Housing affordability in Canada

Relocation, relocation, relocation: Canadians love their neighbourhoods, but will move to achieve housing affordability

  • For 64 per cent of Canadians, relocation is among the top sacrifice they’d be willing to make in order to achieve housing affordability; however, half (50 per cent) agree that the farthest they would go would be less than 100 kilometres
    • 56 per cent say that moving to a different neighbourhood/community would be one of the top three sacrifices they would make
    • 38 per cent would make the sacrifice of moving to a different city/province/region regardless of distance
  • 38 per cent of Canadians define housing affordability as a home they can afford that meets their basic needs, and includes some liveability…

25 Views, 0 Comments

Interest rate announcement Bank of Canada

Bank of Canada Interest Rate Announcement: Supersized Rate Hike of 100 Basis Points on July 13

The Bank of Canada was widely expected to make an increase in this morning’s interest rate announcement, but the central bank surprised everyone with a supersized hike of 100 basis points, bringing its target for the overnight rate up to 2.5 per cent. This is the Bank’s biggest move since 1998, and the fourth in a series of increases expected for 2022 as the Bank tries to tamp down the soaring inflation rate. Inflation is expected to hover around eight per cent for the next few months – well above the Bank’s two-per-cent target.

Bank of Canada’s 2022 Schedule for Policy Interest Rate Announcements

Bank of Canada announces its decision for the…

30 Views, 0 Comments

Avoid overspending when applying for mortgage

You’ve assessed your finances and the housing market, and researched the various financial options open to you and your household. Then, you took the leap in applying for a mortgage – quite possibly the most significant money-related decision of your life. Now you play the waiting game.

This waiting period is perhaps one of the hardest parts of the home-buying process, determining if you have been approved or rejected for a home loan. While it can be challenging, especially in this red-hot Canadian real estate market, you can be confident in your prospects if you have taken the necessary steps and employed the right strategies to receive approval and attain the best mortgage rate.

But it is not time to throw caution to the wind. In fact, you…

39 Views, 0 Comments

5 Factors to Consider When Buying a Cottage

Year-Round Maintenance Requirements

Before purchasing your getaway home, it is crucial to have a thorough evaluation to ensure the home is weather-proofed for the summer and winter months. When considering year-round maintenance, key considerations include checking out the age of the roof, doors and windows. You’ll also want to confirm the level of insulation, including under the floors.

Cottage roofs typically undergo a lot of strain in the winter months as snow, ice and other debris accumulate over time. In addition, the age of the doors and windows is important because you don’t want to have any cracks or openings where animals or the elements can enter the cottage. If you aren’t planning on visiting…

40 Views, 0 Comments

Looking Back To May

The record breaking sale prices seen in February of this year continued to slide throughout most of the GTA in May. The impact from the increase in interest rates has certainly been felt across the GTA as overall sales were down 38.8% and while the average price of all home types was still up 9.1%  from this time last year to $1.212,806 that average price was down from $1.334,544M in February of this year. A chart taken from the Toronto Regional Real Estate Board shows some of the price changes by region for all home types from February to May.

 


Why Has It Changed So Quickly? 

Showing serious concern for increasing inflation, As of June 1st the bank of Canada announced another 50 basis point rate increase. In…

279 Views, 0 Comments

Confidence continues in Canadian real estate market, with the inter-provincial relocation trend likely to remain strong in 2022

  • Migration between provinces expected to continue in 2022, potentially impacting local Canadian real estate conditions, according to 53 per cent of RE/MAX brokers (20 out of 38)
  • 49 per cent of Canadians believe the housing market will remain steady in 2022 and view real estate as one of the best investment options over the next year
  • Some of the highest outlooks are anticipated for Atlantic Canada, with Moncton and Halifax projecting average residential sales prices to increase by 20 per cent and 16 per cent respectively in 2022
  • 95 per cent of regions (36 out of 38) surveyed are likely to remain seller’s markets…

299 Views, 0 Comments

Homes in Toronto/GTA are selling at breath taking speed and prices are climbing in large part due to low supply of housing across the GTA. In 2019, City Council asked for information related to the possible implementation of a vacant home tax in Toronto. At their December 2020 meeting, City Council asked City staff to develop key tax design features and administrative structures to support a vacant home tax program and to report back with a recommended design for a vacant home tax by the end of the second quarter of 2021, for tax implementation in 2022.

The goal of a vacant home tax is to change the behaviours of homeowners who leave their homes unoccupied – compelling them to sell or rent them out to increase the housing supply or pay a tax to…

361 Views, 0 Comments

Greater Toronto real estate seen staggering growth in single-detached sales and average price, little sign of slowing despite shortage of available listings

  • Year-to-date sales in York Region rise close to 110 per cent while Peel and Central Toronto almost double over 2020 levels,

  • Nearly half of 60 TRREB districts reporting year-over-year average price increases in excess of 25 per cent

Mississauga, ON (August 16, 2021) — A steady decline in the supply of single-detached housing in the Greater Toronto Area (GTA), coupled with mortgage rates hovering well-below three per cent, hastened demand from first-time homebuyers and galvanized the city’s move-up market in the first half of 2021, according to a new Greater Toronto real…

785 Views, 0 Comments

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…

382 Views, 0 Comments

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…

425 Views, 0 Comments