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

View this in your browser 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. 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!   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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More Time and Choice in the Victoria Real Estate Market | Bank of Canada Cuts Policy Rate for First Time Since March 2020

View this email in your browser A total of 763 properties sold in the Victoria Real Estate Board region this May, 1.5 per cent fewer than the 775 properties sold in May 2023 and a 12.5 per cent increase from April 2024. Sales of condominiums were down 5.2 per cent from May 2023 with 235 units sold. Sales of single family homes exactly matched the number from May 2023 with 399 sold. "Spring is generally prime time for real estate in Victoria," said 2024 Victoria Real Estate Board Chair Laurie Lidstone. "And May is typically when we are at or near to the peak of activity in our property market. This May was another stable month for both buyers and sellers. With more inventory on the market, consumers had more choice and could take time to make decisions and complete their due diligence. The additional listings also meant less pressure on pricing, so prices remained relatively flat." There were 3,338 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of May 2024, an increase of 10.6 per cent compared to the previous month of April and a 52.5 per cent increase from the 2,189 active listings for sale at the end of May 2023. "After so many years of consumers navigating an unbalanced market, it is positive for buyers and sellers to see some months of consistent balance," adds Chair Lidstone. "A lot of folks who have been watching the market over recent years may find that now is a good time to sell and buy as market conditions have changed for the better. Of course, as always, I recommend connecting with your favourite REALTOR® to create a strategy specific to your needs." The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in May 2023 was $1,300,900. The benchmark value for the same home in May 2024 increased by 0.7 per cent to $1,309,700, up from April's value of $1,301,800. The MLS® HPI benchmark value for a condominium in the Victoria Core area in May 2023 was $562,900 while the benchmark value for the same condominium in May 2024 increased by 1.2 per cent to $569,500, up from the April value of $561,200. About the Victoria Real Estate Board - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents 1,651 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market. View our press release and summary here. View our complete statistical package here.   The Sales to Active Listings Ratio This chart tracks the ratio of total residential sales over total active residential listings at month-end for each of the last 25 months. The active listing count and the sales count can be viewed as indicators of housing supply and demand respectively. Observing the ratio between them can thus help indicate a "buyers' market", where there is sustained downward pressure on prices, and a "sellers' market", where there is sustained upward pressure on prices. Based on a regression analysis performed by the Economics Department of the BC Real Estate Association in each market area of the province, the Sales to Active Listings Ratio for Victoria can be interpreted as follows: - below 14%, there is downward pressure on prices (buyers' market) - above 20%, there is upward pressure on prices (sellers' market) - in the 14-20% range, there is little pressure on prices either way (balanced market) 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. 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! Victoria Times Colonist – Interest-rate cut not expected to spur surge in sales, but could bring uptick: real estate analysts Victoria Times Colonist – A private island off North Saanich is for sale — it's yours for $7 million Victoria Times Colonist – Court to hear Bear Mountain receivership request 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)   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.       Diana Winger Personal Real Estate Corporation eXp Realty | CNE, SRS, SRES, ABRMortgage Agent Level 1 Valko Financial LTD #13047Dominion Lending Centres WingerRealEstate.com | SearchBestMortgages.com(250) 588-8839  (226) 705-3369ON YOUR TEAM!

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10 Day Cooling Offer Period | CREA Housing Snapshot | Dr. Sherry Cooper: Odds of a Rate Cut Next Week & Real Estate News Brantford ON

View this email in your browser OREA - Yesterday, the Government of Ontario announced the Homeowner Protection Act, 2024 – with several major wins for Ontario REALTORS® and hardworking families across the province, which OREA has advocated for in recent months and years.The Act includes several REALTOR®-led advocacy priorities, most notably a 10-day cooling-off period for buyers of newly built freehold homes. This will allow purchasers 10 days to review and cancel an agreement without penalty, a protection that is already in place for pre-construction condo sales in Ontario. Extending this protection to newly constructed homes will enhance consumer protection and level the playing field between hardworking families and corporate developers.And thanks to the lobbying efforts of OREA and our nearly 100,000 REALTORS® across the province, the Government will not be extending this protection to resale homes, which would have negatively impact both buyers and sellers.The new legislation also bans the registration of Notices of Security Interest (NOSIs), reducing unnecessary fees from being tacked onto the price tag of a home. Too many Ontarians, when selling their home, have been surprised by one or more NOSIs – fine print in contracts for water coolers, furnaces, or security systems that include exorbitant buyout charges to be paid before the home can be sold.Additionally, the Act will modernize zoning rules to allow for more homes to be built near public transit, making it easier and faster to increase Ontario’s housing supply in urban areas – a change that OREA has long-advocated for, including in our recent report, Analysis of Ontario’s Efforts to Boost Housing Supply.The Homeowner Protection Act, 2024 is a significant step toward enhancing consumer protection for Ontarians making one of the largest transactions in their lives, all while building much-needed housing supply across the province.Read our full statement here. Storeys – Ontario moves forward with 10-day ‘cooling-off’ period on new freehold purchases Globe and Mail – Ontario extends cooling off period, bans some liens on homes by vendors Toronto Sun – Half of GTA residents would move to one of Canada's more affordable cities: Survey London Free Press – London condos record Canada's biggest year-over-year 'benchmark' price hike CBC Kitchener Waterloo – Waterloo region preparing for 1 million residents by 2050 — Redman CMP Magazine – High housing costs drive urban Canadians to cheaper markets Ontario cottage country sees soaring prices amid new capital gains tax increase (Real Estate Magazine) Burlington offers best work-life balance in Ontario, according to new report (Insauga) The Standard $1.56-billion EV battery plant a ‘game-changer for Niagara’ Dr Sherry Cooper: Odds of a Rate Cut Next Week Rise with Disappointed Canadian GDP Growth 👀  Are we witnessing a stronger spring market compared to last year? Because Canadian real estate prices have rebounded after a seven-month slump, with April seeing a 4% rise from the start of the year.    Learn more >> 🧑🏽‍🍳  Considering a fresh kitchen design but worried about the mess of a demo? Discover 6 creative, budget-friendly upgrades to achieve your dream kitchen without the demo hassle.   Learn more >>   Wealth Professional – Are Canada's major cities facing an exodus to more affordable alternatives? Globe and Mail – Making homeowners into home builders Toronto Star – What do I need to know about the outside of my house? Here’s a checklist of essential tasks BMO reports increased delinquencies, predicts prolonged high interest rates (Canadian Mortgage Trends) Immigration provides important buffer for Canadian economy as population greys: RBC (Canadian Mortgage Trends) Posthaste: Why the Bank of Canada just might hold interest rates again (Financial Post) Mortgage discounts fail to lure borrowers away from shorter-terms as rate cuts near (Financial Post) Fix or float is the big mortgage question as Bank of Canada rate cuts approach (Financial Post) Canada must more than double the average number of homes built annually to meet the federal housing plan (The Hub) Homeowners turn to savings as financial pressure mounts (CMHC) Storeys – ‘Calm is good’ in Canada’s housing market: BMO Global News – Are home inspection conditions back in the cards? What buyers should know Wealth Professional – Spring should be a boom time for the housing market, it's not Financial Post – Waiting for warmth: Housing sales slump as spring blooms Financial Post – Would-be homebuyers are in limbo and only the Bank of Canada can free them Globe and Mail – CESTNICK: How the personal-residence exemption can help minimize taxes on capital gains Zoocasa - How the new capital gains tax is impacting cottage country this year Zoocasa - Do this first before you hire a moving company! Inflation is down - enough to bring the bank rate down and lower mortgage costs? June 5th is the next critical date (Burlington Gazette) What to consider before co-owning a home (The Globe and Mail) Regulations, ‘fragmented’ construction sector holding back housing starts: CMHC (Canadian Mortgage Trends) CREA: Rising inventory signals prime buying opportunities   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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