Fall is in the air, and the real estate market is shifting along with the seasons! But that’s not all, The government recently announced some of the boldest mortgage reforms in decades. We have reviewed and summarized it all to give you what you really need to know. Take a look:
Current Home Prices: The average selling price is $1,107,291, a marginal decrease of 1% from last September. Overall, the prices have increased by 7.8% from the beginning of this year, January 2024.
Timing is Everything: Planning to sell? Expect to receive an offer in around 27 days, with a closing window of an additional 30 to 90 days. Preparation is key, so we recommend starting 1-2 months before you list.
New Listings: The number of homes hitting the market increased by 10.5% compared to last year. Buyers, now is The Time!
Market Overview: The housing market is seeing a slight decrease in prices, with homes receiving offers fairly quickly. If you’re planning to sell, it’s wise to start preparing a couple of months in advance. An increase in new listings has created a more balanced market, giving buyers more room to negotiate. This has led to a dip in prices, especially in the more affordable condo and townhouse segments, making it a favorable time for first-time buyers.
Let’s Chat About Your Goals: Are you considering a move this year? Send me a message, and let’s explore your options together.
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New Mortgage Changes
The federal government is taking bold steps to make homeownership more affordable for Canadians, with its most ambitious housing plan yet: building 4 million new homes. This initiative aims to create a fairer Canada, ensuring that hard-working Canadians, especially first-time buyers, can purchase a home.
A major update to the plan was announced on September 16, 2024. Starting December 15, first-time homebuyers and buyers of new builds will be eligible for 30-year amortizations on insured mortgages. Additionally, the price cap for insured mortgages will increase from $1 million to $1.5 million, offering more flexibility for homebuyers across the country.
To qualify for the extended 30-year amortization, borrowers must require high loan-to-value mortgage insurance, with a loan-to-value ratio greater than 80%. Buyers must either be first-time homeowners or purchase a newly constructed home. First-time buyer eligibility extends to those who haven’t owned a home in the past four years or who have recently experienced a marital or common-law relationship breakdown.
The increase in the insured mortgage cap comes with adjusted downpayment requirements: 5% for the first $500,000 and 10% for amounts up to $1.5 million. These measures are designed to open up more opportunities in the housing market and help more Canadians achieve their homeownership dreams.
These changes are crucial to the Real Estate landscape and ensuring affordability and relief to Canadians. How does this impact your Real Estate plans?
