National Real Estate Market Update for 2023 There’s an old adage in real estate: location, location, location. But ever since the Bank of Canada began its series of inflation-fighting interest rate hikes last year, a new mantra has emerged: mortgage rates, mortgage rates, mortgage rates. Higher rates had the immediate impact of cooling homebuyer affordability and demand. But when the Bank of Canada announced in early March that it would put additional rate changes on hold, the... [read more]

GTA Real Estate Market tightens in January 2024 compared to 2023 housing activity TORONTO, ONTARIO, February 6, 2024 – 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. New listings were also up year-over-year but by a lesser annual rate compared to sales. The resulting tighter market conditions when compared to the same period a... [read more]

Interest Rate Hikes Drive Down Home Sales and New GTA Real Estate Listings in November 2022 Homeownership market activity in November continued to be influenced by the impact of higher borrowing costs on affordability. Sales were down markedly compared to the same period last year, following the trend that unfolded since the commencement of interest rate hikes in the spring. New listings were also down substantially from last year, and at a very low level historically. The fact that the... [read more]

A Return to ‘Normal’? The State of Real Estate in 2022   Last year was one for the real estate history books. The pandemic helped usher in a buying frenzy that led to a record number of home sales and a historically-high rate of appreciation, as prices soared by a national average of 19.9% year over year, according to the Canadian Real Estate Association.1 There were signs in the second quarter that the red-hot housing market was beginning to simmer down. In June,... [read more]

Should you get preapproved for a mortgage before you start house hunting? And the answer is BIG YES!! Here are three reasons why: You’ll find out how much home you can really afford. You’ll gain credibility when you’re ready to make an offer. You’ll speed up the buying process. In fact, this could be a costly mistake not to get the mortgage pre approval done. To help home buyers protect from this and other common pitfalls there is a new FREE... [read more]