Relief for First Time Home Buyers | Check out the Brantford Fun Guide | Brantford Housing Statistics | 30 year Amortizations

View this in your browser   The Government of Ontario announced the Cutting Red Tape to Build More Homes Act, the Province’s sixth piece of housing legislation since 2018.OREA is pleased to see progress on several important solutions from our recent housing supply report and our advocacy on modular construction, aimed at streamlining approvals and getting more homes built. While we commend the actions put forward in this legislation, we hope to see the Province go further to accomplish the goal of building 1.5 million new homes by 2031.Read the full statement here. Ford government unveils sweeping new changes to housing rules (Global News) London Free Press – How's this for a move-in bonus? Buy a house, get a Tesla Hamilton real estate market shows signs of balance for first time in a decade (Hamilton Spectator) Here is where you can buy a home for under $500K in Ontario (insuaga) Brantford Expositor - Brant County landowners could face drainage bill of up to $50,000 Brantford Expositor - New safety measures to be added at Wilkes Dam Brantford Expositor - Residents pan apartment building proposal in BrantfordTracy ValkoStarting August 1st, first-time homebuyers purchasing newly built homes will be eligible for 30-year amortization periods on insured mortgages. This extended period provides greater flexibility in managing mortgage payments, easing the financial burden for those embarking on their homeownership journey. This rule change will also provide eligible homebuyers with an additional 5% in purchasing power. For instance, on a $750,000 home purchase, the minimum household income requirement decreases from $179,062 to $169,689. Beyond the updates on purchasing new builds, the federal government has also addressed various aspects of housing affordability. 📈 Increase in RRSP withdrawal limit for first-time homebuyers from $35,000 to $60,000, starting April 16. 💼 Budget focusing on housing measures to be unveiled on April 16. ⏰ Repayment period for RRSP withdrawals extended to five years from two, for withdrawals between January 1, 2022, and December 31, 2025. 💰 Over 750,000 First Home Savings Accounts opened since last year, offering a tax-free savings option for home down payments up to $40,000. BREAKING NEWS - The Bank of Canada has left its benchmark rate unchanged at 5.00%  As expected, the Bank of Canada has left its overnight target rate unchanged at 5.00% today. In its statement, the Bank said, “While inflation is still too high and risks remain, CPI and core inflation have eased further in recent months. The Council will be looking for evidence that this downward momentum is sustained.” In its latest forecast, the Bank said it expects headline inflation to remain near 3% for the first half of this year before moving below 2.50% in the second half and reaching the 2% inflation target in 2025. This is the Bank’s sixth consecutive rate hold, though expectations are that rate cuts will be forthcoming by the middle or second half of the year. The next rate announcement is scheduled for June 5th, 2024.    Read Bank's Full Statement Here READ THE MONETARY POLICY REPORT The federal government announced it will allow 30-year amortization periods on insured mortgages for first-time homebuyers purchasing newly built homes! CBC News - Freeland announces housing affordability measures for first-time buyers, current owners Strong U.S. inflation could delay rate cuts on both sides of the border (Canadian Mortgage Trends) What's the most expensive home you could afford? (CBC News) Overbidding wave sweeps the GTA’s housing market in March (Real Estate Magazine) Mortgage Minute: Your questions answered (CTV News) Canadian Mortgages Just Had One of The Slowest Quarters Ever (Better Dwelling) A ‘weird’ March shows real estate market still off balance (The Globe and Mail) What to expect from the spring housing market (CTV News) Spring housing market surge unlikely as affordability, cost of living weigh on buyers (Canadian Mortgage Trends) Canada’s unemployment rate surges in wake of strong population growth (Canadian Mortgage Trends) 'Extremely stressful for Canadians’: Housing affordability unlikely to improve anytime soon, RBC says (Toronto Star) Financial Post – Home prices set to hit record in 2026 amid unrelenting demand: CMHC Financial Post – Surge in luxury home sales signals stronger spring market, Re/Max says Globe and Mail – Home prices could reach peak levels by next year, set new highs in 2026, CMHC report shows Canadian Mortgage Professional – Homebuyers ready to return – report Population surge and the impact on housing (Global News) Bloomberg - Canada to Cut Temporary Residents by 20% Over Three Years Canada likely to avoid recession, begin recovering in second half of 2024 (City News) Canada’s luxury property market going strong as buyers benefit from lower prices (Real Estate Magazine) Near-term inflation expectations remain high, BoC surveys show (Canadian Mortgage Trends) Financial Post – Canada to allow 30-year mortgages for first-time homebuyers Financial Post – RBC urges Canada to prioritize construction skills in immigrants to tackle housing crisis Globe and Mail – First-time homebuyers can get 30-year mortgages to buy newly built houses under rule change Globe and Mail – Canada’s housing crisis poised to worsen without major reforms, RBC report says Toronto Star – Entry to housing market feels out of reach for 76% of non-owners: CIBC poll Storeys – No regrets: Vast majority of Canadian homeowners don’t have buyers’ remorse Canadian Mortgage Professional – Why Multiple Listing Service Canada is a game-changer for agents and brokers Check out this view from 7th Heaven on Blackhomb Mountain Fitness Progress Video    Diana Winger, REALTOR® CNE, SRS, SRES, ABR Mortgage Agent, Level 1 Valko Financial LTD #13047 eXp Realty | Dominion Lending Centres |  226-705-3369 | 250-588-8839 ON YOUR TEAM! WingerRealEstate.com  |  SearchBestMortgages.com  

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Happy Easter. Canada Population Growth Rate Highest Since 1957! Update on Ontario Budget 2024 | Must See Documentaries | Weekly Real Estate News Update

View this email in your browser CURRENT INTEREST RATES First-Time Home Buyers’ Tax Credit (HBTC) - FEDERAL INCOME TAXES Tips to Improve Your Credit Score IN CASE YOU MISSED IT...MORE REAL ESTATE NEWS Cottage real estate to gain ground in 2024 (Gananoque Reporter) Bidding wars are making a comeback in the GTA’S housing market (The Medium) Pre-construction condo buyers forced to off-load units for as much as $150,000 less than they paid (Toronto Star) Are Ontario’s 2024 budget housing policies enough to address the supply crisis? (Canadian Mortgage Trends) Remote work and how it’s shaping where people are now buying homes in Ontario (Global News) Expanded Ontario vacant home tax on the horizon as housing outlook improves slightly (Global News) Ontario housing starts expected to be lower this year, budget shows (CBC News) Ontario home construction levels up, but still far off pace for 1.5M target (Toronto Star) Brantford Expositor - Grand River Conservation Areas start taking camping reservations Brantford Expositor - City gets federal funding to support pedestrian and cycling network OSFI rejects Competition Bureau recommendation to drop mortgage stress test for lender switches (Canadian Mortgage Trends) Globe and Mail – Investors own 23.7 per cent of Ontario homes, report says Rick Kedzior OREA President: Earlier today, I was proud to represent OREA and join leaders from across Ontario at Queen's Park for the release of the 2024 Ontario Budget. This budget reaffirms the Provincial Government’s commitment to investing in building more homes, infrastructure, and transit across the province.OREA is pleased to see some progress towards several REALTOR®-led solutions from our recent Analysis of Ontario’s Efforts to Boost Housing Supply mentioned in the budget, including: • Improving flexibility on financing for municipal water infrastructure projects, building on last week’s $825M investment into the Housing-Enabling Water Systems Fund; • A new $99.1M investment into the Site Preparation Pilot Program, repurposing surplus government properties into attainable housing and social infrastructure; and, • A commitment to supporting modular construction as well as transit-oriented development and other key solutions to get more homes built faster. Today’s Ontario Budget is a step in the right direction. But in order to reach the goal of building 1.5 million new homes by 2031 and solving the affordability crisis, Ontario must continue to take bold action.Read the full statement here.Thank you, Update on Ontario Budget 2024   Today, Minister of Finance Peter Bethlenfalvy unveiled the 2024 Budget, projecting Ontario's economy to be challenged by ongoing high interest rates. The $214.5 billion budget forecasts a sluggish real GDP growth of 0.3 per cent for the year 2024.   The Budget focused on increasing investments in infrastructure, health care and affordability measures for Ontarians. The Ontario government is projecting a deficit of $9.8 billion in the coming fiscal year, almost double what was projected in its fall economic update. Some key housing highlights from the Budget include:   Addressing Housing Supply Crisis: The Ontario Provincial Government is introducing the Building Faster Fund, a substantial three-year, $1.2 billion initiative designed to incentivize municipalities that meet housing targets, thereby expediting housing construction. Investment in Housing Infrastructure: A significant investment of $1 billion in the Municipal Housing Infrastructure Program, specifically allocated to core infrastructure projects. A quadrupling of the Housing-Enabling Water Systems Fund to $825 million, supporting municipal water infrastructure projects crucial for new housing developments. Other Housing-related Initiatives: Extending the authority granted to impose municipal tax on vacant homes to all single- and upper-tier municipalities. Strengthening the Non-Resident Speculation Tax to discourage foreign investors from speculating in the housing market. Committing to invest an additional $152 million over three years in supportive housing initiatives, with a focus on aiding vulnerable individuals. Empowering municipalities to reduce property tax rates on new purpose-built rental housing to encourage the construction of more such units. It is crucial to emphasize that these measures are part of a comprehensive strategy aimed at accelerating the construction of homes, with the overarching goal of building 1.5 million new homes by 2031.   Despite these efforts, recent figures indicate that we are falling behind our targets. In 2023, there were 89,300 housing starts in Ontario. Projections for 2024 indicate 87,900 housing starts, with 92,000 in 2025 and 94,400 in 2026. The numbers fall well below the pace of at least 150,000 new housing starts per year necessary to achieve our province's long-term goals.   This is why we will continue to advocate for policies at both the federal and provincial level aimed at increasing supply, lowering costs, and ultimately helping more Ontarians achieve the dream of home ownership. Policies we believe would help in these efforts include: Addressing housing affordability through blanket missing-middle zoning policies and streamlining the development approval process. This includes allowances for laneway homes, extra suites, and multi-unit housing on single family lots. Allowing the Property Transfer Tax (PTT) to be paid in installments. By doing so, the government can promote homeownership and facilitate a smoother transition to homeownership for those who might otherwise have been discouraged by the upfront and immediate financial costs. Increasing the land transfer tax rebate for first-time home buyers from $4,000 to $8,000, indexed to inflation. Doubling the rebate would not only align with provincial priorities but also offer crucial financial relief to first time homebuyers. This approach supports the expansion of housing supply and helps first time buyers get into the housing market. Revising the provincial HST rebate to align with current home prices, linking thresholds to housing costs. This includes a federal match of the 75% provincial rebate and the elimination of any claw back, as proposed by the Housing Affordability Task Force. Building on MPC’s momentum of advocacy wins, we are pleased to share that the Prime Minister has launched the first of several forthcoming pre-budget announcements. Today’s announcement focused on the housing sector and included the following measures:   Launching a new $15 million Tenant Protection Fund. This would provide funding to legal aid and tenants’ rights advocacy organizations to better protect tenants against unfairly rising rent payments, renovictions, or bad landlords. Creating a new Canadian Renters’ Bill of Rights, developed and implemented in partnership with provinces and territories. This would require landlords to disclose a clear history of apartment pricing so renters can bargain fairly. We will also crack down on renovictions, create a nationwide standard lease agreement, and give renters more agency. Making sure renters get credit for on-time rent payments. Renters deserve credit for the money they put toward rent over the years, especially when it comes time to apply for a mortgage for their first home. We’re going to amend the Canadian Mortgage Charter and call on landlords, banks, credit bureaus, and fintech companies to make sure that rental history is taken into account in your credit score.   MPC is pleased to see that the federal government has heard our recommendations to facilitate access to home ownership. While more work remains to be done, these measures represent a significant step in the right direction, creating an easier pathway to homeownership particularly for Gen Z, Millennials, and new Canadians with little credit history.   We’re also pleased to see the Prime Minister and Deputy Prime Minister reiterate their commitment to cutting red tape and reforming zoning to help more homes get built faster, and we will be continuing to push for measures that increase and improve the affordability of the housing market for Canadians from coast to coast.   The full announcement can be found here.  This past weekend was especially special because I had a surprise opportunity to meet a mentor of mine named Nimai Delgado.  Getting to meet him, hear his story and get a photo with him really was a lot of fun for me and a memory I will cherish.  He is featured on a couple of NETFLIX documentaries that are definitely worth checking out, I have learned so much from him. You Are What You Eat: A Twin Experiment- 2024  The Game Changers   Diana Winger, REALTOR® CNE, SRS, SRES, ABR Mortgage Agent, Level 1 Valko Financial LTD #13047 eXp Realty | Dominion Lending Centres |  226-705-3369 | 250-588-8839 ON YOUR TEAM! WingerRealEstate.com  |  SearchBestMortgages.com  

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Pent Up Demand in the Housing Market | Jump in the Market Before Rates Go Down | Housing Starts Up | National Home Sales Up, Prices Flatten

View this email in your browser CURRENT INTEREST RATES First-Time Home Buyers’ Tax Credit (HBTC) - FEDERAL INCOME TAXES Tips to Improve Your Credit Score IN CASE YOU MISSED IT...MORE REAL ESTATE NEWS ‘Exceedingly rare’ shift in Canadian home prices before spring market hits - CREA “pent-up demand” Buying for the short-term: Tips on protecting your home’s value A real drip: Your guide to gutters and drainage systems CREA REM - The NAR settlement and its far-reaching implications: What does it mean for the Canadian industry? Real Estate Magazine – Unexpected resilience amid economic challenges showing up nationwide February housing starts increased 14% from January: Canada Mortgage and Housing Corp (Canadian Mortgage Trends) Homebuyers should jump into the market before interest rates go down, says expert (Yahoo! Finance) Global News – An Ontario city smashed its new housing targets by 250%. But are prices going down? Toronto Star – New listings up in February as five-month Canadian home price drop ends Ontario announces more than $1.8B in new funding to help municipalities build homes (CBC News) Brantford list of local farms - https://www.calameo.com/county-of-brant/read/000622964dcc326609d40 Ontario cottage regions where waterfront property prices spiked and declined (Cottage Life) Canada real estate: Cottage market expected to bounce back in 2024, says Royal LePage (Yahoo! Finance) Brantford Expositor - Residents oppose planned four-storey West Brant apartment building Brantford Expositor - Bulldogs owner says team will stay in Brantford if new sports centre is built Brantford Expositor - Brant realtors see early start to spring market It’s the best time of year to negotiate your mortgage rate. Here’s how (CBC News) A real drip: Your guide to gutters and drainage systems CREA Real Estate Magazine – Boosting home value with new energy-efficient windows and doors: Guide for 2024 CBC News – February home sales dipped 3.1% while prices stayed flat, CREA says CBC News – Landmark U.S. settlement could impact Canadian housing market Rates.ca – Mortgage temperature check: Canadians watching for a turning point in the housing market Hill Times – ISMAIL: Immigration and housing - navigating Canada’s complex crisis Financial Post – Homebuyers should jump into the market before interest rates go down, says expert Financial Post – Canadian renters are getting squeezed more than homeowners, putting the property ladder further out of reach Financial Post – HAIDER & MORANIS: The evidence leaves no doubt — rent controls hurt rental supply Financial Post – MCLISTER: Why obsessing about paying off your mortgage early costs you money Financial Post – VIDEO: Tips on buying and paying for your first home Globe and Mail – Why you can’t afford a home, in 10 charts Globe and Mail – Canadian home prices flat in February after falling for 5 months Globe and Mail – CARRICK: Home ownership is turning into a gated community that renters cannot join Storeys – First-time buyers are bringing on the bidding wars and closing in on $1M listings Canadian Mortgage Professional – BoC officials suggest rate cuts could come this year February home sales hit strongest pace in a year as mortgage rates ease and more houses hit market (City News) Unravelling the intricacies of reverse mortgages in Canada (Toronto Star) As the spring home buying season begins, what’s the outlook for mortgage rates? (The Globe and Mail)  Bank of Canada’s Governing Council divided over timing of future rate cuts (Canadian Mortgage Trends) Enhancing housing affordability in Canada and the role productivity plays: CMHC (Real Estate Magazine) Canada real estate: Affordability falls as income needed to buy a home increases (Yahoo) Economists predict June rate cut as inflation continues to ease (Canadian Mortgage Trends) Canadian recreational property prices forecasted 5% higher in 2024: Royal LePage (Real Estate Magazine) Dr Sherry Cooper - Great News On The Canadian Inflation Front National home sales in February up nearly 20% compared with year ago (Canadian Mortgage Trends) February home sales dipped 3.1% while prices stayed flat, CREA says (CBC News) NAR President Kevin Sears shares an update on the association’s settlement agreement to resolve home seller litigation and highlights NAR’s ongoing work to advocate for members and consumers. Watch the video here: https://bit.ly/497tS3W.   Diana Winger, REALTOR® CNE, SRS, SRES, ABR Mortgage Agent, Level 1 Valko Financial LTD #13047 eXp Realty | Dominion Lending Centres |  226-705-3369 | 250-588-8839 ON YOUR TEAM! WingerRealEstate.com  |  SearchBestMortgages.com  

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