02.15.23 | For Buyers

Housing Market Insight January 2023

January 2023 – GTA Housing Market News

 

“What the heck is going on in the real estate market?! 

I want to talk about what we are currently seeing in the real estate market but I think it’s important to first take a step back and look at the whole picture. 

As we all know, a lot has changed over the past few years starting off with insane price growth throughout the pandemic followed by many interest rate hikes aka higher borrowing costs resulting in a drop in home prices. 

And here we are. 

As you can see prices have come down to where they were at the beginning of 2021 in Milton and at the beginning of 2020 in Burlington. Some call it a price correction. 

Regardless, for anyone who has owned their home for 3+ years, their value is likely up. 

Now let’s look at interest rates. Historically, we never saw interest rates as low as we did over the past few years. They are currently sitting where they were in 2008 and prior. 

So if you were to purchase a home today, at a lower purchase price, in comparison to last year, you wouldn’t need as large of a downpayment and the land transfer tax would be less. Yes, interest rates aren’t at an all-time low but you’re spending less when purchasing. 

Over the past few weeks, we have seen a pickup in showings & number of offers on desirable, well-priced homes. 

At the end of the day, buy and sell when it makes sense for your particular situation. 

If you have any questions, as always reach out. We are always happy to chat.” 

 

 

Milton Real Estate Market

The average price in Milton $1,055,208

Burlington Real Estate Market

The average price in Burlington $936,547

Oakville Real Estate Market

The average price in Oakville $1,381,445

The average price in GTA $1,038,668

Have questions about the market? Contact us today to learn more!

 

Previous Reports on GTA Housing Market News

 

December November October September August

 

01.10.23 | For Buyers

6 Signs It’s Time to Buy a House

Many people dream of having their own house at some point. Owning a home is an excellent way to build financial security and equity. And while renting gives you the freedom to move when you want, the urge to own often rises to the surface. But how do you know when you’re ready? Here are six signs that it’s time to buy a house.

Your Rent is Increasing… Again

Both buying and renting have their drawbacks, but one of the great grievances with renting in recent years is rising rental prices. These make it difficult to have enough for monthly costs and save for the future. Unlike paying rent, owning a house builds equity, and the monthly costs are cheaper in many areas, even with extra expenses like property taxes and maintenance factored in.

You Have Excellent Credit

Besides not having enough for a down payment, low credit scores are a common reason that renters can’t qualify for a mortgage. But if you have a healthy credit score – most lenders look for at least 650 – then it is likely that you will be approved. The better your credit score, the better rate you will get on your mortgage and the easier it will be to get approved since lenders will be less worried about you going into default on your loan.

Your Debt is Manageable

Another thing that mortgage lenders look for in the application process is the applicant’s debt-to-income ratio (DTI). This is calculated by adding up your monthly debts and dividing the sum by your gross monthly income. No lender expects you to be completely debt free, but the higher your DTI ratio, the more risk you pose to a lender and the less likely you are to get approved. Most prefer a ratio of no more than 43 percent.

You Have a Down Payment Saved

The single biggest factor in whether you are ready to buy a house is whether you have a down payment saved. In Canada, a down payment of 5 percent is required to buy a house. However, the larger your initial down payment, the more you will save over the lifetime of your mortgage loan. Putting down an extra five or ten thousand dollars could help you get a bigger house or cut down on your mortgage costs.

Remember that there are additional costs to buying a house than just the down payment, such as closing costs, maintenance, and emergency funds. You will want to have the down payment saved plus extra.

You Want to Settle Down for a While

If you know that you will be moving away in the next few years, buying a house may not make sense since you may not break even on the home sale and instead lose money. Similarly, buying a house is probably not a good idea if you are worried about losing your job since part of settling down is knowing that you have career stability. But if you want to remain in your location for the foreseeable future and have a stable income that can support a mortgage, then it might be time to buy a house in your area.

Your Lifestyle Can Support It

It is a lot harder to sell a house than it is to break a lease, so you want to make sure that you are in a good place in life to pay a mortgage long-term. This means not only job stability but relationship stability, especially if you are buying a house together with your partner.

Sometimes certain aspects of your lifestyle are not very conducive to renting, such as if you have a large dog or are a musician. In these cases, owning a house can be a more comfortable way of living, giving you control over how you live and more privacy to do things the way you want.

Once you know you are ready to move into a house, determine what you need and what is important to you, such as location, amenities, and the type of house. There are many options out there, and each has its benefits and things to consider. If you are ready to take the leap into owning your own house, a mortgage lender can help you get pre-approved so that you know what you can afford.

01.12.23 | For Buyers

Housing Market Insight December 2022

December 2022 – GTA Housing Market News

 

What is going on with the real estate market?

Here are the December stats:

  • The average sale price in the GTA is $1,051,216
  • Housing market experienced a marked adjustment in 2022 compared to record levels in 2021.
  • Existing affordability issues brought about by a lack of housing supply were increased by the interest rate hikes by the Bank of Canada.
  • Prices have leveled off in Milton, the average home prices in December is the same average price in June and July of 2022.

 

Milton Real Estate Market

The average price in Milton $1,069,068

Burlington Real Estate Market

The average price in Burlington $1,070,036

Oakville Real Estate Market

The average price in Oakville $1,449,722

The average price in GTA $1,079,395

Have questions about the market? Contact us today to learn more!

 

Previous Reports on GTA Housing Market News

 

November October September August July June

 

12.8.22 | For Buyers

Housing Market Insight November 2022

November 2022 – GTA Housing Market News

 

What is going on with the real estate market?

Here are the November stats:

  • The average sale price in the GTA is $1,079,395
  • Homeownership market activity in November continued to be influenced by the impact of higher borrowing costs on affordability
  • The Bank of Canada has increased interest rates by another 50 basis points to 4.5%

 

Milton Real Estate Market

The average price in Milton $1,078,240

Burlington Real Estate Market

The average price in Burlington $964,939

Oakville Real Estate Market

The average price in Oakville $1,397,718

The average price in GTA $1,079,395

Have questions about the market? Contact us today to learn more!

 

Previous Reports on GTA Housing Market News

 

October September August July June

 

11.30.22 | For Sellers

Tips to Enhance Your Curb Appeal This Winter

The grey and lifeless winter landscape can leave your home’s curb appeal… lacking. If you’re selling your home and are hoping to channel your inner Norman Rockwell in a cozy, welcoming scene, take it from the experts: it is a lot simpler than you think! Homeowners who want to give their front yard a facelift or prepare their home to sell during the winter season should be aware that it does not require too much of an investment. From a fresh coat of paint to a modest bird feeder, it is the little things that count, and can add the most charm to your home’s exterior. We have compiled a list of tips from real estate experts on how you can enhance your curb appeal this winter.

6 Tips to Enhance Your Curb Appeal This Winter

Give Your Numbers an Update

How old are the numbers on your house? Better yet, can delivery drivers even see them as they try to drop off your pizza (or the signature brown boxes holding the evidence of your 2020 online shopping addiction)? Whatever state the numbers on your front porch may be, consider investing in some new numbers for an easy, affordable and striking outdoor refresh.

Investing in a new mailbox can also instantly upgrade your exterior aesthetic. So, scrap that rusty eyesore and trade it for a sleek, metal letter box that can usually be affixed to the wall with a couple of screws.

These simple updates can do wonders for your curb appeal during the winter months.

Apply a Fresh Coat of Paint to Your Door

Oftentimes, the best way to spruce up any part of your humble abode is with a fresh coat of paint.

Your door is usually the first thing that appeals to somebody’s eye. Many homeowners might choose to fully replace their old door with a new one that has a lovely glass insert. But if you are on a tight budget, all you need is some paint and a colour that suits your home.

As an added tip, bold primary colours can look extremely striking set upon a white winter backdrop. But take note, you may want to proactively paint before the cold winter weather hits or during a window of unseasonably warm temperatures, as most paints need at least three days of 12-degree weather to properly cure.

Install a Bird Feeder

What better way to liven up your front yard than by hanging a well-placed and colourful bird feeder to attract some feathered friends? Winter provides us with plenty of gray days, so placing a bird feeder can show some colourful signs of life like blue jays and cardinals.

Add Functional Lighting

Exterior lighting offers a myriad of benefits. The first thing homeowners will point out is the safety aspect of light installations, providing added visibility during the shorter and darker days of winter. Opt for downward soffit lighting to create a warm glow that makes your property look inviting and cozy.

Clear the Snow and Clutter

The snow certainly looks nice after a fresh snowfall, but the longer winter continues without proper up-keep, the more unkempt your home will appear. While it is perfectly alright to let the snow accumulate on your lawn, aim to shovel the front walkway and the driveway to keep paths clear and safe. Remember, if you are hosting an open house, you want your home to be accessible and safe for prospective buyers.

Plant Some Seasonal Greens

Like a colourful bird feeder, cold-weather plants can liven up your front entrance. Unsure what to plant? Here are a few recommendations from our wintery green thumbs:

  • Evergreen trees and shrubs for all year long.
  • Winter berries, which will attract hungry birds.
  • Winter-flowering shrubs, such as jasmine and daphne.
  • Early spring bulbs that will flower in late winter or early spring.

Winter Brings New Decorative Opportunities?

Many homeowners typically think about what they can do to add seasonal holiday touches to the interior of their home, but tend to neglect outdoor winter décor, which can create a bold, inviting statement to elevate your curb appeal. Whether a wreath or planter made of cold-hardy perennials, or a faux fur blanket draped over your porch-side Muskoka chair, there are so many ways to bring the beauty of the season to your home’s exterior!

Have more questions about the home-staging process, or are you ready to move forward with your sale? Contact us today!

11.11.22 | For Buyers

The Importance of a Home Inspection

What is a home inspection? Is it required? My father is very handy; can he just do our home inspection? 

These are some of the common questions we have encountered with homebuyers.

Let us break it down…

What is a home inspection?

A vital step in buying a home, especially for first-time homebuyers. A qualified Home Inspector will examine your home with a trained eye, looking for any deficiencies you may not catch on your own. This is typically a thorough analysis of the physical structure and systems of a home, from the roof to the foundation.

Am I required to get a home inspection done?

Technically no, but we do not advise skipping it. Even in a competitive market, there are ways you can fit one in if you are planning on putting an offer down on a home. Speak to your real-estate agent to find out what your options are.

Here are three very important reasons why we think you should get a home inspection:

1.      Home inspections can uncover potentially life-threatening problems such as mold or defective wiring that could potentially cause a fire.

2.      A home inspection can forecast potential future costs to help you budget for upcoming expenses. Home Inspectors are able to identify the current condition structures in the home and provide you with an approximate “shelf life”.

3.      A Home Inspector is a valuable resource. After conducting their examination, they will be able to provide you with specific advice on how to maintain the home, which could potentially save you thousands of dollars in the end.

Can my dad do the inspection? He’s very handy.

It is wonderful that someone in your family is well versed in trades that can help when purchasing a home. However, I would leave this one for the professionals. Keep in mind, this is likely the biggest purchase of your life and you would not want anything to be overlooked.

Here is how to choose a Home Inspector:

·         See what kind of qualifications, certifications and training they have

·         Do they have any referrals/references?

·         How long have they been in the industry?

·         Check out their reviews

To learn more about the benefits of a Home Inspection and how to complete one in this market, reach out today!

11.10.22 | For Buyers

Housing Market Insight October 2022

October 2022 – GTA Housing Market News

 

Real Estate stats worth noting

From September to October 2022 home prices & number of transactions fell flat (meaning we saw a 0% increase month over month).

Why?

Simply due to lack of inventory.

Where do home prices sit when looking at the last year? 2 years? 5 years? 10 years?

➡️ Year 6% decrease
➡️ 2 years 11% increase
➡️ 5 years 28% increase
➡️ 10 years 54% increase

This is why it’s important to look at the larger picture and not try to time the market.

Buy and sell when it makes sense for you and your particular situation.

 

Milton Real Estate Market

The average price in Milton $1,031,770

Burlington Real Estate Market

The average price in Burlington $1,223,189

Oakville Real Estate Market

The average price in Oakville $1,487,485

The average price in GTA $1,089,428

Have questions about the market? Contact us today to learn more!

 

Previous Reports on GTA Housing Market News

 

September August July June May

 

Brazilian lemonade is so refreshing and perfect to cool off a hot summer day! So easy to make, ready in less than 5 minutes and uses just 2 ingredients.

To make it just blend the limes, the water and the condensed milk in a blender. Strain it into a pitcher full of ice and that’s it! You’re ready for the summer.

Some people truly hate the idea of blending a whole lime with the skin on, because of how bitter they become. The secret here is how long to blend the limes! The longer you blend, the bitterer they’ll become shortly after they’re blended. There’s no need to blend the limes any longer than 10 or 15 seconds. Better yet, just pulse a few times, and boom – you’ll have a strong lime drink, that doesn’t turn unbearably bitter!

Ingredients

  • 5 limes
  • 1/2 cup sweet condensed milk*
  • 4 cups water**
  • ice

Instructions

  • slice 4 of the limes in 8 parts each and add them to a blender
  • add the condensed milk and the water to the blender along with the limes and blend for no more than 15 seconds (the more you blend, the bitterer the limeade will turn out)
  • using a fine mesh strainer, strain the juice from the blender into a pitcher filled with ice
  • slice the remaining lime in half, and squeeze into the pitcher for an extra punch of lime flavour
  • Stir and serve right away!

Notes

*You can add more condensed milk if you want your limeade a bit sweeter – some people even add a little sugar. It’s up to you!

**You can also add a little more water if you think the lime flavour is too strong – just remember you’ll be adding ice to the pitcher, and the ice will melt at some point.

10.13.22 | For Buyers

Housing Market Insight September 2022

September 2022 – GTA Housing Market News

What is going on with the real estate market?

Here are the September stats:

  • The average sale price in the GTA is $1,086,762
  • New listings were also down on a year-over-year basis by 17%. This was the lowest number of new listings reported for the month of September since 2002.
  • Sales for the month were down by 44.1 per cent compared to September 2021.

Milton Real Estate Market

The average price in Milton $1,060,886

Burlington Real Estate Market

The average price in Burlington $1,059,736

Oakville Real Estate Market

The average price in Oakville $1,534,810

The average price in GTA $1,086,762

Have questions about the market? Contact us today to learn more!

Previous Reports on GTA Housing Market News

August July June May April

10.3.22 | Homeowners

Decluttering Your House Made Easy

Decluttering is always the first step before listing your house for sale. Simply removing excess items can add value by making the rooms feel fresher, cleaner and more spacious. However, you don’t have to be selling to benefit from decluttering. Having fewer belongings that are better organized makes your home feel more peaceful and less stressful. Your daily routine goes more smoothly when everything is in its place and you know where to find what you need.

Autumn is the perfect time to declutter for many people since it is neither too hot nor too cold. These tips will help you get motivated and have your home looking clean and fresh in no time.

Envision Your Home Picture Perfect

Creating a vision of what your house could look like completely organized helps to take the dread out of decluttering. For added inspiration, flip through the pages of a home magazine to see minimalist storage and decor ideas. When you begin the process, focus extra hard on clearing out the clutter from the main focal points of your home.

Imagine walking through your home as though you had never stepped foot inside before. What features do you want to draw attention to? 

You can involve your family members to help. They can help you decide what to keep and what to toss. They may also have ideas on who might appreciate the belongings your family no longer needs.

Whenever you reach a goal, reward yourself with something small, such as a trip out for ice cream or a day at the park.

Looking for even more tips to declutter your home? Look no further!

Plan Before You Start

Everyone has good intentions when it comes to decluttering and getting organized. Unfortunately, it doesn’t always go as planned. All too often, you sort through your items only to get distracted or go on long trips down memory lane. A straightforward plan of action will help you stay on track.

To start, get a package of labels and plenty of sharpies. A stack of clear plastic bins will help as you can see what’s in them without lifting their lids. If your budget is tight, cardboard boxes will do the trick, but everything must be clearly labelled. This stops you from having to rifle through the boxes after they are packed away.

We recommend seven boxes to help you get and stay organized:

  1. Things to organize – (For items you intend to keep but need to find a permanent home for.)
  2. Think about it: (A “think on it” box will give you time to decide without adding to your clutter.)
  3. Repair
  4. Recycle
  5. Trash
  6. Donate 
  7. Sell

Decluttering is the first step to preparing your home for a successful sale. Here are some other resources that will help:


Take it Step by Step

A slow and steady approach is a surefire way to beat overwhelm. Breaking the task down into small steps makes it easy to fit into your busy schedule. It won’t take long until you notice a difference. Here are some small, daily tasks that will quickly help you cut down on clutter:

  • Clean off one counter
  • Organize one drawer or cupboard
  • Fill one garbage bag with articles to donate
  • Throw out one item per week

Get Off the Fence

When decluttering, everyone faces the issue of wanting to hold on to something even though they’re not using it and no longer need it. A few keepsakes are okay here and there. The problem arises when your house becomes full of things you’re just not quite ready to part with. Incidentally, this is also why so many homes have “junk drawers,” closets and sometimes even entire rooms. This is where your “think on it box” comes in. You can put these items you’re on the fence about out of sight until you decide what to do.

You may have useful items that no friend or family member wants, but you know someone in your community can use them. Kijiji or freecycle.org are great places to list these items to see if they get any attention.

If you’re really not sure if you want to dispose of something, put it in storage. If you haven’t gone looking for it within six months, it may be time to throw it out.

Thinking about downsizing? Here are 5 reasons to consider it.

Make a Day of it

A slow and steady approach is the best solution for some people, but everyone is different. Others will get better results with an intense method that gets the process over with quickly. Set aside a weekend and dedicate it to your decluttering project. Go room by room and remove everything from all closets, cabinets, and cupboards. 

Bedrooms: Place all your clothing on the bed and sort by type. Many of your clothes may be seasonal, but if you haven’t worn them in over a year, consider donating them.

Kitchen: This is one of the toughest rooms to declutter because it gets the most use. Going overboard and throwing away too much can leave you searching for items or rushing to the store for a replacement. It pays to dedicate more time to the heart of the house. Go through your drawers and cabinets and sort everything by how often you use them, daily, weekly, or monthly. If you can’t remember the last time you used it, into the donate box it goes!

Pay attention to tables and countertops: If you’re not careful, any flat surface becomes a catchall where mail, flyers and other papers pile up. Keeping an under-the-counter trash and recycle bin can help you stay organized.

The living room: For most families, the living room is the second most used room in the house. Luckily, it’s easier to keep organized than the kitchen. Still, small items like remotes, video game controllers, toys, and other knick knacks can pile up over time. When committing to a deep clean, pull out all of the toys, games, candles and small electronics and ask yourself:

  • Does it work?
  • Is it duplicated? (One remote may work on multiple devices)
  • Do I use it often enough to justify keeping it?

Maintain Your Results

Getting your house cleaned and decluttered from top to bottom is an outstanding accomplishment. The trick now is to maintain it. Forming habits like opening and sorting mail and immediately putting your clothes and shoes in the closet will help. Bringing your family together to brainstorm ideas can make the transformation easier and more fun. Best of all, you’ll come home every day to a space that is welcoming and free of distractions.

Is there a move coming up soon? Our webinar is perfect for first time buyers or anyone who has been out of the market for a while. Best of all, it’s free! Sign up here.