Message from Elena

Dear friends and valued clients,

I hope this message finds you well. I wanted to update you on the current state of the real estate market. This week, there wasn't much activity, but the low inventory continues to indicate the strength and stability of the market.

Despite the recent fluctuations in the economy, we haven't seen any significant increase in mortgage rates, which makes it an ideal time to invest in property.

We expect the prices to increase this year, especially for condo apartments, due to better affordability. If you're considering buying or renting a property, it's a good idea to act quickly before the prices rise.

In terms of new legislation, the Government of Ontario has introduced a new housing legislation - Bill 97, Helping Homebuyers, Protecting Tenants Act ("HHPA"), 2022. The HHPA proposes policy changes in three key areas: helping landlords and tenants, streamlining land-use planning policy, and helping homebuyers.

For more information on the HHPA and how it may affect you, please check out our blog post below. As always, if you have any questions or concerns, please do not hesitate to reach out to us.

Best regards,

Elena

Real Estate News

Housing prices rise month over month for the first time in 10 months

The cost of Canadian housing could finally be tracking back up, according to the latest results from a long-running index, but the economist who prepared the report thinks it’s too early to say.

Housing prices in March increased 0.5 per cent from February, the first monthly increase for the index in 10 months, according to the Teranet-National Bank Composite House Price Index released on April 20.

Toronto condo prices will increase this year, new report suggests

A new report from the Toronto Regional Real Estate Board (TRREB) suggests that condo prices could be set for a rebound later in 2023, despite a double digit decline over the last year.

The report, distributed on Thursday, says condo apartment selling prices were 11.4 per cent lower in the first quarter of 2023 than in the same period in 2022.

Province Introduces New Housing Bill Helping Tenants, Landlords, Homebuyers, and Streamlining Land-Use Planning Policy

The Government of Ontario introduced new housing legislation – Bill 97, Helping Homebuyers, Protecting Tenants Act (“HHPA”), 2022.

The HHPA is the latest in a series of steps the Province is taking to increase housing supply and help more Ontarians find a home they can afford. Since 2015, TRREB has been a leading voice at the table with the Province advocating for policies to make homes more affordable for families, and we are thrilled to see the HHPA is acting on several TRREB recommendations.

How You Can Save Money When Renovating—Tips from the Pros!

Home renovations are going to cost money—there’s really no way around it. Whether you’re changing out the kitchen backsplash or completely gutting your bathroom, things can add up when it comes to materials, time, and services. But that doesn’t mean you need to spend to the max and get yourself into financial trouble. 

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