Market Trends, Buying & Selling

Federal government announces landmark adjustments to mortgage rules for first-time buyers in Canada

Those looking to buy their first home will soon be able to take advantage of a 30-year mortgage and expanded borrowing powers, regardless of the home they buy. 

On September 16th, the Government of Canada revealed that it would be expanding eligibility for 30-year amortizations on insured mortgages to all first-time homebuyers, and to all purchasers of new construction properties. The policy will come into effect on December 15th, 2024. Currently, the maximum amortization period for insured mortgages – mortgages that have less than a 20% down payment and therefore require mortgage insurance – is limited to 25 years.

By lengthening mortgage amortization periods by another five years, the federal government says monthly mortgage payments will be reduced, making housing more affordable for young Canadians. The upgraded policy would also incentivize developers to build more new housing. 

This latest amendment to mortgage rules comes just one month after 30-year amortizations for insured mortgages were announced for first-time homebuyers of new construction homes. The policy officially came into effect on August 1st.

Insured mortgage cap increased to $1.5 million 

In addition to longer amortization periods, the federal government has also increased the limit on insured mortgages. As of December 15th, the insured mortgage cap will be increased from $1 million to $1.5 million. 

“Building on our action to help you afford a downpayment, we are now making the boldest mortgages reforms in decades to unlock homeownership for younger Canadians,” said Chrystia Freeland, Deputy Prime Minister and Minister of Finance, said in a press release. “We are increasing the insured mortgage cap to reflect home prices in more expensive cities, allowing homebuyers more time to pay off their mortgage, and helping homeowners switch lenders to find the lowest interest rate at renewal.”

Under current rules, mortgage insurance is limited to homes purchased under $1 million, meaning anyone searching for a home in the seven-figure price range is automatically required to put down a minimum of 20% of the purchase price as a down payment. This can be limiting to homebuyers in the country’s most expensive real estate markets, Vancouver and Toronto, where average home prices often surpass $1 million. 

“The decision to lengthen insured mortgage amortizations and boost the mortgage insurance cap will give many first-time buyers across the country a much-needed leg up on accessing the property ladder. For many homebuyer hopefuls, the monthly mortgage payment is often the deciding factor between a property that fits in their budget and one that doesn’t. An extra few years to spread out those payments will help many purchasers make the transition from renter to homeowner. Those shopping in Canada’s most expensive markets, where home prices over $1 million are the norm, will also find it a little easier to get into the market,” said Karen Yolevski, COO, Royal LePage Real Estate Services Ltd. 

“The implementation of these new rules will likely follow another cut to interest rates, or two.  The Bank of Canada’s next scheduled announcements are on October 23rd and December 11th. Lower borrowing costs, combined with these extended mortgage powers, may stir first-time buyer demand in the months ahead, setting the stage for a robust spring market in 2025.”

Do you qualify under the new mortgage policies?

In order to take advantage of the increased mortgage cap and 30-year mortgage amortizations, you must be a first-time homebuyer in Canada. Here are the basic requirements:

The borrower has never purchased a home before.
In the last four years, the borrower has not occupied a home as a principal residence that either they or their current spouse or common-law partner have owned.
If the borrower recently experienced the breakdown of a marriage or common-law partnership, the regulations will follow the approach that the Canada Revenue Agency has taken with respect to the Home Buyers’ Plan.
To be considered a new construction property, the new home must not have been previously occupied for residential purposes.

Recreational home prices on track to increase 5% this year amid improved consumer confidence, cuts to interest rates

The February 2024 Market

The Toronto Regional Real Estate Board (TRREB) released this month’s Market Watch summarizing real estate sales across the Greater Toronto Area (GTA) for February 2024. The report notes that “home sales and new listings were up on an annual and monthly basis” adding that “population growth and a resilient regional economy continued to support the overall demand for housing.” February’s year-over-year home sales were up 12.3 per cent after accounting for the leap year effect, and up 33 per cent compared to the previous month. The average selling price changed only slightly settling at $1,108,720, a 1.2 per cent increase compared to the same month last year, and a 3 per cent drop compared to January 2024.

 

A more detailed look at the monthly data highlights that sales activity increased across all the different home types and throughout most municipalities. But average price movement varied. The average price of a detached home in the City of Toronto, for instance, decreased by 3.2% compared to the same month last year, but rose by 5.5 per cent compared to January, settling at $1,657,026 on significantly higher sales, which rose 17.8 per cent year-over-year and 66 per cent month-over-month. In neighboring Vaughan detached home prices fell both month-over-month and year-over-year by 2.4 per cent and 6.8 per cent respectively on significantly higher sales activity over both periods.

Detached home sales in Etobicoke's W09 municipality (Willowridge-Richview-Humber Heights) were up 30 per cent compared to the same month last year while average detached home prices rose 2.3 percent for the same year-over-year period. At $1,360,600 the average price in W09 was up sharply compared to the previous month, rising 11.9 per cent on nearly double the sales volume.

In neighboring W08 (Princess-Rosethorn-Islington), one of Toronto's busiest detached home markets by volume, the average price fell markedly in February to $1,692,898  - a 17.4 per cent month-over-month decrease and an 18.8 per cent drop compared to the same month last year. The average price drop was on significantly higher sales volume. Sales rose by a notable 165 per cent compared to the previous month and by 61 per cent compared to February 2023.

Toronto's condominium apartment market also recorded a rise in sales in February while the average price had limited movement compared to the previous month and the same month last year. At $726,608 the price for a Toronto condo apartment was 2.4 per cent higher than it was in January and virtually unchanged from where it was in February 2023. Meanwhile year-over-year and month-over-month sales volumes were up 6.5 per cent and 14.8 per cent respectively. In C01, Toronto’s busiest condo apartment market by volume, average prices remained flat, moving less than 1 per cent both month-over-month and year-over-year. 

It is encouraging that buyers returned to the GTA real estate market in full force in February, despite the challenges of high prices and borrowing costs. TRREB president Jennifer Pearce notes that “the market assumption is that the Bank of Canada has finished hiking rates [and] consumers are now anticipating rate cuts in the near future.” Some buyers are entering  the market now in the event future rate cuts drive prices up further. TRREB Chief Market Analyst adds “as we move through 2024, an increasing number of buyers will re-enter the market with adjusted housing preferences to account for higher borrowing costs. In the second half of the year [expect] lower interest rates will further boost demand for ownership housing.”

The January Market

The Toronto Regional Real Estate Board (TRREB) released this month’s Market Watch summarizing real estate sales across the Greater Toronto Area (GTA) for January 2024. The report notes that “home sales were up in January 2024 in comparison to January 2023. This annual increase came as some homebuyers started to benefit from lower borrowing costs associated with fixed rate mortgage products.” As a result of increased buyer interest, some communities around the GTA experienced the return of bidding wars with one home in Mississauga notably attracting 85 offers before selling for under $1 million. The average selling price for a home in January was $1,026,703 representing a 1 per cent decline compared to the same month last year. The month-over-month selling price also trended lower.

 

Although January numbers highlight increased sales activity and modest year-over-year average price movement, a closer look at the data with a focus on home type and community highlights a range of developments. The average price of a detached home in Toronto, for instance, increased by 5.7% compared to the same month last year, settling at $1,570,520. Sales were also up 7.5% per cent on a year-over-year basis. In contrast condominium apartment prices in the 905 areas fell by -2.7%  over the same period, while sales rose markedly by 31.4 per cent.

Detached home sales in Etobicoke's W09 municipality (Willowridge-Richview-Humber Heights) were up 16.7 per cent compared to January 2023 while average prices fell by 1.7 per cent.. At $1.215,714 the average price for a detached home in W09 was also lower than it was in December 2023, decreasing by 10.7 per cent on the same sales volume. The double digit price drop is somewhat surprising when anecdotal data for the month points to a sharp rise in buyer interest in January compared to the previous month.

In neighboring W08 (Princess-Rosethorn), one of Toronto's busiest detached home markets by volume, the average price for a home rose to $2,050,088 in January - a 3.9 per cent month-over-month increase and a 13.7 per cent rise compared to the same month last year. The average price growth was, however, on significantly lower sales volume. Sales fell by 32 per cent compared to the previous month and by 37 per cent compared to January 2023.

Toronto's condominium apartment market recorded a sharp rise in sales in January, both month-over-month and year-over-year while the average price remained virtually unchanged compared to both periods. At $709,419 the price for a Toronto condo apartment was only 136 dollars more than it was the previous month and 0.2 per cent less than it was in January 2023. Meanwhile year-over-year and month-over-month sales were up 46 per cent and 38 per cent respectively. In C01, Toronto’s busiest condo apartment market by volume, average prices increased by 1.7 per cent year-over-year and by a notable 7.4 per cent compared to the previous month.

Although this month’s Market Watch points to relatively modest average price movement overall, a closer look at the data highlights a range of activity when factoring in the different home types and communities. Looking forward TRREB Chief Market Analyst Jason Mercer suggests that “once the Bank of Canada actually starts cutting its policy rate, likely in the second half of 2024, expect home sales to pick up even further. There will be more competition between buyers in 2024 as demand picks up and the supply of listings remains constrained. The end result will be upward pressure on selling prices over the next two years.“

The November Market

The Toronto Regional Real Estate Board (TRREB) released this month’s Market Watch summarizing real estate sales in the Greater Toronto Area (GTA) for November 2023. The highlights of the report note that “high borrowing costs and uncertain economic conditions continued to weigh on GTA home sales.” November’s home sales fell by 8.8 per cent compared to October and by 6.8 per cent compared to the same month last year. Month-over-month average prices also fell, by 3.9 per cent, but remained virtually unchanged compared to last year.

 

Although sales have fallen compared to last year, and prices have remained stagnant, a closer look at the data highlights varying developments among the many municipalities and home types. Detached home prices in higher-valued markets such as Toronto, Vaughan and Oakville,  for example, rose by 3.7 per cent, 3.7 per cent and 4.8 per cent respectively when compared to the same month last year. In contrast detached home prices in Mississauga and Oshawa fell by 2 per cent and 3.9 per cent respectively over the same period. Month-over-month average price data showed mixed results with areas such as Toronto and Mississauga recording average price drops, while Oakville and Vaughan saw average prices increase from October’s results.

 

Sales in Etobicoke's W09 municipality (Willowridge-Richview-Humber Heights) fell by 40 per cent in November compared to the previous month and by 18 per cent compared to the same month last year. The average detached home prices rose on lower volume to $1,586,485 - a 16.5 per cent increase compared to October and an 18 per cent rise compared to last November. The sale of a single large luxury home in the area pushed the average price upward, factoring heavily on the 9 detached home sales that were recorded for the month.

In neighboring W08 (Princess-Rosethorn), one of Toronto's busiest detached home markets by volume, the average price for a detached home was $1,598,485 in November - a 3.7 per cent year-over-year increase and a 1.1 per cent drop compared to the previous month. The number of active listings in the area fell both month-over-month and year-over-year, presenting fewer housing options for buyers to choose from, helping to maintain the average price strength.  

Toronto's condominium apartment market recorded a 52.4 per cent rise in the number of active listings compared to last year, pulling the average price down to $720,280 - a 2 per cent year-over-year drop. Average prices in C01 (University/Waterfront), Toronto’s most active condo apartment market by volume, saw prices fall by 7.2 per cent compared to last year, and by 12.7 per cent compared to the same month 2 years ago. With nearly 40% of condo apartments in Toronto being investor-owned, the notable rise in listings and drop in prices may point to the challenges investors face with the carrying costs of their investment properties in today’s high-interest environment.

Although sales have dropped and average prices have remained flat in the GTA compared to last year, a closer look at the data highlights different developments across the range of home types and municipalities. Generally speaking though “home prices have adjusted from their peak in response to higher borrowing costs” according to TRREB chief financial analyst Jason Mercer. This has benefits for those buyers entering a more balanced housing market.  But interest rates still remain high. Looking ahead TRREB president Paul Baron suggests that “relief is on the horizon” and that “forecasters are anticipating Bank of Canada rate cuts in the first half of 2024” and the “lower rates will help alleviate affordability issues for existing homeowners and those looking to enter the market.”

How To Winterize Your Lawn & Garden

A lush lawn and blooming flower beds are the pride and joy of many homeowners. Canada’s harsh winters, however, can quickly squash the hard work you’ve put into nurturing and maintaining your outdoor spaces during the summer months. To ensure that your backyard gets off to a good start when spring arrives, a little prep work before the snow hits can do a world of good.

Help prepare your lawn and garden for colder weather this year by following these winterization tips.

Care for your annuals and perennials

When it comes to winterizing your garden beds, show your plants and flowers some love. Start by removing any annuals (plants that are only around for one growing season, such as sunflowers, tomatoes and varieties of lettuce). Removing annuals will rid your beds of lingering bacteria, and prevent any potential pests or diseases from building up during the winter.

For your perennial plants, give them a healthy trim back and a final water before the end of the season. Perennials with large and dense roots can be cut and divided into smaller plants to support better regrowth in the spring.

Bring delicate plants, such as succulents or potted bulbs, indoors to prevent frost damage. Cover any shrubs or plants that can’t be moved inside with landscape fabric or burlap to protect them from harsh weather conditions.

Get down in the dirt

Just like your plants, your soil also needs some help preparing for the winter ahead. Remove any weeds, dead plant debris and buried root vegetables from your soil before the first hard frost sets in. Spread mulch over your soil and around the base of trees to provide a protective layer from frost and a barrier that will help to keep moisture and temperature levels consistent for your plants. When cleaning up your soil, you may also want to consider planting bulbs for the following spring, such as crocus, tulips and daffodils.

Show your lawn a little TLC

The ground gets compacted and cold during the winter, which can make it difficult for lawns to recover post-thaw. Help your lawn out by aerating it in the fall to loosen soil and ensure better drainage. Instead of raking all of the tree leaves off of your lawn, cut your grass long — approximately two to three inches high — and leave a layer of shredded leaves on top. Mowing the leaves into tiny pieces will allow your lawn’s soil to absorb nutrients from the fallen debris more efficiently while still letting light and moisture through. In low-traffic areas where your lawn is patchy and damaged, overseed in the early fall for best results in the spring.

Add a boost of nutrients

As your garden prepares for hibernation, it helps to give your outdoor greens some needed nourishment.

If you have a compost bin, sprinkle this material on your flower beds to help them replenish their nutrients post-winter, and top up your bin with any leaves, grass clippings or debris from your winterization clean up. You can give your lawn a final dose of sustenance too with the help of special winter grass fertilizer that contains nitrogen and potash.

Not all of your fallen leaves have to end up in paper bags. Instead, add mulched leaves to your perennial flower beds and vegetable gardens as an insulating layer and a source of valuable nutrients for the soil.

September Market

Sales Down, Listings Up

The Toronto Regional Real Estate Board (TRREB) released this month’s Market Watch summarizing real estate sales in the Greater Toronto Area (GTA) for September 2023. The highlights of the report note that “the impact of high borrowing costs, high inflation, uncertainty surrounding future Bank of Canada decisions and slower economic growth continued to weigh on GTA home sales in September.”

 

September sales fell 7.1 per cent compared to the same month last year, and by 12.3 per cent compared to August - a notable slowdown considering August was a relatively quiet month already. Average prices, however, rose by 3.4 per cent month-over-month and by 3.0 per cent year-over-year, despite a significant increase in the number of active listings on the market.

 

A closer look at the data, however, reveals that the drop in sales was most notable in the 905 area detached home market, where sales fell by more than 11 per cent, both month-over-month and year-over-year. The detached home market in the City of Toronto trended in the opposite direction with sales rising sharply in September by 10.5 per cent compared to last year and by 21.7 per cent compared to the previous month. Average prices also rose in Toronto over the same periods, by 8.7 per cent and 5.4 per cent respectively.

Sales in Etobicoke's W09 municipality (Willowridge-Richview-Humber Heights) remained low with only 9 transactions recorded for the month, unchanged from August, and a 25 per cent drop compared to September 2022. The average price was $1,407,347,  a 12.5 per cent year-over-year rise, but a 22.4 per cent drop compared to August. August’s average price was unusually high though, due to the sale of a large multi-million dollar luxury property in the area.

In neighboring W08 (Princess-Rosethorn-Islington), one of Toronto's busiest detached home markets by volume, the average price for a detached home was $2,114,796 in September - a 28.7 per cent year-over-year increase a16.6 per cent rise compared to the previous month. Sales also rose by more than 30 per cent both month-over-month and year-over-year.

In contrast to Toronto’s detached home market, Toronto's condominium apartment sales fell both month-over-month and year-over-year. Sales were 2.9 per cent lower in September compared to the same month last year with average prices dropping 4.8 per cent over the same period settling at $732,106. Month-over-month sales dropped sharply - by 21.7 per cent - with average prices holding steady and rising by 1 per cent for the period

Although sales dropped across the GTA in September a closer look at the data indicates that the slowdown was primarily in areas outside Toronto’s detached home market. Furthermore, the slowdown did not have a significant impact on average prices in most areas as “GTA home selling prices remain above the trough experienced early in the first quarter of 2023”. TRREB Chief Market Analyst Jason Mercer notes, however, that “we did experience a more balanced market in the summer and early fall, with listings increasing noticeably relative to sales”. The total number of properties available to buyers rose by nearly 40 per cent year-over-year and by 22 per cent month-over-month.  In the short term this inventory growth may benefit some buyers and their negotiating power and could “offset the impact of high borrowing costs” to some degree. 

Q2 2023 Home Price Update and Market Forecast

Latest interest rate hike will soften housing market activity, but home prices are not likely to go down

Canadians continue to grapple with the increased cost of living, and the Bank of Canada’s latest hike to interest rates this week will add more pressure to variable rate mortgage holders, as well as those looking to qualify for lending. While buyers who have secured a rate hold are anxious to make a purchase before it expires, some sellers have hit the pause button on listing their homes until economic conditions stabilize, further contributing to a lack of available inventory. Additional demand pressures will ensure that home prices will remain stable through the expected decline in sales activity in the coming months.

“The Canadian real estate market has been in a steady state of recovery since the start of the year. While these additional interest rate hikes, and those potentially to come, will likely put a damper on activity and sales volumes, demand for housing remains very strong,” said Phil Soper, president and CEO of Royal LePage.” We expect the rate of appreciation to moderate through the second half of 2023, causing home prices to level off or increase marginally.”

Royal LePage is forecasting that the aggregate price of a home in Canada will increase 8.5% in the fourth quarter of 2023, compared to the same quarter last year. The previous forecast has been revised upward to reflect strong activity and price appreciation in the first half of the year.

According to the Royal LePage House Price Survey released today, the aggregate price of a home in Canada decreased modestly by 0.7% year-over-year to $809,200 in the second quarter of 2023, indicating that nationally, the real estate market is close to the point where it will have recovered fully from 2022’s post-pandemic market correction. On a quarter-over-quarter basis, the aggregate price of a home in Canada rose 4.0% in Q2. This was the second consecutive quarter to show positive growth following a rapid decline in prices over the last year as a result of the Bank of Canada’s aggressive interest rate hike campaign, which began in March of 2022.

“The Bank of Canada’s prolonged series of interest rate hikes has changed where and how people live. It has pushed some buyer hopefuls to choose less expensive housing types or neighbourhoods. Others have chosen to relocate to more affordable markets across their province or across the country. And, some buyers have been pushed to the sidelines indefinitely,” Soper continued. “Economic uncertainty has caused some potential sellers to reevaluate their plans as well. The worry that they will be unable to find the move-up home they need in today’s tight market is a major concern. Further, there are those who secured fixed-rate mortgages at generational lows of two per cent or even less, who are understandably reluctant to wade back into a market with substantially higher borrowing costs. Fewer sellers mean fewer listings, which adds further pressure to our chronic shortage of inventory. Access to affordable housing in Canada will continue to be a major social issue.”

Read Royal LePage’s second quarter release for national and regional insights.

Second quarter press release highlights:

Aggregate price of a home in Canada in Q2 2023 sits just 5.6% below the peak reached in Q1 of last year
94% of regions in the report posted quarterly aggregate home price appreciation
Chronic shortage of housing supply, due in part to sellers’ hesitancy to list, continues to put upward pressure on home prices
Royal LePage urges officials to quickly increase support for more development, including affordable, purpose-built rental buildings

Buying a home? Inspect the HVAC system first

Five easy steps to assess a home’s heating and cooling units

Replacing or repairing heating or cooling equipment can be expensive, so you want to make sure any home you’re interested in buying has a properly functioning HVAC system before closing the deal. If something’s not right, you may be able to lower your offer or ask the seller to foot the repair bill as a condition of the sale. Luckily, you don’t have to be a heating or cooling expert to tell if there might be an issue with a home’s HVAC system.

Follow these five simple steps to inspect any property’s heating and cooling equipment:

1. Assess the location of the heating and cooling units

Some installation locations can be problematic. For example, an indoor handling unit in an attic could damage ceilings in the event of a water leak. An outdoor condenser unit installed near a bedroom window could be a source of disruptive noise. And if you’re looking to buy in an area prone to flooding, ensure the outdoor unit is elevated.

Also check if gutters have been installed to direct rainwater and snowmelt away from the unit. If not, there is potential for damage due to runoff.

2. Assess the condition of the units

Look over each unit for signs of damage, such as rust, cracks or dents. Some types of damage may be cosmetic, but others may point to more substantial issues that warrant repair or replacement. Assess the ventilation ducts as well. Round is better than rectangular for noise reduction and energy efficiency. Ducts should also be insulated and free of any cracks or seams that let air out.

3. Check the refrigerant type

R-22 is a banned refrigerant in Canada and the United States, due to its harmful impact on the ozone layer. Any air conditioning unit that uses it will eventually need to be replaced — at the owner’s expense.

4. Assess current performance of the units

Find out from the current owner how evenly the HVAC system heats and cools the home. Ask whether they’ve noticed any unusual noise, such as banging or clanging, that could indicate a problem requiring a repair or replacement.

5. Ask about the system’s history

Get details from the current owner about the age of the equipment and past maintenance and repairs. Also ask to see copies of recent energy bills; a steady increase in costs could reflect an efficiency issue.

Need to repair or replace your HVAC system?

Consider hiring a professional HVAC inspector who may catch things you missed in your DIY inspection. They may be able to identify problems inside the equipment and can determine whether the unit is properly sized for a home.

Any of the following indicators could suggest a replacement might be needed in the near future:

The unit is over 10 years old
There are obvious signs of major damage
Maintenance is frequently required
Energy bills are unusually high
Cooling or heating is uneven
The unit is not properly sized for the home

Otherwise, repairs may be able to bring the HVAC equipment back to peak performance. If you buy a home with a system that is older but still in good condition, a maintenance plan can keep it running efficiently for longer. A protection plan can also give you peace of mind knowing repairs or replacement would be covered if needed later.

How to convert your property into a multi-generational home

From graduates moving back home after finishing post-secondary school, to elderly parents living with their adult children, more Canadians are choosing to cohabitate with family members.

Although the tradition of generations residing together under one roof is not a new concept, the trend has become more common in North America in recent years. In an effort to communally raise young children and care for elderly family members, as well as share housing costs in an increasingly competitive market, many Canadians are choosing to share their living space with relatives.

Though there are many financial and emotional benefits to living with family, the arrangement can feel chaotic at times if your home isn’t set up to function with multiple families. If you’re weighing the decision to cohabitate, here are a few tips on how to convert your home into a space that supports multi-generational living.

Include separation of space

Everyone needs their own downtime when living together, so it’s important to create a sense of privacy and separation when cohabitating with multiple families.

If space and budget permits, building a secondary unit on the property can offer the ultimate in-law suite or apartment for adult children. Converting your basement into a separate apartment with its own kitchenette, bathroom and living space is also a convenient way to provide separate living quarters within the same household.

If a major renovation isn’t on the cards, try adding some extra privacy through the use of interior soundproofing, room dividers and separate entrances. By building more than one entryway into the home, you can streamline the flow of foot traffic through multiple doors, while giving occupants a greater sense of autonomy.

Before undertaking any major renovation or construction project, contact your municipality’s building department to ensure you have obtained the correct permits and are informed of any additional requirements regarding separate entrances, addresses, utilities, etc.

Mindfully consider your layout

Living with multiple generations under one roof may require some creativity.

Multi-generational households may choose to include one or two bedrooms on the main level of the home in addition to the bedrooms upstairs. This is not only beneficial for elderly occupants who will find it easier to navigate one level, but can also provide some additional privacy by separating the bedrooms over two floors. If you live in a single-floor property, consider converting rooms on opposite sides of the home into bedrooms, if possible.

It’s also important to strike a balance between separation and togetherness. Open concept layouts in shared dining, living and kitchen areas offer a place for families to gather. Larger communal areas can not only accommodate more people, but also lend enough breathing room for wheelchairs, walkers and space for getting around furniture.

When living with many people, it’s important to maximize every square foot for multi-tasking too. Consider converting some of the underutilized spaces of your home – such as the attic, garage or den – into flexible spaces that can be adapted into areas for hobbies, a home office, a kids’ playroom, or extra storage.

Keep accessibility in mind

If your multi-generational household includes older family members, it’s crucial to think about their accessibility needs – today and in the future.

Layouts that include wider doorways and hallways, removing doors where possible and adding ramps or stairlifts, can be beneficial for those with mobility constraints. Consider the amount of space needed for mobility devices to comfortably turn circles in each room. Slip-resistant flooring like carpet, good lighting, grab handles and railings are also important to factor in when retrofitting your home for elderly occupants.

The Canada Mortgage and Housing Corporation (CMHC) offers online guides for designing accessible spaces in the home.

Take advantage of tax credits

If you’re renovating your home for the purposes of multi-generational living, then you may be entitled to a tax break.

As of 2023, the federal Multigenerational Home Renovation Tax Credit is available as a refundable credit towards the creation of a secondary unit that a ‘qualifying individual’ will live in, such as a parent, grandparent, sibling or spouse. The credit is applicable on the renovation of, or addition to, an eligible dwelling that a qualifying individual will reside in. Applicants can claim up to $50,000 in rebates during the taxation year in which the renovation period ends.

The May Market

The Toronto Regional Real Estate Board (TRREB) released this month’s Market Watch summarizing real estate sales in the Greater Toronto Area (GTA) for May 2023. The highlights of the report note that “the housing market continued to improve from a sales perspective” and that “competition between buyers increased substantially compared to last year, resulting in the average selling price reaching almost $1.2 million last month.”

 

Addressing the price increases TRREB president Paul Baron points to the ongoing lack of inventory relative to growing demand. “Despite the fact that we have seen positive policy direction over the  last couple of years, governments have been failing on the housing supply front for some time….If we don’t quickly see housing supply catch up to population growth, the economic development of our region will be hampered as people and businesses look elsewhere to live and invest.”

 

The report notes that average selling prices across all home types were 3.7 per cent higher in May when compared to April and 1.4 per cent lower than the they were in May of last year. The results highlight the strong price recovery from the notable declines that began in the spring of 2022. Just a few months ago year-over-year declines were well into the double digits.

Much of the average price recovery is centered on the GTA’s detached home market. Compared to the previous month May’s detached home prices in Vaughan and Toronto, for example, increased 5.8 per cent and 7 per cent respectively.

 

Etobicoke's W08 municipality (Princess-Rosethorn-Islington), one of Toronto’s busiest detached home markets by volume, was no exception, recording notable month-over-month average price growth of 6.4 per cent on a 27.5 per cent rise in sales activity. Average prices remained 5.9 per cent lower than they were for the same month last year.

Similarly month-over-month detached home prices in neighboring W09 (Willowridge-Richview-Humber Heights), rose 6.7 per cent higher compared to the previous month settling at $1,479,822. The average detached home price was, however, 6.1 per cent lower than it was for the same month last year on similar sales volumes.

Toronto’s condominium apartment market also recorded month-over-month average price growth, increasing 4.4 per cent on a 16.6 per cent rise in sales. The average price increases were less notable in Toronto’s downtown core, but more marked in central and south Etobicoke’s condo apartment market (W06-W09) where average prices rose 6.7 per cent compared to April

While average prices remain just below last years levels across the GTA, month-over-month data points to continued price growth amidst an ongoing supply shortage and increasing demand for housing. Despite the tighter inventory levels and a drop in new listings compared to last year, overall sales rose in almost all of the GTA’s municipalities, both month-over-month and year-over-year. In summarizing the results recorded in May, TRREB Chief Market Analyst Jason Mercer noted “ The demand for ownership housing has picked up markedly in recent months. Many homebuyers have recalibrated their housing needs in the face of higher borrowing costs and are moving back into the market. In addition, strong rent growth and record population growth on the back of immigration has also supported increased home sales. The supply of listings hasn't kept up with sales, so we have seen upward pressure on selling prices during the spring,”.

Real estate activity in Canada’s cottage country returns to seasonal norms after more than two years of pandemic-fueled exuberance

Following a period of relentless buyer demand and fast-rising home prices during the pandemic real estate boom, Canada’s recreational markets are anticipating more subdued activity levels and price declines in 2023.

According to the recently-released Royal LePage 2023 Spring Recreational Property Report, the aggregate price of a single-family home in Canada’s recreational regions is forecast to decrease 4.5% in 2023 to $592,005, compared to 2022, as activity in the market wanes. This is due to reduced demand as a result of economic uncertainty and a lack of available housing stock, which has helped to keep prices stable. Despite a modest decrease expected this year, the national aggregate price would remain more than 32% above 2020 levels, after two years of double-digit price gains in the country’s recreational real estate market.

In 2022, the aggregate price of a single-family home in Canada’s recreational property regions increased 11.7% year-over-year to $619,900. This follows year-over-year price gains of 26.6% in 2021. When broken out by housing type, the aggregate price of a single-family waterfront property increased 9.5% year-over-year to $736,900 in 2022, and the aggregate price of a condominium rose 16.6% to $432,000 during the same period.

“After two years of relentless year-round competition, Canada’s recreational property markets have slowed and returned to traditional seasonal sales patterns,” said Phil Soper, president and CEO, Royal LePage. “While interest rate hikes have less of an impact on the recreational market than homes in urban settings, because families typically put more money down and borrow less, general consumer inflation combined with a severe lack of inventory has dampened sales activity. Buyers who are active in today’s market appear willing to wait for the right property – a sharp contrast to what we experienced during the pandemic.”

While low inventory poses a challenge for buyers looking for that special cabin or lakeside cottage, the coinciding contraction in demand has resulted in a return to more normal market conditions.

According to a survey of more than 200 Royal LePage recreational real estate professionals across the country, 57% of respondents reported less inventory this year, compared to last year. At the same time, 51% of respondents said they have witnessed less demand for recreational properties in their region, compared to this time last year. When compared to typical pre-pandemic levels, 65% of recreational property experts nationally reported less inventory, while a majority reported similar (38%) or more (38%) demand.

“Recreational homebuyers tend to purchase for leisure and life-enriching purposes. Call it a want versus a need,” added Soper. “Unlike many city buyers who may need to acquire a principal residence quickly, secondary home purchasers often have the benefit of time to find the right property for their specific needs.”

Highlights from the release:

Condominiums in Quebec’s recreational property market recorded the highest provincial year-over-year aggregate price appreciation in 2022, rising 22.3%
Alberta is the only provincial recreational market expected to see price appreciation in 2023 (+0.5%)
Quebec and Ontario expected to see the largest recreational property price decreases in 2023, with forecasted declines of 8% and 5%, respectively, compared to 2022
More than half (57%) of recreational property experts across the country reported lower inventory than last year in their respective regions, and 65% reported reduced inventory compared to typical pre-pandemic levels

March Newsletter: The February Market

The Toronto Regional Real Estate Board (TRREB) released this month’s Market Watch summarizing real estate sales in the Greater Toronto Area (GTA) for February 2023. The highlights of the report note that “sales reported through TRREB’s MLS® System in February were down 47 per cent” compared to the same month last year, “the last full month before the onset of interest rate hikes.” Over the same period the average selling price fell to $1,095,617— a 17.9 per cent decline . The report attributes some of the average price drop to buyers moving toward lower-priced home types. “The share of sales below $1,000,000 was 57 per cent in February 2023 versus only 38 per cent a year earlier.”

 

A closer look at the data suggests that much of the year-over-year decline was due to falling prices in the detached home market as well. Average detached home prices in Brampton, Mississauga and Oshawa, for example, fell by 23.4 per cent, 19.6 per cent and 30.3 per cent respectively when compared to February of last year. The City of Toronto’s detached home prices fell by 17.4 per cent over the same period. .

While February’s detached home prices fell sharply compared to last year’s peak, month-over-month data suggests that a price rebound may be underway. Toronto’s detached home prices rose sharply—by 15 per cent - when compared to the previous month (Jan 2023) and notable month-over-month increases were recorded in Oakville, Brampton, Mississauga and Vaughan as well, over the same period.

 

 Etobicoke's W08 municipality (Princess-Rosethorn-Islington)  one of Toronto’s busiest detached home markets by volume, recorded both month-over-month and year-over-year average price growth—one of very few municipalities to do so. Detached home prices were 7.7 per cent higher than then were a year ago and 15.7 per cent higher than they were the previous month.

Detached home prices also rose in neighboring W09 (Willowridge-Richview-Humber Heights) -by 7.5 per cent-, when compared to the previous month, further highlighting renewed support for detached prices in recent weeks and months. However, prices in W09 remained 10.8 per cent lower than where they were in February 2022.

Condominium apartment prices fell from last year’s levels, but to a lesser degree than the general detached home market. In the City of Toronto condo apartment prices declined 11 per cent when compared to February 2022 . In C01 (University/Waterfront) Toronto’s most active condo apartment market by volume, prices fell only 4.6 per cent compared to the same month last year and rose by a 1.4 per cent when compared to the previous month,. A strong condo rental market for investors and greater affordability for buyers has helped to limit average price volatility in this market segment. 

 

While average prices for all home types remain below last years peak levels across the GTA,  current data is pointing to renewed price support in more recent weeks and months. This is especially evident in Toronto’s detached home market where month-over-month average prices rose markedly. And on the ground Realtors® (and their buyers) are seeing a competitive real estate environment emerging with bidding wars and multiple offers becoming more common again. One of the major reasons for this development is the continued lack of new housing inventory. Chief Market Analyst Jason Mercer says that “increased demand will run up against a constrained supply of listings and lead to increased competition between buyers. This will eventually lead to renewed price growth in many segments of the market, especially those catering to first-time buyers facing increased rental costs.”

 

Have questions? You may contact me at jtokatlidis@royallepage.ca or 416-871-0824.ca anytime

The January Market

The Toronto Regional Real Estate Board (TRREB) released this month’s Market Watch summarizing real estate sales in the Greater Toronto Area (GTA) for January 2023. The combined total sales for the month were  “down 44.6 per cent from January 2022” while “the average selling price at $1,038,668 was down 14.2 per cent for the same period.” Although year-over-year comparisons highlight notable declines in both sales and average prices, month-over-month numbers suggest that the declining trend continues to be levelling off. Compared to the previous month average prices fell by only 1.2 per cent on nearly identical sales volume. TRREB president Paul Baron noted “home sales and selling prices appear to have found some support in recent months. This coupled with the Bank of Canada announcement that interest rate hikes are likely on hold for the foreseeable future will prompt some buyers to move off the sidelines in the coming months”.

 

A closer look at the data highlights that month-over-month price support came most notably from freehold and condo townhouse sales in Toronto and surrounding areas. Toronto’s townhouse prices rose 11.9 per cent when compared to the previous month. Toronto’s detached home prices , in contrast, fell by 8.7 per cent over the same period. Compared to January of last year, when Toronto’s real estate prices were approaching record levels, detached home prices in the city were 29.8 per cent lower. Similar monthly and yearly average price drops were recorded in detached markets outside the city as well.

 

Etobicoke's W08 municipality (Princess-Rosethorn)   one of the busiest detached home markets by volume,  recorded a 6.5 per cent month-over-month average price drop after a relatively strong December. Year-over-year W08’s average detached home prices were only 2.2 percent lower with the number of active listings up 219 per cent over the same period. 

 

In Neighboring W09 (Willowridge-Richview-Humber Heights) detached home prices found some support rising by 2 percent in January when compared to December. Year-over-year, however, average prices were 25 per cent lower on less than half the sales volume. Only six detached home sales were recorded for the month in the municipality. It’s worth noting that January of last year produced the highest monthly average prices on record for W09.

Toronto’s condominium apartment market also recorded both year-over-year and month-over-month average price drops, but to a lesser degree than Toronto’s detached home market. Toronto’s average condo apartment prices fell by 6.4% when compared to January 2022 and by 4.1 per cent when compared to the previous month. The decline was most notable in Etobicoke’s W06 (Mimico/Long Branch) municipality where condo apartment prices fell by 16.5 per cent annually and by 14.4 per cent when compared to December.

 

While overall monthly average price declines have levelled off, much of the price support continues to be directed toward lower priced housing options such as townhouses and condo apartments. We can also anticipate that future February and March numbers will also highlight sharp year-over-year average price drops as those months represented peak periods across most GTA regions in 2022 while month-over-month data will continue to reflect increasing price stability and growth in some areas. Chief TRREB analyst Jason Mercer notes that “while short-term borrowing costs increased again in January, negotiated medium-term mortgage rates, like the five-year fixed rate, have actually started to trend lower compared to the end of last year. The expectation is that this trend will continue, further helping with affordability as we move through 2023.” 

How home sellers can be successful in a cooling market

It’s no secret that Canada’s real estate market has undergone a notable shift for home sellers this year. Homeowners listing their property now might experience a slight increase in comparable inventory, extra days on the market and fewer offers, compared to 2021.

Although the market has changed, sellers still have every opportunity to stand out when putting their home up for sale, if they take the extra time to prepare. Here are some dos and don’ts for sellers to consider in order to be successful in today’s cooling housing market:

DO – Make the first impression count

You only get to make a first impression once. Ensure that your property stands out and has inviting curb appeal so buyers fall in love before they even open the front door. You can achieve this by freshening up the home’s outside appearance with a thorough cleaning and decluttering. Tidy up the exterior by making any small, but necessary, repairs to doors, light fixtures and paving; and touch up any paint where needed. Don’t forget to mow the lawn or shovel the snow, clean out your eavestroughs, and spruce up the front door and landscaping to create an inviting entryway.

DON’T – Forget about the little things

Buyer’s will be analyzing your home from every angle when they visit for a showing, so it’s important to not overlook seemingly insignificant fixes. See a lightbulb that has gone out? Replace it with a bulb that is the same colour as the others in the room. Got a door that squeaks loudly, or a drawer that doesn’t open properly? Be sure to repair them. Potential purchasers like to see consistency. Try to manifest this in your home while you’re in the process of selling it.

DO – Declutter and depersonalize

Buyers want to envision themselves in the home, so it’s important to remove any personal items such as family photos, trophies or diplomas. This also means putting valuables or seasonal items in storage. Your listing agent may be able to provide you with discounts for junk removers or connect you with a home stager who can offer pointers on how to prepare your home for showings.

DON’T – Overspend on the upgrades

While it might be tempting to overhaul your home ahead of listing it, it’s important not to go overboard on the budget. You’re not staging your home for an HGTV shoot – minor repairs and low-cost, but effective updates will be enough to get buyers through the door. Chances are, any last-minute big bucks sunk into the home in preparation for selling it won’t be gained back.

DO – Practice good showing etiquette

It’s important to be prepared for and accommodate showings to get the selling process off on the right foot. Demonstrate good showing manners by being flexible of visitation times, removing pets from the premises and giving the buyers their space by leaving the property during the appointment. Don’t forget to set the mood for showings, too. Create an inviting environment by playing soft instrumental music in the background, keeping all lights on for good visibility and adding a subtle, pleasant scent like vanilla or fresh linen.

DON’T – Think in the past

2021 was an unusually strong seller’s market that saw red-hot prices and pent-up purchaser demand. Today, housing markets across the country have noticeably cooled, so it’s important for sellers to keep their expectations aligned with current circumstances. As a seller, be open minded to buyer feedback and keep market conditions in perspective when it comes to offers and showings.

How to Close your Cottage for the Winter

For many people, a cottage is the idyllic retreat into the great outdoors; a place where weekends can be spent hanging out by the lakeside or gathering around the outdoor firepit. Unfortunately, cottage life isn’t always a year-round affair, and many unwinterized recreational properties need to be temporarily closed before the snow hits.

Before freezing temperatures arrive, consider taking the following steps to properly prepare your cottage for the winter season:

Clean out your eavestroughs and check the roof. Eavestroughs packed with leaves and pine needles can force water to back up onto your roof shingles, a common source for unwelcome leaks. Before you pack up for the season, unclog your eavestroughs to prevent potential water damage and allow excess water to flow freely. While you’re up there, be sure to inspect the roof for any loose shingles and chimney damage, and trim back any tree branches that could be a hazard.

Store furniture and tools. Protect your belongings from theft and weather damage by stowing them away in a dry place, such as a shed or inside the cottage itself. For larger items, such as boats, kayaks and canoes, safely store them covered, secured and away from public view. Outdoor furniture can make for convenient nesting material for animals, so be sure to cover cushions and seating with plastic sheets to avoid destruction. Protect your indoor furniture too by wrapping mattresses, couches and chairs, and placing fabric softener sheets in your drawers to discourage pests.

Drain your pipes and shut off the water. Frozen water lines in non-winterized cottages can quickly lead to burst pipes. Prevent major damage by shutting off your water supply and draining the lines in your home. Pour non-toxic antifreeze down drains and toilets to prevent freezing. Wrapping exposed pipes with foam insulation can also help to prevent bursts, condensation and leaks during the wintertime.

Check your sump pump and septic tank. Many recreational properties use a septic system. When the snow thaws, your home will experience elevated water levels, kicking your sump pump into high gear. Make sure it is in good working condition and will stay on in the event of a power failure, either with a backup battery or a generator. If your septic tank is due for a service before you close the cottage for the year, be sure to add this task to your to-do list. At the very least, add a good bacteria into the system to help break down waste.

Unplug the appliances. Unplug each of the appliances in your home, including your freezer, washing machine and microwave, rather than turning off the electrical supply completely. This way, the sump pump, security alarms and lights can still receive power when needed.

Cover up holes and openings. Animals will be tempted to sneak into your cottage when the temperature drops. To prevent this, fill small holes with steel wool and install a chimney cap to keep out unwanted visitors. Boarding up your windows and doors can also help to deter theft and keep animals from chewing their way in.

Empty your fridge and cupboards. Avoid leaving any tasty treats that could attract pests and mold. Remove food from your fridge, freezer and cupboards, including dry and canned goods. Leave your fridge and freezer doors open slightly to prevent a musty smell from building up inside.

Adjust the thermostat. If no one is home, there is no need to keep the cottage toasty warm. You may decide to turn off your home’s heating system completely, or adjust your thermostat to the lowest temperature to prevent frost build-up.

Do a final inspection. Before you drive away, be sure to give your property one final walk-through, inside and out, to confirm that you’ve packed away all of your valuables. Remember to lock all doors and windows, turn off all lights and collect the last of the garbage. For insurance purposes, it doesn’t hurt to snap some photos of the cottage in the event of theft or damage.

ROYAL LEPAGE REAL ESTATE RELEASES HOUSE PRICES UPDATE AND MARKET FORECAST!

Highlights: 

*Royal LePage increases its 2022 forecast to 15% following exceptionally strong first quarter.

*National aggregate home price soars 25.1% year-over-year in first quarter of 2022 - highest Q1 gain on record.

*Kingston, Ontario, posts highest year-over-year aggregate and detached home price gains in Canada for the second straight quarter.

*Four markets in Ontario’s Golden Horseshoe region report median single-family detached home prices above $1 million for first time.

*Early signs of moderation appear as some urban markets unveil improved conditions for buyers.

*Promising new federal and provincial policies aimed at tackling housing availability and affordability not expected to provide relief in 2022.

TRREB 2022 Market Outlook

The Post-Pandemic Future: Communities, Housing & Employment

Essential home features for Canadians planning to age in place

High cost of living in senior care facilities a driving factor for those who want to remain in their homes longer

The home that Canadians expect to spend their golden years in is often purchased well before retirement. But, with those days so far in the future, it can be difficult to imagine which features would be essential at that time. 

Royal LePage recently surveyed its network of senior housing experts and found that while not all Canadian seniors are looking for the same features in a property they can stay in long term, most remain eager to stay in their own homes as they get older.

“More and more, Canadians are choosing to right-size rather than down-size as they age,” said Caroline Baile, real estate broker, Royal LePage Sussex, and certified ASA™ (Accredited Seniors Agent). “Some mature buyers are looking for a turn-key condominium, so they can spend less time on maintenance and more time traveling after retirement. Others may choose to move from a two-storey home to a bungalow to avoid stairs as they age, or into a multi-generational property that offers the option to live with family. Others will opt to renovate their existing properties to accommodate their changing needs.”

Survey highlights:

• 43% of survey respondents say a fully-equipped main-floor living space is essential for seniors planning to age in place.
• 42% of respondents say a front and rear entrance with no steps and a walk-in tub are essential.
• Almost all Royal LePage experts surveyed (94%) say purchasing a home close to family is top of mind for this buyer demographic.
• 74% of respondents say older Canadians are increasingly interested in aging in place due to concerns over the high financial cost of living in senior care facilities.

June Newsletter - There's Something About May   The Toronto Regional Real Estate Board (TRREB) released this month’s Market Watch summarizing real estate sales across the Greater Toronto Area (GTA) for May 2021. The report highlights that average selling prices hit an “all-time record-high” in May on higher than average sales. However the number of sales was substantially lower than the numbers recorded in both April and March 2021 indicating a slowdown that began after the March peak.     TRREB president Lisa Patel suggested that this slow-down can be attributed to “the absence of a normal pace of population growth”, which is due in large part to the COVID restrictions on travel and immigration.   Chief market analyst Jason Mercer adds that “while sales have trended off the March 2021 peak, so too have new listings. This means that people actively looking to purchase a home continue to face a lot of competition from other buyers, which results in very strong upward pressure on selling prices. This competition is becoming more widespread with tighter market conditions in the condominium apartment segment as well”   While an overall market slowdown, combined with fewer listings is putting upward pressure on selling prices, these developments are not be happening across all communities and home types.   For example the report indicates that semi-detached and freehold townhome sales were stronger in May relative to April in areas such as Mississauga, Burlington, Milton and Oshawa, bucking the overall trend. The general slowdown in market activity appears to be more pronounced in the detached home and condo apartment segments.    Average selling prices varied considerably by home type and community as well.   While the average price of a detached home in Toronto’s west-end municipalities W08 (Princess-Rosethorn/Islington) & W09 (Richview-Martingrove) rose by nearly +4% and +9% respectively on lower volume compared to the previous month,  the average price for a detached home dropped by more than (2%) in both Oakville and Newmarket for the same period.    Declining prices were also seen in the condominium apartment market across many communities including Markham, Vaughan and Oakville. The C01 municipality (University/Waterfront), Toronto’s busiest condominium apartment market, saw average prices dip by more than one percent in May when compared to the previous month.   With the new “stress test” qualifying rate, which took effect June 1st, we may see a continuing slowdown in the market as it will be harder for many buyers to qualify for a mortgage. These changes, whether intended to or not, are expected to have a more prominent impact on first-time buyers who may be forced to consider rental options or purchasing in communities outside the GTA.  Without any significant increases to the inventory of homes available to buyers it’s unclear what impact the stress test will have on the average selling prices in the Toronto area.

 

May Newsletter - April Reins

The Toronto Regional Real Estate Board (TRREB) released this month’s Market Watch summarizing real estate sales in the Greater Toronto Area (GTA) for April 2021. The report highlights a continuation of record sales in the GTA for the month of April with sales “more than quadruple that from April 2020”. Understandably though the economic impact of COVID-19 was “arguably worst” in April 2020 causing a major slowdown in real estate market activity so it’s no surprise that April numbers were up very sharply compared to last year.   However the report also notes a –12.4% monthly decrease in sales between March 2021 and April 2021 with new listings also dropping by -8.4%. The report adds that “It makes sense that we had a pullback in market activity compared to March. We’ve experienced a torrid pace of home sales since the summer of 2020 while seeing little in the way of population growth. We may be starting to exhaust the pool of potential buyers within the existing GTA population."    The report adds that “the average selling price was up by 33 per cent compared to April 2020, but was basically flat relative to March 2021.”   Looking at specific neighborhoods and home types we can see where sales and average price trends are more or less pronounced. Municipalities such as Oakville and Brampton for example experienced exceptional growth in the detached home segment with sales rising +460% in Oakville and +475% in Brampton compared to last April. However compared to last month sales actually fell by  –22% in Oakville and by –16% in Brampton.   Oakville’s average detached home prices rose a modest +1.1% while Brampton’s average detached home prices fell by -3.4% compared to last month.   Sales of detached homes in Toronto’s west-end municipality W08 (Princess-Rosethorn/Islington) rose +326% compared to last year with average prices increasing by an impressive +48% for the same period. However the average price for a detached home in  W08 fell by  –8.1% compared to last month on identical sales volume.    Neighboring W09 (Martingrove-Richview/Humber Heights) detached home sales were up +383% with average prices rising +35% compared to last year. However month-to-month sales dropped by -9% with average prices squeezing out a modest increase of +2.9%.   Toronto’s downtown (C01) condo apartment market showed some strength last month with average prices exceeding $800,000 for the first time since March 2020 -  a 13 month span. The long and incremental rebound began after average prices fell sharply in April 2020, by more than -18% compared to the previous month.   Although overall market activity has slowed in recent weeks, prices have remained very high. TRREB Chief Market Analyst Jason Mercer has suggested that “the pace of price growth could moderate in the coming months, [however] home prices will likely continue on the upward trend. Renewed population growth over the next year coupled with a persistent lack of new inventory will underpin home price appreciation,”

2020 Real Estate Market Ends on a STRONG Note

My Reflection on Christmas Day 2020 & Lockdown

Yesterday on CHRISTMAS DAY, I woke up early in the morning, I couldn't resist to be the first to take a walk, through the pure White terrain of fresh snow, on Christmas morning. No one Soul was around, and my head started to travel thousands of miles an hour.

Here's Christmas, the Holiest time of the year, let's rejoice, be happy like the old days, when families and friends gather together, to celebrate the Spirit of Christmas.

I also couldn't help questioning the oppression imposed on us, on this Holy day and by Whom? 
 

The heartfelt of families who couldn't attend Church, or see their love ones, the fear of neighbours snitching on you and calling the cops, if a couple non familiar cars are parked in the driveway. Sad! The fear continues to be inculcated in people's minds. The order is to OBEY or else! The strong minded people are diminishing fast, Evil is present and growing, it would eventually lead to human extinction.

Together, we must call down the grace of God to intervene. The prayers of the good man are very powerful.

If I may paraphrase from the Book Genesis:

God said, 

"Let there be light and there was light. And God saw the light, and it was good; and God divided the light from the darkness.”
 

Continue looking toward the LIGHT. 

The Good will prevail and evil be defeated.

Vince Tersigni
Royal LePage Elite Realty 

Ontario COVID-19 Lockdown and What it Means for Real Estate

Premier Ford announced a Province-Wide Lockdown starting Boxing Day, from December 26^th, 2021 until January 23^rd, 2021 for all 27 Southern Ontario Public Health Regions.
The Lockdown has been set up to help save lives and to keep our healthcare framework from being overwhelmed. This is a serious measure which has been taken to protect our citizens and Realtors need to do their part to help stop the spread of COVID-19.
Real Estate is still considered an “Essential Service” and will continue to operate while the Province-Wide Lockdown is in place; however, with Physical Distancing rules. This does not mean that you can continue your day-today business without adhering to these rules:
-Open Houses are banned for the entirety of this Lockdown.
- You must try your very best to not have face to face meetings with your clients unless it is absolutely necessary!
- All things considered, Realtors should work distantly and use innovation such as virtual showings, electronic signatures, and conduct virtual meetings to the furthest degree possible.
Here at Royal LePage Elite Realty, we continue to enforce its normal physical distancing measures: 6 meters apart, masks, and no more than 2 individuals in the office, at any given time.

From everyone at Royal LePage Elite Realty
Merry Christmas & Happy Holidays!

Toronto's Real Estate Prices Continue to Rise

$1.2 Million Buys You an Average Home in the Toronto Area

The Toronto Regional Real Estate Board (TRREB) released this month’s Market Watch summarizing real estate sales in the Greater Toronto Area (GTA) for November 2020. The report highlights that the “record pace of home sales in the fall continued with [sales up] 24.3 per cent compared to November of last year.”   While much of this demand has occurred “in the GTA regions surrounding the City of Toronto…the annual single-family growth rates remained robust in the ‘416’ area code as well. “   In contrast to the buying frenzy underway in the detached, semi detached and townhome market, “buyers continued to benefit from much more choice in the condominium apartment market compared to last year, particularly in the City of Toronto. The number of new condominium apartment listings in November was almost double that reported in November of last year. More options in the condo apartment market translated into a small year-over-year decline in the average condominium apartment selling price in the ‘416’ area code”.   Looking at specific neighborhoods and home types we can see where trends are more pronounced. Municipalities such as Whitby and Pickering for example, experienced very strong growth in the detached home segment with sales rising +45% and +47% respectively compared to last November. Average prices for detached homes in these areas also rose sharply, by +23% in Whitby and by +30% in Pickering. On a personal note, a recent sale of a semi-detached Whitby home that I showed my buyer clients garnered 41 offers, selling well over expected value, and reflecting the frenzy underway in the areas outside Toronto's core.   Fully detached homes in Toronto’s west-end municipality W08 (Princess-Rosethorn/Islington) rose +43% compared to last year –  producing more detached home sales than any of Toronto’s other municipalities for the fourth month in a row. However average home prices rose only +4% compared to last November and dropped -4.2% compared to last month – the second month in a row that saw declining average prices in W08.   In neighboring W09 (Martingrove-Richview/Humber Heights) detached home sales were up +39% with average prices surging +52% compared to last year, reflecting a spike in demand for detached homes in these neighborhoods. Average prices also saw substantial increases compared to last month, rising +20% on similar sales volume (25 vs 27 sales).   Con-do or Con-don’t?   In contrast to rising prices for detached homes, many of Toronto’s condo markets experienced a notable drop. In C01 (University/Waterfront/Liberty Village), the busiest of Toronto’s condo markets, average prices dropped nearly -8% despite a modest rise in sales volume. In W06 (Mimico/Long Branch), another typically active condo market, condo apartment sales fell -33% compared to November 2019 and dropped -21% compared to last month. Average prices for condominiums in W06 also dropped -4.3% compared to last year and -1.1% compared to last month.   Despite the drop in condo demand TRREB chief market analyst Jason Mercer suggests this may be a buying opportunity for those with a long-term outlook. “Once we move into the post-COVID period, we will start to see a resumption of population growth, both from immigration and a return of non-permanent residents. This will lead to an increase in demand for condominium apartments in the ownership and rental markets.”

September Newsletter

August Stats

Toronto Regional Real Estate Board (TRREB) President Lisa Patel released this month’s Market Watch report summarizing real estate sales in the Greater Toronto Area (GTA) for August 2020. The highlights of the report note a continuation of July’s strong sales with a record result for the month of August. “GTA REALTORS® reported 10,775 residential sales through TRREB’s MLS® System in August 2020 – up by 40.3 per cent compared to August 2019.”   “Sales were up on a year-over-year basis for all major home types, both in the City of Toronto and surrounding GTA regions. It should be noted that the low-rise market segments, including detached and semi-detached houses and townhouses, were the drivers of sales growth. Condominium apartment sales were up on an annual basis for the second straight month but to a lesser degree.”   The increased demand for ownership housing combined with very low borrowing costs and a limited supply continued to drive prices upward with the overall average selling price rising by 20.1 per cent compared to August 2019. “Generally speaking, market conditions remained very tight in the GTA resale market in August. Competition between buyers was especially strong for low-rise home types, leading to robust annual rates of price growth.”   The report added that detached and semi-detached sales growth was stronger in the comparatively more-expensive City of Toronto compared to the surrounding GTA regions. By taking a look at a few select areas and home types we may gain a better understanding of where this growth was most notable.   For example sales of fully detached homes in W08 (Princess-Rosethorn/Islington City Center) jumped a whopping 76% compared to last year - producing more detached home sales than any of Toronto’s municipalities. Additionally W08 saw the average price of detached homes rise 19% compared to last year. By comparison neighboring W09 (Martingrove-Richview/Humber Heights) saw more modest growth with sales increasing by 23% and average prices rising by 15%.   GTA municipalities such as Oakville, Mississauga and Brampton also experienced very strong growth in the detached home segment with sales rising 80%, 49% and 49% compared to last August and average sale prices rising 16%, 15% and 23% respectively.   The strength of the detached home segment was not matched in Toronto’s busiest condominium market (C01 -University/Waterfront/Liberty Village) where sales were virtually even with last year (less than 1% growth) and prices rose a modest 6% from a year ago. Compared to last month (July 2020) sales of condominium apartments in C01 fell by -16%.   The strength of the detached home segments may reflect the ongoing economic and environmental realities in the GTA and around the world. With no clear end to the ongoing COVID-19 pandemic, and with more businesses offering work-from-home options, the considerations of home buyers in choosing their home continue to evolve. A yard, a private entrance and spacious living areas are prioritized over the convenience of downtown living for a growing number of home buyers.

HOUSE SALES PRICE SURGE, DESPITE COVID-19!

Eglinton Crosstown West Extension!

Granted “Notice to Proceed” in March 2012 by the Minister of the Environment, Conservations and Parks, the City of Toronto and the Toronto Transit Commission’s Metrolinx project between Keele Street to Jane Street as well as the Maintenance and Storage Facility at Black Creek is currently undergoing the EPR(Environmental Project Report) Addendum Review Process.
All proposed changes from the original 2010 and 2013 EPR Addendum fit the criteria under the Environmental Assessment Act.  Changes to the Project include most underground alignment with seven new stations, including elevated stations at Scarlett Road and Jane Street.  The new terminal station at Renforth will be at-grade and there will be six new emergency exit buildings along the underground portion.  There will also be a tunnel boring machine launch shaft to Renforth Station. 
The Project will cut travel times and links to the Union Pearson Express, Go Transit and rail and bus services, TTC bus services and the Mississauga Transitway Plans are being explored. 
Those who wish to provide comments on the EPR (Environmental Project Report Addendum) may do so by July 3, 2020 and address them to the following email: EglintonCrosstownWest@metrolinx.com
The complete EPR Addendum Review Process is available on the Project webpage at www.metrolinx.com/eglintonwest

THE VILLAGE OF STREETSVILLE DESERTED !!!

My Walk To Streetsville

TRAILS BY CREDIT RIVER!

My Adventure Continues!!!

TRAILS BY CREDIT RIVER

Vince Tersigni 

Broker of Record

April By The Numbers *RESENDING*         Toronto Regional Real Estate Board (TRREB) President Michael Collins released the April 2020 Market Watch for the Greater Toronto Area (GTA) this week. As expected, the emergency measures introduced as a result of COVID-19 have continued to have a significant impact on the number of real estate transactions taking place. Looking at all home types across the entire GTA, TRREB reported that April 2020 sales were down by -67% compared to April 2019. The drop in sales was paralleled by a -64% drop in new listings, which helped to maintain a supply/demand balance keeping the average selling prices across the GTA relatively stable. According to the report the average selling price rose 0.1% compared to last year.  Also noted in the report were the changes in the MLS® Home Price Index, a pricing tool that considers several statistical layers when calculating prices. The MLS® Home Price Index "was up year-over-year by a greater rate than the average selling price suggest[ing] that the share of higher end deals completed in April 2020 versus April 2019 was down."* The "higher-end" deals would otherwise drive the average price upward, and fewer of these transactions would have less impact on the average price. Once again these numbers represent all home types across the entire GTA. It is helpful to consider specific home types in specific communities to see if the general trends are consistent with what's happening in yourcommunity. Looking specifically at detached home sales, for example, Oakville sales were down -72%, Mississauga was down -70% and Brampton sales were down -74% compared to April 2019. However the average price of detached homes in all three cities had modest gains of 5%, 4% and 4.8% respectively. The west Toronto municipality W08 (Princess-Rosethorn/Islington City Center) experienced a drop of -71% in detached home sales compared to last year with an average price drop of -1.8% And W09 (Martingrove-Richview/Humber Heights) detached home sales were down -76% with only 6 sales in April (compared to 25 in April of last year). Average prices were relatively flat, dropping -1.2% based on these 6 transactions. Toronto's condominium market also experienced substantial declines with sales in C01 (University/Downtown) down -72% and sales in W06 (Longbranch/Mimico) down -74%. There was additional price pressure on these markets with average price drops of -2.2% and -2% respectively. While we have seen a sharp drop in transactions throughout April, The Toronto Regional Real Estate Board (TRREB) has predicted that recovery in our industry will begin in the summer and accelerate through the fall as social distancing measures are substantially relaxed and a large number of people return to work from furlough. Home buyers are expected to take advantage of very low borrowing costs that will remain in place to spur economic recovery. While it is difficult to predict exactly how things will pan out in the coming months, this may be good news for those that are planning to sell their home this year. In the meantime, stay safe and stay healthy!             Royal LePage Elite Realty, Brokerage (Independently owned and operated)           John Tokatlidis Agent Vince Tersigni  Broker of Record 905.629.1515 jtokatlidis@royallepage.ca

 

March Market Report

Short Supply + Strong Demand = Rising Prices

SHORT SUPPLY + STRONG DEMAND = RISING PRICE  Toronto Real Estate Board (TREB) Releases Market Year In Review & Outlook Report 2020. Outlining Experts Consensus and Addressing the Home Ownership Demand that is expected to Remain Strong Throughout the GTA in the coming years.       2020 is well underway and the January Market Watch report has arrived. Highlights of the January report indicate that Toronto’s Real Estate market continues to grow. “TRREB President Michael Collins announced that Greater Toronto Area REALTORS® reported 4,581 home sales through TRREB’s MLS® System in January 2020 – up by 15.4 per cent compared to January 2019.” Furthermore a constrained supply of homes has continued to drive up prices. “The MLS® HPI Composite Benchmark price was up by 8.7 per cent compared to January 2019 – the highest annual rate of growth for the Benchmark since October 2017.” And while the condominium market has been a driving force behind this growth, Collins notes that “all home types experienced price growth above seven per cent when considering the TRREB market area as a whole.” Locally W09 sales of detached homes were flat year over year (0%) in part due to a low number of new listings (14). The short supply coupled with strong demand did contribute to a rise in the benchmark price of 1-story detached homes (+9.14%) and 2-story detached homes (+9.07%) across the W09 communities. W08 experienced sharp growth in sales (+17.6%) on relatively low volume (20) compared to last January. Similar to W09 the sharp decline in new listings compared to last year coupled with strong demand contributed to notable increases in the benchmark prices including a +10.46% price jump on 2-story detached homes and +4.97% price jump on 1-story detached homes. According to Collins. “It is clear that many buyers who were on the sidelines due to the OSFI stress test are moving back into the market, driving very strong year-over-year sales growth in the detached segment.” South Etobicoke’s Condominium market saw some of the GTA’s sharpest benchmark price increases in areas like Mimico where benchmark prices jumped +14.95% and Long Branch where benchmark prices rose +12.72%. These increases are due in part to a sharp drop in active listings compared to last year (-34.2%) combined with a strong demand for condominiums in these communities.  ROYAL LEPAGE ELITE REALTY  John Tokatlidis  Vince Tersigni

THE PRICE IS RIGHT? 

ONTARIO LEADS MIGRATION HOME OWNERSHIP of NEWCOMERS IN CANADA

Royal LePage Survey Key Highlights:

Canadian newcomers projected to make 680,000 home purchases over next five years.

82% of newcomers choose to stay in their first city of residence

75% of newcomers arrive with savings to help purchase a home

75% of newcomers do not consider moving to the United States prior to arriving in Canada. Number one reason cited is newcomers feel more welcomed as immigrants.

TORONTO EMERGES THE SECOND MOST OVERVALUED HOUSING MARKET IN THE WORLD SPOTLIGHT-CREA NEWS

Toronto is now the world's second most overvalued property market: UBS

Toronto has emerged as the world’s second most overvalued housing market on the back of low rates and supply shortages, according to UBS AG’s annual global real estate bubble index. Vancouver was sixth in the Swiss bank’s 2019 index. Financial Post reports!

 

#financialpost #rlpeliterealty #vincetersignirealtor #torontorealestate #realtor #realestate #gta

Ontario's Broken Real Estate Disciplinary System

As real estate professionals, your clients are relying on trust, integrity and professionalism as you guide them through the largest financial transaction of their lives.

So when a real estate professional breaks the rules, they are violating the trust of Ontario’s consumers and undermining the hard work and dedication of REALTORS® like you.

Ontario’s REALTORS® have had enough: it’s time to fix the province’s broken real estate disciplinary system. 

That’s why earlier this week, I wrote an open letter to the Honourable Lisa Thompson, Minister of Government and Consumer Services, asking her to take action. Individuals whom have been found guilty of serious ethical violations and illegal activity should have no place in the real estate profession.

OREA is calling for three key changes to fix this serious problem:

1. Give RECO the authority to revoke and suspend the licenses – so they can kick out people who break the rules of the profession.
2. Eliminate any financial incentive for bad behaviour by forcing rule breakers to pay back any income they made through unethical means.
3. Provide RECO with clear legislative power and greater authority to proactively investigate violations under REBBA and its Code of Ethics.

• The Waterloo Region Record
• Kitchener Today
• 570 News with Brian Bourke (radio interview)
• Globe and Mail (must be a Globe subscriber to access)

Market Watch: June 2019

MARKET WATCH REPORT AND MARKET WATCH BY THE NUMBERS INFOGRAPH

From June 2018 to June 2019 there has been a 10.4% increase in sales. June 2019's sales added up to 8,860 while active listings were down by 5.7% and active listings were relatively the same as last year. 

“As I start my term as President of the Toronto Real Estate Board, I am proud to say that the Greater Toronto Area continues to grow, in terms of employment, population and overall diversity. As people are attracted to our region from all around the world, they obviously need a place to live. Over the next year, as demand for ownership and rental housing continues to grow, my hope is that we will see more movement from policy makers on two fronts: alleviating the constrained supply of housing and providing more flexibility around demand-side policies, including the OSFI two percentage point mortgage stress test and allowable amortization periods on insured mortgages,” said Mr. Collins.

 $832,703 was the average sale price of June 2019 which was up by 3% compared to last year's average of $808,066.  

95 Years Young, Mr. Gargarella’s Career in Real Estate

May 3, 2019

Our Agent, Daniel Gargarella has a long and successful career in real estate extending over his 95 years and we are so proud to have him as one of our veteran agents.
 
This month, Mr. Gargarella has been featured in REM Magazine, highlighting his extensive career in selling & buying in real estate as well as being a member of the board of directors. He has served in many capacities in the Toronto Real Estate Board, such as board of directors, arbitration, professional standards committee, & mls. In addition, he was the organizer of the 25 years dinner year after year.
 
At 95, Mr. Gargarella is still an full time and active agent at our Brokerage. To learn more about his career please check out the article linked below!

https://www.remonline.com/at-95-daniel-gargarella-is-still-selling/

TO BUY OR NOT TO BUY? THAT IS THE QUESTION!

Vince Tersigni	6:06 PM (34 minutes ago)
to me REAL ESTATE...

Home buyers chasing the market, sitting on the fence or waiting for the market to crash in 2019!  It’s a losing proposition! l, say think again.

 

Here’s a few facts… New home construction has almost come to a halt. The existing inventory has been sold out, fewer units are about to come on stream this year, 2019!

 

Municipalities, Regions, Provincial and Federal Governments continue with their thirst for money. There is no sign to relax regulations any time soon,exiting exuberant levies,   interference with free market with new regulations such as:Stress Test,non residents tax and various other fees,just to name a few.

This is putting  pressure on the Re-sale Market, fewer and fewer homes will be available for sale. As a result the prices will remain stable or will have a moderate increase.

If you are in the market, considering buying a home for your family do not procrastinate! Real Estate! Royal LePage Elite Realty...OF COURSE!!!      

Linda Cordiano – Top Number of Ends for The Month

The most satisfying aspect of a career in Real Estate is matching client and property in unique ways. As a resident of Toronto, Mississauga and now Oakville , I has been servicing the GTA for many years. Throughout these years, I have brought high-energy, tenacity and unsurpassed professionalism to every real estate transaction. I take pride in guiding my clients through the intricacies of real estate purchases and sales. I offer timely and insightful advice on current market activity and provide constant communication to all my clients. Listing or buying with me will provide you with access to my vast network of attorneys, mortgage brokers, architects and designers, home stagers, renovators, and building inspectors to assist with all stages of the real estate process. I also employ the services of a dedicated marketing team whom assist me with every transaction. I look forward to working with you...Call me today.

Kealy E. Wharram - Top Seller For The Month

Buying or selling a home is a big decision - you need an experienced professional to guide you through the process. When you work with me, you can count on personal, attentive, patient service, excellent knowledge of the area, great negotiation skills and expert selling strategies.

Kealy E. Wharram - Top Lister For The Month

REAL ESTATE AGENTS VALUE NATIONAL BRAND !

REAL ESTATE AGENTS VALUE NATIONAL BRAND !

TOP REAL ESTATE AGENTS VALUE NATIONAL BRAND’S BROKERAGE FIRM FOR THEIR SUCCESS.

WHILE  LOW PRODUCING AGENTS ARE ATTRACTED BY LOW COST, AND LOW FEE BROKERAGE, USUALLY THESE INCENTIVES ARE DETRIMENTAL TO THEIR SUCCESS. THIS RESULT TO LOW INCOME OR LEAVE THE PROFESSION ALL TOGETHER.

BRAND’S NAME RECOGNITION, NATIONAL EXPOSURE, TRAINING, AND STATE-OF-THE-ART TECHNOLOGY, JUST TO NAME A FEW FACTORS, EXPLAINS WHY TOP PRODUCING AGENTS,  VALUE THE BRAND AND PREFER TO BE AFFILIATED WITH NATIONALLY BRANDED BROKERAGE FIRM. IN ADDITION IN A 2017 SURVEY STADY SHOWS .A WELL-KNOWN BRAND BROKERAGE IS HIGHLY RELEVANT TO THEIR SUCCESS . THESE HIGH PRODUCING AGENTS CLOSE 85%-95% OF SALES.


- Vince Tersigni

Broker of Record

Royal LePage Elite Realty 
http://www.rlpeliterealty.com/

January Home Projects

With the holidays over and midwinter setting in, the month of January provides an opportunity to refresh your home and make plans for the year ahead. Here are a few projects you can tackle in your home this month to set you up for healthy home habits in 2019:
 
Do a post holiday cleanup: if you haven’t already, pack up the holiday decorations, and give your home a thorough cleaning. Find homes for things acquired over the holiday season.
 
Organize: take some time to go through different rooms in your home one at a time. Get rid of any old or unused items by donating, selling, or passing down to others.
 
Create a space for indoor exercise: if being active was on your resolution list, carve out space in your bedroom or rec room for a yoga mat and some weights. This may help motivate you to be active when the weather is bad, or it’s just too cold to get outside!
 
Give your fridge a makeover: in the same vein as being active, go through your fridge and get rid of any tempting items you know you should resist. Stock your fridge with healthy snacks, fruits and veggies.
 
Get inspired: whatever your home improvement related goals may be, use downtime this month to do some research on paint colours and design. Make plans and a schedule in order for you to work on your home throughout the coming months.
 
Plan your garden: making plans and sketches for your spring and summer garden now may help you get motivated in a few months’ time.
 
Whatever your personal and home goals may be for 2019, January is the opportune time to get started. Don’t forget to take a cue from Mother Nature, and use some time to rest, relax and get cozy in your home as well. Happy New Year! 
 

- Vince Tersigni

Broker of Record

Royal LePage Elite Realty 
http://www.rlpeliterealty.com/

What to Consider Before You Buy

It’s no secret that buying a home is a huge investment- for many it will be the largest purchase they ever make. With this in mind, it is important to consider many different factors as you begin the search for your dream home. Here are just a few things you may want to keep in mind:

Think about long term plans. While you probably don’t have a crystal ball, consider the following questions: do you see yourself staying in your job for a long period of time? Do you want to stay in your current city long term? Will you have any children? Depending on your mortgage and the market at the time you purchase, you may not pay down any significant equity on your home for upwards of five years, and if you can’t see yourself living there for longer, it may not be the right house for you.
Can you afford this house? Many house hunters are tempted when a home comes along that seems so very perfect, but is above their price range. It may seem easy to justify spending more than you can afford on a house you’ve fallen in love with, but this might have ramifications down the line if life circumstances change (and trust me, they can). Just because you have been approved for a certain mortgage, does not mean you should actually spend that much.

Look beyond the surface. Repainting a colour chosen by the previous owner is easy, but what about larger upgrades- appliances, HVAC, roofing and so on, that you may need to invest in shortly after you buy your home? Aside from base costs, don’t forget to factor in labour. It is important to factor in all of these potentially foreseen costs when you decide to make an offer on what could be your new home.

Finally, another element to keep in mind when you begin your house hunt is finding the perfect realtor to help you on your journey. Contact us today for more information on the home buying process, and to get started! 
 

- Vince Tersigni

Broker of Record

Royal LePage Elite Realty 
http://www.rlpeliterealty.com/

Meeting The Honorable Stephan Harper At OREA Conference Toronto!

The Honorable Stephan Harper was the 1st Canadian Prime Minister after the merger of the Progressive Conservative Party of Canada with Canadian Alliance of which he was the architect. The first elected prime minster of 2008 leading a minority government for a duration of 2 years. 2011 he was reelected with a majority until 2015.

In his book, Right Here, Right Now, Harper points out how leaders in business and politicians refuse to respond to matters of interest to citizens. Politicians/government officials are quite content with the status quo, refusing to concede the need for any change. While the left advocates radical changes are geared toward more socialism.

 The book explains how social and public policy trends have affected our economies, communities and governments. The elections of USA President Donald Trump is not a fluke or surprise. He clearly responded to the citizens thirst for change, with a governing agenda. This clearly signals that political, economic and social institutions must be more responsive to the citizens’ concerns. Responding to market policies, globalization influx of the illegal immigrants and taking care of their own people.

This was a great read! 
 

- Vince Tersigni

Broker of Record

Royal LePage Elite Realty 
http://www.rlpeliterealty.com/

Long Distance Moving Tips

Moving within the same city is no light task, let alone moving to a new city or province. We’ve gathered some tips to help ease the process of long distance moving here:
 
Start with a plan: set out a budget on how much you want to spend on the move, and determine if you will be hiring movers to move all of your belongings, or if you will be transporting some of your things with a rented truck or your car. Will any friends or family be helping you? When budgeting time, don’t forget to factor in how long you will need to move things on your own.
 
Pare down: part of any move is culling your things, but if you are moving out of province, costs associated with the move itself can easily get out of hand. Figure out the essentials of what you want to keep, what you can replace once you get to your new home, and what you just don’t need any more. Selling furniture and other used items on Craigslist or Kijiji is a good way to help fund your post-move purchases.
 
Research your movers: choosing a reputable cross-country mover is important to reduce the risk of damage or loss, and to ease your peace of mind. Find the mover that is right for you by asking questions such as the ones on this Consumer Checklist for Choosing a Moving Company from the Government of Canada website.
 
Pack an emergency bag: moving across the country or province can sometimes bring with it delays, so packing an emergency back with any essentials you can’t go without is important, just in case your things take longer than expected to arrive at your new home.
 
Make sure you’re move-in ready: ensuring that you’ve transferred your utilities and home services like internet and cable will help the move-in go as smoothly as possible. 
 
Moving can be a stressful time, but if you plan ahead and do your research, your stress will be lessened and your move will (hopefully!) go as smooth as possible. If you are looking to relocate to the Greater Toronto Area, give us a call today to start the search for your new home!  
 

- Vince Tersigni

Broker of Record

Royal LePage Elite Realty 
http://www.rlpeliterealty.com/

Mortgage Mistakes You Should Avoid

Financing is a crucial part of the home buying process. Often overwhelming and confusing to first time home buyers, it is no wonder that many take an “ignorance is bliss” approach. While it can seem scary, the reality is that the better you educate yourself, the more successful your home financing will be. Here are a few common- and costly- mortgage mistakes you should avoid:

Creating a budget and a plan is instrumental. As a home buyer, you should have a clear idea of your financial needs, and always think ahead. Even though rates may be low now, they will likely rise, and you don’t want to be stuck not being able to afford payments in the future.

Alongside this, do not necessarily choose a mortgage based on the lowest interest rate offered. Even though this approach is appealing on the outset, it may not be in your best interest down the line. You should also consider other factors like pre-payment options and penalties if you want to pay it off early.

When it comes time to renew your mortgage terms, do your research and see if a different lender has a better package available for you. Check out interest rates online, and speak to your bank to negotiate.

Above all, educate yourself and don’t be afraid to ask questions. A clear understanding of all that a mortgage entails will set you up for success!
 

- Vince Tersigni

Broker of Record

Royal LePage Elite Realty 
http://www.rlpeliterealty.com/

What to Expect at Your Home Closing

Once you’ve gone through the majority of the home buying process, the last thing that will stand in your way is the closing. So, what is a closing, and what can you anticipate happening there?
 
The closing is where you will sign the documents related to the sale, and where you, as the buyer, will sign the paperwork to finalize the mortgage you are taking out. A closing is usually run by a closing agent, who is hired by the buyer or buyer’s mortgage lender.
 
Generally, all parties involved will be in attendance- this means the buyers, sellers, closing agent and real estate agents. If the home will be in more than one person’s name (for example, a husband and wife), both or all people should be there to sign. Some choose to invite personal attorneys, or other advisors as well.
 
A closing typically takes place at the closing agent’s office, the mortgage company, or at the office of one of the real estate agents involved in the sale. A closing may take between 30 minutes to an hour, where you will sign what may seem like a mountain of paperwork! A good closing agent will explain each document before you sign.
 
You should make sure to bring government-issued photo ID, and a cashier’s check or wire transfer to submit the down payment. Your real estate agent or the closing agent will be able to provide the exact dollar amount for the check in advance, but you should also remember to bring your regular checkbook just in case there are any unforeseen changes.
 
For more information on the home buying process, contact us today!

Tips for a Stress-free Renovation

Renovations of any size can be a big undertaking, and, understandably so, can lead to much stress. So often, a renovation will go over budget and over time, unforeseen delays will arise, and decisions on colours and finishes can sometimes seem impossible to make. Here are a few tips for making your home renovation as stress-free as possible:


Do your research: have a clear plan of what types of changes you are looking to achieve in your space, and what exactly is involved in the projects. You may want to consult with a designer, and perhaps even call in a home inspector in order to get a clear idea of any challenges that may be to come. If you are renovating in anticipation for a sale, be sure to talk to your real estate agent to ensure the changes you are going to make will benefit the sale of your home.
 
Work out your budget: calculate costs, and also factor in time. If you are going the DIY route, though you may save money, you will have to dedicate time and energy into your reno that you may not have to if you hire contractors and designers. You may want to consider hiring just for professionals for certain projects that require a bit more skill or specialization.
 
Don’t rush through the prep: while you may be excited to see the finished results of your hard work, the preparation that goes on before the finished product begins to take shape is incredibly important. You will thank yourself later!
 
Renovate with the future in mind: it’s easy to get caught up in trends when renovating, but don’t forget to think of the long haul. Will you- and your potential future home buyers- still like these finishes and design elements a few years down the line? When in doubt, think classic.
 
Don’t forget to also have a little fun while you are in the midst of your renovations. Reduce the mid-reno stress by taking time to relax with your family and make the most of your compromised space. With a little patience and hard work, your vision will soon be reality!
 
 

- Vince Tersigni

Broker of Record

Royal LePage Elite Realty 
http://www.rlpeliterealty.com/

REAL ESTATE...Don’t Expect Home Price Plummeting in 2019!!

Canadian Real Estate Association (CREA) reports Home Sales in 2018 down by 11.1 %. CREA also predicts another 0.5% in 2019 year.

Here are a a few facts… New home construction has almost come to a halt. The existing inventory has been sold out, and fewer units are about to come on stream this year, 2019!
 

Municipalities, Regions, Provincial and Federal Governments continue with their thirst for tax money. 

There is no sign to relax any regulations: Exiting Exuberant levies, Market’s Interference, Stress Test, Non Residents Tax, Land Transfer Tax, just to name a few...
 

This is putting  pressure on the Re-sale Market, and as result fewer and fewer homes will be available for sale, and at worst, house prices shall remain stable  with upward pressure of price increase in 2019.

Government intervention in free market with draconian politics has caused considerable damage in general, and specially to those first timer buyers where policies were designed to help and practically eliminating any hope to own a home any time soon. 
 

Where are house’s price heading to in 2019? 

Supply and demand will be the key indicator!!!

rlpeliterealty.com #royallepageeliterealty #rlpeliteblog #realtorrlpelite #commercialrlpelite #vincetersignirealtor 
 

Vince Tersigni 

Broker of Record 

Royal Lepage Elite Realty
http://www.rlpeliterealty.com/

40% Job Loss Within 15 Years, Are you Ready ?

Feb.14.19

Allow me to start of by saying I love people, all kinds of people.  People inspire me, motivate me, teach me, and elevate me to new levels.  This is why it troubles me to learn that venture capitalist Kai-Fu Lee, predicts that artificial intelligence and automation will erase 40% of the jobs people hold within the next 15 years, so do an acceleration of automated technology.
 
This means that not only are people with blue-collar jobs but those with white collar jobs are at risk of losing their positions to robots. 
 
AIl can and will be replacing your doctors, lawyers, accountants, social workers and teachers to name a few.  Do you find yourself chatting with your Uber driver, bartender, wait staff or store clerk?  Enjoy it while it lasts because these are just a few of the jobs that will soon be outsourced or will disappear all together. 
 
Most people just sit back and wait for government restructuring.  They figure the solution will come from above, but it isn’t happening.  Rather than preparing for this epidemic, the government is creating policies and allowing more people into our country.  People are coming illegally and on mass.  Illegal immigrants/refugees destabilize countries.  We, citizens are left with a diminished standard of living.  There will there be no jobs waiting, there will be no jobs to create. 
 
With the absence of jobs, where will all of these people live?  Who will house them?  Who will pay for them to live, to eat, to educate themselves and their children?
 
Artificial intelligence will fill the job market and leave these people -and us - the responsibility of a government so in debt, it is astounding!
 
The “have not” countries must start to rebel and fight the totalitarian regimes in their own countries.  History of nations teaches us that only its people can bring change.  Rather than fleeing and making their problems, our problems... unify!  Stand up!  Demand change!  This is the type of aid Canada should be providing to people from these nations. 

Just running for a border isn’t the way to win a race!
 

Vince Tersigni 

Broker of Record 

Royal Lepage Elite Realty
http://www.rlpeliterealty.com/

The Perks of Downsizing for Empty Nesters

Feb.15.19

The Baby boomer generation is a big one, and in the last few years many of these Boomers are finding themselves with an empty nest, leading many to consider selling their family home and downsizing. Moving to a smaller home, might not be the answer anymore. You must take into consideration the market condition of present time. Price of a smaller home is not advantageous . Difference is minimal. This leaves not much disposable income. It’s a big dilemma. According to the National Post, a 2007 survey by the RBC showed that 33% of Canadian homeowners who are planning to purchase a new home in the next two years planned on downsizing-a big leap from just 19% of homeowners in 2002. This same survey in 2014 showed that 82% or respondents over 60 years old preferred a location-efficient home, one that is close to transit and amenities. Which typically means a smaller home closer to the city center.
                                            
Proximity to cultural amenities, sports facilities, restaurants and local shops might be one reason for Baby Boomers to consider downsizing once their kids have left the nest, but there are many other enticing perks that come with downsizing. Here are just a few:
 
Smaller house = smaller monthly expenses: By selling your home and downsizing to a smaller house or condo, your monthly expenses will also decrease. Utility bills,  upkeep, insurance and taxes will shrink with your smaller abode. Not only that but chances are your mortgage will decrease as well. If you’ve lived in your family home for many years, you will have possibly built up a sizable home equity which, when cashed out, will positively affect your new mortgage payments.
 
Upkeep toned-down: A smaller home means a smaller, yard, and a condo, rental apartment, or townhome means maintenance is included in your monthly expenses. Keeping a garden is nice, but imagine a life with minimal to no shoveling, mowing and general outdoor upkeep…
Smaller space, less stuff, a cleaner mind: It can be said that the more things we own, the more our things own us. One given that comes with downsizing is the necessity to cut down on your things. A smaller home could mean not only pared-down possessions, but also potential for a cleaner mind and attitude.
Downsized home, upsized lifestyle: As the 2014 RBC survey suggests, many Boomers are choosing to downsize in order to live in a more desirable location. A condo or townhome located downtown means you’ll be closer to as many amenities as you could want or need, and hopefully your downsize means you’ll have an increased budget each month to enjoy them!
 
SELLERS – are you thinking of downsizing? What are some of your deciding factors?
 

Vince Tersigni 

Broker of Record 

Royal Lepage Elite Realty
http://www.rlpeliterealty.com/

Prediction Commercial Lease Properties Upper Swing in 2019 !!!!

It is very easy to get caught up in following and analyzing the exciting trends of the residential resale market but rather than invest all your time and money solely into residential property, why not invest in commercial?

Let’s discuss the commercial real estate market results for 2018 in terms of lease space. According to TREB’s MLS system in 2018, the commercial real estate market is thriving due to the increasing amounts of job creation in diverse sectors. In result, the employment rate remains relatively low. TREB’s specialists claim that because of the growth, firms continue to gain prospects and the amount of space being leased is increasing.

From 2017 to 2018, there was an 8% growth in leased industrial space, a 6 % growth in leased commercial and retail space and finally a 20 % growth in leased office space. It is clear that leasing of commercial buildings have increased yet in contrast the sale of commercial property has dipped. A large portion of commercial space comes from industrial markets and 73% of commercial space leased has been dominated by industrial use.

The average rate in which the industrial space has increased  in leased property annually & consistently, is 7.7% each year. This rate of growth shows that the market in the GTA is strong and industries are continuously gravitating toward investing in the Greater Toronto Area. Other factors such as the Canadian dollar being inferior to that of the United States means for an attractive market for other countries buyers’ to invest in industrial firms in the GTA for sales of goods abroad.

The commercial/retail space has also experienced an increase, this suggests that the retail operations are continuing to see strong growth within the gta.

It is still too early in the year to report the results of the commercial leases for 2019 but it appears to be promising. 
 

Vince Tersigni 

Broker of Record 

Royal Lepage Elite Realty
http://www.rlpeliterealty.com/

Sharing the Love: Baby Boomers and their Inheritances

A few weeks ago we looked at Baby Boomers downsizing to live a more affordable, scaled-down way of life. Another trend with this age group that has arisen in the last few years is the transfer of wealth from these Boomers to their children.   

A common goal amongst many Baby Boomers is to provide better for their children than they had growing up, much like their parents before them. These success-driven Boomers are passing along inheritances, and one obvious choice of investment for their children is real estate. Though the “inheritance boom” that was once talked about may or may not be such a real thing, more and more Millenials are getting help from their parents, whether it be through a downpayment for their own condo, or funding from mom and dad for a rental property to help generate income, and reinforce responsibility and work ethic in their children.

According to this 2014 report by the Council of Economic Advisors, coming into adulthood in the great recession means that, on their own, fewer Millenials will be home owners than the young adults of generations past. Alongside this, Millenials have a closer family bond than past generation- it is no wonder their Boomer parents are choosing to share the spoils of their successful careers.

 Click here to see an infographic on Gen-Y and their relationship with real estate, and for more about Millenial home buyers, see here.  

This Weekend’s Grand Opening: Bolton’s Newest Community!

By Marycroft Homes

This Saturday, Sunday, and Monday from 12pm to 5pm you are invited to view the newest homes in much sought after Bolton West. There are 14 spectacular semi-detached homes available that have been built by Marycroft Homes in this great community. The show homes are all built and ready for you to see and touch. All homes have a number of upgrades already included for which other builder’s charge thousands of dollars… These are all included in your price! Upgrades like 9ft ceilings on the main floor, hardwood floors, granite/quartz countertops, modern gas linear fireplaces and so much more!

2022 Year in Review

As the year of 2022 is coming to an end, here are some of your favourite articles! Click below to read! 

Happy Holidays and a Happy New Year!

Royal LePage Elite Realty

Rental Market Report

TRREB Releases 2022 Q3 Rental Market Statistics TORONTO, ONTARIO, October 27, 2022 – Double-digit year-over-year rent increases continued to be the norm in Q3 2022. With many would-be first-time buyers temporarily on the sidelines in the Greater Toronto Area (GTA), due to higher borrowing costs, rental demand has remained strong in the face of falling supply. Competition for condo rentals has intensified as a result and negotiated rents have increased dramatically. There were 13,366 condo apartment rental transactions reported through the Toronto Regional Real Estate Board (TRREB) MLS® System in Q3 2022, representing a 17.3 per cent decline compared to Q3 2021. However, similar to the second quarter, the number of rental units listed was down by a greater annual rate of 25.6 per cent. This means that it became more difficult for renters to find a unit to meet their housing needs compared to a year ago. “Immigration into the GTA plus non-permanent migration for school and temporary employment have all picked up markedly. Add to this the impact of higher borrowing costs on the ownership market and it becomes clear that the demand for rental housing remains strong for the foreseeable future. Investor-owned condos have been an important component of the rental stock for more then a decade. However, the decline in rental listings over the past year are a further warning sign to policymakers that the overall lack of housing in the region extends to the rental market as well,” said TRREB President Kevin Crigger. The average one-bedroom condominium apartment rent in Q3 2022 was up by 20.4 per cent year-over-year to $2,481. The average two-bedroom apartment rent, at 3,184 was up by 14.5 per cent compared to the same period in 2021. “Rental housing is an increasingly important piece of the housing puzzle. While investorowned condo units have been an important source of supply, current tight market conditions and double-digit average rent growth point to the need for additional purposebuilt stock, the construction of which has been lacking in recent years,” said TRREB’s Chief Market Analyst Jason Mercer.