Nilufer Mama's blog

The 2023 Fall Housing Outlook predicts a softer market in the coming fall due to high rates and low inventory. The GTA is expected to see the average residential sale prices increased by 2.5%

Prices are anticipated to increase in 
- Burlington
- Oakville
- Sudbury

The inventory shortage is particularly impacting younger homebuyers. 34% of Canadians planning to buy/sell in the next 12 months will wait for interest rate developments before deciding.

Sales and prices above last year's levels

But momentum stalls by interest rate hike

Greater Toronto Area (GTA) market activity in July grew more robust than during the same month a year ago. Sales in the GTA were up by 7.8 per cent compared to July 2022. New listings rose by an annual rate of 11.5 per cent and the average price increased by 4.2 per cent to $1,118,374. Still, the Toronto Regional Real Estate Board (TRREB) reported that the sales momentum seen earlier this spring has levelled off, largely due to yet another interest rate hike by the Bank of Canada in June....

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Wishing everyone a very Happy and safe Labour Day!

Canadians should be hoping hard for a rate hold by the central bank next week, according to James Laird, co-CEO of Ratehub.ca.

“Borrowers should be budgeting for a rate hike so that they are prepared if it does happen,” Laird said. “The bank chose to raise at the last two announcements, so a raise is certainly still on the table.”

Any further upward movement in the central bank’s policy rate, which is already at a multi-decade high of 5%, will especially affect Canadians holding or looking for fixed-rate mortgage products.

“Depending on the bank’s policy announcement and...

Compounding the impact of higher rates has been the persistent lack of listings to purchase.

Wishing everyone celebrating a very happy, healthy and prosperous Navroze

New condo sales in the GTA decreased to their lowest point since 2009. This means that they have gone down by 35% yearly. The decline in sales is being attributed to rising interest rates and inflation. This could lead to a serious supply shortage in the future. 

It is no secret that the impact of commute time on the home-buying process, has become a critical consideration. The growth of urban areas and increased traffic congestion have resulted in longer commute times. As anyone living in a major city can attest, this can lead to higher stress levels, reduced productivity, and a poorer overall quality of life. This is why remote work – or at the very least hybrid corporate models – has become so important for employees as they can maintain a better work-life balance. Impact of Commute Time on Home Buying 

During the 2020-2021...