After a few months of declining prices, due to the rate increases we saw earlier in the year, home price declines are now steadying.  This is influenced by recent BOC rate holds, inflation settling and a general slowing of the economy.
This could see a change in market conditions as we head into 2024.  Whilst we don't expect to see a sellers market any time soon we could well see a return to a more balanced marketplace.

Housing starts in Canada show an increase in both Rentals and Condos (50% of which end up in the rental pool) but a decline in Single Family Homes. 
What does this mean for the future?  Not good news unfortunately.  Whilst we desperately need more rental units with a booming population, we are also already far short of tye homes needed to house everyone, and this decline in Single Family Homes shows there are hurdles in tyhe not too distant future as low inventory will likely be reflected in higher prices.

On Dec 1st the rules for governing Realtors in Ontario will be changing.  Let’s take a look at what changes are happening and how it impacts home buyers and sellers in the GTA.
What was the old law?
GTA real estate agents were governed by a law called Real Estate & Business Brokers Act or REBBA 2002 for short.  This comes to an end on Dec 1st 2023.

What’s the new law?
The Trust in Real Estate Services Act or TRESSA.

Why the change?
The old law was 25 years old and in that time many changes have happened in real estate and it was important to update some of the rules of REBBA to reflect current needs.

What Are The Main Changes?

Agency rules
If a buyer wishes to buy a property that is listed by the same brokerage under REBBA buyers and sellers would have to agree to “Multiple Representation”, which handicapped agents in what information and advice they could offer.
Now GTA home buyers and sellers can be offered “Designa ...

Today Canadian home owners finally got some good news from the Bank of Canada. After the latest round of interest rate increase the announcement today was the second month in a row that rates were held.
This announcement said they were optimistic about the core inflation numbers and are happy that they are slowly decreasing, the hope is they will return to the 2% target soon
The last tine we had a pause in rate increases Real Estate activity increased and prices began to rise.  Whilst we don' currently expect a big increase in activity its certainly possible that should rates hold, the market will see more activity in the early Spring should the rates stay as they are.
For more info here is the Global News article about the announcement. ...