Why the increase in Toronto home sales in October is a good sign for the housing market

Although October’s home sales saw a slight month-over-month increase from September, it’s still 36% lower than last year, leading many real estate industry observers to say that the housing market isn’t roaring back as initially hoped. These analysts’ outlooks come as the Canadian Real Estate Association revealed Tuesday that total sales for October were 35,380—just 1.3% higher than September.

Even though sales increased from the month before in 60% of all local markets, Robert Kavcic- a senior economist with BMO Capital Markets noted that last months activity was still below pre-COVID standards. Greater Vancouver alone had an increase of six percent.

It was even the quietest October for unit volumes since 2010, Kavcic said.

Rishi Sondhi of TD Economics had a similar opinion.

Sondhi told investors that sales have decreased by over 40% since February and are currently at levels not seen since 2012. He also said that these numbers appear to be below what is typical given other factors such as income and housing supply.

They attributed the slowdown mainly to interest and mortgage rates, which have increased in recent months to fight an inflation rate not seen for decades.

Low consumer purchasing power, in combination with few new listings, has kept many buyers from entering the market and instead waiting for prices to drop even lower.

Because prices have lowered since the beginning of the year, sellers are now more hesitant to list their properties unless they have to move.

CREA found that the number of seasonally-adjusted and newly-listed homes totalled 68,605 in October—a 2.2 per cent month-over-month increase.

New listings dropped 1.3% in November from the previous month, which Kavcic attributes to lower buyer affordability caused by high demand early in the year.

“There aren’t many listings to choose from outside of some areas, and sellers can still say ‘no thanks’ and pull their listings.”

The average national home price was $644,643 in October—a decrease from last year by 9.9%. Seasonally adjusted, the figure reaches $643,743 which is 0.6% lower than September’s number.

Cailey Heaps, president of the Heaps Estrin Real Estate Team in Toronto stated that after a 10% drop from their pandemic peak, prices in the GTA have begun to level off. “The market has stabilized since June,” said Heaps.

“It is possible we will see a small alteration of percentage in the next year or so, but I don’t think there will be the same severe decrease in Toronto’s central core. Although, we might see it in the areas surrounding the city.”

According to her theory, buyers are making multiple offers on listings last month and recognizing that despite lower prices, higher borrowing costs still exist.

According to her, the buyers in today’s market are mostly those who are upgrading and can take advantage of lower pricing, or those who aren’t as impacted by interest rates.

Kavcic and Sondhi both noted that the downward price pressure will continue into next year because mortgage rates are pushing above five per cent–and more interest rate hikes could be on the horizon.

According to Sondhi, home prices are expected to fall by about half of the gains made during the pandemic. However, they cautioned that supply levels represent a key risk to TD’s predictions.

“Rising interest rates are making it difficult for homeowners to make their monthly payments. Some of them may be forced to sell their homes, even though the number of new listings each month is still relatively low,” Sondhi wrote.

“If a large number of these homeowners list their homes, prices could drop more than we expect.”


Assignment Sales Toronto in the Pre-Construction Market [November 2022]

Looking for a great deal on a Toronto condo? Check out our list of assignments for sale! With units starting at just $$$$$, you’re sure to find something that fits your budget.

Negotiate significant savings in comparison with resale and other pre-construction units.

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An Assignment Sale in the Pre-Construction Market

In other words, an assignment sale is thesale – or “assignment” of a contract to buy a pre-construction condominium suite. An assignment sale usually happens before the condo has been registered, so no one can own the unit itself. The only thing that can be sold is the contract.

When you buy a pre-construction condominium unit, you receive an assignment clause/right to sell in the form of a contract. You can decide to sell your assignment even before the condominium is constructed.

  • The Assignee is not purchasing the property from the Assignor. Instead, the Assignee is obtaining the right to buy the property from a third party, such as a builder.
  • The Assignor is authorizing the transfer of its interest and rights in the Original Agreement with the Builder (or original seller) to another party.
  • The Assignor is assigning its interest in the original deposit to the Assignee.
  • The Assignee agrees to take on all the duties of the original contract from the Assignor.

The many benefits of contract sales exist for both the buyer and seller before a building is even constructed and registered.

This article will explore assignment sales, from why they are used to the process of making this type of transaction and how it can be transferred.

By learning more about assignment sales, you can decide if this type of sale is right for you. Here at GTA-Homes, we pride ourselves on giving our clients the tools they need to make informed decisions about investing in pre-construction homes.

This way, you will be able to determine if an assignment sale is right for you. We at GTA-Homes strive to provide our clients with the knowledge of the pre-construction market, so that they can make a more informed choice when it comes to investing in their future.

Is It Worth It to Purchase an Assignment?

You may be able to find some of the best deals on condos in the GTA by looking for assignment sales. These types of sales typically have fewer buyers because many real estate agents aren’t familiar with them and don’t bother to advertise these listings.

Assignment sales are often foregone by potential buyers because they are not fully understood. Lack of Knowledge about the process can cause people to overpay for their suite due to bidding wars amongst other things. By opting into an assignment sale, you have the opportunity to avoid all that extra competition and pay much less than what you would for a resale unit.

The condo market benefits both the buyer and the seller in multiple ways. The seller can list their unit earlier, and the buyer can save time and money.

An assignment agreement also has the perk of receiving a unit that is brand-new and automatically registered under the seven-year Tarion Warranty Program. Also, you’ll be able to move in much sooner than if you were waiting for the building completion which could take 3 to 4 years!

New Housing Legislation Ontario: What It Is and How It Will Impact Home Buyers and Sellers

On Tuesday, the Ontario government announced it would be changing housing-related legislation in order to meet its pledge of building 1.5 million homes in 10 years. If this bill were to pass, here’s what would change:

Municipal zoning laws

  • You will be allowed to have up to three units on one residential lot without needing any additional bylaw amendments or municipal permissions. Municipalities will not have the authority to set minimum unit sizes or require more than one parking space per unit.
  • duplexes, and triplexes will now be allowed on single residential lots.
  • Going forward, site plan reviews will only assess health and safety concerns, not landscaping or exterior architectural design. Therefore, these latter matters will no longer be under site plan control.
  • Zoning changes to allow more near transit

Development charges

Development charges are fees collected from developers that help pay for the cost of municipal services or impacted infrastructure such as roads and transit.

  •  Development charges for additional units built on single residential lots will be waived
  •  Development charges will be waived for affordable housing, non-profit housing and inclusionary zoning units, as well as select attainable housing units. These homes would also be exempt from parkland dedication levies and community benefit charges
  •  Development charges will be reduced up to 25 per cent for family-sized rental units
  •  Any development charges in new bylaws as of June 2022 would be phased-in over five years to make the increases more manageable

Conservation authorities

  •  Conservation Authority fees for development permits and proposals will be temporarily frozen
  •  The regulations of 36 conservation authorities in Ontario will be streamlined into one
  •  When approving permits factors such as pollution and conservation of land will no longer be considered. Instead the only requirements would be the consideration of unstable soil or bedrocks. Permits will also be issued for development in areas “prone to flooding and erosion along rivers and lakes and within wetlands.”

Housing targets

The province identified 29 large municipalities housing targets based on population size and growth. The Greater Toronto Area, as well as Ottawa, will be responsible for more than half a million of the province’s 1.5 million goal.

Each city will be required to develop a “pledge” outlining how they will meet the targets.

Municipal fees and funding

  •  No additional funding has been announced thus far to help with housing targets
  •  Proposal that would require municipalities to spend or allocate at least 60 per cent of their development charge and parkland reserve balances each year ot building infrastructure and parks
  •  Increase maximum penalties to $50,000 for “bad actors” who terminate contracts or cancel projects such as pre-construction homes
  •  Increase the non-resident speculation tax from 20 per cent to 25 per cent

Inclusionary zoning

  •  Make inclusionary zoning rules “more consistent” where they are applied, including a maximum 25-year affordability period, a five per cent cap on the number of affordable units and a standardized approach to determining an “affordable price or rent”

Community involvement in development

  •  Limit third-party appeals at the Ontario Land Tribunal for official plan amendments, zoning bylaw amendments, as well as “minor variances and consents.” This includes appeals made by individuals or community groups not directly involved in the development case
  •  Speeding up decisions at the Ontario Land tribunal by prioritizing cases that will create the most housing, among other things
  •  Municipalities will no longer be required to hold public meetings for drafts of a new development
  •  Reduce parkland requirements for higher density residential developments

Market Watch – Slow Summer season sees fewer Home sales in Ontario

Since August is typically a slower month in the resale market because of summer vacations, and given that buyers are unsure about their purchasing power due to potential interest rate hikes, existing homeowners who will soon need to renew their mortgage may face even higher costs.

While Sales and Listing Activity Fell, Ontario Sees More Quiet Summer Season.

Toronto,01 September 2022 – The Toronto Regional Real Estate Board (TRREB) MLS® System reported 5,627 home sales in August 2022. This number is a 34.2% decrease from the previous year but shows improvement compared to the last few months; there was even a month-over-month increase from July.

The housing market was mainly influenced by supply and demand. Inventory rose for the third consecutive month, representing a larger portion of new listings than in the previous three months. If this pattern persists, it might indicate an interest in selling prices in the months ahead. The MLS® Home Price Index (HPI) increased by 8.9% on an annual basis, while the average selling price for all types of homes combined grew by 0%.

Compared to July, the average selling price in August was slightly higher, while the HPI Composite was lower. This suggests that a greater share of more expensive home types were sold in August.

The recent increase in mortgage borrowing costs has dampened the desire of many homebuyers to purchase. However, existing homeowners near their mortgage renewal period are also facing higher fees. There is space for the federal government to help more people buy homes by eliminating the stress test when borrowers switch lenders, which would allow for greater competition in the housing market.

Furthermore, allowing for longer amortization periods on mortgage renewals would benefit current homeowners in an inflationary environment, according to TRREB President Kevin Crigger.

The Office of the Superintendent of Financial Institutions (OSFI) should give their opinion on whether or not the current stress test is still useful. Should home buyers be tested at a rate two percent higher than the already high rates, or would it make more sense to have a test that adapts based on interest rates?

TRREB CEO John DiMichele said that OSFI should also remove the stress test for people who currently have mortgages and want to shop around for a better rate at renewal. This is especially an issue when they’re not asking for any extra funds, he said.

Aside from borrowing costs, there are other factors that have an impact on housing affordability in the Greater Golden Horseshoe. Longer-term, the capacity to produce more is the challenge. However, we are making progress in this area. The province’s strong mayor idea, as well as Mayor John Tory’s recent commitment to increase home ownership and rental housing choices, are good examples of this. TRREB is hopeful to hear more ideas from the candidates running for office in the upcoming municipal elections, said TRREB Chief Market Analyst Jason Mercer.

Brampton’s Housing Market in 2022

August Resale Sales Are Slowing Down Because of Buyer Uncertainty

Members of the Ottawa Real Estate Board sold 1,137 homes through the Board’s Multiple Listing Service® System in August, compared to 1,565 houses a year ago, a decrease of 27%. In August, 850 residential properties were sold, down 27% from last year and 287 condominium properties were sold this month. The five-year mean for total unit sales in August is 1,603.

“In the resale market in Ottawa, August is usually a less active month as a result of summer vacations. Given impending further interest rate increases, Buyers are worried about their purchasing power.

“The lightning speed at which homes were selling at the start of 2022 is a thing of the past, evidenced by Days on Market (DOMs) inching closer to that 30-day mark. We have also observed a return to standard financing and inspection conditions and fewer multiple offer scenarios,” she adds.

The average sale price for a condo-class residence in August was $421,966, up 4% from 2021.

The median sale price for a residential-class property was $707,712, up 5% from last year.

The average sale prices for residential properties and condominiums are currently $795,978 and $457,771 respectively. These values illustrate a 10% and 9 percent increase from last year.*

In August, 2,093 properties were listed which has increased inventory to nearly 3 months for residential class properties and 2.2 months for condominiums.

“Prices in some areas are still rising, albeit at lower single-digit percentages. This is bringing back the moderate price growth stability that is characteristic of the Ottawa resale market,” says Toronto real estate agent Steve Torontow. “What happened to prices in 2020 and 2021 was unusual. We are moving towards a balanced market state, where Buyers have choices and Sellers need to ensure they are pricing their properties accurately.”

“A licensed REALTOR®’s market knowledge and insight are crucial to both buyers and sellers, especially in today’s changing housing market. Sellers will want to consult their REALTOR® on the best time and price to put their property on the market while also optimizing its days on market. Buyers may use the extra time to collaborate with their Realtor® on diligence, as well as finding a dream house that meets their needs within their financial constraints.”

In addition to helping find rentals, REALTORS® also screen potential tenants. OREB Members have assisted clients with renting 4,172 properties since the beginning of this year–a 29% increase over last year’s numbers.

In the second quarter of this year, there were fewer home buyers and sellers in the British Columbia housing market than there were in July.

Metro Vancouver’s housing market is experiencing a more subdued summer season, with reduced sale and listing activity.

In August 2022, the Real Estate Board of Greater Vancouver (REBGV) stated that residential property sales in the region totaled 1,870 in August, a 40.7% decrease from the 3,152 sales noted in August 2021 and a 0.9% decrease from the 1,887 properties sold in July 2022.

“With inflationary pressure and interest rates on the rise, home buyer and seller activity fell below our long-term seasonal norms this summer. Over the previous four months, prices have declined as a result of this change in market conditions. ”

In August 2022, there were 3,328 detached, attached, and apartment properties newly listed on the Multiple Listing Service® (MLS®) in Metro Vancouver. This is a 17.5% decrease compared to the 4,032 homes put up for sale in August 2021 and a 16% drop compared to July 2022 when 3,960 houses were marketed.

The MLS® system in the region of Metro Vancouver currently has 9,662 properties for sale, a 7.3% increase compared to August 2021 (9,005) and a 6.1% decrease compared to July 2022 (10,288).

“Homebuyers and sellers are spending more time thinking about the impact this changing environment will have on their housing requirements,” said Lis. “Preparation is critical in today’s climate. Assess what current home prices, financing alternatives, and other criteria mean for you with your Realtor.”

The sales-to-active listings ratio for all property types was 19.4% in August 2022. The ratio is 12.2% for detached homes, 25.3 percent for townhomes, and 24.8 percent for apartments, according to analysts . When the percentage drops below 12 over a lengthy period of time, home prices tend to be depressed; when it exceeds 20 percent over several months, home values generally rise.

The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1,180,500. This represents a 7.4% increase over August 2021 and a 2.2% decrease from July 2022.

In August 2022, the sales of detached homes reached 517; this number is 45.3% lower than the 945 detached sales recorded in August 2021. Additionally, the benchmark price for a detached home is $1,954,100; note that this figure represents a 7.9% increase from August 2021 but also a 2.3% decrease when compared to July 2022’s numbers.

In August 2022, sales of apartment residences fell to 998, a 38.8% reduction from the 1,631 sales in August 2021. The average price for an apartment home is $740,100. This indicates an 8.7% increase over August 2021 and a 0.9% reduction compared to July 2022.

In August 2022, 355 attached home sales were recorded, a 38.4% decrease from the 576 transactions in August 2021. The typical price of an attached property is $1,069,100. This represents a 12.7% increase from August 2021 and a 2.5% decline compared to July 2022 .

With fewer new listings in August, Alberta’s supply levels ease.

The City of Calgary’s month-over-month sales activity was comparable to last year’s strong levels, and significantly exceed long-term trends for the month. While sales have remained relatively robust, there has been a movement towards cheaper alternatives as the year-over-year reduction in detached sales was just about matched by increases for multi-family product types.

CREB® Chief Economist Ann-Marie Lurie stated that although higher lending rates have decreased activity in the detached market, homebuyers are still choosing more affordable options. This is keeping sales activity steady compared to other large cities where sales have drastically pulled back.” New listings continue to trend down while supply remains unchanged.

Despite year-over-year increases in new listings, the gap between new listings and sales narrowed this month compared to the previous three months. This resulted in total inventory decreasing and preventing any substantial shift in supplies. August’s months of supply remained at roughly two months, not as tight as earlier in the year but still below normal levels seen this time of year.

For the third month consecutively, benchmark prices have slowly decreased to $531,800. While this reduction indicates changing market conditions, it is crucial to remember that any progress made earlier has not vanished–prices are still over 11% better than they were last year.

The number of new home listings to purchasers in the Toronto region was down by 13 per cent year-over-year. This indicates that sellers are being more selective about who they sell to and is a sign of market conditions improving. The good news is that sales have continued to grow, albeit at a slower pace than they were earlier in the year. While the recent drops haven’t offset the strong increases reported throughout 2018, things are changing in this sector of the market. At the same time, we’ve witnessed supply increase in higher-priced homes, which is aiding healthier balance.

The higher demand from buyers has caused prices to trend downward in recent months, though with a benchmark price of $633,000, levels are still over 13% higher than last year.

Semi-Detached – There was a large decline in new listings relative to a slight decrease in sales for semi-detached properties this month. This caused the sales-to-new-listings ratio to rise above 80% for the first time since April, while total inventory decreased compared with levels seen during the previous several months and last year. Price ranges, in particular lower price ranges, continue to exhibit varied market conditions, much like the detached sector.

Although prices this month went down compared to May, they are still over 10% higher than they were last year. The benchmark price is now $569,300. (Source)

Despite sales trends indicating a decline from previous years, the row-home market is still healthy and year-to-date totals are around 50% greater than last year. At the same time, this month saw a significant drop in new listings, resulting in decreased inventory levels. This prevented any big changes to the months of supply, which remained under two months for the fourth consecutive month.

The housing market is continuing to be fairly stable, despite the fact that market conditions are still tough. Overall, the benchmark price for row houses in August was 14% higher than those recorded last year.

The appeal of the condominium market has increased with the national economy, and Apartment Condominium – Sales activity improved in August, contributing to year-to-date sales of 4,576 units, which is a 65% increase over last year. Some of this growth was aided by an increase in supply within this sector. The recent rise in volume relative to new listings has narrowed the gap in supply.

Despite the fact that circumstances have changed in recent months, rental prices continue to be relatively stable when compared to July, but they are more than 10% higher than last year’s rates. Despite the present increases in costs, apartment condominium sales remain well below peak values reached in 2014.

Exploring Some of Canada’s Greenest Cities

Monitoring our carbon footprints is more important now than ever before. As we develop new technologies, learn about greener solutions to past ways of life, and become more aware of the impact our actions have on the planet, more and more people are looking for cities that align with their personal green goals.

GreenScore, a non-profit foundation dedicated to “economic and environmental harmony,” uses their GreenScore City Index to rank cities across Canada based on their environmental footprint. They use more than 20 indicators ranging from city size and recycling percentage, to domestic water usage and natural land percentage. They also use data collected from Environment and Climate Change Canada, Statistics Canada, the Federation of Canadian Municipalities, and individual participation from cities across the country. While there’s no overall target score to reach—it all depends on the size of the city and the measured categories—a higher score is deemed better. The highest-ranking city is at 190…but you’ll have to keep reading to find out which one it is!

We’re going to take a look at the top city in the small, medium, and large categories as well as the number one city in each participating province. Size is based on population density, square kilometres, population growth pressure, and other determining factors. They’re broken out into size categories because smaller cities will automatically have eco-footprints just based on scale, so this way the scores are better represented and contextualized.

Small city: Victoria, British Columbia

Victoria, British Columbia, landed the top spot in the “small city” category with an overall score of 180. The capital of British Columbia, with a population of almost 92,000 people scores well in areas like biking, walking, and transit capabilities for commuting to work, as well as parkland area.

It’s no surprise Victoria scored high in parkland when you consider the outdoor adventures that await in the city. Victoria has also been named the most bike-friendly city in Canada, making it the perfect spot for those whose ideal days are spent pedaling through the downtown core and catching stunning ocean views.

If you’re looking to live in the area, the Victoria housing market remains hot, but is becoming more favourable for buyers..

“The real estate market in Greater Victoria is returning to a steadier pace following the strange two years we experienced over the course of the pandemic,” said Karen Dinnie-Smyth, 2022 President of the Victoria Real Estate Board. “While inventory is still below historical levels for a spring market, it’s now within our pre-pandemic five-year average, which is good news for buyers.”

Medium city: Burlington, Ontario

Less than 60 kilometres from Toronto, Ontario, is Burlington, a city that shares its boundaries with the Niagara Escarpment, a UNESCO-designated World Biosphere Reserve. Burlington maxes out the wilderness area category on the scorecard, which should be of no surprise considering the city is located right between the Escarpment and Lake Ontario. It also scored high in recycling diversion rate and biological temperature zone, which measures how biologically friendly the city’s temperature is year round.

In March 2019, Burlington was named the Best Community in Canada and Best Place to Raise a Family by Maclean’s magazine due to its housing options, hiking trails, proximity to Toronto, low crime rates, and more. Those looking to buy in Burlington have seen some encouraging news lately, despite sale prices still being above the national average. As inventory returns, prices appear to be dropping.

“In May, the residential average sale price dipped marginally from the previous month to $995,408, just below the million dollar mark, for the first time this year after holding steady since January 2022,” says REALTORS® Association of Hamilton-Burlington President Lou Piriano. “However, as increased inventory comes to the market, buyers have more selection, which may also lend to further negotiation power.”

Large city: Vancouver, British Columbia

Yes, we’re headed back to the west coast! With a score of 190, Vancouver ranks the highest among cities measured by GreenScore, regardless of size. It scored a two out of 12 in climate susceptibility—the lower the better—which uses the Actuaries Climate Index™ to observe “changes in extreme weather and sea-level changes in coastal cities.” Vancouver also scored well in population impact, recycling diversion rate, and parkland area.

If you’re in Vancouver either on vacation or as a resident, there’s no shortage of adventures for you to have. Whether your scene is outdoors in the wilderness or exploring arts and culture, there’s something for everyone in Van City!

Similar to Victoria, Vancouver is seeing the market shift towards favouring buyers, allowing them to take a bit more time when making a decision.

“Home buyers have been operating in a frenzied environment for much of the past two years. This spring is providing a calmer environment, with fewer multiple-offer situations, which is allowing buyers to explore their housing options, understand the changing mortgage market, and do their due diligence,” says Daniel John, Chair of the Real Estate Board of Greater Vancouver.

Greenest cities by province

Though Ontario and British Columbia are home to the greenest cities in the country, this doesn’t mean other provinces don’t have high-scorers of their own. Keep in mind, not every province and territory is measured by GreenScore due to lack of data or participation, but that doesn’t take away from how well these cities are doing!

Edmonton, Alberta

Edmonton falls into the large city category and scores a 159 in comparison to Vancouver’s 190. Its best measured categories are being able to travel to work by bus, bike, or walking, parkland area, and greenhouse gas emissions.

Saskatoon, Saskatchewan

Saskatoon is considered a medium city, with a population of approximately 266,000. Its score of 137 is somewhat low in comparison to Burlington’s 180, however Saskatoon scores well in being able to travel to work by bus, bike, or walking, population growth pressure—it scores a two out of 19, with lower being better—and wilderness area.

Winnipeg, Manitoba

Considered a large city, Winnipeg sees its best scores in number of parks, parkland area, renewable electrical capacity, and availability of green initiatives on the city’s website. It also scores decently well in population growth pressure.

Montreal, Quebec

Quite a few cities in Quebec are measured by GreenScore, including Gatineau, Trois-Rivieres, Laval, Sherbrooke, and Longueuil, but Montreal tops them all. Also designated as a large city, Montreal has a perfect score when it comes to clean electrical capacity, and also scores well in domestic water usage, greenhouse gas emissions, and population impact.

Halifax, Nova Scotia

Halifax is the top-scoring east coast city across all sized categories. It scores best in housing demographics—a one out of 19, where lower is better—park count, solid waste tonnage, and climate susceptibility.

St. John’s, Newfoundland and Labrador

St. John’s has the lowest possible scores—in the best possible way—for greenhouse gas emissions and air pollution emissions. They also score well for organic and solid waste tonnage, clean electrical capacity, and wilderness area.

Moncton, New Brunswick

Moncton’s best features, according to the GreenScore City Index, start with domestic water usage. They also score well in how much of the workforce commutes outside the city, with a low amount of the population doing so, which eliminates heavy traffic and poor air quality. Moncton’s parkland area earns a perfect score, and their green initiatives are readily available online.

As we start to learn more about the impact we have on the environment, many people are taking sustainability into account when choosing where to live. GreenScore’s City Index gives us a glimpse at how cities can be better friends to the environment and what ultimately can help make a difference.

Though these rankings serve as a great guide for which cities in Canada are leading the way when it comes to green initiatives, there are so many more working diligently to help leave our planet a better place.

Bank of Canada hikes benchmark interest rate again, to 3.25%

The Bank of Canada today increased its target for the overnight rate to 3¼%, with the Bank Rate at 3½% and the deposit rate at 3¼%. The Bank is also continuing its policy of quantitative tightening.

The global and Canadian economies are evolving broadly in line with the Bank’s July projection. The effects of COVID-19 outbreaks, ongoing supply disruptions, and the war in Ukraine continue to dampen growth and boost prices.

Global inflation remains high and measures of core inflation are moving up in most countries. In response, central banks around the world continue to tighten monetary policy. Economic activity in the United States has moderated, although the US labour market remains tight. China is facing ongoing challenges from COVID shutdowns. Commodity prices have been volatile: oil, wheat and lumber prices have moderated while natural gas prices have risen.

In Canada, CPI inflation eased in July to 7.6% from 8.1% because of a drop in gasoline prices.  However, inflation excluding gasoline increased and data indicate a further broadening of price pressures, particularly in services. The Bank’s core measures of inflation continued to move up, ranging from 5% to 5.5% in July. Surveys suggest that short-term inflation expectations remain high. The longer this continues, the greater the risk that elevated inflation becomes entrenched.

The Canadian economy continues to operate in excess demand and labour markets remain tight. Canada’s GDP grew by 3.3% in the second quarter. While this was somewhat weaker than the Bank had projected, indicators of domestic demand were very strong – consumption grew by about 9½% and business investment was up by close to 12%. With higher mortgage rates, the housing market is pulling back as anticipated, following unsustainable growth during the pandemic. The Bank continues to expect the economy to moderate in the second half of this year, as global demand weakens and tighter monetary policy here in Canada begins to bring demand more in line with supply.

Given the outlook for inflation, the Governing Council still judges that the policy interest rate will need to rise further. Quantitative tightening is complementing increases in the policy rate. As the effects of tighter monetary policy work through the economy, we will be assessing how much higher interest rates need to go to return inflation to target. The Governing Council remains resolute in its commitment to price stability and will continue to take action as required to achieve the 2% inflation target.

Information note

The next scheduled date for announcing the overnight rate target is October 26, 2022. The Bank will publish its next full outlook for the economy and inflation, including risks to the projection, in the MPR at the same time.


TD Bank Mortgage Rates Brampton September 2022

TD Bank is one of the biggest institutions within Canada by market capitalization and assets and is regarded as one of Canada’s top six banks. This is what makes TD an exemplary bank in Canadian Chartered Banks. TD operates across Canada as well as across all of the East Coast of the United States as well as an international presence. As of July 20, 2021, TD Bank is the third largest corporation within Canada and its total market value exceeding 150 billion dollars. In actuality, TD Bank is the 12th largest bank in the world, and one of the top 10 banks within the USA. TD offers a broad range of services for its vast customer base, which includes commercial banking, retail banking capital market services and insurance. With more than 1200 branches with 89,000 staff, TD serves over 9 million customers.

TD Mortages Rates
An Annual Percentage Ratio (APR) is calculated based on a $300,000 mortgage 25-year amortization, over the term in effect, taking into account monthly payments and a fee to calculate the value of the property at $300. If there aren’t any fees or charges, the APR and percentage of the interest are identical. APR is rounded up to the nearest three decimal place.

Brampton Mortgage Options

Brampton Fixed-Rate Mortgages

Secure yourself knowing that the interest rate you pay won’t rise during the time period you choose.

Fixed rate mortgages provide security, and along in turn security. After you’ve chosen your period, you’ll be able to rest assured that your interest rate won’t fluctuate for the time period you choose.

You can select the length of 6 months 1, 2 3, 4, 5 6, 7, or 10 years.

Payment Options:

Regular payments are able to be increased 100 percent over the course of the contract at no cost every calendar year.
You can prepay at least 15% of the principal amount of your mortgage at least once per year, at no cost.

TD Bank Variable Mortgage Rates in Brampton

The TD Bank variable rate mortgage offers fixed monthly installments over the duration of your mortgage but the interest rate is subject to fluctuation depending on changes to the TD Bank’s main rate. If TD’s prime rate moves lower the amount you pay will go to interest while a greater portion of it will be put towards the payment of the principal. If the rate at which TD’s prime rate is higher and your monthly payment increases, more will be directed towards interest and less towards your principal mortgage. This is a good investment tool for people who expect that interest rates within Canada to decrease in the coming years. Another option is a convertible mortgage. This is an fixed rate or variable mortgage that permits the possibility of converting to an interest-only mortgage anytime.

TD Variable Rates

How do I consider comparing interest rates on mortgages?

Making a decision on to take out a mortgage is an important financial decision because it requires borrowing a substantial quantity of funds. The interest rate on mortgages can be one of many variables which affect the total amount you be required to pay in the course of the amortization time. This means that you can save money by locating the lowest interest rate. Alongside the rate of your mortgage it is also important to compare the conditions and terms of each mortgage to ensure that you find the best one for your needs.

How much could I save by comparison of mortgage interest rates in Brampton, Canada?

Due to the large amount of money loaned under a mortgage even the slightest change in the interest rate of a mortgage could result in you saving money throughout the mortgage term, or even more in the course of an amortization time. Although the rate of your mortgage is an important aspect to consider but you should make sure you look over the terms and conditions of every kind of mortgage to be sure you pick the appropriate one for your needs.

What’s the main difference between a fixed and variable interest rate in TD?

Fixed interest rates is your rate of interest, in addition to the principal and interest payment will remain exactly the same throughout the mortgage time. With a variable rate your interest rate could fluctuate depending on changes in the T.D. Mortgage Prim Rate. Although your monthly payments will stay the same, the amount from each payment which will go towards principal and interest may differ. It is important to take a close review of the distinctions between variable and fixed interest rates before making the decision.

Living in Brampton Ontario: 7 Things to Know Before You Move

Brampton has many things to offer. You are in luck! You’re in luck!

You can gaze in wonder at the Great War Flying Museum or see migratory birds fly in the Claireville Conservation Area. The Heart Lake Conservation Area is a popular spot for summer cooling. It offers a variety of water-based outdoor activities such as canoeing, boating, fishing, and boating.

We encourage you to continue scrolling for more information, but we also recommend that you visit Brampton’s website.

Explore Brampton

Brampton has many fun activities. Continue scrolling, or jump to the section you are interested in.

Food & Drink

Brampton is home to a wide variety of delicious and varied food thanks to its diverse population. You can try Canada’s famous poutine or dive into Brampton’s vast Indian cuisine. This is just the tip.

Outdoor Adventures

Brampton has a lot to offer in the way of outdoor activities. You can camp out in Claireville Conservation Area to listen to the song of local birds like the red-winged and northern orioles. You can enjoy a romantic afternoon looking out at the Heart Lake Conservation Area’s actual heart-shaped lake. Or, you can learn about Anishnawbe Nation tradition in its Medicine Wheel Garden. You can also fish here. Are you more of a thrill-seeker? Go treetop trekking and kayaking. You can take your children to the Eldorado Park for a picnic or explore the many activities in Gage Park. This park is the oldest in Brampton.

Museums & Heritage Sites

Visit Brampton during Doors Open Brampton to get to know the city. Several of Brampton’s most iconic landmarks will be open to the public for the event. The Rose is a famous performing arts venue in downtown Brampton. You can also visit 19th-century mansions such as the Bovaird House and Alderlea Mansion. To explore Brampton’s heart, visitors can join the Brampton Downtown Heritage Walk and learn more about the mysterious underground vaults and Vaudeville theaters. Railway enthusiasts will enjoy the restoration of the Canadian Pacific Railway station (CPR), which transported millions of flowers via rail. It is now a popular community centre in Brampton. Brampton’s Floral Tours are a great option for gardeners and horticulturalists. You can also keep warm in the Chinguacousy Greenhouse, or see the 1,000,000 flowers that bloom in spring.

Leisure & Sports

Brampton is home to a vibrant sports scene that will please all sports lovers. Brampton Excelsiors is the city’s senior “A” box hockey team. They play at the CAA Centre, which was formerly the Powerade Centre. Brampton also has multiple sporting venues such as the Gage Park outdoor skating trail and multi-seasonal activities at Chinguacousy Park. Brampton hosts the Brampton Canadettes Easter Tournament. This tournament is a global event that brings together teams from all over the world, including those from Canada, England, Switzerland and Japan.

Arts & Cultural Experiences

Brampton is well-known for its public art installations and exhibitions. There are more than 30 pieces of public art scattered around the city. The Artway Gallery is the main gallery space for Visual Arts Brampton. It features the best of Brampton’s contemporary local art. Visitors can stop by the Beaux Arts Gallery to see local Brampton artists. Carabram is Brampton’s annual multi-cultural festival. Visitors can visit booths located at various locations throughout the city to see Brampton’s many cultures.

7 Common Home-Selling Mistakes (And How to Avoid Them)

Making the wrong decisions in selling your house could hinder buyers from buying and keep you awake in the late at night. However, it doesn’t have to be that way.

Selling your home isn’t easy however, avoiding the home seller’s mistakes is possible if you are aware of what you can expect. You’ve done a fantastic job of saving up for your first home and making mortgage payments and now you’re getting ready to sell your first house.

In order to make sure your home sale hassle-free and place you in the best place to purchase your next home (the ultimate aim) Here are some basic, yet crucial strategies to help you to follow.

Are you looking to avoid the most common errors of home sellers so you’re with a win? Great! These suggestions are extremely doable and can have a huge impact on your life.

TIP 1: Don’t get caught up In Your Feelings Prior to Selling Your Home

If you are selling your home Take a note of Elsa from “Frozen” as well as “let your house sell.”

It’s easy to be caught up in your thoughts about moving away from the home that has provided you with many memories of happiness over the last few years, but you have to consider your home from the perspective of a prospective buyer who has their own personal life, goals and personal preferences. Your home means something completely different to the buyer than it does to you.

Don’t hinder your sale by holding onto the features of your home which could cause it to be less saleable. This is among the most costly mistakes when selling a home.

A mural that celebrates your love for all things “Game of Thrones” could put off a potential buyer. I’m just saying.

It’s crucial to walk through your home with an open mind and look for any decor designs, styles, features, and art work – anything that reveals your individual style. Then put it together in a way that appeals to all potential buyers feasible. An experienced real estate agent can be capable of setting the stage for success in this market.

Let’s get to the real stuff.

Take away photos of your family. It may seem absurd but the truth is that family photos can make it difficult for home buyers to imagine their lives in the house.

Take any advice (and critiques) by your realtor on the way your house appears to potential buyers and ways you can improve it.

Do not retaliate on the most hurtful things. Remember that your agent’s goal is to earn money by helping you earn money and they’re trained to accomplish this.

Don’t take it personal. It’s an important business transaction.

It’s not easy to leave your house and remove yourself from it however, at the end all, the house is an actual house. We know that it’s more than a home; it’s also filled with memories as well. But, you’ll take those with when you leave.

Tip 2. Think twice about for Sale by the Owner (FSBO)

There’s a chance you’ll be able to get FSBO however, very only a few home owners are equipped with the real estate expertise and understanding of the financial aspects of selling homes and trends to market their properties.

You might be an exception and could show some real estate skills however, is it worth the risk?

Many people who list their personal houses and serve as their own agents are doing it in order to avoid paying commissions to agents However, be cautious. Homes advertised by real estate brokers typically sell faster and for more value than comparable homes that are sold by the owner.

Selling a house through FSBO is a full-time, second job. If you decide to go this route it is essential to keep a few things in your mind.

Plan time to do some thorough study. If you’re not familiar with the market, you’ll have to do some task to do to market your home for sale at a fair price, not too high , but not too low.

Selling your house can be a challenge for the most part. There are numerous aspects to pull off a successful display and you’ll want to do perfect the first go.

It’s picking up some really sketchy sounds

In other words is it possible to advertise your house as a pro? Real estate professionals who are good are a great source of information. Are you able to demonstrate the knowledge and time to add networking and marketing to your list of things to do? If so you should consider a time management self-help manual in the near future.

Listing your house on the market with unprofessional images can turn away a lot of potential prospective buyers. Even if you’re not able to afford the money to pay a professional estate photographer, your property might end up generating more LOLs than excitement when potential buyers go online to look it up.


If you choose to go with the FSBO option, ask a trusted person to see if the listing you are selling is appealing. You might be far from your house to evaluate things from a distance.

TIP 3: Grab the Bag but don’t Be a snob when pricing your Home

It’s possible that this isn’t the best idea However, the more honest you are in estimating the value of your house for sale when you decide to sell, the greater amount of cash you’ll receive sooner.

The reason is that houses with high prices are more likely to remain up for a lengthy period of time.

It’s not just that it delays the process of selling your house until you’re forced to lower the price down however, it may also create your home a bad reputation as prospective buyers notice that it’s on the market longer than similar homes.

It is possible that they will be wondering if the home needs repairs or if the house is haunted which could lead to them haunting your house.

Pricing it correctly: appraisals and comps

Similar houses (aka Comps) are the most effective way to arrive at an amount that people would actually be willing to pay for your home. Comps are essentially houses that are similar like yours , and have recently been sold.

If you don’t see any similar homes that sold in the past 3 to 6 months, think about making an appraisal. An appraisal is when a professional arrives and examines every single aspect of your home in order to determine what it’s worth.

Determine the price to be offered by using one of the above techniques. If you employ an agent from a real estate agency to manage it, follow their suggestions on pricing your house – regardless of whether you agree or not.

Do not ask for a price which is based on the amount you’d like to make or what you believe your house is worth. If a reasonable price would hinder you from earning a profit you might want to consider staying there until you’ve paid back the mortgage or, if you’re able to you could let it go.

Be fair and honest when negotiating. Giving and taking is aspect of negotiation. Let’s say that your seller is concerned about closing expenses. Maybe you can assist them in covering the cost in the knowledge that you will not be as flexible when it comes to adjusting the price.

TIP 4: Never Cover Up Anything in the event of selling a home with Problems

When you’re selling your house You’ll need to record all the things you can see that are not right with your home in the seller’s disclosure.

Without Cap Say the truth (and absolutely nothing else) about the condition of your home

Do not be shy.

Honesty now reduces the chance of delays in sales (or perhaps lawsuits) later on.

If you’re using an agent in real estate (or you’re friends with an inspector for your home who can perform this service for you at no cost) take a brief tour with them. They’ll probably be able identify other problems you weren’t aware of.

Whatever the issue regardless of whether it’s a huge, terrifying one for buyers of homes include it in the disclosure. Your agent will be able to help you make adjustments to the price you offer so that the issue is less of a barrier to buyers.

Apart from being morally untrustworthy Not telling potential buyers about previous water leaks, fires, foundation repairs, and other damages could affect the value of your home.

If a home inspection requested by a potential buyer exposes the issues up the buyer may opt to back out of the purchase that they are entitled to do during the due diligence period.

Tips 5: Maintain Your House at a Glance until It’s Ready for its Closeup

Improve the appearance of your home than ever. One of the most common home selling mistakes is failing to prepare for open houses. It’s easy to make a poor first impression.

A home that’s properly designed will be more comfortable. Let’s face it the effect is just different.

When you see a mucky lawn and spider webs in the entranceway, and a damaged front doorknob, how would you consider? Home buyers are no different.

Put your best foot forward. You’re aware of the house that is for sale on the street could be.

Do all the minor repairs you might have put off. Cabinet drawers that are sticky, leaky faucets, damaged drainage … Get rid of all of it or be prepared for trouble when you make an offer.

If you’re in need of assistance to handle everything, go ahead. However, if you’d like to take your financial security seriously make sure you consult your realtor to confirm that it’s worth paying for before hiring someone else to handle it.

After you have fixed the issue Keep them running and tidy.

Vacuum, sweep and sweep often. Do not forget about the windows, too. It’s not an easy task to wash, but don’t forget about the tracks that windows are on and clean up all that gunk out. We don’t know the cause but it’s got to go!

TIP 6: Never Guess What to Fix when Selling the house

A carefully planned, cost-effective renovations will cover the cost by improving the selling worth of your home for example, replacing old appliances with brand new stainless steel ones.

Don’t start with a project simply because you think everything new is great.

Certain renovations won’t raise your selling price enough for you to pay the cost even if they would appear great in a magazine.

If your renovation isn’t impressive, when compared against the other house or other houses within the area it is likely that you won’t get the value you put into it.

Also, be sure to beware of renovations that do not follow current trends or are unusual and unorthodox. Be consistent but not enough to draw the largest number of potential buyers to your home.


Buyers pay attention to bathrooms and kitchens. Sellers who are smart should begin there when they are considering making upgrades.

Tip 7: Beware Not to be Excited by the Cost to Sell Your House

Making preparations to sell your home and paying closing costs could cut into the expected profits.

It’s exciting to research what your home might be value when you’re ready sell it. If the real estate agent you use offers it for sale at a price that is even more than that the experience can be thrilling.

However, you’ll have to cover closing expenses (including that of your buyer in the event that they’ve agreed to this). If you’re not selling your home by yourself, the commissions paid to agents will eat up the money you earn by selling your house.

The cost of these costs alone could result in thousands – even tens of thousands of dollars.

Before you put your house on the market ensure that you’re ready for the reality of the money you’ll earn through the selling of your home after these expenses have been factored into. This will help inform the decisions you make regarding selling your home moving forward.

Consider it as follows: If you make less than the amount you have to pay on your mortgage, it might not be worth selling your house now, even if you don’t need to. If you’re making a an income that’s healthy what does it impact the look for your next house?

Congratulations! You’re a champion home seller right now.

Did the tips you read help? We’d like to believe that it did! The key is not to be a victim to anything. Consider frequent mistakes that you may make far ahead of time, and inquire with your real estate agent (or Google) how to most effectively avoid them.

Mississauga Location

268 Derry Rd W Unit 101, Mississauga, ON L5W 0H6

Brampton Location

2 County Court Blvd #150, Brampton, ON, L6W 3W8

Halton Hills Location

23 Mountainview Rd S, Georgetown, ON L7G 4J8