Deepak Gupta's blog

The Canadian mortgage market is set to undergo significant changes following new proposals announced by the Liberal government. These adjustments aim to make homeownership more accessible, particularly for first-time buyers and those interested in new builds.

One of the key changes is the extension of the mortgage amortization period to 30 years for insured mortgages, up from the current 25-year period.

This longer repayment option will be available to first-time homebuyers and individuals purchasing newly constructed properties, helping to lower monthly mortgage payments, though it may...

Market Overview

In August 2024, home sales in the Greater Toronto Area (GTA) experienced a year-over-year decline, with 4,975 homes sold, down by 5.3% compared to 5,251 sales in August 2023. Meanwhile, new listings saw a modest increase of 1.5%, reaching 12,547. Despite the market being well-supplied, buyers were still hesitant, resulting in a slight decrease in overall sales compared to the previous year. However, on a seasonally adjusted basis, sales showed a small improvement over July 2024, while new listings dipped slightly.

The recent rate cut by the Bank of Canada, announced on...

Market Overview

July 2024 Home Sales in the Greater Toronto Area: A Positive Trend Amidst Evolving Market Conditions

In July 2024, the Greater Toronto Area (GTA) witnessed a rise in home sales compared to the same period last year. While the increase in sales signals growing buyer confidence, the market continued to offer a wider range of choices, thanks to a substantial increase in new listings. This greater supply of homes provided buyers with more options and slight relief in selling prices, making the GTA housing market more accessible.

TRREB official noted the positive trend,...

Deciding what to do with your house when you're planning to move can be challenging. Should you sell it and use the funds for your next venture, or keep it as a rental property to build long-term wealth?

Many homeowners grapple with this question, and the answer isn't always clear-cut. Whether you're attracted to the potential income from renting or concerned about the responsibilities of being a landlord, there’s a lot to think about.

Here are some key questions to help you make the best decision for your situation.

Is Your House Suitable for Renting?

Even if you're considering becoming...

Market Overview

Home sales in the Greater Toronto Area (GTA) experienced a decline in June 2024 compared to the same month last year, according to the Toronto Regional Real Estate Board (TRREB). Despite the Bank of Canada's rate cut earlier in the month, many potential buyers hesitated to make purchase decisions, resulting in a well-supplied market. This led to a slight dip in the average selling price.

"The Bank of Canada’s recent rate cut offered some initial relief to homeowners and prospective buyers. However, the sales data for June suggests that significant home buying activity will...

May Home Sales Reflect Market Challenges and Opportunities

In May, home sales remained at subdued levels, particularly when compared to the brief surge in market activity witnessed last spring. Home buyers are still holding off, hoping for relief in mortgage rates, while existing homeowners anticipate an increase in demand. This expectation is evident in the year-over-year rise in new listings, providing buyers with more options and greater negotiating power on prices.

According to the President of the Toronto Regional Real Estate Board (TRREB), "Recent polling from Ipsos indicates that...

Avoiding Common Homebuying Mistakes in Today’s Market

Navigating the homebuying process can be challenging, especially in today’s dynamic market with higher mortgage rates, rising prices, and limited housing inventory. To help you make informed decisions and avoid common pitfalls, here are some key strategies to consider:

Lean on Expert Advice

In today’s competitive market, leveraging the expertise of a real estate agent is crucial. An experienced agent offers invaluable insights and guidance, helping you navigate the complexities of buying a home and avoid common mistakes.

Get...

April 2024 Home Sales: A Detailed Analysis

In April 2024, home sales experienced a decline compared to the same month last year, which had seen a temporary boost in market activity. However, new listings saw a significant increase year-over-year, offering buyers more options and keeping the average selling price relatively stable.

Market Overview

Greater Toronto Area (GTA) REALTORS® recorded 7,114 sales via the Toronto Regional Real Estate Board (TRREB) MLS® System in April 2024, marking a five percent decrease from April 2023. Meanwhile, new listings surged by 47.2 percent over the same...