May 2022 – GTA Housing Market News

What is going on with the real estate market?

Here are the May stats:

• The average sale price in the GTA is $1,212,806
• Interest rates have increased and the market has become more balanced
• Buyers are able to be more selective in their purchase and have more negotiating power
• For Sellers it is important to know that not all homes are selling in this market. Some are moving quickly whereas others are sitting for weeks or months.

Milton Real Estate Market

The average price in Milton $1,178,100

Burlington Real Estate Market

The average price in Burlington $1,123,300

Oakville Real Estate Market

The average price in Oakville $1,510,300

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

Previous Reports on GTA Housing Market News

April March February January December

When is it the right time to downsize? Traditional wisdom would say when you can no longer take care of a large property and would benefit from a smaller living space or condo. However, there are many signs that the time might be right, and it isn’t always because you can’t manage your current home.

Downsizing is a lifestyle that many people are starting to choose at a younger age because it allows a host of options you wouldn’t otherwise have. What are some of the other reasons?

1. You’ve Been Bitten By the Travel Bug

The world is a fascinating place, and more people want to explore different countries and cultures than ever. Planning a trip is also easier than it has ever been. You can sit at your computer and book a trip to the other side of the world with a few clicks. If only it was that easy to take care of your house while you’re gone. You may not be around, but the grass still needs to be cut, or the snow still needs to be shovelled.

With a managed townhouse or condo, you no longer have to worry about these things. You don’t need to arrange for someone to keep an eye on things until you get back. All you need to focus on is your itinerary, what to pack, and what your next travel destination will be.

Are you ready for a more carefree life? Selling your current home is an excellent first step. Here are some posts to help you:

• How To Maximize the Sale of Your House With A Real Estate Agent
• How To Set The Right Home Price The First Time
• Should You Buy First or Sell First in 2022

2. You Want to Enjoy Your Free Time

If you spend your summer working around the home instead of enjoying the short season, then it might be time for a change. A worry-free lifestyle is quickly becoming one of the most popular reasons for selling a home. A smaller house or condo means no fallen leaves to rake or working on time-consuming renovations.

You also tend to accumulate less clutter, which means less time cleaning, scrubbing and organizing. Without a large house to maintain, you’re free to sit back and relax with friends, explore your neighbourhood or pick up and go at a moment’s notice.

3. You Want More Financial Freedom

Maintaining a large property can be labour intensive. It can also be very expensive. Whenever something breaks, you either have to fix it yourself, which can eat up a lot of time. Otherwise, you have to find a contractor you trust to make the repair for you. And the cycle can seem like it never ends.

The older your house becomes, the worse it can get. If it seems like one thing after another and that you’re always dipping into your savings, it may be time to consider a change. A smaller home or condo can mean more financial freedom to travel and live the lifestyle you want.

4. Life is Getting More Expensive

With inflation on the rise, many people are looking for an affordable lifestyle with more breathing room on their budget. The soaring cost of gas drives up the price of groceries, clothing and everything else. A smaller house doesn’t just reduce the hours and money you spend on maintenance. In many cases, your mortgage payments are smaller.

Depending on the value of your current home, you may be able to pay your loan off in full. You can also expect to pay less for insurance and property taxes. In some cases, even your monthly utility bills can be lower.

5. You’re Ready For A Change

Sometimes, the only reason you need to downsize is that you’re ready for a change. For example, you currently have to drive everywhere, but now you want to live close to transit. You may want to have more shops, restaurants and entertainment options within easy walking distance. Or perhaps your current home has many walls, and you’d like something more modern and open concept, even if it means less square footage.

If you find yourself paying particular attention to “For Sale” signs around the neighbourhood, it might be another indication that you’re ready for a move.

Are you watching for listings that might suit your needs? You can find some of our Featured Properties For Sale Right Here.

Your Decision is Made! How Do You Start?

The more time you give yourself to start the downsizing process, the less stressful it will be. One of the best things you can do right now is to start making a list of everything you want your new home to have. 

The next step is to take an honest look at all of your belongings and decide what you want to keep. Decluttering will help you maximize the sale of your house and leave you with fewer items to pack up and move. 

Working with an experienced real estate professional who knows your area can help you sell your current house and find your new dream home to begin the next stage of your life. 

Do you have questions about selling or buying a new property? We can help point you in the right direction. You can book a free, no-obligation meeting with us right here.

These Vietnamese spring rolls are fresh, not fried! They’re the perfect party appetizer or light meal. The peanut sauce sends them over the top.

INGREDIENTS

Spring Rolls

• 4 ounce rice vermicelli or brown rice noodles
• 2 teaspoon toasted sesame oil
• ½ teaspoon fine sea salt
• 2 cup torn butter lettuce, ribs removed
• 2 cup very thinly sliced red cabbage
• 4 medium carrots, peeled and cut into matchsticks or sliced into strips with a julienne peeler
• 4 Persian (mini) cucumbers or 2 small cucumber, thinly sliced or sliced into strips with a julienne peeler
• 4 medium jalapeños, ribs and seeds removed, thinly sliced
• ½ cup thinly sliced green onions
• ½ cup roughly chopped fresh cilantro
• ½ cup roughly chopped fresh mint
• 16 sheets rice paper (spring roll wrappers)

Peanut Sauce

• ⅔ cup creamy peanut butter
• 4 tablespoon rice vinegar
• 4 tablespoon reduced-sodium tamari or soy sauce
• 4 tablespoon honey or maple syrup
• 2 tablespoon toasted sesame oil
• 4 cloves garlic, pressed or minced
• 4 to 6 tablespoons water, as needed

INSTRUCTIONS

1. To make the spring rolls: Bring a pot of water to boil and cook the noodles just until al dente, according to package directions. Drain, rinse them under cool water, and return them to the pot. Off the heat, toss the noodles with the sesame oil and salt, and set aside.
2. Fill a shallow pan (a pie pan or 9″ round cake pan works great) with an inch of water. Fold a lint-free tea towel in half and place it next to the dish. Make sure your prepared fillings are within reach. Combine the green onion, cilantro and mint in a small bowl, and stir.
3. Place one rice paper in the water and let it rest for about 20 seconds, give or take. You’ll learn to go by feel here—wait until the sheet is pliable but not super floppy. Carefully lay it flat on the towel.
4. Leaving about 1 inch of open rice paper around the edges, cover the lower third of the paper with a few pieces of butter lettuce, followed by a small handful of rice noodles, some cabbage, and a few strips of carrot, cucumber and jalapeño. Sprinkle generously with the herb mix.
5. Fold the lower edge up over the fillings, rolling upward just until the filling is compactly enclosed. Fold over the short sides like you would to make a burrito. Lastly, roll it up. Repeat with the remaining ingredients.
6. To make the peanut sauce: In a small bowl, whisk together the peanut butter, rice vinegar, tamari, honey, sesame oil, and garlic. Whisk in 2 to 3 tablespoons water, as needed to make a super creamy but dip-able sauce.
7. Serve the spring rolls with peanut sauce on the side. You can serve them whole, or sliced in half on the diagonal with a sharp chef’s knife

PREPARE IN ADVANCE: You can definitely mix together the peanut sauce in advance. You can also prepare the veggies several hours or up to 1 day in advance, and store them in an air-tight container (they will lose freshness with time). The spring roll wrappers tend to dry out with time or once chilled, so spring rolls are best assembled shortly before serving. If you’d like to keep them fresh for an hour or two, store them under a lightly damp, lint-free tea towel at room temperature (the skin tends to harden in the refrigerator).

April 2022 – GTA Housing Market News

What is going on with the real estate market?

Here are the April stats:

• The average selling price was up in the GTA by 15% year-over-year
• The average sale price in the GTA is $1,254,436
• The number of sales is down 41% year over year and down 27% from last month.
• Still seller’s market, average time on the market is longer as we have about six weeks of inventory right now

Milton Real Estate Market

The average price in Milton $1,372,400

Burlington Real Estate Market

The average price in Burlington $1,317,700

Oakville Real Estate Market

The average price in Oakville $1,502,100

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

Previous Reports on GTA Housing Market News

March February January December November

Have you thought about buying a new home but are feeling discouraged by the fierce competition and out-of-control prices? If so, you’re not alone. Property values have soared all over the country, and the average cost is higher than ever. 

The Bank of Canada introduced a record low interest rate at the beginning of the pandemic to try to stimulate the economy. This added fuel to an already hot seller’s market. 

However, over the last month, there have been some changes. 

The great news is that it is a better time to buy now than it has been for at least two years. Are you thinking of taking the plunge? If so, these resources can help:

• The Best Burlington Condos for First Time Buyers
• First Time Home Buyer Grants in Ontario
• What You Need to Know Before You Buy Real Estate

The low interest rates were only a temporary solution. In 2022, we have already seen two increases. What will happen to the real estate market as the interest rates rise? No one knows for certain, but here’s what we have noticed so far:

More Listings Are Available

If you tried to buy a house three months ago, you would have faced fierce competition. There are far more people out there looking to buy than homeowners who are willing to sell. Even those who wanted to sell hesitated to put their house on the market for fear of not being able to find a new place. 

This competition resulted in many multiple offer scenarios and even triggered bidding wars. Buyers tried everything to find a suitable home, from dropping off letters around the neighbourhood to submitting bully offers on the few listings they could find.

Now, we’ve just entered the Spring market, and for the first time in years, more listings are available. The scales haven’t tipped completely. The market still favours sellers, but it is slightly less competitive. Not every house receives multiple offers, and the percentage of “sold over asking” has decreased. In rare cases, some homes don’t sell at all and are pulled off the market.

Will this trend continue? It’s impossible to say, but the market may become more balanced if there is another interest rate hike this June.

Why Do Interest Rates Affect the Market?

When interest rates are low, the cost of borrowing decreases. Low rates make it easier for some people to purchase houses that would otherwise be out of their budget. When you’re talking about a mortgage loan of hundreds of thousands of dollars, any change to the rate can affect your payments. 

As rates go up, the higher cost of borrowing will make it more difficult for some buyers to qualify for financing. Others might drop out of the market to ensure they don’t get in over their head financially. The current inflation rate and high cost of living may also make some potential buyers more reluctant.

Good And Bad News For Buyers

The good news is that with fewer people searching for properties, there is less competition for those still intending to buy. The bad news, at least for now, is that there doesn’t seem to be any sign of significant price drops. Many analysts predict that the out-of-control price increases will slow down, and buyers won’t have to bid as far above asking. 

However, the market will continue to favour sellers for the foreseeable future. You have a better chance of finding your ideal home now than you did even a few months ago, but you are likely to pay a premium price for it. 

Financing Options to Protect You From Rising Interest Rates

The Bank of Canada is expected to make another announcement about interest rates in early June, which is causing a bit of alarm in the market. However, there really is no cause for concern. The rates are still much lower today than they have been in decades. 

If you bought a house in the lower or middle of your budget, you have very little to worry about. You may need to readjust your budget to allow for a slight increase in your monthly payments. 

What if, like many people, you had to buy a home at the high end of your budget? You should talk to your financial advisor or accountant, but options are still available to keep your payments affordable. 

1. You may be able to keep your monthly payments the same. The bank will adjust the ratio of interest to the principal. It will take longer to pay off your loan, but you don’t have to worry about fluctuating monthly payments.
2. Leave room in your budget to allow for rising interest rates but pay off your mortgage faster.
3. If you are up for refinancing, choose a fixed rate to protect you from any future changes.

In addition to flexible payment options, the stress test is designed to ensure that you will not encounter financial difficulty even as interest rates rise. 

Find out more about the new rules for the stress test here. 

Homeownership is becoming more attainable thanks to more stringent regulations and the abundance of financing options, and the default rate for mortgages in Canada is extremely low. 

Are you a first-time buyer hoping to purchase a new home soon? Our “First-Time Home Buyer” webinar will guide you and answer your questions. Sign up for free here.

March 2022 – GTA Housing Market News

What is going on with the real estate market?

Here are the March stats:

• The average selling price was up in the GTA by 18.5 per cent year-over-year
• The average sale price in the GTA is $1,299,894
• The number of sales are also down by about 30 percent over la from last year which means that we are seeing less competition on offer night and we’re seeing more and more buyers able to put in conditional offers when purchasing a home

Milton Real Estate Market

The average price in Milton $1,481,100

Burlington Real Estate Market

The average price in Burlington $1,383,700

Oakville Real Estate Market

The average price in Oakville $1,595,300

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

Previous Reports on GTA Housing Market News

February January December November

This healthy carrot cake is the best carrot cake you’ll ever eat; it is moist, tender, sweet, and subtly spiced. And best of all its gluten-free!

Ingredients

• 2 cups almond flour
• 1/2 cup coconut flour
• 1 teaspoon baking soda
• 2 teaspoon ground cinnamon
• 1/4 tsp ground nutmeg
• 1/4 teaspoon sea salt
• 4 large eggs
• 2 tsp vanilla extract
• 3/4 cup maple syrup or honey
• 1/4 cup almond milk
• 1/3 cup coconut oil, melted
• 3 cups shredded carrots
• 1/2 cup raisins
• 1/2 cup chopped walnuts

Cream Cheese Frosting: 

• 8 oz cream cheese, softened to room temperature
• 1/4 cup raw honey
• 1 teaspoon vanilla extract
• 1-2 teaspoon milk

Instructions

1. Preheat the oven to 350 F. Line the bottom of two 8-inch round cake pans  with parchment paper rounds. Spray parchment paper and sides of the pans with coconut oil. In a medium mixing bowl, mix together the dry ingredients – almond flour, coconut flour, baking soda, cinnamon, nutmeg and sea salt, set aside.
2. In a separate large mixing bowl, whisk together the eggs, vanilla extract, maple syrup, almond milk and melted coconut oil.
3. Add the dry mixture to the wet and continue to stir until fully combined and a thick batter forms, fold in the shredded carrots, raisins and chopped walnuts.
4. Divide the cake mixture equally between the cake pans, bake in the preheated oven for 25-30 minutes. Test with a toothpick, if it comes out clean, then the cakes are done.
5. Remove from the oven and let cool completely before removing from the pans and frosting.
6. To frost use one batch of the cashew cream cheese frosting. Spread out one tablespoon of the frosting onto the cake stand, invert one cake on to the stand, then add about ½ heaping cup of the frosting and spread out, invert the other cake onto it, then frost the top and sides of the cake with the remaining frosting, decorate with chopped pecans.

Frosting

1. Place the cream cheese, honey, and vanilla extract in the bowl of a stand mixer and beat on medium speed.
2. Add milk one teaspoon at a time until the frosting reaches desired creaminess.
3. Spread immediately and then refrigerate the dessert.

Two years ago, the Canadian government reduced interest rates to the lowest they’ve been in decades. No one could have predicted the drastic impact these ultra-low rates would have on the housing market. The country braced itself for a real estate crash, but the opposite happened. The low cost of borrowing triggered a record-breaking surge as buyers snapped up available properties, sometimes even before they were listed. 

This buying frenzy has caused housing prices to soar since there are simply not enough listings for buyers to choose from. The supply of houses for sale has dwindled so much that hopeful buyers often leave letters throughout the neighbourhood pleading with the current owners to sell.

How Interest Rates Can Affect Housing Prices

Now, the inevitable has happened. Two weeks ago, the Bank of Canada announced the first of several hikes to the target rate, and the prime rate quickly followed. While this first interest rate increase was slight, it has made it more expensive to borrow and more difficult for a potential buyer to qualify for a mortgage. In addition, this is just the first of a series of hikes we can expect over the next twelve months. What will all of this mean for current homeowners and those looking to get into the market?

First, let’s talk about the types of interest rates a buyer has to choose from:

Fixed-Rate: A fixed term is locked in until the mortgage is due for refinancing. Though it’s typically higher than a variable rate, the buyer has peace of mind knowing that their monthly payment can’t increase before the term expires. 

Variable-rate: Although variable-rates are usually lower than fixed-rates, the term is not locked in. Payments will fluctuate as the Bank of Canada changes the rate. It’s a riskier option, but many buyers have gone this route to lower their cost of borrowing. 

Now that the Bank of Canada has started raising interest, they are about to see an increase in their monthly carrying costs. How much? Each hike represents an additional $12 to $13 per $100,000 remaining on their mortgage. A series of three increases mean an additional $36 to $39 per $100,000. 

Want to know more about what’s happening in the current market? Here are some updates to check out:

• How Will Rising Interest Rates Affect Buyers
• Everything You Need To Know About Buying A House In Milton
• Your Guide To Basement Apartments And Secondary Suites

Small hikes can get expensive very quickly

The news isn’t all bad. A few years ago, the government introduced the new stress test laws to ensure a potential homeowner had enough income to withstand increasing rates.

Curious about changes to the stress test? You can read our article about it here.

The question is, will owning their home still be worth it? Rising costs and inflation mean that many homeowners have a decision to make: Stay or sell? Of course, many residents will want to stay in their homes and are willing to weather the extra expense. Others may decide to sell and downsize into a smaller house or move to a less expensive area. 

Where Do Investors Stand?

Low-interest rates combined with soaring property prices have made real estate one of the safest and most profitable investment tools available. Low borrowing costs meant it was relatively easy to cover the mortgage through the rental income. Plus, your wealth and equity grow as the value of the property appreciates. In the last few years, more investors have jumped into the market than ever before. In fact, a study by the Bank of Canada estimates that one in five home purchases are by investors, not residents. 

As interest rates continue to increase, it will become harder to enter the market as an investor. And if the housing prices begin to cool, real estate may not be quite as profitable as it once was.

What Will Happen to Housing Prices?

No one can predict the future, but most analysts don’t expect a significant drop in prices, at least not yet. The market is still competitive and will likely continue to favour sellers for the foreseeable future. However, a series of interest hikes could signal the end of the record-breaking growth in prices. The increased cost of borrowing will force some hopeful buyers out of the market. Fewer qualified buyers mean less competition, and fierce bidding wars will happen far less often. 

Is the Time Right to Sell?

As an investor, only you can decide if the time is right to sell. Do you enjoy the rewards and responsibilities of being a landlord, and can you weather a few bumps in the road as the market balances? If you’re in it for the long haul, holding on to your property might be the right choice. However, if you want to cash out of your investment, the timing couldn’t be better. Right now, prices are at an all-time high. 

As early as 2019, the average house in Burlington sold for $669,611. Fast forward to February 2022, and the price has shot up to $1,137,000. After only three years, you’d have a gross profit of $467,389. 

If you were fortunate enough to land the property ten years ago, you could earn over $700,000 by selling it now.

In Milton, the average selling price of a house ten years ago was $287,875. As of February 2022, that same house now goes for an average of $1,142,001, which would give you a profit of $854,126. This means you stand to earn a very good return on your investment if you decide to cash out.

These proceeds could give a healthy boost to your retirement plans, fund your children’s education or even go towards your ultimate dream home.

If you decide to sell a property that has tenants, there are a few things you should know about. These resources will help you enjoy a smooth transaction and maximize your return on your investment: 

• Five Tips to Make Your Home Stand Out for the Spring Market
• How to Set the Right Home Price the First Time
• Selling a Tenanted Property: What You Should Know
  

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Are you getting ready to buy your first home? If so, you’re probably on a fact-finding mission to help you make the best investment possible. Your first purchase is an exciting time, but there’s so much to do and find out. What kind of home do you want to live in? What neighbourhood? For many people, Burlington has everything you could ever need or want for your first home.

Why Burlington? For starters, it’s frequently rated as one of the best cities in Canada to live in. Burlington is safe, scenic and close to the waterfront. The fabulous annual festivals, events and plethora of dining, shopping and entertainment options give Toronto a run for its money. 

One of the strongest appeals of Burlington is its affordability. Even in this ultra-competitive real estate market, you can often find a starter condo for $500,000 or less. (Although, high-end luxury units are also available, including some beautiful properties right along the waterfront.)

Contrast these prices with Toronto’s average condo unit of $740,000, and it’s easy to see why many new homeowners get their start in Burlington.

To help you on your mission, here is the rundown on some of the top buildings for first-time buyers.

Paradigm Condos

Our very own Maggie Renaud got her start in Paradigm Condos, and she loved every minute of her time there. It is one of the newest facilities in the city, completed in 2018. The building features a beautiful indoor swimming pool, a basketball court and a fitness center. The piece de resistance, however, is the stunning rooftop sky garden and patio. Sit by the fire table, relax and enjoy the spectacular view of the city.

Although Paradigm Condos provides so many amenities that you will rarely have to leave, it is a dream location for anyone who commutes. Go Transit is located just steps away, and there is a path that leads right into the station. Plus, you’ll find many restaurants, coffee shops, and plazas nearby, including Mapleview Mall and Village Square.

Looking for more ideas to help you get into your first home? Here are some ideas to consider:

• Everything You Need To Know About Buying A House In Milton
• Your Guide To The First Time Buyers Incentive: Is It Worth It?

Maples Condominiums 

“The Maples” is a 13 storey building located right in downtown Burlington. It has spacious two-bedroom units ranging from 1420 to 1750 square feet. The larger than average size living space and spectacular rooftop patio come at a surprisingly affordable price, which puts units in this building in very high demand. It is a ten-minute walk from the waterfront, including the gorgeous Spencer Smith Park, where you can spend many hours walking the trails and attending the festivals. 

Pinedale Estates

Constructed in 1989, Pinedale Estates is located just east of Appleby Line on Pinedale Avenue. It consists of three buildings with one and two-bedroom units from 700 to 1298 square feet. The building features an indoor pool, a fitness room, a tennis court and a practice driving range, making it a dream home for anyone who loves to stay active. You’re also close to walking trails and parks, including the Burloak Waterfront Park. The Appleby Village Mall is a quick walk away and will take care of all of your shopping needs.

Balmoral Condos

Balmoral has units ranging from 764 square feet to a massive 2200 square feet of luxurious, open concept living. The building offers a party area, fitness centre and hobby room. Located in North Burlington, many of the units offer a beautiful view of the escarpment off of the balcony. Step outside, and you’ll discover many ways to get close to nature, including multiple hiking trails and parks.

It is close to many restaurants and shopping areas and is only a 15-minute drive to the waterfront.

Upper Middle Place

Built in 1978, Upper Middle Place is one of Burlington’s most affordable buildings. The condos are larger than average and range from 980 to 1247 square feet. Many units have been thoroughly upgraded and renovated and offer magnificent views of the escarpment. 

The building may be older, but it is very appealing to many young buyers, and not just because of its affordability. The party room, sauna, tennis courts, and outdoor swimming pool make it easy to stay active. There are pubs, restaurants and coffee shops just steps away, and Go Transit is only a 10-minute drive.

Pre-Construction Condos Coming Soon

If your purchase is a couple of years down the road, Burlington has many new condos in the works. Some of these have already started to sell. Here are a couple of the developments that have us really excited!

Martha James Condominiums 

Located on James Street in Burlington, units will start from $500,000. Martha James Condos will be close to the waterfront, and all the amenities you could ever need are within easy walking distance. You can visit Spencer Smith Park and many unique shops and cafes within a few blocks of each other. 

Once completed, the building will have a fitness centre, a lounge, a bbq area, a rooftop patio and a concierge available in the front lobby.

BeauSoleil Condos

Despite its enviable location right on Lakeshore Road, BeauSoleil Condos will have units starting for less than $500,000. The building will feature an outdoor pool and a beautiful rooftop lounge and dining area, with many amenities a few minutes’ walk away. Step outside, and the beautiful waterfront of Lake Ontario awaits you. 

Want to know more about what Burlington has to offer? Here are some more interesting facts to read up on:

• Your Guide to Real Estate in Burlington
• Living in Burlington: Your Guide to the City
• Burlington Parks: Five Places to Watch the Leaves Change

February 2022 – GTA Housing Market News

What is going on with the real estate market?

I don’t need to tell most of you that the real estate market has been insane, especially the last few months. 

But, what I do want to share is that over the past few weeks we are seeing the market shifting. Showings & offer numbers are down. 

A lot of people are wondering why we are seeing a shift? There are many external factors that affect the market but there are 3 main contributors that we are seeing at the moment. 

1. Buyer fatigue 

2. Higher inventory 

3. Uncertainly in the world 

To be clear we are still in a sellers market, but this shift is allowing buyers to be in less competition when offering on a home.

If you have any questions about your specific situation or the micro market you are interested in, we are always happy to chat.

Milton Real Estate Market

The average price in Milton $1,541,400

Burlington Real Estate Market

The average price in Burlington $1,412,300

Oakville Real Estate Market

The average price in Oakville $1,620,600

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

Previous Reports on GTA Housing Market News

January December November October