How to Become a Homeowner on a First-Time Buyer’s Budget It's not easy being a first-time home buyer right now. At the end of last year, housing affordability hit an all-time low.1 Additionally, mortgage rates have risen significantly since 2021, while inventory remains tight for many property categories, but especially for starter homes. Even lower-priced condos are harder to snag these days, as investors and downsizers muscle out first-timers by offering stronger, often... [read more]

GREATER TORONTO AREA HOME SALES AND LISTINGS DROP IN FEBRUARY 2023 Uptick in Home buying Expected Later This Year February sales in the Greater Toronto Area (GTA) were down substantially from the pre-rate hike levels of early 2022. However, the number of new listings also dropped substantially year-over-year. The result was that the average selling price and MLS® HPI continued to level off after trending lower through the spring and summer of last year. “It has been... [read more]

Hidden Costs of a Home Purchase Saving up to buy your first home? Factor these potential costs into your budget. If you’re hoping to buy a home this year, reach out to schedule a free consultation. We can help you navigate the process and reach your real estate goals. Manoj Arora, Broker of Record 647-361-1517 or 416-618-9753 #realestate #realestateagent #homebuyertips #firsttimehomebuyer #househunting #manojarora #aceteamrealty #manojarorarealtor [read more]

GTA Housing Market Prices Declined 9.2% While Real Estate Sales reduced by 48% in December 2022   The Greater Toronto Area (GTA) housing market experienced a marked adjustment in 2022 compared to record levels in 2021. Existing affordability issues brought about by a lack of housing supply were exacerbated by sustained interest rate hikes by the Bank of Canada. “Following a very strong start to the year, home sales trended lower in the spring and summer of 2022, as... [read more]

Buy Now or Rent Longer? 5 Questions to Answer Before Purchasing Your First Home Deciding whether to jump into the housing market or rent instead is rarely an easy decision – especially if you’re a first-time homebuyer. But in today’s whirlwind market, you may find it particularly challenging to pinpoint the best time to start exploring homeownership.    A real estate boom during the pandemic pushed home prices to an all-time high.1 Add higher... [read more]