BRING YOUR KID TO WORK! If you're like us, sometimes you don't have anyone to take care of your kid/s while you go to work. So one time I had to bring my youngest to a home inspection I was doing with a client for a home they're buying because my wife had to bring my other two kids to their swimming lessons. Bringing your kids to work is like having a live sitcom running in the background—it’s unpredictable, hilarious, and oddly productive. Kids have a knack for breaking the ice with clients faster than any sales pitch ever could—who can resist a tiny human, plus their boundless energy can keep you on your toes and remind everyone you’re human (even when you're juggling paperwork and snacks simultaneously). Sure, they might rearrange your workplace like it's a Lego set, but hey, it’s free entertainment and a chance to impress clients with your multitasking superhero skills! lol 😂

Toronto-area new home sales 'frozen' with condo deals falling 91% below the 10-year average Toronto Real Estate Update: Condo Market at a Standstill!

The Toronto-area real estate market is experiencing a sharp slowdown, with new condo sales hitting record lows not seen in decades. Sales for new condos in the Greater Toronto Hamilton Area (GTHA) dropped 71% below the 10-year average during Q1 2024, with just 1,461 units sold—a stark contrast to the peak of 9,723 units in Q1 2022. This slowdown has been driven by a combination of rising interest rates, elevated construction costs, and growing market uncertainty. Developers have delayed launches for many projects, further constraining market activity. The few new projects that did launch saw presale absorption rates below financing thresholds, resulting in a significant drop in construction starts.

For buyers, this presents a mixed opportunity. While condo prices have softened slightly, incentives such as reduced deposits, rental guarantees, and free parking are becoming more common. However, inventory levels remain high, particularly in the pre-construction segment, which has led to a cautious approach by both developers and buyers. Market conditions are expected to improve if interest rates decline later in 2024, but for now, this is a challenging period for the new condo sector.

MORTGAGE NEWS: Stress test is now removed from all renewal switches!

A significant regulatory change, effective November 21, 2024, eliminates the mortgage stress test for all renewals of uninsured mortgages in Canada. Previously, borrowers had to requalify at a higher rate to switch lenders at renewal, creating barriers to competition. Over 70% of Canadian mortgages are uninsured, meaning many homeowners can now seek better terms more easily. This move aims to foster lender competition, offering potential savings for borrowers, especially amid economic challenges and high interest rates. So before you renew your mortgage, SHOP around! 🙂

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LOWEST MORTGAGE RATES:

VARIABLE: 5 YR HIGH RATIO P‐.95%

5 YR CONVENTIONAL P‐0.70%

FIXED 1 YR: 5.59%

FIXED 2 YRS: 5.44%

FIXED 3 YRS: 4.19%

FIXED 4 YRS: 4.39%

FIXED 5 YRS: 4.09% (High Ratio)

FIXED 5 YRS: 4.19% (Conventional)

Call me at 416-670-8598 if you're looking for a debt consolidation loan to pay off your high interest credit card debt! Call us if your bank says no, we will do our best to help you.

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