FOR IMMEDIATE RELEASE Media Relations Ottawa, Ontario January 25, 2023 The Bank of Canada today increased its target for the overnight rate to 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. The Bank is also continuing its policy of quantitative tightening. Global inflation remains high and broad-based. Inflation is coming down in many countries, largely reflecting lower energy prices as well as improvements in global supply chains. In the United States and Europe,... [read more]

The City of Toronto's Vacant Home Tax (VHT) was created to improve the supply of housing in the city. Beginning in 2023, residential properties that are unoccupied for more than six months (cumulative) in a calendar year may be subject to the new tax, unless they meet one of the exemptions.       What you Need to Know       A declaration form will need to be completed by property owners by February 2, 2023.   A property is... [read more]

Ensuring housing market remains available to Canadians The Prohibition on the Purchase of Residential Property by Non-Canadians Act prevents non-Canadians from buying residential property in Canada for 2 years starting on January 1, 2023.       The Government of Canada has passed a new law to help make homes more affordable for people living in Canada. The Prohibition on the Purchase of Residential Property by Non-Canadians Act prevents non-Canadians and... [read more]

MEMBER ALERT: Fraudulent Online Rental Ads  Member Alerts    31 October 2022 TRREB frequently receives reports from Members that involve fraudsters using legitimate for lease or sale listing information to post false rental listings online. As this scam is ongoing, Members should be aware that these fake listings may: be poorly written. advertise a rental amount lower than what similar units or homes in the area may lease for. request that a deposit or... [read more]

There were 4,912 home sales reported through the Toronto Regional Real Estate Board (TRREB) MLS® System in July 2022 – down by 47 per cent compared to July 2021. Following the regular seasonal trend, sales were also down compared to June. New listings also declined on a year-over-year basis in July, albeit down by a more moderate four per cent. The expectation is that the trend for new listings will continue to follow the trend for sales, as we move through the second half of... [read more]

TORONTO, ONTARIO, May 5, 2021 – Home sales in the Greater Toronto Area (GTA) set a new record for April and amounted to more than quadruple that from April 2020 – the first full month of the pandemic. Bucking the regular seasonal trend, April 2021 sales actually declined month-over-month. A similar trend was noted for the number of new listings reported. GTA REALTORS® reported 13,663 sales through TRREB’s MLS® System in April 2021 – a 12.7 per cent decrease... [read more]

Staging is all about dressing up your home so that it looks its best to buyers. This can involve anything from rearranging furniture and doing some home improvements, to painting and redecorating, to even replacing existing furnishings and other items. The goal is to make key rooms look worthy of a magazine cover! But is it worth the effort? Can’t you just clean and tidy and, perhaps, do a little painting? Sometimes you can — especially if your home is in high demand and likely to... [read more]

January 2021 home sales amounted to 6,928 – up by more than 50 per cent compared to January 2020. This strong start to 2021 included sales growth across all major segments including condominium apartments, both in the City of Toronto and surrounding GTA regions. New listings were also up on a year-over-year basis in January, but not by the same annual rate as sales. This means market conditions tightened compared to January 2020, resulting in the continuation of double-digit growth... [read more]

  @hagow/Instagram Mid-way through January, 2021 has passed its prime “Happy New Year, the world is fresh again” territory. As resolution-based behaviour begins to fade, so too does the rose-coloured tint some may have held over their ideas about the year ahead. It’s high time, then — with a realistic frame-of-mind — to analyze potential housing market trends in Toronto real estate for the next 12 months; President... [read more]

The Ontario Real Estate Association wants all levels of government to act on recommendations outlined in a report, including as-of-right zoning, and lower taxes for young families and first-time buyers. In a letter to Steve Clark, minister of Municipal Affairs and Housing, OREA President David Reid expressed the association’s concerns about dwindling rates of homeownership in the Ontario: “The lack of housing supply in Ontario is eroding the next generation’s... [read more]

The report by former B.C. deputy attorney general Maureen Maloney estimated that $7.4 billion overall was laundered in B.C. in 2018, a figure she says is conservative and added the total amount across Canada was about $47 billion. Attorney General David Eby told a news conference on Thursday that money laundering is a ``malignant cancer'' on society and a ``national-level crisis.'' The provincial government commissioned two reports last September to shed light on money... [read more]

March 20, 2019 12:38 ET | Source: Toronto Real Estate Board     TORONTO, March 20, 2019 (GLOBE NEWSWIRE) -- The Toronto Real Estate Board (TREB) applauds Minister Morneau and the federal government for making home buyers and housing issues a priority of the federal budget, announced today, but continues to be concerned about unnecessary mortgage restrictions, which were not addressed. “TREB has been vocal about the need for governments at all levels... [read more]

OTTAWA _ On the eve of a federal election this fall, the Liberal government is looking to help more Canadians buy their first homes by picking up a portion of their mortgage costs and increasing the amount they can borrow from their retirement savings for a down payment. Helping people enter the housing market has been a growing preoccupation for the Liberals ever since they were elected in 2015, with soaring real-estate prices in some of Canada's largest cities putting home ownership... [read more]

A shifting economic context will compel the Bank of Canada to cut interest rates next, according to Gluskin Sheff + Associates chief economist and strategist David Rosenberg. “We just came off two straight quarters of negative growth in real final demand. So, if we’re not in a recession yet, we’re just basically one notch away,” Rosenberg told BNN Bloomberg in an interview earlier this week. “So, what’s the Bank of Canada supposed to do in that... [read more]

The GTA housing conundrum: CMHC crunches numbers on costs of downtown vs. suburban living   http://flip.it/DJPzds [read more]

by Natalie Wong and Erik Hertzberg Toronto home sales are off to the worst start in nine years, as tougher rules for mortgage qualifications and rising interest rates continue to push buyers out of the market. Sales fell for four straight months on a seasonally adjusted basis, with the fewest transactions to start a year since the 2009 recession, according to data Thursday from the Toronto Real Estate Board. April itself was one of the weakest months in the past 15 years for sales in... [read more]

by Andy Blatchford The Bank of Canada is maintaining its trend-setting interest rate as its careful assessment of the timing of future hikes continues amid a backdrop of moderating growth. The central bank, which kept its rate at 1.25 per cent Wednesday, said slower first-quarter growth of about 1.3 per cent was largely a result of housing markets' responses to stricter mortgage rules and sluggish exports. The bank had predicted the economy to expand by 2.5 per cent in the first three... [read more]

by Greg Quinn and Erik Hertzberg Canadian new home prices fell for the first time since 2010 in February, led by a drop in Toronto as buyers were squeezed by higher interest rates and tougher mortgage regulations. Prices in the nation’s largest city fell 0.6 percent, the second monthly decline and the biggest in eight years. Builders also charged the same or less across much of Toronto’s surrounding cities, an area known as the Golden Horseshoe. Statistics Canada’s... [read more]

y Natalie Wong Toronto’s housing market has seen a stunning slowdown in the past year. Now one brokerage has cataloged the damage for 988 homeowners who got caught in the eye of the hurricane. In the space of four months last year, the homeowners lost a collective C$135 million ($107 million) as the median house price slid 18 percent, a faster decline than any major market during the U.S. market crash, according to Realosophy Reality Inc. The story goes like this: The median... [read more]

The benchmark price of new condo apartments in the Greater Toronto Area rose to $729,735 in February. That means a year-over-year increase for condos apartments in low, medium and high-rise buildings, stacked townhouses, and lofts; of 39.5%. The Building and Land Development Association (BILD) says figures from Altus Group for single-family homes showed a year-over-year rise to $1,229,454, up 12.8%, although this was down more than $9,000 from January. The price analysis includes... [read more]

By the end of 2017, construction of new condo developments in the GTA was 215 projects and 58,900 units according to a new report from Urbanation. There was also a multi-decade high for purpose-built rental construction, which reached 22 projects and 7,184 units. Total combined apartments under construction of 66,084 units was a new record for the GTA. It forecasts that activity will moderate in 2018 but that developers will continue to add new condos to the market at above historic... [read more]

With rule changes, talk of interest rate hikes, and an improving Canadian economic outlook, there is no doubt that we are headed for an interesting year. Rule Changes In January there were 3 changes to the Canadian Mortgage market. You have undoubtedly heard of the 2% ‘stress test’, which requires the minimum qualifying rate for uninsured mortgages to be the greater of the five-year benchmark rate published by the Bank of Canada or the contractual mortgage rate +2%. So,... [read more]

Come Jan. 1, 2018, Canadians getting, renewing or refinancing a mortgage might have to prove that they would be able to cope with interest rates substantially higher than their contract rate. New rules by Canada’s federal financial regulator announced in October mean that even borrowers with a down payment of 20 per cent or more will now face a stress test, as has been the case since January of 2017, for applicants with smaller down payments who require mortgage... [read more]

In its first release since Ontario’s new housing plan, TREB releases Toronto market stats and provides update on influence of foreign buyers and short-term speculators. A total of 11,630 homes were sold in the GTA in April, down 3.2% year-over-year. New listings, meanwhile, were up 33.6%, according to the Toronto Real Estate Board. "The fact that we experienced extremely strong growth in new listings in April means that buyers benefitted from considerably more choice in... [read more]

The average sale price of detached homes in the Greater Toronto Area continued to soar last month, hitting a new record high as prices climbed in suburban communities surrounding Toronto. The Toronto Real Estate Board (TREB) reported Wednesday that the average detached house in the GTA sold for $1,214,422 last month, up 33.4 per cent from $910,375 in March last year. Coming weeks before Ontario is expected to unveil its spring budget, the March sales numbers will almost certainly add fuel... [read more]

Ontario Finance Minister Charles Sousa confirmed Monday he plans to include housing affordability measures in his upcoming budget. Premier Kathleen Wynne has said her government is working on a “comprehensive set of plans,” to deal with rising home prices in the Greater Toronto and Hamilton Area (GTHA), as well as rising rental rates. Sousa said he’d like to include those plans in the spring budget. There is a “suite of options” available to Ontario, but... [read more]

  There’s been a sharp rise in the number of homes sold for more than $1 million in the Greater Toronto Area. In the first two months of 2017 there were 2,876 such sales, up from 1,548 in the same period of 2016, Sotheby’s International Realty Canada reports. The firm’s CEO Brad Henderson says that buyers feel confident in paying high prices due to the stronger economy and low interest rates. But he is yet another cautious voice on the issue of a foreign... [read more]

The most recent mortgage rule changes inadvertently punished a massive chunk of would-be homebuyers, and the government has seemed tone deaf in understanding those implications. But it seems buyers – and, indeed, the housing industry – has one government official on their team. “As a member of the finance committee, one of the duties we perform is to hear from expert witnesses and industry stakeholders on how newly announced or changed finance regulations can impact... [read more]

Are you looking to update your home in 2017? A visit to the National Home Show is just the ticket - and we have a special offer to our clients both past and new.   Buy 2 tickets for the price of 1 ($20 savings). These are VIP Tickets allowing special entrance and complimentary coatcheck.  You get Front of the Line access to The Dream Home and front row seating at the Main and Idea stages! The Show Runs March 10 - 19  you can also visit Canada Blooms at the... [read more]

Central Hamilton has become one of Ontario’s most intense hotspots for housing demand, if recent numbers are anything to go buy.   In its year-end sales update released Monday (February 6), the Realtors Association of Hamilton-Burlington revealed that home prices in the area have posted spectacular growth from 2006 to 2016, increasing by 129.5 per cent.   This represented a staggering upsurge from a median cost of $120,529 (across all housing types) to $276,549 in just a... [read more]

CMHC announced early Tuesday it is increasing its loan insurance premiums effective March 17 2017. “We do not expect the higher premiums to have a significant impact on the ability of Canadians to buy a home,” said Steven Mennill, Senior Vice-President, Insurance. “Overall, the changes will preserve competition in the mortgage loan insurance industry and contribute to financial stability.” According to the Crown Corporation, the average homebuyer will see a $5... [read more]

Canadians are increasingly tapping the ‘Bank of Mom and Dad’ for home down payments, according to a recent study. A record-number of Canadians are expected to accept help from their parents when buying a house this year in the wake of more stringent lending rules, according to RateHub. According to states released by the financial tech company, 42% of BC-based buyers received help from relatives. A shocking 45% of Quebecers received help; 38% of Albertans; 33% of buyers... [read more]

Starting January 1st, 2017 first time homebuyers will receive a break on the Land Transfer Tax on their first home purchase.   In an effort to help first-time homebuyers—but not hurt the equilibrium of housing markets outside of Toronto—the Ontario Liberal government announced last fall that they will double the first-time homebuyers’ maximum Land Transfer Tax refund to $4,000.  This will mean that eligible homebuyers in Ontario would pay no Land Transfer... [read more]

This week the Royal Bank of Canada has annouced it will raise interest rates,  making it more expensive for homebuyers to borrow.   The bank is raising its special offer for a five-year fixed rate mortgage to 2.94 per cent, an increase of 30 basis points. The lender is also raising its special offer for a four-year fixed rate mortgage to 2.79 per cent and three-year fixed rate mortgage to 2.69 per cent, increases of 30 and 25 basis points, respectively. The company is... [read more]

From: Real Estate Professionals   The Governor of the Bank of Canada hinted at future macroprudential policy in a telling speech Tuesday. Governor Stephen Poloz said the Bank of Canada is more likely to target household and housing vulnerabilities through macroprudential policies as opposed to interest rate tampering. “Our view is that these so-called macroprudential policies are best placed to deal with threats to financial stability because they can be designed to... [read more]

The real estate market in the GTA has not cooled significantly despite recent changes to mortgage rules. Part of the reason is that the investment and rental market in the Toronto Area is still fourishing. In the latest report covering the third quarter of 2016, the Toronto Real Estate Board announced that average rental costs in the city’s condos have spiked upwards dramatically amid greater demand and a lack of supply. “The annual rate of condominium apartment price growth... [read more]

Are you in the market for a new home? Are you thinking of downsizing or perhaps you want to move to a new neighbourhood? We are here to help! At We Sell The GTA Ben and Dwight have the experience to help you find the next place you can call home. Contact us today!    [read more]

From: Real Estate Professionals The Central Bank announced its overnight rate target Wednesday. The Bank of Canada is maintaining its target for the overnight rate at 0.5%. Economic growth is now projected to be lower than previously forecast in July’s Monetary Policy Report. “This is due in large part to slower near-term housing resale activity and a lower trajectory for exports. The federal government’s new measures to promote stability in Canada’s housing... [read more]

Source: Canadian Real Estate Magazine  The federal government's recent changes to mortgage lending rules have injected uncertainty into the real estate market, the president of the Canadian Real Estate Association said Friday. The measures _ which include an expansion of a stress test for borrowers that takes effect Monday _ could deter first-time homebuyers, said Cliff Iverson, who represents more than 100,000 real estate brokers across the country. ''The... [read more]

As seen on Globe & Mail  The Liberal government has announced sweeping changes aimed at ensuring Canadians aren’t taking on bigger mortgages than they can afford in an era of historically low interest rates. The changes are also meant to address concerns related to foreign buyers who buy and flip Canadian homes. Below is a breakdown of the four major changes Finance Minister Bill Morneau announced Monday. The current rules Buyers with a down payment of at least 5... [read more]

Ben and Dwight at We Sell The GTA  are very involved in their local communities. They sponsor a variety of causes each year - this spring they were involved with the Oakville Humane Society's CATSINO Royale Fundraiser.  Having roots in both Clarkson, Mississauga and Iroquois Ridge in Oakville has allowed both Ben and Dwight to participate in fundraisers such as this many times over the years. They not only buy and sell houses  but they participate in... [read more]

If you look at the Canadian Real Estate Association's statistics they seem to paint a picture of a market that is cooling off. However different markets across Canada are still doing well. The GTA is one of those.  We have a strong market here in Ontario with continued growth. This looks to be a strong fall market. Sales and average prices were both impressive still reporting year over year gains.  The GTA is still the jewel of Canada's Markets - it saw a 22%... [read more]

Originally Published on Canadian Real Estate Wealth Home prices in Canada’s hottest residential real estate markets are rising at a seemingly ever-accelerating pace, leading to widespread concerns about the sustainability of this growth and what solutions would work for this multifaceted problem.   The latest data from the National Bank's House Price Index revealed that in Toronto alone, prices have grown by around 3.1 per cent every... [read more]

  Are you looking for ways to attract Millenials as prospective buyers? These technology savvy buyers want everything to be done on their smartphones and securing their homes and controlling the lights is no exception. Many realtors suggest small updates like decluttering, painting a room or even adding some fresh flowers when setting up your house for sale. If you know your buyers are likely to be millennials however, consider adding a smartlock, a smart doorbell or smart lights... [read more]

    A common question for the new home buyer is, what’s the difference between a real estate agent and a mortgage broker and what do they do? For new  investors or first time property buyers who are new to the game, this is a very valid question to ask. Real Estate Agents Real estate agents are licenced specialists who represent buyers and sellers in the exchange of property transactions. Think of them as the middle man between the buyer and the... [read more]

Despite the sobering tales of continuous price growth across all types of housing, an industry guru maintained that Toronto condos remain viable investments for those looking to augment their household incomes.   In a July 11 interview with Breakfast Television Toronto, condo investing expert Andrew la Fleur said that doomsayers’ scenarios of a bust in the condo boom do not hold up to scrutiny.   “In the low-rise market, prices are up 10 to 15 per cent. We’re... [read more]

Toronto continues to live up to its reputation as one of Canada’s most dynamic real estate markets, with the latest data from the Toronto Real Estate Board (TREB) showing healthy sales at 10,326 transactions in March and 22,575 in the first quarter of the year.   However, while demand was clearly not an issue, the other metrics showed an emerging trend: a shortage of properties as demonstrated by the drop in the number of new listings this quarter, compared to the same... [read more]

Being around public transportation wasn’t always a good choice when it came to real estate. After World War II, downtown living was frowned upon and people flocked towards the suburbs in order to find larger and greener land. As a result, real estate prices rose outside the city. Fast forward to today and we’re seeing the opposite effect. People want to live in the downtown core and public transportation is at the forefront of political debate. Billions of dollars are being... [read more]

by Ephraim Vecina as seen in Canadian Real Estate Magazine The historic “leave” vote in Britain’s Brexit poll last week plunged governments worldwide into a pit of economic and political uncertainty, and the ripples of the referendum will have unmistakable effects on Canada’s real estate and export segments, according to officials and observers.   As reported by Robin Levinson King for the Toronto Star, BMO Nesbitt Burns warned that the... [read more]

From:  The Huffington Post Canada  |  By Daniel Tencer Canada’s luxury property markets have become the world’s hottest as foreign investors take advantage of a lower loonie to snap up even more properties than before, says a new report from a commercial property agency. Knight Frank’s latest world wealth report found “prime” property prices in Canada are rising at a rate that’s four to 14 times faster than the average in the... [read more]

From Canadian Real Estate Wealth Canada’s national median home listing price this month is $299,888, which means that Mississauga is in the top 20% for Canada. The median house price listed in Mississauga this month is $641,888. If you’re looking at investment properties in Mississauga, then you’re most likely to find homes with 3 bedrooms on sale this month. From our data, it appears that neighbourhood is number 11th when comparing neighbourhoods by the... [read more]

As a THANK YOU to our clients we're offering a special deal two for one tickets to the upcoming NATIONAL HOME SHOW  on March 11 - 20th in Toronto. Included in the tickets is access to the Remax VIP Lounge.   Visit our website to order yours!    www.wesellthegta.com        Exclusive RE/MAX VIP Entrance and Complimentary Coat Check (Salon 110), Enter through Galleria Hall C Front row seating at The... [read more]

  CREW magazine wrote this great peice we wanted to share-- "Canada’s new federal government will now be expected to deliver on a raft of election promises including those on affordable housing. Justin Trudeau made this promise a month ago: “Safe, adequate, and affordable housing is essential to building strong families, strong communities, and a strong economy. We have a plan to make housing more affordable for those who need it most – seniors,... [read more]

CREW Magazine Reports: "The indomitable Vancouver and Toronto markets continue to drive housing price gains, evidence of inventory challenges that continue to plague key markets. The national average price for homes sold in September was $433,649, up 6.1% year-over-year. The average price continues to be driven by gains in Vancouver and Toronto, the country’s hottest markets, according to CREA. “If these two markets are excluded from calculations, the average is... [read more]

A Recent article from Canadian Real Estate Wealth Magazine broke this report- "Bank of Canada governor Stephen Poloz sent a clear message to those who take on debt levels or borrowing options that could put their financial security at risk; it’s your problem. The governor said Tuesday that he was not surprised that borrowing, including mortgages, has increased under the low interest rates of recent years but that the central bank is not to blame for people’s... [read more]

With interest rates and most importantly mortgage rates being so low, more prospective buyers ask me about the use of Leverage to help buy more income property. They've had success in the past and it seems like there is still room for growth and generation of high rental yields.   An example to illustrate the concept of increased acquisitions with increased use of leverage- An Investor has $100,000 to invest.  He can choose to use... [read more]

As many of us have heard the Federal Election is ramping up and Oct.19 Election day is very close, I hope all reading this will be sure to vote as it not only a privilege we enjoy, to be able to vote, but it is so important for as citizens to exercise this privilege. Maybe now more than ever, we have started to see things change globally and domestically and we need to make sure we have the right leaders in place to ensure Canada remains to be the great country it is and has been for... [read more]

The rate of new home starts in September in Canada hit the fastest rate we've seen since 2012. Blowing past expectations, lead by the ongoing strength in condo construction. CMHC said the seasonally adjusted annual rate of housing starts increased to just shy of 231,000 units in September, almost an 8% increase from what we saw in August. Economists had expected the annual pace of starts in September to come closer to 200K starts based on a poll conducted by Thomson... [read more]

  Use your RRSP to help you get back into the real estate?!? Many of us know that we can use our RRSPs to help us buy a home when we buy our first home, but did you know that an RRSP can be used in certain cases to help buy a second home. Read on to learn more. First a recap of the “The first time home buyer RRSP Plan”, for those of who meet the eligibility criteria,  a withdrawal up to $25,000 is allowed to be made their RRSP without penalty to help with the... [read more]

With Thanks Giving just a few days away, we need to remember that we should take those important steps to make sure our homes are prepared for the coming seasons. Preventative maintenance now will likely save us lots of money on expensive emergency repairs later and reduce our wasted energy costs. Properly maintaining your home also enhances its appeal, comfort and potential resale value later.    Maintenance and Protect Tips- Furnace... [read more]