Oshawa Realtor

News You Can Use

Greater Toronto Area real estate markets hit hardest by interest rate hikes

Posted by Steven Greenidge on Dec 03, 2023

In a recent article ByGraeme Frisque Mississauga News we see the breakdown of the local markets and how ...

The man alleged to be behind a high-interest mortgage scam, is living large on social media

Posted by Steven Greenidge on Nov 28, 2023

This man, alleged to be behind a high-interest mortgage scam, is living large on social media Anas Ayyoub, ...

Decoding the Deal

Posted by Steven Greenidge on Nov 28, 2023

Decoding the deal Assess Financial Components The financial components of the offer are the first thing ...

Buying a Pre-Construction Condo

Posted by Steven Greenidge on Nov 12, 2023

Toronto Pre-Con Info

October Stats from the Toronto Region Real Estate Board

Posted by Steven Greenidge on Nov 05, 2023

Hi , The Toronto Region Real Estate Board has released the latest numbers for October. I have created ...

Fall Rental Report from TRREB

Posted by Steven Greenidge on Oct 26, 2023

TRREB: Strong Population Growth Driving Rental Demand in Q3 2023 TORONTO, ONTARIO, October 26, 2023 – ...


Crazy Times, Where are we headed?

Crazy times!

We have seen a large change of interest rate since the the deep discounted rates over the past 2 years.  How is this affecting the market?  Well there are 2 factors affecting the market.  We still have apparent high demand for housing which is keeping prices steady for the moment.  The second factor that is pushing the pricing down is the cost of borrowing.  We will see the pricing fluctuate with the above factors as the year continues.  We are seeing more listings coming up over the past week which will give more variety and push pricing down a bit.  With the higher interest rates we are seeing properties coming to the market where the seller is in financial trouble.  Either in a power of sale, foreclosure or just a lower price sale compelled by poor a financial situation.  These properties generally come to market in a less than ideal state.  This is where an imagination comes in on the part of the buyer.  These properties aren't staged or clean for that matter so one needs to have a vision of what the property could be.  They are generally sold as is so there are no warranties on appliances or systems.  Again this is a bit of a gamble for the buyer but hopefully we make up for that risk in the purchase price.  
What will the Summer and Fall Market look like?  In short.  We will need to be careful and analyze properties before making a purchase.
Research is key!  As a Realtor I can show you the sales history of a prospective property and ensure you make the best decision possible. 

Where are rates going?

There is a strong rumour that there will be another rate hike in July.  We don't know yet however it is a possibility.  There is however strong indications that there won't be rate decreases until next year.  This will be a big factor in the overall market.  
With the fluctuation of market pricing and rates we can get lost in the long range picture of what our real estate goals are.  The goal is to stop paying a landlord or building your real estate portfolio.  The most important factor here is that Real Estate is a long term investment.  
What am I saying?  Am i trying to convince you to buy?  Not in the least!
The most important thing to keep in mind is that research is vital in your search now more than ever.
Let's talk.

BOC Heading to 5%

The Bank of Canada will raise borrowing costs by another 25 basis points in coming months before capping its tightening cycle, economists said. 

Canada’s central bank will increase its key overnight rate to 5 per cent in the third quarter, according to a monthly Bloomberg survey of 25 economists. That would be the highest level since 2001.

The outlook still more or less shows the economy headed for a so-called soft landing as policymakers push rates deeply into restrictive territory. Analysts raised their expectations for growth in 2023 to 1.3 per cent from 1 per cent previously, and trimmed forecasts for next year to 0.7 per cent. Inflation is expected to run at a 3 per cent annual pace to end the year, from a 2.7 per cent clip expected in the previous survey. 

The results underline the challenge faced by economists as they try to pinpoint the end of Governor Tiff Macklem’s hiking campaign. In the last year, expectations for the country’s terminal rate have been consistently revised upward as surprising economic growth and robust household consumption defy the widely held belief Canada is more sensitive to higher interest rates than its peers. 

Central bankers around the world are facing similar challenges as inflationary pressures prove stickier, even in the face of aggressive tightening. In the US, economists expect the Federal Reserve will cap out at 5.5 per cent and investors are betting the Bank of England will go as high as 6.25 per cent.



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