Dhaval Desai's blog

Effective December 15, 2024, Canada is introducing new mortgage rules aimed at improving affordability, especially for first-time homebuyers and those purchasing newly built homes. Here are the key changes and their expected impact:

Key Changes:

1. Insured Mortgage Cap Raised: The maximum home price for insured mortgages is increasing from $1 million to $1.5 million. This allows buyers to secure a home with less than a 20% down payment, benefiting buyers in the $1 million to $1.25 million range, particularly in expensive markets like Toronto and Vancouver​.

2. Extended Amortization Period:...

As an active realtor in the Kitchener-Waterloo area, I’m excited to share the latest insights from the November 2024 market. Here’s a breakdown of what the numbers mean for you, whether you’re considering buying, selling, or just staying informed on market trends.

1. Market Activity and Sales

• Total Sales: November saw a 22% increase in home sales over November 2023, totaling 539 transactions. While sales volume has risen year-over-year, it remains 13% below the 10-year monthly average, reflecting the ongoing influence of higher mortgage rates on buyer activity.

Sales by Property Type:

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As an active realtor and mortgage agent in the Kitchener-Waterloo area, I’m excited to share the latest insights from the October 2024 market. Here’s a breakdown of what the numbers mean for you, whether you’re considering buying, selling, or just staying informed on market trends.

1. Market Activity and Sales

• Total Sales: October saw a 12.2% increase in home sales over October 2023, totaling 559 transactions. While sales volume has risen year-over-year, it remains 24% below the 5-year monthly average, reflecting the impact of higher mortgage rates on buyer activity.

• Sales by Property...

The Bank of Canada has raised its overnight target rate by 50 basis points, bringing it to 4.25%.  Banks will increase their Prime Rate from 5.95% to 6.45%. 

This is the Bank’s seventh consecutive rate hike and was expected by markets.

Looking ahead, the Bank said it “will be considering whether the policy interest rate needs to rise further to bring supply and demand back into balance and return inflation to target."

The Government of Ontario has introduced new changes to the Condominium Act, 1998 related to an expansion of the jurisdiction of the Condominium Authority Tribunal (CAT) – the Province’s virtual tribunal that helps resolve condo-related disputes.

The Government of Ontario has introduced new changes to the Condominium Act, 1998 related to an expansion of the jurisdiction of the Condominium Authority Tribunal (CAT) – the Province’s virtual tribunal that helps resolve condo-related disputes.

On March 12, 2020, Ontario’s Minister of Municipal Affairs and Housing introduced Bill 184, proposing the new Protecting Tenants and Strengthening Community Housing Act.

Home sales plummet 69% in April as coronavirus shutdowns hit housing market. GTA area home sales off a cliff, real estate experts say that while prices may stall as people stay home, they will pick up where they left off once the crisis passes. Sales started falling off a cliff since mid-March when the provinces restricted activity and implored residents to stay at home.

2020 starts off with a bang for the Toronto housing market, as the latest round of data reveals year-over-year prices have already begun a meteoric rise. The Toronto Regional Real Estate Board (TRREB) reports that home prices soared 12.3% in January 2020 to $8839,363 from January 2019. 

Canadian real estate is increasingly becoming a seller’s market as supply shrinks to decade lows, raising the prospect of rising prices and the re-emergence of froth in some major cities.