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There were signs of cooling in the Toronto housing market last month as sales dropped by 41.2% compared to the same time last year.

According to the latest TRREB report, there were 8,008 sales across the region, down from 13,613 during the same time last year. This represents a 27% drop compared to the previous month of 10,939 sales - an unusual trend in spring, which is traditionally the busiest season in the real estate market.

The board attributed this decline to homebuyers who are taking a break from the market as interest rates climb and reduce their buying power.

"It certainly appears that the Bank of Canada is achieving its goal of slowing consumer spending as it fights high inflation," TRREB President Kevin Crigger said in a release.…

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Saving for a down payment can be difficult. Sometimes it can take years to save up enough money to secure your perfect home.

To help ease the burden of this expense the Canadian government has created a Home Buyers’ Plan program, which essentially allows you to borrow your own funds from an RRSP to purchase a home.

First-time homebuyers can withdraw up to $35,000 from their RRSP to increase their down payment. If you are buying with someone who also qualifies for the program, then you can double that amount to $70,000.

In order to qualify for the Home Buyers' Plan you must:

  • Be a first-time homebuyer
  • Have a written agreement to purchase or build a qualifying home
  • Be a resident of Canada when your RRSP funds are withdrawn and…
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Earlier this month it was announced that the Canadian government will ban foreign investors from buying homes in Canada for two years in an attempt to cool off the housing market. This includes all home types, from condos to detached houses.

There are some exceptions to this ban however. For instance, it will not extend to foreign nationals purchasing a primary residence in Canada, permanent workers, foreign workers, and students.

The Canadian government also announced several other measures to further cool the housing market. These include a $4 billion investment to help municipalities with the planning and delivery of housing projects, and a $1.5 billion commitment over two years for as many as 6,000 new affordable housing units.

There…

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The Toronto real estate market saw a slight dip in home prices last month, but don't expect a buyers' market anytime soon.

According to the latest TRREB statistics, the average home price in Toronto reached $1,299,894 last month, up 19% from the same month last year - but down 3% compared to February 2022. These numbers suggest that some heat has been taken out of the market.

Despite a slight dip in month-over-month prices, it is still a tight sellers' market. Potential buyers waiting on the sidelines for prices to cool may not get the relief they need to make a purchase.

According to the real estate board’s chief market analyst Jason Mercer, “I don’t see 2022 moving to a buyers’ market where you could see prices flatlining or dropping on a…

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Buying a home will likely be the single largest purchase of your life. With home prices on the rise across Canada, finding the right financial solution to secure your perfect home can be challenging. By knowing all your options, you can ensure that you find the perfect home at a price you can afford.

One option you have when purchasing a home is a reverse mortgage. Unlike a traditional mortgage where you submit monthly payments to build equity in your home, a reverse mortgage is the opposite. In a reverse mortgage, the bank will make payments to you in exchange for equity in your home.

A reverse mortgage is exclusive to Canadians over the age of 55. In a reverse mortgage situation, the homeowner can borrow as much as 55% of the current home’s…

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Earlier this month, the Bank of Canada hiked its key interest rate to 0.5% in an effort to “take some steam” out of the economy.

This move is expected to be the first of a series of small rate hikes this year in an attempt to tame inflation that has risen to its highest point in decades.

It's the first time the bank has raised its rate since 2018. Before the pandemic, the bank's rate was 1.75%, before it quickly slashed the rate down to 0.25% to help the economy. Investors think there could be as many as five more small rate hikes before the end of the year.

This hike affects the rates that Canadians get on things like mortgages, lines of credit and savings accounts at their own banks.

The move should help balance out supply and demand in…

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A home renovation is a great way to freshen up a space while also adding potential value to your home. If you are considering a home renovation, here are 4 things you should absolutely avoid.


Buying Cheap Materials

 

When starting your home renovation project, you might be tempted to save a little money by buying less expensive materials. While this can save you money in the short term, the inferior supplies will need to be replaced sooner and you’ll end up paying more in the long run. Using premium materials also have the benefit of adding value to your house, as savvy and informed buyers will recognize and appreciate the quality of your renovation when the time comes to sell.


Trying To Do Everything Yourself

 

While there are…

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Home sales last month were down compared to the all-time record in 2021, but represented the second-best result for the month of February in history.

According to the latest TRREB stats, there were a reported 9,097 sales in the Toronto area, representing a 16.8% decrease in the number of sales compared to last year.

The supply of listings for low-rise home types, including detached, semi-detached and townhouses, was also down year-over-year. In the condominium apartment segment, particularly in Toronto, new listings were up in comparison to February 2021.


“Demand for ownership housing remains strong throughout the GTA, and while we are marginally off the record pace seen last year, any buyer looking in this market is not likely to feel it…

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After the first 2 months of the new year, the Toronto condo market is already showing signs that it will be stronger than 2021 - and may even break records.

While some predicted a stagnant condo market to start off 2022, those predictions never really happened as developers, realtors, and homebuyers noticed an uptick in the demand for housing.

One of the main reasons is affordability. With an increase in demand for detached homes, many first time buyers will be pushed to more affordable housing such as condos. We can expect this demand to increase as we move into the spring.

Immigration is another driver of the condo market. Despite the pandemic, Canada welcomed a record-number 401,000 new permanent residents in 2021 and that number could…

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Each year brings new décor trends that are popular among homeowners. Whether you are looking for a change from your current décor or thinking about selling and want to get the highest possible value, here are 3 home décor trends that are sure to enhance your space.


Tech Friendly Spaces

 

Since homeowners are spending more time at home these days, technology has become an important aspect of daily living. Computers, smart phones, tablets, and other devices are used regularly for entertainment and work. Upgrading areas such as the kitchen, living room, and basement with tech friendly solutions are a major trend this year. Everything from pop-out outlets, to ultra-fast charging stations, to multiuse power bars are an easy addition that will…

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