Bank of Canada Cuts Policy Rate for First Time Since March 2020 | Home Sales, New Listings Both Rise in April

by Diana Winger

Brantford Regional Real Estate Association MLS® home sales, new listings both rise in April

The number of homes sold through the MLS® System of the Brantford Regional Real Estate Association totaled 217 units in April 2024. This was a gain of 11.9% from April 2023.

Home sales were 2% below the five-year average and 6.1% below the 10-year average for the month of April.

On a year-to-date basis, home sales totaled 634 units over the first four months of the year. This was up modestly by 3.1% from the same period in 2023.

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $687,600 in April 2024, a modest gain of 1% compared to April 2023.

The benchmark price for single-family homes was $714,700, up modestly by 1.1% on a year-over-year basis in April. By comparison, the benchmark price for townhouse/row units was $574,300, essentially unchanged, down just 0.3% compared to a year earlier, while the benchmark apartment price was $369,000, a slight gain of 0.6% from year-ago levels.

The average price of homes sold in April 2024 was $754,356, an increase of 6.8% from April 2023.

The more comprehensive year-to-date average price was $710,299, a small gain of 2.9% from the first four months of 2023.

Yard Appeal Ideas for The Biggest ROI

Summer is coming up and you don’t want to miss your chance to make the most of your yard! To help you enjoy your space this year, I have broken down some of the top yard appeal ideas with the biggest ROI giving you the most bang for your buck and can increase your home’s equity and curb appeal at the same time!

• Embrace Sustainable Landscaping: Incorporating native plants, drought-resistant foliage, and xeriscaping techniques not only reduces water consumption but also creates an eco-friendly landscape. Consider installing a rain garden or a drip irrigation system to conserve water and enhance the natural beauty of your yard.

• Install Outdoor Structures: Adding functional outdoor structures like pergolas, arbors, or gazebos can provide shade, define spaces, and add architectural interest to your yard. These structures can serve as focal points and create inviting outdoor living areas for entertaining or relaxation.

• Upgrade Your Lawn: A lush, well-maintained lawn instantly elevates the appearance of your yard. Invest in professional lawn care services, aerate and overseed to fill in bare patches, and regularly fertilize and water your lawn to keep it healthy and green. Consider alternatives like artificial turf for low-maintenance options.

• Incorporate Water Features: Incorporating a water feature such as a fountain, pond, or waterfall adds visual interest, tranquility, and a sense of luxury to your yard. The soothing sound of running water can create a serene ambiance and attract wildlife, enhancing the overall appeal of your outdoor space.

• Enhance Privacy: Increase the comfort and enjoyment of your yard by enhancing privacy with strategic landscaping, fencing, or screening options. Planting tall hedges, installing lattice panels, or adding trellises with climbing plants can create secluded areas and block unsightly views while adding beauty and greenery to your yard.

By implementing these additional ideas alongside the ones you've already outlined, you can transform your yard into a welcoming oasis that not only enhances your enjoyment but also offers a significant return on investment.

Brantford Expositor - Capacity crowds head to Brantford's new Woodman pool

Brantford Expositor - 'Coming soon' signs installed at future Costco store site in Brantford

Brantford Expositor - New youth space opens at Brantford Public Library

Brantford Expositor - Outdoor concert series returns to the Bell Homestead in June

Brantford Expositor - Grand Erie board to tender construction of new West Brant elementary school

Brantford Expositor - Free mobile cancer screening tests coming to Civic Centre

Brantford Expositor - Brantford streets named in honour of two fallen soldiers

Brantford Expositor - Oak Park Road - Colborne Street West connection back on city's agenda

Brantford Expositor - New childcare centre opening in St. George

Brantford Expositor - County of Brant prepares for 'The Downtown Dig' in Paris

Brantford Expositor - New $4.1M addition planned for Paris elementary school

Globe and Mail – One interest rate cut won’t be enough to lift Ontario’s battered cottage market

Hamilton Spectator – Hamilton housing market stalls in May as sales drop and listings soar

Financial Post - Interest rate cut unlikely to provide immediate relief for housing market

In a move widely anticipated by economists, the Bank of Canada announced a 0.25 per cent interest rate cut Wednesday, and while the reduction is a step towards easing borrowing costs, industry experts caution that it will take time before any significant impact is felt in the housing market.

Dr Sherry Cooper - Bank of Canada Cuts Policy Rate for First Time Since March 2020

What the Bank of Canada rate cut means for mortgages, consumer loans and investments (Canadian Mortgage Trends)

Is today’s Bank of Canada rate cut “one and done” for now? (Canadian Mortgage Trends)

Canada sees slowest mortgage growth in over 20 years, with financial strain growing: CMHC (Real Estate Magazine)
Finally, interest rates have dropped. Five ways your REALTOR^® is there to help

Global News – Can a single rate cut make waves in Canada’s housing market? What to know

Financial Post – What the Bank of Canada rate cut means for mortgages, loans and investments

Globe and Mail – Royal LePage president predicts ‘material lift’ in home sales after BOC rate cut

Globe and Mail – Federal government creates $530-million fund for Canadian cities to adapt to climate change

Average Canadian rent hits an all-time high of $2,202 (Canadian Mortgage Trends)

Commercial real estate trends shifting toward purpose-built rentals: Re/Max report (Canadian Mortgage Trends)

What to Know at Renewal

Is your mortgage coming up for renewal this year or in 2025?

Do you know about all the incredible options renewing your mortgage can afford you?

If not, I have all the details here on how to make the most of your renewal!

Get a Better Rate: Did you know that when you receive notice that your mortgage is coming up for renewal, it's the best time to shop around for a more favorable interest rate? At renewal time, it's easy to explore other lenders for a preferable interest rate without breaking your mortgage. With interest rates expected to start coming down next month, reaching out and exploring the market could potentially save you a significant amount of money!

Consolidate Debt: Renewal time is also an excellent opportunity to assess your existing debt and decide whether consolidating it into your mortgage is beneficial. Whether it's holiday credit card debt, car loans, education loans, or other debts, consolidating your mortgage streamlines your payments into one, potentially at a lower interest rate compared to other sources.

Invest in Renovations: Do you have home improvement projects waiting to be tackled? Renewal time provides a great opportunity to tap into your home equity for renovations, whether it's your dream kitchen, bathroom upgrades, or even investing in a vacation property. Utilizing your equity can bring your renovation dreams to life.

Adjust Your Mortgage Product: Not satisfied with your current mortgage product? Whether it's fluctuations in variable rates or seeking a different payment or amortization schedule, renewal time allows you to switch things up. You can lock in a fixed rate for stability or opt for a variable rate if you anticipate changes in interest rates. Adjusting your mortgage product can align it better with your financial goals.