Tag: realtor
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Bank of Canada’s Rate Cut: Limited Impact on Real Estate Market
On July 24, 2024, the Bank of Canada lowered its key interest rate by a quarter percentage point to 4.5%. While this move is intended to combat inflation and stimulate economic growth, experts suggest that its immediate impact on the real estate market will be limited. Modest Rate Cut and Market Expectations John Lusink, President…
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You need to earn $215k/year to afford an average home in Toronto right now
Toronto’s real estate market remains notoriously expensive, with affordability continuing to decline despite a surplus of homes on the market. A recent report by Ratehub.ca highlights the staggering income required to comfortably afford an average home in Toronto. As of May 2024, buyers need to earn an annual salary of $215,920 to cover the costs…
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Here’s What $1,000,000 Gets You in Toronto
When it comes to real estate, first impressions can be deceiving. Despite its unassuming exterior, the charming two-bedroom, two-bathroom bungalow at 226 Woodmount Ave. in Old East York offers a pleasant surprise. Step inside, and you’ll discover a bright, inviting home filled with modern updates and cozy spaces, making it a hidden gem in the…
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BMO: Canadian Real Estate Won’t See Big Boost from Rate Cut
Canadian real estate markets are pausing despite hopes that rate cuts would boost activity. BMO’s new analysis suggests that while the Bank of Canada’s (BoC) rate cut may lift spirits, it won’t significantly improve affordability or drive many new buyers. The market is expected to remain constrained by rising inventory and affordability issues. Small Sentiment…
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Canada’s Most Affordable Cities in 2024
As housing affordability continues to be a major concern in Canada, many are looking for cities where they can buy a home without breaking the bank. Based on a Royal LePage report, here are the most affordable cities in Canada for 2024, listed with their key affordability metrics. 1. Thunder Bay, Ontario Aggregate Price Q1…
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Here are the GTA’s hottest neighbourhoods for bidding wars right now
Toronto’s real estate market is poised for a rebound in the latter half of 2024, as easing interest rates encourage previously hesitant buyers to re-enter the market. This resurgence is marked by the return of bidding wars, particularly in the Greater Toronto Area (GTA), signaling a significant uptick in competition and overbidding incidents across numerous…
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Canada to allow 30-year amortization for first-time buyers’ mortgages on new homes
In a move celebrated by housing advocates, the Canadian federal government has announced an extension of the amortization period for insured mortgages targeted at first-time homebuyers. This policy adjustment, declared by Finance Minister Chrystia Freeland in Toronto, aims to make homeownership more accessible amid escalating property prices and rents. Key Changes to Amortization Rules Starting…
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Here’s how much it cost to buy a home in Toronto in the 1960s
For many Toronto residents, the dream of homeownership has become increasingly elusive, a stark contrast to a time not so long ago when single-income families could easily buy a house in the city. A throwback advertisement that has resurfaced on social media highlights the dramatic rise in housing costs, showcasing a two-storey home from the…
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Canada’s CMHC Announces Termination of First-Time Homebuyer Incentive Program
The Canada Mortgage and Housing Corporation (CMHC) has announced the termination of its first-time homebuyer incentive program, effective immediately. The final deadline for new or revised applications has been set for midnight Eastern Time on March 21. Originally introduced to assist first-time homebuyers in reducing their monthly mortgage expenses, the program allowed the government to…
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80% of Canadian homebuyers chose down payments over marriage according to a recent report by Nesto Mortgages
In an eye-opening revelation, 80% of Canadians are now prioritizing saving for a house over spending on a wedding. This trend, highlighted by a study from 360Lending involving 1,000 participants, underscores a significant cultural shift towards valuing home ownership above traditional marriage ceremonies. The majority of mortgage applicants through Nesto, about 76%, identified as single,…
Canada Housing Market 