As you may have heard, the real estate market in Ontario cottage country has been very active over the last 2 years. The growth in the number of sales and prices has been driven upwards by many of the same reasons as the residential market in the city. Flexible work schedules, change in jobs, desire for more family time and less travel helped drive the demand even as the desire to own a slice of heaven on a lake, for many, has always been the dream. Covid was the catalyst that helped drive people looking for a cottage to take the "plunge" into the cottage country real estate market. RE/MAX Professionals North which operates offices in Gravenhurst, Bracebridge, Huntsville, Haliburton & Minden was no exception, helping people from both the local markets…

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Stress Test Rate Change 

If you are in the market for a new home, you may have already noticed some changes with your pre approval or mortgage rate when qualifying for a new home. Since June 1, both insured and uninsured mortgage borrowers will be subject to a stricter stress test when qualifying for their mortgage. The process of of approving an uninsured new mortgage against a qualifying interest rate is known as a stress test and is meant to ensure you can still pay your mortgage even if rates rise. In either case borrowers will need to prove they can afford payments based on the higher of the contract rate plus 2% or a new floor rate of 5.25%, up from the current 4.79%. Currently, the qualifying rate is your contract interest rate plus 2% or…

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Canadians invest in home renovations to improve quality of life, not to add value in current Canadian real estate market

  • Challenging Canadian housing market conditions put additional importance to home renovations since the start of COVID-19, both for those looking to stay and those selling
  • More than half of Canadians renovated their home in 2020 with the intention of living in it, with 29% renovating to enhance their lifestyle for non-essential reasons (aesthetic and/or recreational purposes) and 29% doing so for essential reasons (safety and maintenance)
  • Only 16% of Canadians said they renovated to increase the market value of their home in order to sell within in the next one to three years 

A new report by…

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The average cost to build a house in Canada ranges from $120 to $195 per square foot for a detached home. For many Canadians, the dream of building a home is more appealing than just buying one. Building a home comes with many benefits, and if we’re being perfectly honest, some headaches.

What is the cost to build a house in major Canadian cities?

When it comes to the average cost to build a home in Canada, according to Altus Group’s 2021 Canadian Cost Guide, the price per square foot for a detached home in major Canadian cities is as follows:

  • Vancouver: $145 – $265
  • Calgary: $125 – $195
  • Edmonton: $125 – $195
  • Winnipeg: $120 – $185
  • Greater Toronto Area: $140 – $240
  • Ottawa: $120 – $200
  • Montreal: $105 – $175
  • Halifax: $90 –…

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The Real Estate Market in the GTA just wrapped up another record breaking month in the March with 41% more sales than in March 2020 and saw the average home price increase 21.6% to $1,097,565. For many Canadians, Despite the economic challenges associated with the pandemic, real estate has become the most important place to put their money. The question many are asking..who's buying? and where?

In 2017 It was foreign buyers who were blamed for the over heating real estate market which led to the federal government issuing a special 15% foreign buyers tax that arguably did very little to cool the real estate market at the time. This time the blame lies squarely on domestic buyers as tourism, travel and immigration have come to a halt across Canada.…

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Have you tried to purchase a home lately? If you have then you know how challenging it is. If you haven't then strap in! It usually plays out a little like this. You find that perfect home. It seems priced right. Maybe even too low. Too good to be true? probably. Your agent tells you offers are being held back for about a week. That gives all the people who want to see the property a chance to can get in and see it. Some hot properties may see over 100 showings in a week. Assuming the property doesn't accept a pre-emtive (bully) offer before the offer date, there might be anywhere from 2-10 + offers on the property and prospective buyers are faced with what feels like a game of pin the tail on the donkey against numerous other offers with little to…

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Pat yourself on the back. You made it to 2021. Happy New Year!

If you haven't seen the movie Groundhog Day with Bill Murray don't worry because your probably living it. In 2020, as lockdowns seemingly came and went and came again one thing remained. The Real Estate Market in Toronto and the GTA remained HOT! Maybe not always the same heat but generally HOT! Even with a pandemic, 2020 was no exception. In December alone sales were up 64.5%. Low inventory and historically ultra low interest rates (under 2%) helped drive a lot of the price growth throughout the GTA. The contrast within the market also loomed large.

While detached home buyers faced a challenging buying process with multiple offers and a lot of competition, the condo market in most…

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As the end of 2020 quickly approaches, its safe to say it will be a year to remember in the real estate industry. Masks, sanitizer, virtual tours, virtual listing presentations, virtual open houses were all the rage as RE/MAX Realtors across the province worked tirelessly to help their clients buy, sell and lease property safely throughout the Covid-19 pandemic. It was also a year of records, mostly positive and from the numbers, excluding the blip and sputter in march, april & may, the gta saw consistent sales and price growth throughout the detached housing market segment for the majority of the year. Other than the continuing challenges in the condo market due to the Covid related on and off again lockdowns we can be confident to forecast a fairly…

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SALES

October has proven to be another red hot month in terms of overall sales. TRREB reported 10,563 sales which is up 25.1% compared to 8445 transactions in October 2019. The average price was also up 13.7% to $968,313 from this time last year. These numbers represent much of the listing/sales transactions that would normally have been part of the spring/summer market in April/May/June as we saw a delay in the new listings and sales when COVID-19 caused with initial lockdowns at the start of what would have been the spring market. The reality is that the number of year to date sales overall are very similar to where we were at this time last year while prices have still increased due to the ongoing supply issues. 

However, considering we are…

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From toilet paper to lysol wipes. Yeast, flour and exercise equipment, if there is one thing the Covid-19 pandemic has proven, its that nothing can stop people from spending money. We all know that person,` maybe it was you! The pandemic baker or the pandemic exercise guru. Even I took up a short stint trying to bake bread when Covid-19 sent everyone scrambling for yeast, (it was a short career). As unnerving as it was to see grocery stores with empty shelves that would otherwise normally have some of the important household cooking and cleaning supplies, that was just the begining of the big spending. International travel became difficult if not impossible to most people (with borders still closed, the forecast still appears to be a…

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