The Canadian government has recently announced a decision that is expected to benefit first-time homebuyers looking to purchase newly built homes. The government has extended the maximum amortization period on insured mortgages from 25 to 30 years for those whose down payment is less than 20% of the home price. This move is intended to allow young Canadians to have more affordable monthly payments, thus contributing to economic growth and recovery. Many advocates have praised this decision, calling it a “step in the right direction” and a “game-changer.” The extension of the amortization perio ..read more

The latest report on March 2024 home sales through TRREB’s MLS® System shows steady progress in the real estate market despite the lower sales compared to March 2023. One of the contributing factors to this decline is the statutory holiday Good Friday, which fell in March this year instead of April last year. However, there was enough competition between buyers, leading to a moderate increase in the average March home price. The Greater Toronto Area (GTA) REALTORS® recorded 6,560 sales through TRREB’s MLS® System in March 2024, a 4.5% decline compared to March 2023. But, new listings increased ..read more

If you’ve been waiting for the spring selling season to kick off your home, this busy real estate season has arrived. Many homebuyers are in the market for a new home in the spring because it aligns with the current school year’s end and allows you to settle in a new home over the summer before a new school year begins. The days are longer, and the snow and ice storms are behind you, making it easier to travel to showings. And houses appear more vibrant and brighter, thanks to the greener grass, blooming landscaping and warmer sun. Prepare to List Your Own Home If you plan on selling your curr ..read more

When you’re in the market for a new home and you have kids, it’s essential to consider the size of the yard along with the size of the house. A spacious yard can give your family plenty of opportunities to spend time outdoors, play games, and host picnics, and barbecues. Here are some tips that can help you find a home with an outdoor area perfect for your family. Choose a Property That Can Accommodate Your Favorite Activities The first thing to consider when looking for a suitable property is to choose one that can accommodate your favourite activities. If you have young children, a big yard ..read more

The Greater Toronto Area (GTA) housing market experienced an increase in sales and new listings on an annual and monthly basis in February 2024, along with a rise in selling prices. This can be attributed to the region’s population growth and resilient economy, which have continued to support the demand for housing. Despite higher borrowing costs, homebuyers have adapted to the market conditions and have saved up larger down payments looked for less expensive home types, or searched for different locations in the GTA. The Bank of Canada’s decision to halt rate hikes has given consumers hope fo ..read more

The report on the housing market in January 2024 shows a positive start, with an annual increase in home sales as compared to January 2023. This increase is great news for homebuyers as the lower borrowing costs associated with fixed-rate mortgage products made it possible for them to own a home. Although the new listings were up year-over-year, they were up at a lesser annual rate compared to sales, resulting in tighter market conditions. This indicates that the market is moving towards renewed price growth as we move into the spring market. The Bank of Canada predicts that the rate of inflat ..read more

If you’re planning to renovate your home, it’s essential to understand the local building codes and ensure that your plans comply with those regulations. These codes may restrict the scope of your project or demand you to upgrade your property. By researching these requirements early on, you can avoid unexpected delays and budget overruns, which will help you to complete your renovation project successfully. Common Building Code Requirement Building codes are an essential set of guidelines that ensure the safety and well-being of those who occupy the buildings. They establish standards for con ..read more

It’s been a tough year for many households seeking to purchase a home in the Greater Toronto Area (GTA). With high mortgage rates and less than 70,000 home sales in 2023, the dream of home ownership seems unattainable for many. However, we understand the importance of having a stable and affordable place to live, especially in the face of record immigration in the upcoming years. In 2023, there were 65,982 home sales reported through TRREB’s MLS® System, which is a 12.1% decrease compared to 2022. We empathize with those who have struggled to find a suitable home to rent or purchase ..read more

After the excitement of the holiday season fades away, it’s time to take care of the holiday decorations and store them properly for next year’s celebrations. While putting away decorations may seem mundane, storing them correctly can help preserve their quality and make it easier to set up and enjoy them in the future. Organize and Cull The holiday season is a great opportunity to review your decor collection and declutter any items that are no longer serving you. Consider donating the ones you didn’t use this year or those you don’t love anymore. Before storing the rest of your seasonal deco ..read more

The Greater Toronto Area (GTA) housing market experienced a decline in sales in November 2023 due to high borrowing costs and uncertain economic conditions. However, the number of listings increased from last year’s supply. The market saw flat selling prices year-over-year, as inflation and elevated borrowing costs impacted affordability. The housing market is sensitive to interest rates, and relief may be on the horizon. Bond yields, which underpin fixed-rate mortgages, have been trending lower, and many forecasters anticipate Bank of Canada rate cuts in the first half of 2024. This could all ..read more