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CategoryReal Estate news

Is This the End of Rate Hikes?

The last few months have been tough to say the least. Variable rates are at their highest levels in 20 years. The prime rate has gone up 4.25% in less than 12 months. Every Bank of Canada announcement feels like it could be another 50 point jump. If you’re a homeowner, it’s seemingly never ending. The news certainly doesn’t help you feel otherwise. But if you take a look at what’s happened in the past, you’ll see that the time we’re in isn’t so unprecedented. We’ve been here before and we’ve gotten out of it – and I believe we’re doing it all over again.

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The News Says Home Prices Are Falling… But Are They?

At work, on Twitter, on the news – wherever you are, it seems like everyone is talking about home prices plummeting. That’s the big headline. It’s a neat and tidy story that seems to make sense on the surface: home prices skyrocketed. Then rates went up. Then home prices started slipping. It’s the kind of story that gets clicks and sells newspapers. But if you look beneath the surface you’ll see the full story – one that’s a lot more optimistic, and one that the media often fails to report.

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You Might Sell Your Home… And Not Even Know It

Well, it’s happening again. Scammers are coming after innocent homeowners, assuming their identities, and selling their homes on their behalf. It’s disgusting behaviour that’s made even more possible by a precarious housing market. Unfortunately, this isn’t anything new. Scams like this have been happening for decades. The only thing that’s changed is how the fraudsters do it.

In most recent cases, homes were sold by tenants who used fake IDs and job letters to rent the houses. Once they’re in, they assume the identity of the homeowner, take out a mortgage in their name, and use a realtor to list the home.

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What the New Foreign Buyers Ban Means For You

Now that the dust has settled from the holidays and we’re back into the swing of things, we’re reminded that January 1st, 2023 wasn’t just the first day of the new year; it was also the first day of Canada’s new foreign buyers ban. The ban was passed through parliament last summer and is now officially in place prompting many Canadians to ask, “what does this mean for me?” Unfortunately, the answer isn’t so simple. 

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What To Expect in 2023

Happy new year everyone! I hope everyone reading this took some time to reflect and recharge over the holiday season. There was a lot of negativity swirling around in 2022, and I’m sure a lot of you needed a break from it all. I sure did. It’s easy to get swept up in all of the doom-and-gloom. But if you look at the big picture, you might see that there’s a lot to be optimistic about in 2023 – in the housing market, the economy, and beyond.

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