The Federal Reserve's 50-basis-point rate cut from September 18 has started to push mortgage interest rates down, bringing a glimmer of hope to potential buyers. With two more Fed meetings scheduled before the end of 2024, we could see rates continue to fall. Experts are weighing in on how low mortgage rates might go, and their predictions might surprise you. Some see rates dropping to the mid-5%...
GTA Housing Market Becomes More Affordable Following Rate Cut TORONTO, ONTARIO, September 5, 2024 – The Greater Toronto Area (GTA) housing market saw a slight decline in home sales year-over-year for August 2024, while new listings rose modestly over the same period. Although the market remained well-supplied, the average home price saw only a minor decrease compared to August 2023. "The Bank of...
More rate relief is expected this week for those with variable-rate mortgages and lines of credit. Markets overwhelmingly expect the Bank of Canada to deliver its third consecutive quarter-point rate cut when it meets this week. That would bring the Bank’s overnight target rate down to 4.25%, a full 75 basis points (or 0.75%) below its peak of 5.00%. Encouraging inflation data and signs of a...
Buying a home in Canada became slightly easier in July, according to a new report that cites dropping mortgage rates and lowering average home prices. The minimum income required to purchase a home dipped last month across the 13 major cities studied by Ratehub.ca, according to their recent blog post. Income required to purchase a home in select Canadian cities Data is based on average home...
April 2024 home sales were down in comparison to April 2023, when there was a temporary resurgence in market activity. New listings were up strongly year-over-year, which meant there was increased choice for home buyers and little movement in the average selling price compared to last year. Greater Toronto Area (GTA) REALTORS® reported 7,114 sales through the Toronto Regional Real Estate Board (TRREB)...
TRREB: Selling Prices Up In March and Set to Accelerate This SpringTORONTO, ONTARIO, April 3, 2024 – March 2024 home sales reported through TRREB’sMLS® System were lower than the March 2023 result, due in part to the statutory holiday GoodFriday falling in March this year versus April last year. Despite a better-supplied marketcompared to last year, there was enough competition between buyers to see...
Real estate agents in Ontario are required to walk you through this guide before providing services or assistance to you. Working with a real estate agent — page 2This section describes the benefits of working with a real estate agent, what you can expect,and the responsibilities of clients.Know the risks of representing yourself — page 4This section explains the risks if you choose not to work...
An annual tax will be levied on vacant Toronto residences, payable beginning in 2023. A property is considered vacant if it was not used as the principal residence by the owner(s) or any permitted occupant(s), or was unoccupied for a total of six months or more during the previous calendar year. Properties may also be deemed (or considered to be) vacant if an owner fails to make a declaration of...
Sales Numbers Overall, in Toronto and GTA sales were down 47% from same time last year. Market had the lowest sales volume in 20 years for the fourth consecutive month. What is causing this? Many buyers are sitting on the sideline as Bank of Canada is continuing on raising interest rate. This upward trend on interest rate is not an ideal environment for buyers as their budget and monthly...
Average selling price in Greater Toronto Area has fallen by 14 per cent since February! The slowdown underway in Canada's two most expensive housing markets continued in June, with new numbers showing the number of homes sold in Toronto and Vancouver fell by more than a third, and average prices have now declined for several months in a row. The Toronto Regional Real Estate Board (TRREB)...
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