Blog

December 5, 2024

Toronto-Area Home Sales Surge 40% in November: A Market Rebound in Line with My Vision

The latest Toronto Regional Real Estate Board (TRREB) report has revealed a sharp rebound in the housing market. November 2024 saw a 40% year-over-year increase in home sales, with prices also starting to edge upward—a clear sign of renewed buyer confidence and activity in the Greater Toronto Area (GTA).

This development aligns perfectly with the market trajectory I envisioned and shared with you months ago. At the time, I anticipated a resurgence driven by easing mortgage rates,...

December 5, 2024

Following Up: Toronto Explores Down Payment Support for Middle- and Higher-Income Buyers

In a follow-up to my previous blog on housing affordability challenges and innovative solutions, here's the latest development that could reshape the landscape of homeownership in Toronto.

Toronto is exploring a groundbreaking proposal to extend down payment assistance to higher-earning residents. Traditionally, homebuyer assistance programs target low- to moderate-income households struggling to gather the upfront capital needed for a home purchase. However, rising home prices have...

November 29, 2024

Canada’s Economy: A Modest 1% Growth and What It Means for Interest Rates and Homebuyers

In the latest economic update, Canada’s GDP showed a modest 1% growth in the third quarter of 2024, falling short of the Bank of Canada’s (BoC) forecast of 1.5%. While this figure may seem minor, it carries significant implications for the future of Canada’s economy and the direction of interest rates, especially as the BoC has started cutting rates in response to inflation reaching its 2% target.

The Impact of Slower Economic Growth

The Bank of Canada has been focused on controlling...

November 27, 2024

Ontario’s Housing Crisis: A Call for Accountability and Solutions

Ontario is facing an unprecedented housing crisis, with affordability slipping further out of reach for many residents. From skyrocketing home prices to rents climbing at unsustainable rates, the need for decisive action has never been greater. Yet, instead of addressing these pressing concerns head-on, public discourse is often diverted to less critical topics like bike lanes and beer policies. While these discussions may have their place, they pale in comparison to the urgent need to address the housing...

November 23, 2024

Toronto-Area New Home Sales Frozen: Market Turbulence and Predictions for Recovery

The Toronto-area real estate market has been navigating uncharted waters as new home sales, particularly condominiums, have plummeted to historic lows.

According to Urbanation's latest Q3-2024 report, new condominium sales in the Greater Toronto Area (GTA) fell 91% below the 10-year average, marking the lowest levels in over two decades. Only 1,748 condo units were sold during the quarter, a dramatic decline from the usual activity​ REM, Urbanation

The Current Landscape
This slowdown is...

November 22, 2024

Canadian Government Announces Holiday GST/HST Relief and $250 Cheque Initiative

On November 21, 2024, Canadian Prime Minister Justin Trudeau unveiled measures designed to ease financial strain for Canadians during the holiday season. These include temporary GST/HST relief and direct payments to eligible Canadians, with an aim to provide immediate savings and support.

Key Details of the Announcement

1. GST/HST Holiday
   From December 14, 2024, to February 15, 2025, GST and HST will not apply to various goods and services. The list includes:
   • Groceries (e.g., fresh and prepared...

November 19, 2024

Inflation Rises to 2.0% in October 2024: What It Means for Canadians and the Bank of Canada’s Rate Decisions

Statistics Canada’s latest report reveals that inflation rose to 2.0% in October 2024, marking a notable shift for the Canadian economy. This development has sparked discussions about how the Bank of Canada will respond, particularly as it previously signalled potential interest rate cuts to stimulate economic growth. Let’s unpack the implications for Canadians and the real estate market.

Why Is Inflation Rising?

The jump to 2.0% inflation aligns with the Bank of...

November 11, 2024

Toronto's Affordable Condo Ownership Program

• Overview: Toronto is offering public housing residents a unique chance to own new condos with no down payment. Yet, uptake is low, with only three households approved for six homes since the program began over seven months ago.
• Program Details:
  • Condos require no down payment.
  • Monthly costs are adjusted to about one-third of household income.
  • Targeted at low-income residents, it aims to provide ownership and long-term wealth-building.
• Key Requirements:
  • Minimum household income of $63,000.
  • Full-time employment with three...

November 8, 2024

Ontario Trillium Benefit (OTB) Payments: What to Expect

The Ontario Trillium Benefit (OTB) offers essential financial support to low- and middle-income Ontarians through monthly payments, with the next scheduled for Friday, November 8. Here’s a complete breakdown:

What is the OTB?

The OTB combines three provincial credits:

1. Ontario Energy and Property Tax Credit: Helps with property and energy taxes.
2. Northern Ontario Energy Credit: Assists with high energy costs in northern Ontario.
3. Ontario Sales Tax Credit: Provides relief from sales tax expenses.

Who is Eligible?

To...

November 7, 2024

October 2024 Market Report: GTA Real Estate Trends

The Toronto Regional Real Estate Board (TRREB) recently reported a notable increase in home sales across the Greater Toronto Area (GTA) for October 2024. This growth marks a 44.4% increase in sales from October 2023, reaching a total of 6,658 transactions. The boost in market activity is largely attributed to the recent reductions in interest rates, which encouraged more buyers to enter the market after a period of hesitation.

Key Highlights:

• Sales Increase Across Property Types: All property categories saw increased...