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.

Time to finally shed our winter coats as spring has definitely sprung across all major real estate markets within Ontario! The trend of significant over asking bids continues across all housing sectors, from condos to semi-attached and single-family homes.

Below you can find current hot housing markets and key indicators to watch out for. Are you ready to list or buy? Have questions? Looking for tips on how to market your home to increase resell potential? Sue Heddle Homes has only your best interests in mind whether you're selling or buying.

Key Insights to Note & Detailed Stats by Area

• Consistent sales growth continues across all markets.
• Hamilton and Niagara are rebounding from previous sales lag and are an affordable choice for families and commuters to major city centers.
• The number of residential units sold also continues to be on the decline across all regions due to limited supply. This corresponds with an even shorter downward trend of units being sold faster than last year.

Take a minute to review the detailed stats shown below. Please reach out anytime if you're looking to buy or sell a property, and for any real estate market questions at 416-906-7998. 

With almost 15 years experience in real estate in Oakville, Burlington, Mississauga and all across the GTA, Sue Heddle has seen her fair share of ups and downs. In addition to buying and selling homes, Sue has assisted many clients lease out their properties as well. And while bidding wars have been typically reserved for those purchasing property, the recent spike in the demand for rental homes has resulted in the leasing market mirroring the frantic pace of GTA housing sales.

Sue Heddle was recently asked to contribute to a CBC News article that addresses the bidding wars happening for those looking to rent a house. 

Read the full article here.

Listen to the discussion on AM 640.

Watch her Global News interview.

Get The Most Out of Real Estate Transactions With Sue Heddle Homes

The changes in the state of the rental market are just another reason why you need a professional, experienced realtor on your side. Renting, purchasing or selling a home can be stressful, but with Sue's help you'll receive guidance and support every step of the way. 

If you have a rental property and are looking for tenants, contact us. Not only can we help you get the best price, but we'll also:

• take professional photos for your rental listing.
• take care of scheduling and managing all showings.
• market your property to our wide network, increasing the chances of finding a great tenant.
• handle paperwork and negotiations that can be time consuming and overwhelming.

Thinking this might be the year to move or make a housing change? Contact Sue Heddle Homes. With many years of proven success and an unparalleled commitment to our clients, we're ready to help you and your family find the right home for your needs.

Announced in late May, the government of Canada has launched a new program that offers Canadians grants of up to $5,000 for completing energy-saving home upgrades. From upgrading heaters, to installing solar panels or replacing drafty windows and doors, the program aims to help keep our air clean and our environment healthy. 

Worth about $2.6 billion over seven years, the grants will help approximately 700,000 homeowners lower their bills and keep houses warmer during our cold winter months. If you’re interested in accessing these funds and improving the efficiency of your Oakville area home, keep reading for more information on how the program works. 

How Do I Access the Canada Greener Homes Grant? 

For those home owners who are keen to get started right away, here are some details on how to participate in the Greener Homes Grant initiative.

• Visit the program website to learn more.
• Register and book your pre-retrofit evaluation with a certified adviser.
• An adviser will visit your home and determine which energy-saving measures would qualify for reimbursement.
• If you choose to proceed, you can then hire a licensed contractor to complete the retrofits. 
• After the completed work passes an inspection, homeowners will be reimbursed.

If you want to register for the grant by phone or if you need any assistance or advice, you can call 1-833-674-8282. 

Helping You Make the Most of Your Oakville Home 

With more than a decade of experience, top Oakville realtor Sue Heddle knows how to help you make the most of your home! Whether you’re looking to find a larger home for your family or want to downsize, our team is ready to help. In addition to your real estate needs, be sure to check our blog regularly for helpful tips on home maintenance and renovation, real estate and community news. If you’re thinking of buying or selling this year, contact us at 416-906-7998 and let us help you find success.