative tightening continues to complement this restrictive stance. Governing Council continues to assess whether monetary policy is sufficiently restrictive to relieve price pressures and remains prepared to raise the policy rate further if needed to return inflation to the 2% target. The Bank remains resolute in its commitment to restoring price stability for Canadians.

Market Update • April 12, 2023

Uxbridge Real Estate Update – March 2023

by Gerald Lawrence

Real estate activity in Uxbridge, Ontario for March 2023 showed a slight decrease in the average selling price of homes compared to March of the previous year. The average selling price for a home in Uxbridge in March 2023 was $1,329,780, which is a 9.6% decrease from the previous year’s average selling price of $1,470,730.

There were a total of 25 home sales in March 2023, compared to 37 in March of the previous year, indicating a decrease of 32%. This decrease in home sales can be attributed to a variety of factors, including economic uncertainty, changing interest rates, and the ongoing COVID-19 pandemic.

The number of new listings in March 2023 was 43, compared to 45 in March of the previous year, which is a slight decrease of 4.4%. This decrease in new listings could be a sign that homeowners are choosing to hold onto their properties, potentially due to the lower average selling price.

The sales-to-listing ratio for March 2023 was 58%, a significant decrease from the previous year’s ratio of 82%. This means that fewer homes are being sold compared to the number of homes that are being listed for sale. A lower sales-to-listing ratio could be a sign that buyers have more negotiating power in the market, potentially leading to lower prices or more favorable terms.

Overall, the real estate market in Uxbridge, Ontario for March 2023 showed some signs of slowing down compared to the previous year. While the average selling price decreased slightly and the number of new listings decreased slightly, the decrease in home sales and sales-to-listing ratio could indicate that the market is becoming more favorable to buyers but sellers in certain price ranges are experiencing quick sales close to, at or over-asking in less than a week.

Reach out to know how much your home is worth in today’s market.

Industry Update • April 7, 2023

Bill 97, Helping Homebuyers, Protecting Tenants Act (“HHPA”), 2022

by Gerald Lawrence

Today, the Government of Ontario introduced new housing legislation – Bill 97, Helping Homebuyers, Protecting Tenants Act (“HHPA”), 2022.

The HHPA is the latest in a series of steps the Province is taking to increase the housing supply and help more Ontarians find a home they can afford. Since 2015, TRREB has been a leading voice at the table with the Province advocating for policies to make homes more affordable for families, and we are thrilled to see the HHPA is acting on several TRREB recommendations.

The HHPA and assorted regulatory postings are proposing policy changes in three key areas:

Helping Landlords & Tenants;
Streamlining Land-Use Planning Policy; and
Helping Homebuyers.

Here’s what you need to know about the Bill:

Helping Landlords & Tenants

The province is moving forward on a series of measures to clear the Landlord and Tenant Board (“LTB”) backlog and strengthen protections for renters and tenants.

Here are the proposed changes:

Clearing the Landlord and Tenant Backlog

An additional $6.5 million to appoint 40 additional adjudicators to improve service standards for landlords and tenants and reduce timeframes for decisions;
Implement a Lean review of the current LTB processes and find opportunities for efficiencies; and
More training for adjudicators to speed up file and hearing management.

Access to Air Conditioning

Proposed changes that would clarify and enhance tenants’ rights to install window or portable air conditioning in their units.

Reinforcing Rules Against Evictions

Proposed changes to further strengthen renter protections from evictions for renovations or when landlord/family member wants to move in.
For example, when evicting a tenant to renovate a unit, landlords would be required to provide a report from a qualified person stating that the unit must be vacant for renovations to take place and the estimated completion date.
For example, when evicting a tenant, the landlord (or their family) would be required to move into the unit by a specific deadline (to be prescribed).

Doubling Fines Under the RTA

The Province is proposing to double fines under the Residential Tenancies Act (“RTA”) for things like bad faith evictions:
- from $50,000 to $100,000 for individuals
- from $250,000 to $500,000 for corporations

Rent Arears Repayment Agreements

The Province is proposing to require the use of the LTB’s plain language repayment agreement form when a tenant is entering into a rent repayment agreement with the landlord.

Build More Homes for Renters

The Province is consulting on regulation-making authorities that will help enable the creation of a balanced framework governing municipal rental replacement by-laws aimed at helping streamline the construction or revitalization of rental housing.
For example, the regulations could include requirements that replacement units have the same core features as original units (e.g., bedrooms) or giving existing tenants the right to move back into the unit at the same rent.

Streamlining Land-Use Planning Policy

The government is seeking input on a proposed new land use planning policy document – the Provincial Planning Statement – that would combine the Provincial Policy Statement and a Place to Grow: Growth Plan for the Greater Golden Horseshoe to streamline and simplify Ontario’s land-use planning rules.

These proposed changes include several TRREB recommendations. Here are the highlights:

Increasing Housing Supply

Maintain a mix of housing types. (TRREB recommendation) All municipalities would be required to provide a range and mix of housing options (e.g., low or mid-rise apartments) to address full range of housing needs in their community.
Build up near transit. (TRREB recommendation) Twenty-nine of Ontario’s largest and fastest growing municipalities would be required to plan for growth in major transit station areas, and other strategic growth areas.
Supporting multigenerational farming families. Permit family-owned farms to build three new residences on their existing property. In questions with the Ministry, it was explained that this would take the form of allowing three lots per family-owned farm property and up to two dwelling units per lot.
Managing settlement boundary areas. Municipalities would have more flexibility deciding when and where to expand their settlement area boundaries, providing more land where it’s needed for housing.

Infrastructure to Support New Homes

Schools and child-care in planning. The Province is proposing to require municipalities and school boards to work more closely to plan for schools and childcare facilities and integrate new facilities into developments.
Planning for Pipes. The Province is proposing to reduce duplication in planning for water, wastewater and stormwater infrastructure to get more land ready for housing development.

Helping Homebuyers

Finally, the Province is proposing a series of changes aimed at helping-homebuyers. TRREB will be very engaged on the proposed cooling-off period for new freehold homes to ensure that a similar policy is not enacted for resale properties.

First Home Savings Account Protections

The Province is proposing regulatory changes to provide unlimited deposit protection insurance for First Home Savings Account (FHSAs) held at Ontario credit unions or caisses populaires.
FHSAs were introduced by the federal government in 2022 to give prospective first-time homebuyers the ability to save up to $40,000 on a tax-free basis.

Cooling-Off Period and Legal Review for New Home Purchases

The Province will consult on a cooling-off period when people buy a new freehold home from a builder and a requirement that builders tell their customers about the cooling-off period.
This change would allow buyers to cancel their purchase agreement within a specified time frame. The Province is seeking feedback on how long the cancellation period should last, disclosure requirements, and whether to include a purchaser cancellation charge.
The Province is also seeking feedback on a requirement that buyers of new homes receive legal advice about their purchase agreements.

Next Steps

As a leading voice for new housing supply, TRREB is at the table with government consulting on these important changes.

Going forward, we will provide feedback directly to officials on the new legislation and proposed regulatory changes that emphasize the need for increased housing supply and stronger protections for new home buyers while avoiding unnecessary red tape for Greater Toronto Area REALTORS^® and real estate.

Stay tuned for more updates from TRREB on these important changes.

March 29, 2023

JUST SOLD: 3+1 Beds, 3 Baths, 2-Car Garage on 1 Acre*

by Gerald Lawrence


	.


	JUST SOLD

	496 Centreline Road \| Lindsay, ON K9V4R5

	After only three-(3) days on the market, the property is now SOLD firm! Buying and selling a home can be a complicated and stressful process. You need a knowledgeable and skilled agent like me to assist you with the sale of your property or the purchase of a new home. I will diligently guide you through your real estate transactions from beginning to close. Contact me today to discuss your real estate needs and in the meantime visit http://QuickHomeValues.ca to get a FREE Home Market Evaluation!

			Gerald Lawrence Manager – REALTOR® Mobile (416) 556-0238 \| Office (905) 852-4338 Send me an email \| Visit my website COLDWELL BANKER R.M.R. REAL ESTATE, BROKERAGE

www.MultipleListings.ca

©️Coldwell Banker. All Rights Reserved. Coldwell Banker®️ and the Coldwell Banker®️ logos are trademarks of Coldwell Banker LLC. Innovate Real Estate Group of Canada Inc. has been licensed the right to use and to sublicense others the right to use the Coldwell Banker®️ System and trademarks in Canada. The Coldwell Banker®️ System in Canada is comprised of offices owned by Innovate Real Estate Group of Canada Inc., or its subsidiaries or related corporations, and franchised offices which are independently owned and operated. Not intended as a solicitation if your property is already listed by another broker.If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully.
Copyright ©2023 Coldwell Banker Real Estate LLC. Pub 3/23

Market Update • March 28, 2023

Prohibition on the Purchase of Residential Property by Non-Canadians Act

by Gerald Lawrence

On January 1, 2023, the federal Prohibition on the Purchase of Residential Property by Non-Canadians Act and associated Regulations (the “Act”) came into force and effect. As the name suggests, the Act bans Non-Canadians, as defined by the Act, from directly or indirectly purchasing certain Residential Property in Canada for a period of two years.

NEW AMENDMENTS EFFECTIVE MARCH 27, 2023
Enable more work permit holders to purchase a home to live in while working in Canada.

The amendments will allow those who hold a work permit or are authorized to work in Canada under the Immigration and Refugee Protection Regulations to purchase residential property. Work permit holders are eligible if they have 183 days or more of validity remaining on their work permit or work authorization at time of purchase, and they have not purchased more than one residential property. The current provisions on tax filings and previous work experience in Canada are being repealed.

Repealing existing provision so the prohibition doesn’t apply to vacant land.

We are repealing section 3(2) of the regulations, so the prohibition does not apply to all lands zoned for residential and mixed use. Vacant land zoned for residential and mixed use can now be purchased by non-Canadians and used for any purpose by the purchaser, including residential development.

Exception for development purposes.

This exception allows non-Canadians to purchase residential property for the purpose of development. The amendments also extend the exception currently applicable to publicly traded corporations under the Act, to publicly traded entities formed under the laws of Canada or a province and controlled by a non-Canadian.

Increasing the corporation foreign control threshold from 3% to 10%.
For the purposes of the prohibition, with regards to privately held corporations or privately held entities formed under the laws of Canada or a province and controlled by a non-Canadian, the control threshold has increased from 3% to 10%. This aligns with the definition of ‘specified Canadian Corporation’ in the Underused Housing Tax Act.

Property Update • March 24, 2023

Stunning Brick Bungalow with Fully Updated Kitchen, Finished Basement, and an Incredible Backyard Oasis Sitting On 1 Acre Near Pigeon Lake!

by Gerald Lawrence

If you’re looking for a cozy and spacious home in a peaceful neighborhood, this red brick bungalow with 3+1 bedrooms, and 3 bathrooms on a sprawling 1-acre lot with a finished basement is definitely worth considering. Located in the tranquil area of Downeyville, this property has a lot to offer with its impressive backdrop and country setting.

As soon as you step inside the house, you’ll be greeted by the bright and airy living space with an open-concept living and dining area. The bay window and sliding doors provide ample natural light and create a welcoming atmosphere. The floors add a warm touch, and the elegant finishes throughout the home create a relaxed feel.

The fully-finished basement is one of the standout features of this property. It includes a bedroom, a 3-piece bathroom with a urinal, a wet bar, a gym area, a laundry room, and a cozy fireplace. This space is perfect for relaxing, hosting gatherings, or even converting into a separate living space. You’ll have plenty of room for all your hobbies and interests.

When it’s time to unwind, head to the fully fenced backyard. The pergola provides shade and adds character to the space, while the hammock and fire pit offer the perfect place to relax and enjoy the outdoors. The hot tub is an excellent feature that adds relaxation to your lifestyle, while the perennial gardens and adjoining planted forest add a touch of nature to your surroundings. The garden shed provides ample storage for your tools and equipment.

Overall, this red brick bungalow is a must-see for anyone looking for a comfortable and convenient home with an abundance of flora and fauna. The combination of functional, spacious living areas, decently sized bedrooms, and beautiful outdoor space make this property an excellent investment for families or anyone who loves to entertain.

Book a showing today and see for yourself all that this property has to offer!