Real Estate Behaviour in Richmond Hill

Building Type:

1. House (66.4%)
2. Row / Townhouse (16.9%)
3. Apartment (13.4%)
4. Duplex (1.2%)
5. Triplex (0.6%)

Residential Property Type:

1. Residential (87.4%)
2. Condo/Strata (5.0%)
3. Any (3.1%)
4. Vacant Land (2.1%)
5. Multi Family (1.0%)

High-interest rates bring winter gloom to Canada's housing market

Canada’s housing market has gone cold, with buyers sidelined by soaring borrowing costs and sellers holding off listing in hopes of a spring rally, while higher interest rates mean prices need to fall more before any rebound materializes, experts say.

The Bank of Canada has signaled its historic tightening campaign is nearing an end, though economists expect the central bank’s policy rate to remain at a 15-year high of 4.25 percent or 4.5 percent throughout 2023, putting downward pressure on prices.

At the same time, Canada needs to build 3.5 million more homes by 2030, according to the country’s national housing agency, to address a current shortage as well as rising demand from millennials and newcomers to the country as the government boosts immigration targets.
.

▪️دایما یکسان نماند حال دوران غم نخور

Bank of Canada says higher interest rates still needed to tame inflation
We are getting closer, but we are not there yet

Inflation in Canada remains too strong, and higher interest rates will be needed to cool the overheating economy, Bank of Canada Governor Tiff Macklem said in testimony at the House of Commons on Wednesday.

“We anticipate that (inflation) will stay quite high for the rest of this year. It will start to decline next year,” Macklem told members of parliament. “We are resolute to get inflation back to our target.”
.

The Bank of Canada raised rates by 50 basis points last month, lifting the policy rate to 3.75 percent, the highest since four percent seen in January 2008. It also forecasted growth would stall from the fourth quarter of this year through the middle of next year.

Money markets have fully discounted 25 basis points of further tightening at the Bank of Canada’s next policy decision on Dec. 7 and see a 20 percent chance of a 50-basis-point hike.

Conservative lawmakers pressed Macklem to explain what the bank should have done differently to avoid the spike in inflation.

Macklem reiterated that “with hindsight,” the bank would have started tightening monetary policy sooner, adding the bank would review how monetary tools have worked during this period.

“When we get inflation all back down to two percent, I think we are going to have to have a thorough review of how all our tools worked,” he said.

Conservative Party leader Pierre Poilievre has said he would fire Macklem and blames quantitative easing for having fueled price increases.
.

Ontario Housing Market Snapshot for October 2022

Home sales are down 42.7% across Ontario, with 12,436 units sold in October 2022, compared to 21,717 in October 2021.

The average price of homes sold across Ontario in October 2022 was $835,090, down 8.5% from $912,597 in October 2021.

Real Estate Buyers and Sellers:

We are with you from the beginning to the end with a professional team in the field of selling and buying your dream home.
services rendered:
- Providing loans with the lowest interest rates available in the market ( First, Second, Third Mortgages)
- Free evaluation of your home
- Finding your dream home according to location and budget
- Obtaining complete market information in order to make the right decision when buying or selling a house/condo
- Special services for:
- First Time Home Buyers
- Newcomers to Canada
- Non-Residents of Canada

☎️ Ways to contact us via Phone, Email:
+1 (647) 772-9502
hoizady@yahoo.com
.

Housing Market Snapshot for October 2022

Home sales are down 36% across Canada, with 33,698 units sold in October 2022, compared to 52,678 in October 2021.

The average price of homes sold across Canada in October 2022 was $644,643, down 9.9% from $715,125 in October 2021.

Real Estate Buyers and Sellers:

We are with you from the beginning to the end with a professional team in the field of selling and buying your dream home.
services rendered:
- Providing loans with the lowest interest rates available in the market ( First, Second, Third Mortgages)
- Free evaluation of your home
- Finding your dream home according to location and budget
- Obtaining complete market information in order to make the right decision when buying or selling a house/condo
- Special services for:
- First Time Home Buyers
- Newcomers to Canada
- Non-Residents of Canada

☎️ Ways to contact us via Phone, Email:
+1 (647) 772-9502
hoizady@yahoo.com
.

Planning on Buying a Home? Do These 10 Things Now​
From assembling your team to making your wish list, here’s how to get your home-buying journey off to a strong start.

For the first time in years, home buyers are shopping with more time and bargaining power, and even price cuts in some areas — meaning you may be facing less competition on that home you’ve been eyeing. If that’s inspiring you to make your home-buying goal a reality, it’s time to get prepared. Having your finances in order and a robust home-buying team can go a long way towards ensuring you’re well-positioned to put in a winning offer. This checklist walks you through how to prepare to buy a house, with 10 steps you can work on right now to get off to a running start.
.

1. Review your credit scores
Your credit scores play a vital role in whether a loan officer will approve you for a mortgage. They also affect what type of interest rate lenders will offer for the specific type of loan you want.

Many banks and other financial companies offer free credit scores to customers, based on data in your credit reports.

If your scores need a boost, make all your payments on time every month, utilize no more than 30% of your available credit and don’t apply for new credit that you don’t need. Asking the credit agencies to correct any errors in your reports could also raise your scores.

2. Choose a mortgage loan officer
When you’re thinking about buying a home, it’s never too early to talk to a loan officer. In your initial conversation, you don’t have to share your financial situation, authorize a credit check or even be ready to be pre-qualified or pre-approved for financing.

A loan officer can:

Educate you about the loan application and approval process.
Explain the down payment requirements for different loan programs.
Update you on interest rate trends and how your payment may be affected.
Help you figure out how much you can spend on buying a home.
Give estimates of your closing costs.
If you’re buying for the first time or haven’t owned a home for several years, ask your loan officer about special loan programs for first-time buyers in your area.

3. Review your debt and income with your loan officer
Having a lot of debt shouldn’t prevent you from buying a home if you have enough income to make your payments. If your income is stretched, paying off some debt could help you get approved for the loan you want.

Starting a new job, receiving irregular paychecks or quitting your job to launch your own business can make it harder for lenders to understand, track and verify your income. Keeping your income sources consistent before you purchase a home can make it easier for you to get approved.

4. Identify funds for your down payment
Contrary to popular wisdom, you don’t need a down payment of 20% of the home’s purchase price to buy a home. In fact, a Zillow survey of home buyers found that 58% of those planning to finance their home purchase intended to make a down payment of less than 20%.

Some loan programs allow you to buy a home with a down payment as low as 3.5% — or even with no down payment at all. (Buyers who choose these programs usually pay for some form of mortgage insurance, which protects the lender if the buyer doesn’t make the loan payments.)

Some buyers have enough income from their job or side hustle to save for a down payment. Others utilize monetary gifts from family members or the proceeds from selling stock or other assets they own.

5. Get prequalified for a loan
A loan prequalification, or “prequal,” is a step towards understanding how much home you might be able to afford.

In most states, a prequal is based on your submission of stated income and assets, estimated down payment, desired loan amount and possibly a credit check, explains Juan Rodriguez, a Zillow mortgage loan officer in Irvine, Calif.

A prequal isn’t a promise from the lender to give you a loan for a specific amount at a specific rate. Rather, it’s a first look or rough estimate of the loan amount and rate you may qualify for based on your stated financial information.

6. Set your price range
Before you begin shopping for a home, you’ll need to decide not only how much you can spend but also how much you want to spend. That amount — your home price range — is based on three factors:

The dollar amount of your down payment
The loan amount you’re prequalified for
The monthly payment you feel you can afford
You can shop for a house at the top of your price range. Or you can shop for a more affordable home to keep your payment lower if that’s more comfortable for you. Note that your price range may need to be re-evaluated after you’ve consulted with an agent (more on that below).
.

Tip: Concerned that interest rates may rise before you have a home under contract? Ask your loan officer and real estate agent about a seller-paid interest rate buy-down. With this strategy, you may be able to lower your rate and payment with mortgage discount points paid by the seller.

7. Make your house-hunting wish list
Finding a house you like may be surprisingly easy if you research ahead of time and create a wish list that itemizes your must-haves and nice-to-haves.

Researching homes online can help you learn about local housing markets and identify common characteristics of homes in your price range. Your wish list can help you narrow your focus to homes that will be a good fit for you.

Ines Kim, a real estate agent with Keller Williams Realty in St Louis, Mo., encourages her clients to start their home search as long as eight to 12 months before they’re ready to buy.

“Preparing in advance gives buyers a better understanding [of the housing markets], greater clarity and confidence [when] they make an offer,” Kim says.

8. Choose a real estate agent
Smart buyers shop around for a real estate agent as well as a home they want to buy. A good rule of thumb is to talk with at least three agents before you choose one.

A good agent should:

Keep you informed about homes for sale in neighborhoods where you might want to live.
Assist you with making an offer for a home you like.
Help you with any issues that may come up during your transaction.
Buyers should ask a lot of questions when they speak with realty agents. A few questions suggest are:

What are your top skills when representing buyers?
Why should I hire you?
What do you consider outstanding customer service?
What type of technology do you use to improve your showing process?
Finding an agent you feel comfortable communicating with is important. A skilled agent can help you decide if your house-hunting wish list is realistic based on your price range. They also may be able to walk you through the process of re-evaluating your wants and needs. This includes identifying homes in a different area that meet your needs at a lower price.

9. Set aside savings for closing costs and moving expenses
In addition to your down payment, you’ll need to save or set aside separate funds to pay closing costs when you purchase a home. These costs may include a home inspection, appraisal, title search and insurance, loan origination fees and escrow or attorney’s fees. You may also need funds to:

prepay a portion of your property taxes and homeowner insurance premium
make repairs to your new home
arrange for utility services
move household goods and belongings from your current residence to your new home
Closing costs typically range from 2 to 5% of the home’s purchase price.

It’s important to keep in mind that closing costs are generally paid in cash in addition to your down payment, but there are options for minimizing these costs, including negotiating with the seller and applying for first-time buyer assistance programs.

10. Get pre-approved for a loan
Planning to buy a home within the next 90 days? It’s time to step up from a pre-qualification to a pre-approval.

A loan “pre-approval” generally means your lender has verified your stated income and assets with documentation. The typical ask is two recent T4s, two recent pay stubs and two months’ recent bank statements. A loan officer may ask self-employed borrowers to release their income tax returns.

With pre-approval, your lender should give you a letter that states how much you’re covered to borrow.

“Most agents want the letter before they start showing properties to ensure the borrowers are qualified,” Rodriguez says. “And most seller’s agents won’t accept an offer unless there’s a pre-approval or pre-qualification letter attached.”

Lugo-Struthers says that in her market, buyers can start shopping for a home and get an offer approved as soon as they get a pre-qualification letter. However, she adds, sellers and buyers are becoming savvier about pre-approval letters.

“A pre-approval letter is an indication that your income and assets are solid, you’re a step further in your home-buying process, you’re serious about purchasing a home, and more importantly, your funding is far along in the process,” she says.

Again, smart buyers start early.

Rodriguez recommends that buyers seek pre-approval at least 30 days before starting to search for a home. That way, he says, “they’ll know their price point and payment amount, or if they still need to do some work to qualify for the home they’d like to buy.”

Most prequals and pre-approvals are valid for 90 days, and you can renew them to restart your 90-day clock. But remember that interest rate fluctuations or changes in your employment or financial situation can affect your loan amount.
.

Ontario Government Officially Passes Controversial Bill 23

Premier Doug Ford’s government just keeps dialling up the controversy these days.

Despite loud and clear backlash, the PC Party of Ontario has just passed Bill 23, or the “More Homes Built Faster Act.” The bill is intended to facilitate housing development, however, critics say it will leave municipalities high and dry billions of dollars, diminish the much-needed role of conservation authorities, and increase property taxes.

The sweeping legislation was first introduced by the Ford government a month ago.

It allows multiple units as of right on all residential lots, cuts development fees, and bars residents or environmental groups from appealing a development to the Ontario Land Tribunal (OLT). While these are all major wins for developers, they may be the only ones who are happy with the bold move.
.

At the centre of the controversy on the municipality front is that Bill 23 allows for freezing, reducing, or eliminating fees paid by developers. These fees provide much-needed dollars to municipalities for the support of infrastructure, community centres, parks, and new homes. Furthermore — marking a move backwards in the eyes of many, given the fragile state of the environment — the bill also problematically limits the areas conservations authorities can consider in development permissions, removing factors like pollution and land conservation.

The Association of Municipalities of Ontario says the changes could leave municipalities short $5B. What’s more, it will be up to taxpayers to foot the bill, either in the form of higher property taxes or service cuts. Perhaps most notably, there is nothing in the bill that would guarantee improved housing affordability. Sigh.
.

Meanwhile, tensions continue to mount between environmental activists, local residents, and the Ontario government over a plan to build on Greenbelt land.

Despite the mounting backlash, the Province is currently undergoing a 30-day consultation process in attempt to move forward with a plan to remove 7,400 acres of land from the so-called protected Greenbelt to facilitate the growth of over 9,000 homes. As a consolation, the government said it would add 9,400 acres to the Greenbelt land. The government says that construction on the land its eying would begin no later than 2025.

While Premier Doug Ford and Municipal Affairs and Housing Minister Steve Clark drive home a relentless narrative that the province is in the grips of a housing crisis — and there’s no denying that — many say there are other solutions than the proposed building on Greenbelt land and that doing so sets a dangerous precedent.
.

It didn’t take long for Ontario Green Party leader Mike Schreiner to release a statement in response to the legislation’s passing. In it, Schreiner said that the voices of poverty activists, municipal figures, and healthcare workers have been ignored.

“On top of that, Indigenous groups say that the Ford government has willfully disregarded its duty to consult them on this bill,” reads the statement, in part. “The government’s disregard for proper Indigenous consultation is a complete neglect of reconciliation. Yet, the government forged ahead and passed Bill 23 today, giving itself a standing ovation for paving the Greenbelt, raising property taxes, and dismantling environmental protections. Bill 23 makes way for land speculators to privately profit from the public value of protected land. What seems clear is the government’s decision to rush Bill 23 through Committee and avoid as much backlash as possible was because this bill was drafted for land speculators to cash in, while people pay the price.”

Schreiner ended his statement with a call for Ford to repeal Bill 23.

In the face of widespread criticism (it’s not just Schreiner with choice words for Ford), the Ontario government points to the province’s goal of building 1.5M homes over the next 10 years as all the justification needed for Bill 23 to become a reality — whether we like it or not.
.

Market Watch Infographic-November 2022

Home sales are down 49% across Canada, with 4,544 units sold in November 2022, compared to 8,979 in November 2021.

The average price of homes sold across Canada in November 2022 was $1,079,395, down 7.2% from $1,162,564 in November 2021.

Real Estate Buyers and Sellers:

We are with you from the beginning to the end with a professional team in selling and buying your dream home.
services rendered:
- Providing loans with the lowest interest rates available in the market ( First, Second, Third Mortgages)
- Free evaluation of your home
- Finding your dream home according to location and budget
- Obtaining complete market information in order to make the right decision when buying or selling a house/condo
- Special services for:
- First Time Home Buyers
- Newcomers
- Non-residents
- Buying a house/condo for Investment Property investment
- Renovation services

☎️ Ways to contact us via Phone, and Email:
+1 (647) 772-9502
hoizady@yahoo.com
.