According to the latest Toronto Regional Real Estate Board (TRREB) annual forecast the Ontario housing market is making a comeback! 

A rebound is expected by the latter half of 2023, with an increase in home prices and sales after months of declines. 

What does this mean for potential buyers and sellers?

The following are the key takeaways of what to expect going forward:

1. The average home price for the year is expected to reach $1,140,000, which is higher than January's average price of $1,038,668 ( albeit still 4% lower than last year's average).

2. The board forecasts 70,000 sales this year. Still 7% fewer than last year, however, all indicators are predicting it will stabilize and will continue to increase into next year.

3. TRREB cites an Ipsos poll showing that more would-be buyers are considering buying a property this year than last year, and a slightly higher percentage of homeowners planning to put their homes up for sale.

4. Even though TRREB expects activity to remain slow in the first half of the year owing to relatively high mortgage rates, it predicts that rates of fixed-mortgage products will start falling this year, which will increase demand for housing. 

Lastly, the Canadian labour market has remained relatively healthy, adding 150,000 jobs in January, and given that Canada plans to take in another record number of immigrants, will definitely put pressure for more housing, translating into higher prices and sales.

Therefore, before the market gets too hot, would-be-buyers should act now to realize a dream home reality, before it becomes too late.

Working With a Trusted Real Estate Agent

Thinking of buying a home? With 15 years of experience, Sue Heddle Homes has what it takes to help you find your ideal home and location. From sharing key information about specific areas to knowing how to negotiate the best price, Sue is the only experienced realtor you need. If you’re thinking of starting your home search, give us a call at 416-906-7998 and let’s talk.

The Government of Canada ban on foreign home investors from buying property in Canada took effect on January 1st, 2023.

What you need to know.

The two-year ban, targeting prospective foreign home buyers will no longer be able to purchase real estate that includes condos, apartments, and single residential units – as well as higher taxes for investors who let their homes sit vacant.

The main focus of the ban is to restrict foreign home investors from purchasing real estate where there is no intention of living in them. Thus causing a shortage of available inventory and driving up real estate prices for Canadians. Toronto alone has approximately 5% of homes sitting vacant, Therefore, this could be significant for buyers waiting to get into the real estate market.

These measures could provide some temporary relief in a very tight market – particularly combined with measures presented by the Ontario government to dampen the market, like making blind bidding optional. 

With this in mind, more Canadians looking for homes potentially have a better opportunity to become homeowners. Sue Heddle Homes is here to help buyers get into this market and leave with their dream home. Contact me and see how Sue Heddle Homes can turn a house dream into a homeownership reality.

Housing affordability seemed to be a priority of the 2022 Federal budget; however, it will remain to be seen how effective some of the actions will prove to be. Buying a home in Canada has become increasingly out of reach for many Canadians, but will this new budget be enough to change the current market?

“TRREB is encouraged that governments at all levels continue to make housing affordability a priority, but it is critically important that governments take actions that will have meaningful impacts. All levels of government should be implementing evidence-based initiatives that address the real cause of affordability challenges, which is an inadequate supply of homes for sale or rent,” said TRREB President Kevin Crigger.

While the Toronto Regional Real Estate board is in favour of the budget actions intended to increase housing supply, it did express concern when it came to the effectiveness of policies intended to suppress demand. In particular, they feel that the focus on reducing foreign buyers only represents a small percent of the problem for buyers and doesn’t focus on some of the real issues plaguing the market.

How Future Home Buyers May Benefit from the 2022 Federal Budget

 While it will certainly take some time to see the benefits of new measures implemented, a quick summary does demonstrate that hopeful home buyers could finally be getting additional support. To start, the goal is to double new housing construction by 2032 which will provide more options for future home buyers.

Let’s take a closer look at some of the details:

• A new housing accelerator fund totaling $4 billion over five years, starting this fiscal year. This will provide support to municipalities in an effort to speed up housing development. 
• Creating at least 6,000 new affordable housing units, with at least 25 per cent of funding going towards women-focused housing projects. 
• A new multigenerational home renovation tax credit that can provide up to $7,500 towards a secondary suite for a senior or an adult with a disability, starting in 2023. 
• A new tax-free first home savings account where first-time buyers can save up to $40,000 tax-free. Contributions would be tax-deductible, and withdrawals to buy a first home would be non-taxable.
• The first-time home buyers’ tax credit is increasing to $10,000, providing up to $1,500 in direct support to home buyers, applying to homes bought on or after January 1, 2022. 
• Anyone selling a property they’ve held for less than 12 months will be taxed on their profits as business income, effective January 1, 2023. Exceptions will be made for sales due to life circumstances.

Home Buyers Get the Support They Need from Sue Heddle Homes

Once of the most helpful things home buyers can do is find an experienced real estate agent that can help decipher and navigate the current market. With more than a decade of proven experience, award winning Oakville realtor Sue Heddle Homes can help make your home buying experience more successful and more enjoyable. With incredible industry knowledge and effective negotiation skills, let Sue and her team help you find the home you want. Ready to get started? Call Sue at 416-906-7998.