Bayview Mills Blog

🏡 October 2025 GTA Real Estate Market Update

Mon, 10 Nov 2025 04:45:20 GMT

October 2025 Market Snapshot

🏡 September 2025 GTA Real Estate Market Update

Thu, 09 Oct 2025 21:25:02 GMT

Sales tick up, prices soften, and inventory continues to favor buyers—yet key segments are showing signs of change.

🔍 By the Numbers: September at a Glance

Total Sales: 5,592 (+8.5% YoY, +7.3% MoM)
Average Selling Price: $1,059,377 (–4.7% YoY, +3.6% MoM)
New Listings: +18.9% YoY, +6.9% MoM
Active Listings: 30,215 (+26.1% YoY, –4.4% MoM)
Sales-to-New Listings Ratio: ~29%
Days on Market:
- Property DOM: 51 days
- Listing DOM: 33 days
Months of Inventory: 5.26 months — favoring buyers

🧠 Top Takeaway

While sales are rising and some price momentum returned, elevated inventory levels and longer listing times continue to tilt the market in favour of buyers.

What's happening locally? Toronto Market Insights

Then what’s happening out east in Durham region. Every city/town is unique as are the communities within them. Scroll through to find your town.

Toronto September 2025 Market Watch Snapshot by Brian Stanton

1080x1080-Durham Region September 2025 Market Snapshot by Brian Stanton

🏘 Segment Performance

Condos: Represent ~25.7% of sales and ~31.4% of inventory, with ~6.42 months of supply — still clearly a buyer’s market
Detached Homes: ~5.14 months of inventory — shifting further into buyer territory
City of Toronto: ~5.16 months across home types — leans toward buyers
Durham Region: Inventory sits at ~3.97 months — rising but remains more balanced

🏦 Economic & Financing Context

In September, the Bank of Canada cut its policy rate, offering relief to borrowers and helping to support buyer activity (as noted in TRREB’s press release).
This rate move may help to counterbalance the inventory pressure and re-energize some buyers who were previously sidelined.
However, rising inflation and global trade uncertainty may temper further rate cuts.

🔄 What’s Changing — and What’s Not

Momentum is returning — monthly sales growth suggests improving buyer activity.
Prices remain soft — year-over-year declines persist despite a month-over-month rise.
Supply remains a dominant factor — with over five months of inventory and increased DOM, buyers hold more negotiation power.
Segment divergence continues — condos and detached properties are increasingly favoring buyers compared to earlier in 2025.
Rate cuts help, but not a full reset — the September BoC move is supportive, but deeper economic clarity is needed to sustain momentum.

⚖️ Buyer vs. Seller Strategy

For Buyers:

You have room to negotiate — take your time to find the right fit.
Don’t over-leverage timing — the bottom is rarely obvious in real-time.
Lock in financing while buyer-friendly rates persist.

For Sellers:

Be assertive with pricing—don’t chase the market upward.
The longer your home sits, the more it erodes value.
For entry-level properties, strong staging and promotion can still attract buyers in this market.
In more competitive areas like Durham, balance your expectations with current supply dynamics.

🔮 Quick Verdict

Segment	Market Condition
Condos	Firm Buyer’s Market (~6.4 MOI)
Detached (GTA-wide)	Leaning Buyer (~5.1 MOI)
Durham Region Homes	Balanced (~4.0 MOI)
Overall GTA	Buyer-favoring (~5.3 MOI)

Bottom line:
In September, GTA sales gained momentum while prices held steady, but abundant inventory and longer time on market maintained a buyer’s advantage.

Need help navigating the current market?

👉 Reach out for a personalized consultation

🏡 August 2025 GTA Real Estate Market Update Bayview Mills

Mon, 08 Sep 2025 15:48:36 GMT

Sales hold steady, prices dip, and inventory levels continue to give buyers the upper hand.

By the Numbers: September at a Glance

Total Sales: 5,211 (+2.3% YoY, –14.6% MoM)
Average Selling Price: $1,022,143 (–5.2% YoY, –2.8% MoM)
New Listings: Up 9.4% YoY, down 20.3% MoM
Active Listings: 27,495 (+22.4% YoY, –9% MoM)
Sales-to-New Listings Ratio: ~37%
Days on Market:
- Property DOM: 41 days
- Listing DOM: 30 days
Months of Inventory: ~5 months — favouring buyers

🧠 Top Takeaway:

August showed stable sales but continued price softness, with steady inventory keeping the market tilted in favour of buyers—even as demand remains consistent.

What's happening locally? Durham & Toronto Market Insights

Every city/town is unique as are the communities within them. Scroll through to find your town.

Durham Region August 2025 Market Watch Snapshot (1080 x 1350 px)

Toronto August 2025 Market Watch Snapshot

📸 Segment Snapshot

Segment	Months of Inventory	Market Insight
Condos	~6.65 months	Firmly buyer’s market
Detached Homes	~5.13 months	Leaning toward buyers
Durham Region	~3.99 months	Balanced
City of Toronto	~5.42 months	Slight buyer advantage

📉Economic & Construction Insights

Bank of Canada Watch: With the next rate decision on September 17, all eyes are on upcoming inflation data to guide policy direction. Opinions vary on whether the central bank will raise or cut its 2.75% rate.
Building Activity Slowing: New housing starts surged 4% July-over-July overall in Canada, but Ontario continues to lag. Windsor recorded 25% fewer starts in H1 2025 versus 2024—and Toronto’s figures fell dramatically.

🏠 What’s Changing — and What’s Not

Affordability Still a Focus: Prices are easing YoY, but many buyers still face monthly affordability challenges—even in a more liquid market.
Inventory Remains Elevated: With five months of supply, buyers have ample choice, though market activity remains measured.
Construction Slowdown Looms: Decreased housing starts in Ontario may tighten future supply—an important insight for strategic buyers or long-term investors.
Interest Rate Uncertainty Ahead: Inflation data due mid-September could sway BoC decisions, impacting mortgage cost expectations.

⚖️ Buyers vs. Sellers: What’s the Game Plan?

For Buyers:

You’ve got room to navigate—no need to rush or overpay.
Stay informed about rate movements ahead of the September decision.
Low construction today may mean fewer new choices down the road—act when ready.

For Sellers:

Price competitively—don’t cut too late chasing correction.
Professional valuation remain important
Let’s align your timing with market trends and local dynamics—especially in areas like Durham, where inventory remains balanced.

🔮 Quick Verdict

Market Segment	Current Condition
Condos	Buyer’s market (~6.6 months MOI)
Detached (GTA-wide)	Buyer-leaning (~5.1 months MOI)
Durham Region Homes	Balanced (~4.0 months MOI)
Overall GTA	Buyer-leaning (~5 months MOI)

📞Need a Customized Buying or Selling Strategy?

Whether you’re ready to act or just assessing, now is the time for informed moves. Let’s collaborate to create a strategy tailored to your goals and market timing.

👉 Reach out for a personalized consultation

SOURCES: TRREB, Canadian Mortgage Trends, CMP, Bank of Canada, CBC, Todayville, cmhc-schl.gc.ca, TD Economics, RBC

🏡 April 2025 GTA Real Estate Market Update

Sat, 10 May 2025 03:44:33 GMT

Inventory builds, buyer competition heats up — but only in certain segments. Here’s what’s shifting.

🔍 By the Numbers: April at a Glance

Total Sales: 5,601 (-23.3% YoY, +11.8% MoM)
Average Selling Price: $1,107,463 (-4.1% YoY, +1.3% MoM)
New Listings: 17,263 (+8.1% YoY, +9.1% MoM)
Active Listings: 27,386 (+54% YoY, +16.7% MoM)
Days on Market:
- Property DOM: 33 days
- Listing DOM: 25 daysToronto Regional Real Estate Board+3Toronto Regional Real Estate Board+3Toronto Regional Real Estate Board+3

🧠 Top Takeaway:
April saw a seasonal uptick in sales and prices, but with inventory rising sharply, the market is shifting toward balance — and buyers are gaining leverage in many segments.
What's happening locally? Durham & Toronto Market Insights
Every city/town is unique as are the communities within them. Scroll through to find your town.

Durham Region March 2025 Market Watch Snapshot (1080 x 1350 px) by Brian Stanton

📉 Rates Hold, But Lending Tightens

The Bank of Canada held its benchmark rate steady at 2.75% in April. However, fixed mortgage rates have edged up in recent weeks, and variable rate discounts have narrowed as lenders react to economic uncertainty. Affordability remains a key concern, especially for first-time buyers.

📈 Current Trends:
BoC Rate: 2.75%
5-Year Fixed Averages: ~5.5%
Variable Rates: ~6.0%
Bond Yields: Slightly risingFacebook+3John Owen+3New York Post+3

🏠 What’s Changing — and What’s Not

1. Sales Rebound, But Still Below Last Year
Sales increased by 11.8% from March, indicating a seasonal spring uptick. However, they remain 23.3% below April 2024 levels, reflecting ongoing market caution.

2. Inventory Surge Offers More Choices
Active listings rose by 54% year-over-year, providing buyers with more options and reducing the urgency seen in previous months.

3. Entry-Level Homes See Competition
Smaller detached and attached homes, particularly in areas like Durham Region, are experiencing multiple offers, signaling strong demand in this segment.

4. Condo Market Remains Buyer-Friendly
The condo market, especially smaller 1-bedroom units, continues to favor buyers, with ample inventory and negotiable prices.

🗣️ Expert Insight:
“Entry-level homes are attracting significant interest, while larger detached properties require strategic pricing and patience.”

⚖️ Buyers vs. Sellers: Who Has the Edge Right Now?

For Buyers:

Increased inventory offers more choices, especially in the condo and larger home segments.
Entry-level homes may involve competition; be prepared for multiple offers.
Larger detached homes present opportunities for negotiation.

For Sellers:

Entry-level properties are in demand; proper preparation and pricing are key.
Larger homes may experience longer selling times; strategic marketing is essential.
Understanding your market segment and working with an experienced agent can make a significant difference.

🔮 Quick Verdict:

Segment	Conditions
Entry-Level Homes	Seller's market
Condos	Buyer's market
Larger Detached Homes	Balanced to Buyer's market
Overall	Shifting towards balance

📞 Need Help Navigating This Market?

With the market shifting month by month, strategic advice is more important than ever. Whether you're planning to buy, sell, or just assess your options, our team is here to help you make confident decisions.

👉 Let’s connect — no pressure, just clarity.

Call Ben at 905-995-23372 or Jim at 905-409-9967

MORE MARKET INSIGHTS (Markham/Stouffville & Port Hope/Cobourg)

Markham Stouffville April 2025 Market Snapshot by Brian Stanton

Northumberland April 2025 Market Snapshot by Brian Stanton

February 2025 Market Recap: Real Estate Sales in the GTA

Mon, 10 Mar 2025 14:20:14 GMT

February Market Watch: Homebuyers continued to benefit from substantial choice in the Greater Toronto Area (GTA) resale market in February 2025.

As we move into the spring market, the February 2025 housing data from TRREB highlights a market in transition. While sales activity showed a modest month-over-month increase, year-over-year figures remain significantly lower. Interest rate shifts, buyer sentiment, and a glut of condo inventory continue to shape market conditions across the Greater Toronto Area.

Market Dynamics

Total Sales: The GTA saw sales dip year-over-year to 4,037 (-27.4% YoY, +4.9% MoM)
Average Selling Price: Selling Prices remained relatively stable averaging $1,084,547 (-4.1% YoY, +1.2% MoM)
New Listings: February saw new listings grow year over-year up 5.4% to 12,066 and down 2.6% from January.
Active Listings: Inventory remains significantly elevated, with year-over-year growth in available properties up 76% and 13.9% above January.
Days on Market:
- Listing DOM: Listings sell on average in 28 days (+12.0% YoY, -24.3% MoM)
- Property DOM: Listings that terminate and re-list are on for 43 days (+16.2% YoY, -21.8% MoM)

What's happening locally? Toronto Market Insights

Interest Rate & Mortgage Trends

The Bank of Canada (BoC) initiated its first rate cut of the year in January, bringing the policy rate down to 3.00%, and another cut to 2.75% is anticipated in March. This shift is a response to slowing economic activity and declining inflation. Lower borrowing costs are beginning to make homeownership more accessible for some buyers, particularly those considering variable-rate mortgages.

Meanwhile, fixed mortgage rates have also seen downward pressure, reflecting declining 5-year bond yields. As the bond market anticipates further BoC rate cuts, we may see fixed-rate mortgages continue to decrease, offering buyers improved affordability.

Key Market Observations

Sales Remain Subdued, but Price Stability Emerges
- While sales volumes are down significantly year-over-year, average prices are showing signs of stabilization. Month-over-month growth in pricing suggests some resilience in the market, particularly for well-priced freehold homes.
More Listings, Longer Selling Timelines
- New listings continue to rise, contributing to a more balanced market. While sellers must be strategic with pricing, buyers have greater selection and negotiation power.
The Condo Market Faces Headwinds
- In contrast to freehold properties, GTA condos continue to struggle with an oversupply of listings. With more than six months of inventory in some areas, the condo segment remains firmly in a buyer’s market, placing downward pressure on prices and extending selling timelines.
Economic Uncertainty from Trade War Looms
- The ongoing trade war between the U.S. and Canada, particularly new tariffs on Canadian exports, has introduced economic uncertainty that could impact job markets and consumer confidence. While the full effect on housing remains unclear, uncertainty makes it difficult to predict long-term trends, keeping both buyers and sellers cautious.

What This Means for Buyers & Sellers

For Buyers:

The market remains favourable for those looking to purchase, with more options and improving affordability as interest rates decline.
Condos, in particular, offer strong negotiation opportunities due to elevated inventory levels.
Well-priced properties in desirable areas are still attracting competition, so preparation and decisive action remain important.

For Sellers:

While prices are showing some stability, strategic pricing and strong presentation are key to attracting serious buyers.
Homes are taking longer to sell, meaning sellers should be prepared for extended timelines compared to previous years.
Freehold properties continue to see steady demand, though pricing realistically in the current market is crucial.

Final Thoughts

The GTA real estate market is evolving as interest rates shift and inventory levels rebalance. While challenges persist, particularly in the condo segment, the broader market is adjusting to more balanced conditions. However, the uncertainty surrounding the ongoing trade war adds an additional layer of complexity, making it difficult to predict the long-term trajectory of housing demand.

As we enter the spring market, staying informed and working with experienced professionals will be key to making the right real estate decisions.

Thinking about buying or selling? Contact us today to navigate the market with confidence!

Call Ben at 905-995-23372

MORE MARKET INSIGHTS (All of Durham Region Markham/Stouffville & Port Hope/Cobourg)

Markham Stouffville February 2025 Market Watch Snapshot by Brian Stanton

Durham Region February 2025 Market Watch Snapshot by Brian Stanton

Northumberland February 2025 Market Watch Snapshot by Brian Stanton

2025 Real Estate Market Outlook: What Buyers and Sellers Need to Know

Thu, 09 Jan 2025 19:28:58 GMT

As we step into 2025, the real estate market brings a mix of cautious optimism and strategic opportunities. Whether you're looking to buy, sell, or simply understand the shifting landscape, here are the key insights you need to navigate the year ahead with confidence.

Will I Pay More for a Home in 2025 Than in 2024?

Yes, home prices are expected to rise in 2025, but the extent varies by region and property type. The Canadian Real Estate Association (CREA) forecasts a 4.4% increase in the national average home price, reaching $713,375. Royal LePage anticipates a 6.0% year-over-year increase by Q4, with single-family homes leading gains at 7.0% and condos experiencing a more modest 3.5% rise. In the Greater Toronto Area (GTA), detached homes could see a 7.0% increase, while condos may decline by 1.0%.

Will the Market Favour Buyers or Sellers?

The market is likely to tilt toward sellers, driven by tightening supply and increased demand. According to Royal LePage, limited new listings will create a competitive environment, especially for single-family homes. However, the condo market in urban centers like Toronto might offer buyers more opportunities due to an oversupply of inventory.

How Will Pricing Be Impacted?

Price growth will be steady but regionally nuanced. Detached homes, particularly in areas with limited supply, are expected to lead price appreciation. Conversely, the condo market may remain softer, offering a rare window of affordability for first-time buyers. Buyers should keep an eye on local market conditions to identify opportunities.

Will the Market Bounce Back in Terms of Sales Volume?

Yes, sales activity is expected to rebound. CREA predicts a 6.6% increase in national home sales, while RBC and TD Economics project even higher growth rates of 12.5% and 15.8%, respectively. The spring market is expected to kickstart this momentum, fueled by declining interest rates and improved buyer confidence.

What Will Happen with Interest Rates in 2025?

Interest rates are expected to continue declining, albeit at a slower pace. After significant rate cuts in 2024, the Bank of Canada is anticipated to reduce its policy rate to between 2.00% and 3.00% by mid-2025. Fixed mortgage rates should stabilize, and variable-rate loans will likely see further reductions, enhancing affordability for buyers.

How Will This Impact My Purchasing Power?

Lower interest rates will improve purchasing power, particularly for first-time buyers and those looking to upsize. However, affordability challenges remain in high-demand markets. It’s crucial to explore financing options early to understand what’s possible.

If I Have a Mortgage, How Will Interest Rates Affect Me?

For those with variable-rate mortgages, the anticipated rate cuts could lower monthly payments or help you apply more to your principal. Fixed-rate mortgage holders nearing renewal may benefit from reduced rates (based on the bond yields coming down), but it’s essential to review your options with a trusted lender to optimize your financial position.

Should You Wait to Buy or Sell?

No—waiting often means missed opportunities. The best time to move is when it aligns with your personal needs and goals. Timing the market is challenging, even for experts, and the reality is that 2025 remains unpredictable.

What you can control is your preparation. Here’s how to get started:

Clarify Your Goals: Define what you need in your next home, including location, size, and features, to support your lifestyle.
Research the Market: Explore homes in your desired area to understand pricing and trends.
Get a Home Selling Consultation: If you’re selling, learn your home’s current market value and develop a strategy to align your sale with your next purchase.
Assess Financing Options: Work with a lender to understand your borrowing capacity, mortgage options, and any penalties for breaking or porting an existing mortgage.

We can help. Contact us today to get expert advice.

Final Thoughts

The 2025 real estate market presents opportunities for those prepared to act. Declining interest rates, improving sales volumes, and region-specific price trends provide a landscape where both buyers and sellers can achieve their goals. Success lies in preparation and timely action—don’t let the headlines deter you from making the move that’s right for you.

If you’re ready to take the next step, the Jim Stanton Team is here to guide you through every stage of your real estate journey. Reach out today to start planning your path to success in 2025.

December 2024 Market Recap: Real Estate Sales in the GTA

Thu, 09 Jan 2025 19:26:55 GMT

December Market Watch: Seasonal Slowdown Sets the Stage for 2025 Opportunities

As expected, December brought a seasonal cooldown to the GTA housing market. With fewer listings, softened sales, and mixed price trends, both buyers and sellers can find unique opportunities in this quieter time of year. Here’s what the latest data reveals and what it could mean for you.

Market Dynamics

Sales Momentum: December 2024 saw a predictable dip in sales activity, declining 1.8% year-over-year and a significant 43% month-over-month, following November's remarkable 40% year-over-year surge. The seasonal slowdown reflects the typical December pattern as the market winds down for the holidays.

Listing Dynamics: New listings dropped sharply, down nearly 60% from November, but remained 20% higher than December 2023 levels. Active listings, meanwhile, were up 48.5% year-over-year, indicating an inventory buildup compared to the prior December but a noticeable contraction compared to the fall months.

Price Trends: The average sale price for December landed at $1,067,186, down 1.6% year-over-year and 3.5% month-over-month. Looking at the bigger picture, the average sale price for 2024 across all home types came in at $1,117,600—a modest 0.8% dip compared to 2023’s $1,126,263.

Market Status: Listings spent an average of 36 days on the market in December, while total property days on market, including relisted homes, averaged 56 days. These figures underscore the slower pace of activity that defines this time of year.

What's happening locally? Toronto Market Insights

Every city/town is unique as are the communities within them. Scroll through to find your town.

Impact of Interest Rates

Impact of Mortgage Rates

The Bank of Canada delivered another rate cut on December 11, reducing the benchmark rate by 0.50%. This move offers relief to variable-rate mortgage holders and those seeking new variable-rate options. However, fixed mortgage rates edged higher earlier in the month, following a lagging response to increased bond yields from the fall. Looking ahead, industry experts anticipate fixed rates will decrease in 2025 as lenders compete for the attention of the 1.2 million Canadians facing mortgage renewals next year.

The next Bank of Canada announcement is on January 24th.

What Does This Mean for Buyers and Sellers?

For Buyers:

December can present hidden gems for savvy buyers. With fewer active shoppers in the market, competition is reduced, providing more room for negotiation. If you’re able to find a home that fits your needs, you might secure a great deal ahead of the busier spring market.

For Sellers:

A quieter December market can actually work in your favor, with fewer competing listings vying for buyer attention. If your home is well-prepared and strategically marketed, it has the potential to stand out and attract serious buyers. Alternatively, December is an excellent time to prepare for a spring listing, ensuring your home is in prime condition to capitalize on early 2025 demand.

In Conclusion

The December market slowdown is a natural conclusion to the year, but it sets the stage for exciting opportunities in 2025. With interest rates shifting, inventory tightening, and buyer activity expected to pick up, now is the time to plan your next move strategically.

Get the Help You Need:

Ready to buy or sell in the GTA? Contact us today for expert advice and tailored support to navigate this evolving market. Let’s make 2025 your most successful year yet.

Call Ben at 905-995-23372 or Jim at 905-409-9967

MORE MARKET INSIGHTS (Markham/Stouffville & Port Hope/Cobourg)

Durham Region December 2024 Market Watch Snapshot

Markham Stouffville December 2024 Market Watch Snapshot by Brian Stanton

Northumberland December 2024 Market Watch Snapshot

2024 Greater Toronto Area Real Estate Market Recap

Thu, 09 Jan 2025 19:22:10 GMT

Oh, 2024. You were supposed to be the belle of the ball. The great rebound after nearly a year of 5% interest rates. Relief was in sight. Rather than shifting into a shopping spree, the market hit a holding pattern. The GTA saw only 67,610 sales, way off the 77,000 forecasted by the Toronto Regional Real Estate Board.

So what happened?

The reality, given all we faced in 2024, the Greater Toronto Area (GTA) real estate market demonstrated a lot of resilience. Let’s dive into the highlights of the year, exploring key trends, challenges, and what’s next for buyers and sellers.

Did the GTA Real Estate Market Bounce Back in 2024?

Yes, but it wasn’t a straight path. After a challenging 2023, where sales dipped significantly, 2024 saw signs of recovery, particularly in the latter half. Average home prices (all home types) was $1,117,600 a decline of less then 1% from 2023. Improving buyer sentiment in October and November, marked the potential beginning of a rebound. However, with sales coming in under 68,000 (short of the Toronto Regional Real Estate Board’s 77,000 forecast), it’s clear the recovery wasn’t uniform across all market segments.

Was It a Buyers’, Sellers’, or Balanced Market?

2024 was predominantly a balanced market, with inventory levels fluctuating between three and four months’ supply throughout the year. This balance gave buyers greater negotiating power compared to the pandemic-driven frenzy of years past. Buyers could secure financing and inspection clauses more frequently, a shift from the high-pressure sales environment of 2022.

That said, sellers faced challenges aligning with buyer expectations, often resulting in terminated listings. The GTA saw just over 50,000 listings terminate*. To put that in perspective in 2021, there were over 121,000 sales and under 36,000 listings terminated.

*Many listings that terminated and relisted and some did so multiple times.

Where Are Prices Relative to the Start of the Year and the 2022 Peak?

Start of 2024: Prices ended the year similar to where they began (+3.9%), after a slow year thanks to renewed market activity fueled by interest rate cuts and steady inflation declines.
2022 Peak: By mid-fall, a stalemate between hesitant buyers and hopeful sellers began to shift, reigniting transactions in October and November while December remained predictably softer.

What Drove Market Activity in 2024?

Several factors shaped the 2024 market:

Interest Rate Cuts: The Bank of Canada’s five consecutive rate cuts (totaling 175 basis points) played a pivotal role. Declining interest rates spurred some buyers to act while others stood pat waiting for rates to go even lower. By year-end, the overnight rate dropped to 3.25%, significantly reducing borrowing costs for buyers (especially those looking for a variable rate).
Inventory Dynamics: Increased inventory meant buyers had more choice and less urgency to come to the offer table. Despite this sellers held their ground and demanded market value for their homes.
Easing Inflation: Inflation steadily declined, reaching 2.0% by November, which bolstered consumer confidence.
Stalemate Breaking: By mid-fall, a stalemate between hesitant buyers and hopeful sellers began to shift, reigniting transactions.

What Can We Expect in 2025?

Looking ahead, expect a cautious yet optimistic market:

More Rate Relief: With further mortgage renewals and easing amortization challenges, buyers may find opportunities to re-enter the market.
Gradual Price Growth: Prices are likely to continue recovering, particularly in high-demand areas like Durham Region.
Policy Impacts: New federal programs supporting secondary suites and the removal of the stress test for certain mortgage switches and easing of rules for first-time buyers and uninsured mortgages could boost market activity.
Most experts predict the 2025 Spring Market will be busier than we’ve seen the last 2 years.

Key Takeaway

For both buyers and sellers, understanding market trends and working with a knowledgeable team is critical. The Jim Stanton Real Estate Team prides itself on guiding clients through these complexities with trust, integrity, and proven expertise. Whether you’re navigating today’s opportunities or planning for tomorrow, we’re here to help.

Ready to discuss your goals for 2025? Let’s connect!

October GTA Market Review

Mon, 11 Nov 2024 17:20:45 GMT

Have the Bank of Canada’s Interest Rate Cuts been enough to stimulate the Fall Market?

As we move into the final quarter of 2024, the Greater Toronto Area (GTA) real estate market remains dynamic, with signs of both stability and uncertainty. While home sales have shown a modest increase year-over-year and new listings are flooding the market, the anticipated impact of recent interest rate cuts has yet to fully materialize. Buyers are benefiting from more inventory and a slightly more favorable mortgage landscape, but sellers face challenges in pricing homes effectively amidst longer days on market. In this recap, we'll explore key market trends, the evolving mortgage environment, and what these changes mean for buyers and sellers as we approach the end of 2024.

Market Summary

Sales Momentum: October’s sales increased by a remarkable 44.4% from 2023 and 33% from the previous month. This impressive growth points to heightened buyer engagement, likely driven by recent interest rate cuts and increasing consumer confidence in a more balanced market.

Listing Dynamics: New listings rose modestly by 4.3% year-over-year but fell 15.3% from September, hinting that sellers may be holding back due to the approaching holiday season or expectations of better pricing ahead.
Active Listings: Although active listings were up by 25.3% year-over-year, they decreased by 4.4% from the previous month, showing signs that excess inventory is gradually being absorbed by the market.
Price Trends: Average home prices showed a 1.1% increase from last year and a 2.5% rise from September, indicating gradual price stability with slight upward pressure as competition picks up.
Market Status: With 3.68 months of inventory available, the GTA remains in a balanced market, with a sales-to-new-listings ratio of 43%. This offers both buyers and sellers unique opportunities as the market continues to stabilize.
Time to Sell: Listings spent an average of 27 days on the market, with an overall average selling time of 43 days when you take into account listings that terminated and relisted. This reflects the need for competitive pricing and strategic positioning as buyers weigh their options in a still-saturated market.

What's happening locally? Toronto Market Insights

Design by Ben Stanton

Impact of Interest Rates

Mortgage Rate Dynamics and Their Impact

On October 23, 2024, the Bank of Canada made a bold move by lowering its policy rate by 0.50% to 3.75%, the largest cut since the cycle began in June. While many anticipated that this would stimulate home sales, October's market activity hints that the mere expectation of the cut may have already influenced buyers to act. As we approach the Bank’s December 11 announcement, another potential rate cut could further drive purchasing activity, particularly for those with increased purchasing power in a more favorable borrowing environment.

Effect on Variable-Rate Mortgages: For adjustable-rate mortgage holders, this recent rate cut could equate to approximately $30 less in monthly payments per $100,000 of mortgage debt, based on a 25-year amortization. For fixed-payment variable-rate mortgage holders, more of each payment will go toward building equity.

Impact on Fixed Rates: In contrast, fixed-rate mortgage holders may see modest rate hikes, as lenders have started adjusting rates slightly. These incremental adjustments stem partly from recent U.S. elections and market responses.

What Does This Mean for Buyers and Sellers?

For Buyers:

The surge in sales activity shows competition is heating up, but with a substantial inventory still on the market, buyers continue to have leverage for negotiating and submitting conditional offers. However, this window of opportunity won’t remain open indefinitely, as sidelined buyers are likely to re-enter as rate cuts continue.

For Sellers

For those planning to sell, October’s sales momentum is an encouraging signal. As inventory often slows around the holiday season, there’s potential for fewer listings and increased demand from motivated buyers. If inventory continues to shrink, sellers can anticipate stronger competition and possibly favorable pricing dynamics.

In Conclusion

With active listings still substantial but gradually reducing the market's balance will depend on whether sales growth continues into the winter months. The next few months will reveal if buyers will jump in now or await further rate cuts, which will likely intensify competition as we move toward spring.

Get the Help You Need:

Ready to buy or sell in the GTA? Contact us today for expert guidance and personalized support to navigate this evolving market and make the most of current opportunities.

Call Ben at 905-995-23372

Should I Buy First or Sell First? Here’s How to Decide.

Thu, 19 Sep 2024 19:44:00 GMT

Feeling stuck in the chicken-and-egg dilemma of buying your dream home and selling your current one? You’re not alone. It’s one of the most common questions we hear: "Should I buy first or sell first?" The good news is, there’s no wrong answer—just the right one for you.

Why This Matters:
It’s natural to feel uncertain about timing. Buying first means you might carry two mortgages temporarily. Selling first means you might need temporary housing. Either way, you’re wondering, What’s the safest option for my family and finances?

Here’s How to Decide:

Understand the Market:
- In a seller’s market (where homes sell quickly), it can often be better to buy first. Why? If you sell first, you’ll benefit from the seller’s market, but when it comes time to buy, you’re competing with everyone else in a rising market, and your sale proceeds may not stretch as far. Buying first allows you to tackle the competitive buying situation upfront and then sell with confidence, knowing you have a place to move to.
- In a buyer’s market (where homes take longer to sell), selling first is often the smarter choice. If prices are trending downward and there are plenty of properties that meet your needs, selling first ensures you secure the most value from your home. It may take longer, but when you transition to buying, you’ll be in a stronger position to negotiate with more options available.
- In a balanced market (where homes sell in a reasonable time) the choice is yours. We always recommend assessing the volume of homes on the market that meet what you are looking for in your next home. If you find you have a lot of options it can be safe to sell first. If on the other hand, only something specific will do buying first is the way to go.
Know Your Finances:
- If you buy first, explore bridge financing. This short-term loan helps cover the gap between your purchase and sale.
- If you sell first, work with your Realtor to negotiate a longer closing date, giving you time to find your new home.
Consider Your Risk Tolerance:
- If carrying two mortgages for a short time feels stressful, selling first provides peace of mind.
- If you don’t want to rush into buying your next home, buying first gives you flexibility.
- No matter which you choose, whether to buy or sell first you want to know the market conditions and have a plan for a transition in the market. When a seller’s market flips to a balanced or a buyer’s or vice versa it can throw a curve ball in the best-laid plans. That’s where partnering with an expert lender and realtor® becomes even more important.

Let’s Make It Easy:
Still unsure? We’ll sit down with you, review your finances, and help you navigate the local market. Together, we’ll build a plan that ensures you’re confident every step of the way. Give us a call or send us a message—we’d love to help!

GET OUR HELP NOW

Government Announces Biggest Changes to Mortgages Rules In Decades!

Tue, 17 Sep 2024 16:31:17 GMT

The federal government is introducing 30-year amortization loan periods for all first-time homebuyers as well as buyers of new builds, even if it’s not their first home.

The government has also expanded mortgage insurance qualification to cover houses that cost more than $1 million, up to $1.5 million.

These changes are set to take effective Dec. 15, 2024.

THE BENEFITS FOR BUYERS

By stretching their payments for more years buyers can reduce their monthly payments increasing affordability and helping them pass the mortgage stress test when qualifying.

With mortgage insurance expanding to homes $1M - $1.5M more buyers will be able to enter the market in areas where average home prices are over the $1M mark with lower downpayment’s, including many neighbourhoods across the GTA.

THE DRAWBACK

The most obvious is that it will take longer to pay off your loan and that means you are paying interest for longer which means more interest over time.

HOW WILL THIS IMPACT THE REAL ESTATE MARKET

These changes may lead to an uptick in prices by bringing more buyers to the market, especially at a time where interest rates are coming down from recent highs.

It is likely to have the biggest impact on homes valued just over the $1M mark by increasing the buyer pool for these homes which may send a ripple through the market and add to upward pressure on prices.

To learn more about how these impacts may affect your real estate goals, please reach out, we are always excited to share our knowledge and help you achieve success.

August 2024 RE Market Recap: Real Estate Sales in the GTA

Tue, 17 Sep 2024 15:46:50 GMT

Is housing in the GTA becoming more affordable?

GTA home sales fell 5.3% year-over-year in August 2024, with a slight increase in new listings. Despite a modest dip in average home prices, the market remains well-supplied. Recent Bank of Canada rate cuts are expected to enhance affordability, especially for first-time buyers.

Market Summary

Sales Momentum: Sales decreased by 5.3% compared to August 2023 and 7.72% from July 2024.
Listing Dynamics: New listings were up 1.5% year-over-year but down 23% from July 2024.
Active Listings: Active listings increased by 46% from 2023 but saw a 5.1% decline from July 2024.
Price Trends: Average home prices were down 0.8% year-over-year and 7.72% from July 2024.
Market Status: With 5 months of inventory, the GTA market is currently in a buyer's market. Sales to new listings ratio fell 3% from 2023 but rose 7% from July.
Time to Sell: Listings spent an average of 28 days on the market, while properties were on the market for 44 days.

What's happening locally? Toronto Market Insights

Every city/town is unique as are the communities within them. Scroll through to find your town.

Impact of Interest Rates

On September 4th the Bank of Canada reduced it’s policy rate for the third straight time by a quarter point. The Bank of Canada’s recent rate cut is poised to improve housing affordability, particularly benefiting those with variable-rate mortgages. As borrowing costs decrease, we anticipate increased first-time buyer activity, which could stimulate the condo market and overall housing demand.

What Does This Mean for Buyers and Sellers?

For Buyers

Buyers will find favorable conditions with lower mortgage rates and modestly reduced home prices. The current market offers more choices, particularly in the condo sector, making it an opportune moment for those looking to enter or upgrade within the market.

For Sellers

Sellers in the GTA may experience a slower pace of sales due to the year-over-year decline, despite a stable inventory. With average prices slightly down, sellers should be prepared for modest offers but can benefit from increased buyer interest as affordability improves over time.

In Conclusion

The GTA housing market is navigating a period of adjustment with declining sales and slightly lower prices. The recent rate cut promises to boost affordability and buyer activity, setting the stage for a gradual market recovery.

Get the Help You Need:

Ready to buy or sell in the GTA? Contact us today for expert guidance and personalized support to navigate this evolving market and make the most of current opportunities.

Call Ben at 905-995-23372 or Jim at 905-409-9967

July 2024 Market Recap: Real Estate Sales in the GTA

Tue, 13 Aug 2024 18:37:12 GMT

The Greater Toronto Area (GTA) real estate market favoured buyers in July with the inventory outpacing sales giving buyers lots to choose from and a slight relief in selling prices on average. With more rate cuts on the horizon, the Fall market could offer buyers a fantastic opportunity to strike.

Market Summary

Number of Sales:
- Up 3.3% year-over-year
- Down 1.7% month-over-month
Price Trend:
- Average price down 0.9% year-over-year
- Average price up 0.1% month-over-month
New Listings:
- Up 18.5% compared to July 2023
- Down 9.3% from June 2024
Active Listings:
- Up 55.4% from July 2023
- Up 1.1% compared to June 2024
Market Status:
- Sales to new listings ratio at 33% (compared to 35% in July 2023)
- Approximately 4.2 months of inventory, indicating a balanced market
Time on Market:
- Listings remained on the market for an average of 36 days, up 6 day from June 2024

Despite a second interest rate cut by the Bank of Canada many buyers remain on the sidelines.

What's happening locally? Durham & Toronto Market Insights

Every city/town is unique as are the communities within them. Scroll through to find your town.

Durham / Toronto July Market Watch Stats by Ben Stanton

Impact of Interest Rates

In July, the Bank of Canada dropped its policy rate by another 0.25%. “We may be starting to see a positive impact from the two Bank of Canada rate cuts announced in June and July. Additionally, the cost of borrowing is anticipated to decline further in the coming months. Expect sales to accelerate as buyers benefit from lower monthly mortgage payments,” said TRREB President Jennifer Pearce.

What This Means for Buyers and Sellers

For Buyers

Increased Choice: With a rise in new and active listings, buyers have more options to choose from.
Competition: Buyers are in the driver seat for now, but as the cost of borrowing goes down competition is likely to go up.
Move up Buyers: This is a great time to move up the property ladder if you are looking to upgrade to a home with more space or property.

For Sellers

Selective Buyers: With more inventory available, buyers are becoming more selective and less aggressive.
Strategic Pricing: Properly pricing your home is crucial. It needs to be attractive enough to draw in buyers while still meeting your financial expectations.
Entry Level Homes Remain in High Demand: Homes under $1million continue to generate considerable attention from buyers. Particularly entry level townhomes and detached homes that are well prepared.

Conclusion

July 2024 has once again been a month of balance and cautious optimism in the GTA real estate market. As we approach the fall market buyers will likely benefit from more interest rate cuts. With lower borrowing costs and a good inventory of homes on the market, this fall could offer GTA home buyers the opportunity they have been waiting for.

Call to Action

Whether you're looking to buy or sell a home, navigating the real estate market can be challenging. Contact us today for expert guidance and personalized service to help you achieve your real estate goals. Contact us today.

Call Ben at 905-995-23372 or Jim at 905-409-9967

MORE MARKET INSIGHTS (Durham Region, Markham/Stouffville & Port Hope/Cobourg)

Copy of Durham Region June Market Watch Stats by Ben Stanton

June 2024 Market Recap: Real Estate Sales in the GTA

Mon, 08 Jul 2024 16:04:58 GMT

The Greater Toronto Area (GTA) real estate market showed interesting dynamics in June 2024. While there were shifts in sales numbers and pricing trends, the market remained relatively balanced. Here’s a detailed look at the market activity and what it means for buyers and sellers. Market Summary

Number of Sales:
- Down 16.4% year-over-year
- Down 11.41% month-over-month
Price Trend:
- Average price down 1.6% year-over-year
- Average price down 0.3% month-over-month
New Listings:
- Up 12.3% compared to June 2023
- Down 3.5% from May 2024
Active Listings:
- Up 67.4% from June 2023
- Up 8.5% compared to May 2024
Market Status:
- Sales to new listings ratio at 35% (compared to 36% in June 2023)
- Approximately 4 months of inventory, indicating a balanced market
Time on Market:
- Listings remained on the market for an average of 20 days, up 1 day from May 2024

Despite an increase in inventory, the average price held relatively steady, showing resilience in the market and sellers not willing to sell below market value.

What's happening locally? Toronto & Durham Region Market Insights

Design by Ben Stanton

Impact of Interest Rates

In June, the Bank of Canada dropped its policy rate by 0.25%. While this move was expected to boost sales, the anticipated surge in buyer activity did not materialize. Many buyers chose to remain on the sidelines, as the adjustments in rates and prices were not sufficient to spur significant purchasing activity. The next rate announcement is expected on July 24th, which could further influence market conditions.

What This Means for Buyers and Sellers

For Buyers

Increased Choice: With a rise in new and active listings, buyers have more options to choose from.
Less Competition: The decrease in sales means fewer bidding wars, although prime properties still attract
multiple offers.
Opportunity in Luxury Market: The more expensive luxury market is starting to slow down and many markets are seeing homes sell below asking price. This is an opportunity for buyers who find themselves in a good position to buy.

For Sellers

Selective Buyers: With more inventory available, buyers are becoming more selective and less aggressive.
Strategic Pricing: Properly pricing your home is crucial. It needs to be attractive enough to draw in buyers while still meeting your financial expectations.
Entry Level Homes Remain in High Demand: Homes under $1million continue to generate considerable attention from buyers. Particularly entry level townhomes and detached homes that are well prepared.

Conclusion

June 2024 has been a month of balance and cautious optimism in the GTA real estate market. The modest changes in prices and sales, combined with increased inventory, provide a stable environment for both buyers and sellers. The summer is typically a slower time for sales as buyers direct their attention to summer holidays but good homes are still selling fast. As always we keep an eye on the market and wait to see how interest rates and rising inventory levels affect sales into the summer.

Call to Action

Toronto & GTA Real Estate Market Insights: May 2024 Market Recap

Mon, 10 Jun 2024 13:41:06 GMT

Greetings, GTA homebuyers and sellers! As we step into June, it's time to reflect on the dynamic real estate landscape that unfolded throughout May 2024. Join us as we uncover the latest insights and trends from the past month, offering a clear perspective on what May's market stats mean for your real estate journey. At Jim Stanton & Associates, our commitment to providing you with valuable information remains steadfast. Let's explore together the opportunities and possibilities that await in the ever-evolving GTA market.

Market Summary: In May 2024, the GTA real estate market showed mixed signals:

Sales Momentum: Compared to the same period last year, sales decreased by 21.7%. There was a month-over-month decrease of 1.42%.
Listing Dynamics: New listings were up 21.1% from 2023 and 9.9% month-over-month.
Active Listings: Active listings saw a significant increase, up 83.3% from 2023 and 20.3% from April 2024.
Price Trends: The average price for homes was down 2.5% year-over-year but saw a slight increase of 0.8% month-over-month.
Balanced Market: With 3 months of inventory available, the market was balanced.
Time to Sell: Days on Market remained stable month-over-month.

Click here to view the TRREB Market Watch Report for May 2024

What's happening? Toronto Market Insights

Toronto May 2024 Market Snapshot

Interest Rates

On June 5th, the Bank of Canada decreased its policy interest rate by 25 basis points. This is the first move since July 2023 and the first reduction since it began increasing the rate in March 2022 from its record low of 0.25%. The last time interest rates were lowered by the Bank of Canada was when the Bank dropped rates to an all-time low at the onset of the pandemic in March 2023.

What Does This Mean for Buyers and Sellers?

For Buyers:

Buyers are poised to benefit from the recent interest rate reduction, which is expected to increase buying power and push more buyers into the market. As a general rule of thumb, a ¼ point decrease in interest rates adds about $10,000 to the average borrower's buying power, though this depends on individual circumstances. However, with more buying power, competition is likely to heat up, especially for entry-level homes. Lower rates can be tempting, but remember that while waiting for further reductions, competition will likely increase. If you buy now, you pay today's prices and can always refinance at a lower rate later. Waiting might get you a lower rate, but you'll likely be paying a higher price.

For Sellers:

Luxury homes have been taking longer to sell in the higher interest rate environment. Hang in there; lower rates may bring more buyers. Expect competition to increase even more on entry-level homes like townhomes and links. These homes are always in demand, and these changes will only spur more competition. With rates finally starting to come down, now is the time to plan your next move. Information is power, and you only benefit by starting the process now.

Conclusion:

In conclusion, May 2024 witnessed a mix of trends in the GTA real estate market, presenting a balanced environment for both buyers and sellers alike. Despite fluctuations in sales compared to last year, there was a notable month-over-month decrease. The surge in new and active listings indicates a healthy influx of properties, while pricing trends remained relatively stable. With inventory levels maintaining a balance, the market is poised for potential changes depending on the upcoming interest rate adjustments. Looking ahead, proactive engagement will be key for both buyers and sellers to capitalize on emerging opportunities. At Jim Stanton & Associates, we're dedicated to providing the guidance and support necessary for navigating this dynamic landscape effectively.

Get the Help You Need:

Regardless of the statistics and the market, you have your own reasons for making a move. A big life event, ambitions, the need to upsize or downsize, or even relocate. The key is to ensure you have someone in your corner representing your best interests. Let us be your guide. Contact Us Today!

Call Ben at 905-995-3372

2024 Mother's Day Events in Durham Region

Sun, 07 Apr 2024 13:51:00 GMT

On May 12 Celebrate Mom at one of these local spots

Looking for the best way to spend Mother's Day? Check out these spots all around Durham Region hosting Mother's Day Events.

January Market Update

Wed, 07 Feb 2024 21:07:31 GMT

January Market Update

In January 2024, the average selling price of homes across the GTA experienced a one percent year-over-year decline, settling at $1,026,703 according to The MLS® Home Price Index Composite. While home sales increased compared to the same month in 2023. This rise was partly due to certain homebuyers taking advantage of lower interest rates linked to fixed-rate mortgages. While new property listings also saw a year-over-year increase, the growth rate was lower than that of home sales. The resulting tighter market conditions, compared to the previous year, suggest the possibility of renewed price growth as we transition into the spring market. Essentially, the increased demand, coupled with a more modest increase in available homes, may contribute to a potential uptick in housing prices.

Toronto Market Insights

1920x965-January 2024 Market Stats Toronto by Ben Stanton

What we are seeing on the ground

In a market characterized by both increased sales and a surge in property listings, home buyers and sellers find themselves navigating a dynamic and competitive landscape. The spike in listings provides buyers with a broader array of options, but the heightened demand, particularly in the lower price range, has resulted in more properties receiving multiple offers. Despite the competitive atmosphere, there remains ample opportunity for savvy buyers to find a suitable property and engage in negotiations. Sellers, on the other hand, are benefiting from the renewed demand, potentially receiving more attractive offers. Overall, the market's equilibrium between increased sales and listings creates an environment where both buyers and sellers must adapt to changing dynamics while recognizing opportunities for successful transactions.

NEWS ALERT: Foreign Buyer Ban Extended 2 Years

Tue, 06 Feb 2024 20:06:02 GMT

In a news release the federal government has announced that it will be extending the: Prohibition on the Purchase of Residential Property by Non-Canadians Act,

Known as “the Foreign Buyers Ban” for an additional 2 years. This means the ban on foreign buyers will be in place until at least 2027.

Key Highlights of the Act include:

The Act defines residential property as buildings with 3 dwelling units or less. This includes semi-detached houses and condominium units. The Act doesn’t prohibit the purchase of larger buildings with 4 or more dwelling units.
Non-Canadians can purchase residential properties located outside of Census Metropolitan Areas (CMA) and Census Agglomerations (CA). CMA is defined as having a population of over 100,000 with 50,000 or more living in the core. CA defined as having a population of over 10,000.

*contact me today to find out what areas are not included in this ban.

Certain exceptions apply allowing Non-Canadians to purchase a residential property in defined circumstances. Including temporary residents working or studying in Canada, refugees and non-Canadian spouses or common law partners buying with their partner or spouse who is Canadian or has an exemption.
If a non-Canadian, or anyone who knowingly assists a non-Canadian, is convicted of violating the prohibition, they will have to pay a fine of up to $10,000. Additionally, a court can order the sale of the residential property.

Source: CMHC

I hope you found this information helpful and please feel free to reach out if you have any questions relating to this or anything else real estate related.

VACANT HOME TAX - DECLARATION OF OCCUPANCY STATUS

Thu, 01 Feb 2024 18:08:12 GMT

The city of Toronto says on its website that the goal of the Vacant Home Tax (VHT) is to increase the supply of housing by discouraging owners from leaving their residential properties unoccupied. Homeowners who choose to keep their properties vacant will be subject to a tax of one percent of the property's Current Value Assessment. Revenues collected from the Vacant Home Tax will be allocated towards affordable housing initiatives.

Owners of properties in Toronto that are classified within the residential property tax class are required to declare occupancy status every year. The deadline to declare is February 29, 2024.

Use the URL below to get to the City of Toronto webpage to submit your declaration.

https://www.toronto.ca/services-payments/property-taxes-utilities/vacant-home-tax/vacant-home-tax-declaration-of-occupancy-status/

If you do not qualify for an exemption, the city will send you a notice at the end of March showing your VHT amount owing. Payment will be due in three installments in May, June and July.

A Reflection on 2023 and a look ahead to 2024

Thu, 11 Jan 2024 17:00:18 GMT

What’s next: A Reflection on 2023 and a look ahead to 2024

2023 Summary for the GTA

Home sales were down in 2023. Buyers who stuck it out through higher interest rates in 2023 benefited from more choice and more negotiating power which resulted in paying lower prices when compared to 2022.

Home Sales saw a 12.1 per cent dip compared to 2022.
Average sold prices across home types in 2023 saw a 5.4 per cent decline compared to 2022 bringing average sold price down to $1,126,604.

Outlook for 2024

There is little consensus on the future of the real estate market in 2024. Aside from the fact that most experts expect some relief in the Bank of Canada’s Policy rate which should help with borrowing costs for homeowners and would-be buyers. Experts are divided on exactly when, how many and how big an impact interest rate cuts will have.

The main factors affecting real estate forecasts in 2024.

When and how much will the BoC reduce its policy rate in 2024? (2024 BoC announcement schedule)
Will changes in variable and fixed rate mortgages be enough to bring buyers back?
How will homeowners up for renewal deal with rising financing costs?

2 Potential Outcomes and Everything in Between

A Return to a Sellers Market

If interest rates do come down in 2024 we will see more buyers enter the market. The question is, how many rate cuts could we see and how low could rates go? In March of 2023 a mere pause at 4.5% sent us back into a brief Sellers Market. If that happens again buyers who stay on the fence will regret it. It’s unlikely that we see the kind of pandemic sales we saw but it remains possible that the combination of high immigration, rising rent costs and lower interest rates increases competition for homes in 2024.

A Balanced Market

An environment with modestly lower interest rates could yield a continuation of the current balanced market. This is especially true if inventory remains at 3-4 months worth. Sellers looking to downsize, move up or relocate may be more likely to move when interest rates drop and sellers who are renewing mortgages at a cost that may be too high might decide to sell. This would bring more homes on the market and offset any increases in demand. This seems like the safe bet and most likely outcome to us.

For the Doom Scrollers

The other possibility is for those who love bad news. According to RateHub.ca 80% of all mortgages that were outstanding as of March 2022 will come up for renewal in 2024. That means those borrowers will be renewing at a much higher rate. Per Statistics Canada, mortgage interest payments have soared by nearly 90% since March 2022. Some are forecasting a high volume of distressed sales which if enough homes come on the market without buyers continue to put downward pressure on home prices throughout 2024. This inventory of course would have to outpace demand from new buyers entering the market as interest rates come down. Another factor of note is that for 2024 alone this pool only represents 14% of all mortgages in Canada which relative to the total number of homeowners is very small and Canada’s mortgage stress test will have buffered some of the risk for many of these homeowners.

Our Point of View

For our part the most likely scenario is a balanced market where the push/pull effect of higher interest rates pushing some buyers off and some sellers in while immigration and a slow reduction in interest rates bolster demand could offset one another enough to balance the market in 2024.

That said if interest rates become too attractive and more buyers enter the market we could see competition for homes pick-up in 2024.

What do you think will happen in 2024?

December Market Update

Thu, 11 Jan 2024 16:50:25 GMT

December Market Update

Across the entire GTA the average home price was $1,084,692 in December up 3.2% year-over-year in December and flat month-over-month.

Active listings were up compared to 2022 yet down 38.12% vs. November this year. However, a reduction in listings in December is normal through the holiday season.

Days on Market increased as well both year-over-year and month-over-month.

With 3 months of inventory the GTA Housing Market was balanced in December 2023.

Toronto Market Insights

What we are seeing on the ground.

For Buyers

When a market is more balanced and not favouring one side or the other negotiations become more important for buyers and sellers. We continue to see offers accepted with conditions included. It’s become the norm for offers to include Home Inspection and Financing clauses. Beyond understanding market value for homes and what to offer, Buyers need to go in with the right clauses to give them peace of mind. Sellers need to really evaluate offers on more than just price and ensure their agent is qualifying buyers as best as possible when considering an offer.

For Sellers

Many sellers terminated their listings in December as the buyer pool shrunk with the holiday season and our expectation is many will relist in the new year. We have noticed several listings have gone through price changes or terminated and relisted with new pricing in the last quarter of 2023. For sellers this is where it is key to know the value of your home, what you need to get in order to make the move you want and what pricing strategy will be most effective in your local market.

GTA Real Estate Update: November 2023 Market Update

Thu, 07 Dec 2023 18:32:29 GMT

GTA Real Estate Update: November 2023 Market Update:

The market continued to favour buyers in November despite a slight dip in months of inventory relative to October. Prices were up 0.3% year-over-year but down 3.89% month-over-month. The current average price of a home in the GTA sits at $1,082,179.

We had 16.5% more new listings relative to November ‘22 although not surprisingly fewer homes (10,545) came on the market in last month relative to October (14,397) as buyers and sellers turned their attention to the holiday season. As a result sales were down 8.82% month over month. Sales were down 6% from November ‘22.

What does this mean for buyers and sellers?

Buyers

Buyers remain in a strong negotiating position with inventory to choose from and the ability to negotiate favourable terms when presenting offers. Now remains to be a good time to buy. Pricing has been trending downward and with indications pointing to interest rates coming down as early as Q2 2024 buyers who purchase now will be ahead of the curve when those on the sidelines re-enter the market.

Sellers

Fewer properties came online in November meaning sellers today have slightly less competition then they did through October albeit more than a year ago. It continues to be important to price properties effectively to attract buyers who can offer the best possible price and terms. Preparing a home and presenting it to best showcase its strengths is key.

New Legislation

Another big change impacting Real Estate is the release of new regulations governing Realtors®. TRESA or the Trust in Real Estate Services Act replaced previous regulations on December 1, 2023. Among several changes will be a new Open Offer Process available to sellers when listing their property. Read more about this process and it’s impact on buyers and sellers here [insert link to other blog post].

Planning a Move

Whether you are considering upgrading, downsizing or relocating now may be a better time then you think. Purchasing a home in the next 60-90 days may be your ideal time to get a home at the best possible price. Even though mortgage rates are high, making a purchase before they go down and more buyers step back into the market can put you at an advantage. Just be sure to explore your options with qualified professionals including well informed Realtors® like ourselves, lenders, etc.

Interest Rates and Their Impact:

On December 6th the Bank of Canada held its policy rate for a third straight time indicating we may be at the end of a cycle of increasing rates. Recently, bond yields, which underpin fixed rate mortgages have been trending lower which has provided some short term relief for those looking at fixed rate mortgages.

A look ahead

As more and more financial experts begin forecasting a move by the Bank of Canada to lower its policy rate in 2024 in response to the changing economy and a growing number of upcoming mortgage renewals, the outlook is better for existing homeowners and those looking to get into the market.

What You Need To Know About The New Open Offer Process

Thu, 07 Dec 2023 18:22:23 GMT

The Open Offer Process

How will more transparency change the offer process?

As housing costs have risen and inventory remains well below demand, multiple offer situations have increased dramatically. Buyers and sellers have demanded more transparency.

In response to that the government has introduced an Open Offer Process with new legislation under TRESA (Trust in Real Estate Services Act 2002) which came into effect as part of phase 2 of the act on December 1, 2023.

So what does this mean going forward?

The Open Offer Process does not mean all multiple offers will be disclosed from here on out. Sellers will be the ones to decide what if anything they will disclose in the offer process.

Here are the key takeaways:

Sellers initiate the Open Offer Process
Sellers can initiate this at any time in the offer process
Sellers decide what to disclose (ex; price, terms, etc.)
Sellers do not have to disclose that information from all offers received
If offer details are being disclosed, all buyers must receive the information
Sellers must not disclose any personal identifying information about buyers
Sellers must still disclose the number of registered offers to all interested parties

Watch TRREBs Video

2024-03 TRREB Competing Offers Video

Download the Infographic

How does this impact you as a Seller?

Sellers can now determine whether they would like to sell their home under the traditional blind bidding process in which buyers are only notified how many offers are registered, or they can choose to disclose select information about one or more offers to all buyers involved. There are advantages and risks to this process but it can open up a myriad of options for sellers and become a powerful negotiating tool to encourage buyers to submit their highest and best offer.

How does this impact you as a Buyer?

For Buyers, it provides some extra consideration when drafting an offer. Knowing that the price or terms of your offer may be disclosed to other buyers can affect your decision to make an offer in the first place. Given the seller determines the process and that they have complete control of when and if they disclose offer information you need to go into each offer fully informed.

As with Sellers, there are advantages and disadvantages of knowing the terms of competing offers. Knowing how your offer stacks up against competitors can help you negotiate, but you may not always have a complete picture. Sellers are not obliged to provide information on all the competing offers nor are they obliged to provide all the terms on a given offer.

So how can you come out on top?

This is where working with an experienced Realtor and negotiator is essential. You need someone in your corner who understands the strategies being deployed and can use the available information to help you make strong and secure decisions. We are laser-focused on helping our clients achieve their goals through powerful negotiations and providing valuable insights to help you every step of the way.

Call to book a free Real Estate Consultation with us - 905-995-3372

Toronto Real Estate Market Update

Wed, 08 Nov 2023 19:23:40 GMT

While the stats show home prices have increased in the month of October 2023 compared to the same time last year, prices remained relatively flat from the previous month. The big change we are seeing is the inventory levels are way up and the sales volume is down.

This presents an opportunity for buyers. You can likely avoid competing on a property and negotiate on price and terms, which has'nt always been an option for succesful buyers in recent years. If you own your current home and are looking to move, it may be wise to sell first. This ensures you don't over extend on your purchase and can upgrade/downsize with confidence.

Homes are taking longer to sell and we are seeing alot of terminated listings and price adjustments. The properties that are selling are the ones priced correctly to today's market conditions. If you want to get your property sold then the correct pricing and presentation are extremly important.

Another segmemt of the market that is feeling the impact of high interest rates is new home and pre-construction sales. We are noticing that there are a growing number of assignment sales being offered at a discount from the original purchase price. If you are considering purchasing an assignment it is imperative that you have representation and have the contract reviewed thoroughly.

What's next for the real estate market in Toronto, well nobody knows for sure. With so many mortgages set to renew in the next few years we will certainly be watching and waiting to see what happens with interest rates moving forward.

Bank of Canada Holds it's Overnight Rate at 5%

Thu, 26 Oct 2023 17:37:54 GMT

Higher interest rates are working to ease price pressures in Canada and inflation is coming down, though progress to the 2% target is slow. The Bank projects that inflation will stay around 3½% until the middle of 2024, returning to target in 2025.

Source. Bank of Canada, Monetary Policy Report. October 2023

Are you waiting for interest rates to come down before making a purchase? This might not be a wise move. The Toronto real estate market is very competitive and there are many potential buyers with the same idea. When rates start dropping, you can bet that the market will change fast and we could be right back where we've been in the past with bidding wars causing home values to skyrocket. Talk to a mortgage specialist and determine what monthly payments you can afford and go with a term that will allow you to take advantage of future rate drops. You'll be paying higher carrying costs out of the gate, but you'll likely save on the purchase price and land transfer taxes. If prices do appreciate quickly once rates start dropping, you'll already be building equity.

A Smooth Back to School Transition: 5 Tips for a Busy Home

Mon, 21 Aug 2023 19:16:36 GMT

As the summer days start to wind down, it's time to shift gears and prepare for the upcoming back-to-school season. Whether you're a seasoned parent or new to the school routine, creating a smooth transition can make all the difference. As a realtor who understands the importance of a well-organized home, I'm here to share five valuable tips to help you get your home and family ready for the back-to-school hustle.

Establish a Homework Haven:

One of the keys to a successful school year is creating a designated homework space. Set up a quiet and well-lit area where your children can concentrate on their studies. Stock it with essential supplies such as notebooks, pens, and a comfortable chair. Personalizing the space with your child's artwork or motivational quotes can make it even more inviting. A well-organized homework station not only boosts productivity but also encourages a positive attitude toward learning.

Streamline Morning Routines:

Mornings can often be chaotic as everyone rushes to get ready for school. Make mornings smoother by organizing your home to support efficient routines. Create a centralized area for backpacks, lunchboxes, and shoes, so your children can quickly grab what they need before heading out the door. Prepare outfits the night before and set up a breakfast station with easy-to-grab options. Streamlining these routines can save precious time and reduce stress for both parents and children.

Optimize Meal Preparation:

Balancing school and extracurricular activities can leave little time for cooking elaborate meals. Plan your weekly meals ahead of time, and consider batch cooking on weekends. Preparing and freezing portions of meals can be a lifesaver on busy weekdays. Additionally, involve your children in meal planning and preparation – not only does this teach them valuable life skills, but it also strengthens family bonds.

Create a Family Calendar:

A shared family calendar can be a game-changer for staying organized during the school year. Hang a large calendar in a common area, or utilize digital tools for a more eco-friendly approach. Include school schedules, extracurricular activities, appointments, and important dates. Having a visual overview of everyone's commitments helps prevent conflicts and ensures that everyone is on the same page.

Foster a Relaxing Evening Routine:

After a long day of learning and activities, it's crucial to wind down and recharge. Establish a calming evening routine that encourages relaxation and family bonding. Consider dedicating time for reading, having a family game night, or engaging in mindful activities. Limit screen time before bedtime to ensure a good night's sleep for everyone – well-rested kids are more focused and ready to tackle the challenges of the next day.

Preparing for the back-to-school season doesn't have to be overwhelming. By implementing these five practical tips, you can create an organized and supportive home environment that sets your family up for success. Remember, a well-prepared home can make a significant difference in your child's academic journey and overall well-being. That said kids are kids. They don't always subscribe to our logic. If things don't go as planned that's okay. Life is full of surprises. I believe so long as we stay calm and keep trying our kids will get where they are going and so will we. Here's to a smooth and successful school year ahead!

The Benefits of Decluttering/ Depersonalizing Your Home Before Selling

Wed, 12 Jul 2023 20:49:39 GMT

Preparing your home for sale involves more than just putting a sign on the lawn. To get the best price and terms you need to attract potential buyers and make a positive impression. It is essential to declutter and depersonalize your living space. These steps can transform your home into a blank canvas, allowing prospective buyers to envision themselves living in the space. In this blog post, we will examine the benefits of decluttering and depersonalizing your home before selling and how it will enhance your chances of a successful sale.

First impressions matter:

When potential buyers walk into your home, they should be able to visualize their own belongings and lifestyle within the space. Decluttering and depersonalizing help create a clean, neutral environment that allows buyers to imagine themselves living there. Removing excess items and personal mementos allows the focus to shift to the features and potential of the home itself, making a positive and lasting first impression.

Makes the home feel larger:

A cluttered home can make rooms appear smaller and cramped, which can be a turn-off for buyers. By decluttering, you create an illusion of more space, making your home feel larger and more inviting. Removing unnecessary furniture, personal items, and knick-knacks helps buyers better understand the functionality and potential of each room. They can envision their own furniture layout and imagine how they would utilize the space to suit their needs.

Facilitates Easy Staging:

With a decluttered and depersonalized home, the staging process becomes much easier. Arranging furniture and decor can be done much easier to highlight the home's best features and appeal to a broader range of buyers.

Streamlines the Moving Process:

Decluttering before selling your home serves multiple purposes, including making the moving process smoother. As you go through your belongings, you can sort them into categories: keep, donate, sell, or discard. This proactive approach helps you downsize and declutter before moving to your new home, saving you time, effort, and potentially reducing moving costs. Additionally, it allows potential buyers to see the full potential of the available space, making your home more desirable.

Conclusion:

Decluttering and depersonalizing your home before selling is a wise investment of time and effort. By creating a clean, neutral, and inviting environment, you enhance your home's appeal to potential buyers. It allows them to envision themselves living in the space and increases the likelihood of a successful sale. Remember, a decluttered home not only benefits the selling process but also makes the moving process more streamlined and efficient. So roll up your sleeves, embrace the benefits of decluttering and depersonalizing, and prepare to make a great impression on prospective buyers.

Tips to help you get started:

- Start by getting some packing boxes ready

- Take it one room at a time

- Sort things into 3 categories. 1. Donate or toss 2. Pack for the move 3. Daily items you need on hand

- Don't forget cupboards, pantry, drawers and closets. Buyers will open drawers and look in closets, so you want to make sure they are neatly organized and not jammed full of stuff. The rule of thumb for closets is to leave 50% empty. This will give the appearance of space and look organized.

Decluttering a home is a daunting task, but don't get discouraged. The more you put in the more you will get back in the price you get and time you save in the end. There are companies that specialize in helping people with as well, so don't worry if you are under a time crunch or can't do it yourself. If you are thinking of selling please reach out. As part of our free no obligation home consultation, we let you know what areas you should focus your attention on and how best to get started.

What is Bayview Mills?

Thu, 29 Jun 2023 07:50:14 GMT

Bayview Mills is a picturesque townhouse complex located in North York, Ontario. With 345 units including 1 bedroom up to 5 bedroom options there is a layout for everyone. The neighbourhood is known for its affluent and family-friendly atmosphere, with excellent schools, parks, and recreational facilities nearby. Bayview Mills offers easy access to shopping and dining options, with the Bayview Village Shopping Centre just a short drive away. It is also a convenient location for commuters, with quick access to major highways and public transportation. The neighbourhood is perfect for those seeking a peaceful and upscale community to call home.

Get to know your local neighbourhood Realtor Ben Stanton to find out how you can buy or sell your Bayview Mills home today.

Contact Now

Home Inspections: Top Ten Problems

Mon, 12 Jun 2023 19:44:00 GMT

Each homebuyer has a different idea of their ideal home, often based on location and particular visual preferences. But one thing that all homebuyers want is a home that is fundamentally sound. This is why a home inspection is so important. We’ve compiled the ten most common deficiencies uncovered during a typical home inspection. If not addressed, these problems could end up costing thousands of dollars. Knowing what to look for, and performing your own thorough pre-inspection, will help you to identify areas needing repair or improvement before they grow into costly problems.

1. Damp Basement

Signs that a basement is damp include mold, mildew smells and efflorescence on the block or poured concrete walls. An inspector will do a visual check and should also have a moisture meter to detect different levels of moisture within the home.

2. Poorly Installed/ Defective Plumbing

Older homes that havent been updated may be subject to leaking and clogging that can be viusually detected. Plumbing like kitec has been banned because the fittings are prone to fail. The inspector will also check the water pressure and look for any discoloration when turning on the taps which could mean rusty pipes and a possible water quality issue that needs to be dealt with.

3. Older/ Poorly-Functioning Heating and Cooling Systems

If the home is heated with a forced air gas furnace and the hest exchanger is damaged or cracked it can pose a serious risk for carbon monoxide poisoning. If the furnace and AC are nearing the end of their life it will be recomended that they are replaced.

4. Older/ Unsafe Electrical System

In older homes there may be knob and tube wiring, undersized servicing or poorly done renovations and electrical circuits that are over fused. These could all pose fire risks and should be looked after by a professional licensed electrician.

5. Older/ Leaking Roof

There are many different types of roofs and roofing materials the most common being asphalt shingles. If the ends are curling, pitting, brittle, cracked or chipped its time to be replaced. Also look for bald spots where the granulars have fallen off. An inspector should have a ladder to get up and inspect the roof. If it's really bad the plywood may also need to be replaced.

6. Minor Structural Problems

More common in older homes, these problems range from cracked plaster to small shifts in the foundation. While this variety of problem isn’t large enough to cause any real catastrophe, they should be taken care of before they grow.

7. Poor Ventilation

Unvented or poorly vented kitchen stoves and bathrooms can cause moisture, mold and fungus which in turn cause air quality issues. Bathroom and range vents should vent to the outside.

8. Air Leakage

A cold, drafty home can be the result of any number of problems, such as illfitting doors, aged caulking, low-quality weather strips, or poor attic seals. This nature of repair can usually be taken care of easily and inexpensively.

9. Security Features

All homes need the proper smoke and carbon monoxide detectors. An inspector should also check locks on windows and doors making sure the home is secure. If the home doesn't have a security system or video doorbell it may be something to look into.

10. Drainage/ Grading Problems

This is the most common problem found during home inspections and is a major cause for wet, damp basements. Solutions to this may include new gutters and down spouts and re-grading to direct water away from the house.

Avoid these common mistakes Home Buyers Make

Sat, 20 May 2023 18:59:03 GMT

Buying a home is exciting, but it can be scary too and rightfully so it's a lot of money and likely the biggest investment you will ever make. Thats why we make sure our clients are well informed and protected ensuring a smooth process from start to finish. Check out this list of common mistakes home buyers make when they are not properly informed.

Avoid these common mistakes Home Buyers Make

1. Not being pre-approved for a mortgage

2. Not having your taxes filed and up to date

2. Making a big purchase before closing or getting a line of credit/credit card. ie. car

3. Changing jobs before your deal closes

4. Not having your deposit available – having it in certain online banks or stuck in investments like RSP's

5. Not looking at mortgage terms closely and just choosing the best rate

6. Not understanding the closing costs and added costs of moving

7. Not fully understanding the costs of repairs and renovations

8. Not selling your existing home first in some situations

9. Not considering the re-salability of the home

10. Not knowing the proper zoning and if there is an easement that affects the property

If you are thinking of making a move and would like to ensure a smooth process, give us a call or email and we will get you set up for success.

Looking forward to connecting

Real Estate Housing forecasts for 2023

Mon, 02 Jan 2023 21:36:24 GMT

Real Estate Housing forecasts for 2023

info from Steve Huebl is a graduate of Ryerson University's School of Journalism and has been with Canadian Mortgage Trends

Rising interest rates in 2022 drove home sales and prices lower, though price declines have so far been somewhat modest compared to the run-up in prices in recent years.

But what does 2023 hold in store? Below, we’ve compiled an assortment of forecasts, with some predictions for relatively flat-lined growth, while others see further declines on the horizon.

Looking at 2022, projected figures suggest home sales will end the year at 532,545, a 20% decline compared to 2021, according to the Canadian Real Estate Association. Home prices, meanwhile, are forecast to end the year up 4.7% to an annual average of $720,255.

Tight supply has been a recurring theme, with CREA noting the months of inventory measure remains historically low, despite improvements in recent months.

“In terms of monthly new supply, the bigger picture is listings are not flooding the market,” CREA noted. With the exception of 2019, November 2022 saw the fewest new listings for that month in 17 years.

While home price growth is expected to moderate in 2023, recent data show Canadians continue to hold a positive view toward real estate.

“Canadians are understandably hesitant to engage in the market early in 2023,” said Re/Max Canada President Christopher Alexander. “Despite this, more Canadians see real estate as a solid long-term investment when compared to this time last year.”

Real Estate Market

CREA

2023 home sales forecast: 520,156 (-2.3% year-over-year)
2023 home price forecast: $721,814 (+0.2%)
Commentary: “With interest rates rising, home sales have continued to cool. In some parts of the country, home prices have fallen from their peaks earlier this year, are flat in some regions, and are still climbing in others. The issue of not enough homes for sale has not gone away.”
Link

Royal LePage

2023 house price forecast by Q4: -1% year-over-year
Commentary: “Comparing prices to the previous year, the first quarter of 2023 should show the deepest decline in home values,” said Phil Soper, president, and CEO of Royal LePage. “At that time, we will be comparing 2022’s final weeks of pandemic housing market excess – when home prices reached historically high levels – to a much quieter market, where values have had a full year to moderate. We expect year-over-year comparisons to show progressively less price decline as the year goes on, with small week-to-week improvements in the third and fourth quarters, allowing Canadian home values to end 2023 essentially flat to where we are today.”
Link

RE/MAX

2022 house price forecast: -3.3% year-over-year
Commentary: “We expect that market activity will return to a more-regular pace, as economic conditions stabilize toward the second half of 2023,” said Elton Ash, Executive Vice-President of Re/Max Canada.
Link

TD

2023 house price forecast: -10.7%
Commentary: “Weaker sales activity should push prices even lower in the near term. However, our forecast calls for average prices to only partially retrace their pre-pandemic gain when they eventually bottom. An unanticipated surge in resale supply would undermine this view, but so far the rate at which new listings are hitting the market has been subdued.”
Link (data)
Link (commentary)

RBC

2022 house price forecast: -8.5%
Commentary: “The market correction’s silver lining is it’s setting the stage for some affordability improvement in the year ahead. We expect the national benchmark price to fall 14% from its early 2022 peak, providing significant scope to lower ownership costs once interest rates stabilize. We think that could start in the early part of 2023—though the timing is poised to vary by market. Growing household income will partly drive the improvement process. It will likely take years to fully reverse the tremendous deterioration that took place since 2021.”
Link (data)
Link (commentary)

Fitch Ratings

2023 house price forecast: -5% to -7%
Commentary: “High mortgage rates reduce affordability and lead to lower demand, pressuring prices, although housing supply limitations may curb price declines…Home price softening will be most severe for Canada, whose anticipated peak-to-trough decline of 15%, as measured by the mid-point of our forecast ranges, is among the steepest of the markets profiled.”
Link

New Year New Policies to Curb Housing Supply Issues

Mon, 19 Dec 2022 23:26:45 GMT

1) Toronto's Vacant Home Tax

In an effort to increase the supply of housing by discouraging owners from leaving their residential properties unoccupied The City of Toronto will levy a Vacant Home Tax (VHT) on vacant homes.

Who’s impacted? A home will be taxed if unoccupied for a total of six months during the previous calendar year or if it is deemed unoccupied under the by-laws. Go Deeper.

2) Foreign Buyer Ban

The Purchase of Residential Property by Non-Canadians Act bans non-Canadians from purchasing residential real estate in Canada between January 1, 2023, and December 31, 2024.

Who’s impacted? Foreign corporations and individuals who are not permanent residents of Canada or Canadian citizens.

Property Types Impacted: Detached Homes with three dwellings/units or less. Townhomes, condominiums, and other properties are to be listed in additional regulations.

Exceptions include Refugees, individuals whose spouse or common-law is a Canadian citizen, a permanent resident of Canada, a person registered as an Indian under the Indian Act or certain temporary residents.

Explore the Act.

3) New Anti-Flipping Tax Law

Effective January 1, 2023, any profit from the sale of a property, including rental property within a 12-month period will be taxable as business income and ineligible for either the principal residence exemption or the 50% capital gains rate.

The rules will extend to assignment sales meaning if you sell a property you purchased pre-construction. GST/HST has been applicable to the assignment sales as of May 7, 2022.

The Bottom Line: If you plan on flipping property in less than 365 days expect to pay the full tax on your profits in the New Year.

Go Deeper.