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Early-Q1 2024 avg home price: $1,065,800 – Stress test rate: 7.71% – Mortgage rate: 5.71%

Budget allocates millions to support Toronto renters. Emphasis on renters contrasts previous homeowner-focused policies.

Monthly payments become more manageable for young Canadians aiming for homeownership. Some advocate for broader eligibility, expressing concerns about effectiveness in high-priced markets.The industry expects a significant impact, potentially spurring more construction and aiding rental market relief.

$1M gets 2.8 bedrooms, 1.9 baths, 1,218 sq ft in Toronto, less than GTA or national averages.At $2M, expect 4.0 bedrooms, 2.9 bathrooms, 2,940 sq. ft.

Homebuyers are facing changes in agent commissions due to a Realtor settlement. They need to shop for suitable agents, consider limited services or 'a la carte' options, and negotiate for reduced agent fees to navigate the new process effectively. Continue to full article

Deadline: Declarations due by February 29th; unoccupied homes over six months face 3% tax.Declaration Process: Submit online with property details; drop-in sessions also available for assistance.

Prospective renters in Toronto should be cautious when renting online, as two individuals shared their experiences of being scammed out of rental properties. They found listings on Rentals.ca, pre-paid rent, but never received keys or found someone else living in the unit. The platform now verifies landlords to prevent fraud. Continue to full article

While rental demand completely outpaced supply in Toronto last year, there may be some relief for rent prices on the horizon this year. Despite the price growth that’s expected in 2024, Toronto saw rents declining in January for both 1 and 2-bedroom options.

When buying a home, successful negotiation depends on understanding market value, finances, and inspection results. Tips include researching market value, knowing finances, and using a home inspection. Negotiate for price, repairs, warranties, closing costs, and other terms. Consider walking away if terms are unacceptable. Continue to full article