Bank of Canada Increases Overnight Rate by 0.75% (75 basis points): Why and How it could impact you.   On September 7th, the Bank of Canada increased its overnight rate by 0.75% (75 bp) lifting it to 3.25%.  This increase was in line with most economists expectations, and builds on the 1.00% (100 bp) rate hike from July.  Lenders will be raising their Prime Lending Rates accordingly increasing from 4.70% to... [read more]

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  These days, buying a home is getting harder and harder for the average person. Due to the growing barriers to homeownership, some people have had to get creative to make their purchases more viable. For some, this means getting a gift for a down payment, maybe renting out a portion of their home to offset carrying costs, or taking part in a rent-to-own agreement. Across the board, there are many ways that Canadians can make their mortgages more accessible. However, there is... [read more]

    Aging in place is important for Canadian boomers, according to Royal LePage survey results of senior care and accessibility housing experts, of whom 43% said adequately equipped main floors are ideal for seniors. However, in light of the chronic housing shortage, it begs asking whether or not these homes would be of greater service on the resale market—and a more pressing question about why, then, seniors have fewer options than ever to downsize into... [read more]

  Thinking of buying and wondering how much it really costs to move? If you are a first time buyer or it has been a while here is a summary of what you are looking at for the overall budget.    Costs During Purchase Home inspection Getting a home inspection is a smart decision, because a qualified home inspector can identify underlying problems with a home’s major systems, like heating and electrical. To find a qualified home inspector speak to... [read more]

Well there is never a dull day in Toronto Real Estate land… As you may have heard starting now the Toronto, Barrie, Hamilton, Oakville and Cottage Country boards will be required to share sold prices. Buyers, sellers and real estate followers will have access to data on selling activity such as prices of sold, listed but not sold and sold but not closed properties and land.  So is there a downside for consumers?  Per our industry Code of Ethics it has always been our duty to... [read more]

Toronto Condo Inventory Increases 13% New condo listings are on the decline across Greater Toronto. TREB reported 4,260 new listings, a 15.69% decline from last year. Of those new listings, 2,966 new listings were located in the City of Toronto, a 17.97% decline from last year. The decline in new listings didn’t stop inventory from building though. The sharp decline in sales continued to push active listings higher. TREB reported 3,993 active condo listings, a 13.79% increase from... [read more]

In the unfortunate circumstance that a homeowner is past-due on their monthly mortgage payments, they pave the way for a “foreclosure” on their property. In today’s market, banks and other lenders do not turn to foreclosure to take away the homes of homeowners who are in arrears. Instead, they perform a "Power of Sale" which is wholly different from a Foreclosure. What is a Foreclosure? Foreclosures are laborious, grueling, and costly to both the... [read more]