CREA holds annual PAC Days conference where realtors advocate for housing crisis solutions
This week, as part of its Political Action Committee (PAC) Days, the Canadian Real Estate Association (CREA) is hosting realtors from across Canada to meet with their local Members of Parliament to advocate for critical housing policies encouraging access to housing for all Canadians. CREA notes that as realtors are experts on market conditions and consumer interests, they’re well-positioned to contribute to discussions around housing policy. Much work still to be done Though CREA has been working to encourage federal initiatives that address the ongoing housing supply crisis, the organization notes there’s still much work to be done with all levels of government and key stakeholders. “It’s essential we strive together to advance effective policies that foster increased housing supply while ensuring affordability and accessibility for Canadians across the entire housing continuum,” says Janice Myers, CREA CEO. This year’s housing policy & solution ideas With housing demand increasing along with the country’s population, yet inventory and new construction not keeping pace, realtors are advocating for innovative solutions and policies to increase housing supply, such as emergency shelter and community housing, rental accommodation, homeownership and more. This year, specific ideas include: Stimulating supply across the housing continuum by embracing innovation through offsite construction technologies Establishing a permanent mechanism to collaborate and coordinate housing policy and development, such as a national housing secretariat Extending HST/GST relief for non-profit-built affordable ownership housing
Why Now is the Perfect Time to Buy or Sell in the GTA Housing Market
The Greater Toronto Area (GTA) housing market is constantly evolving, and whether you are a buyer or a seller, understanding the current landscape can help you make the right decisions. The latest statistics from August 2024 show a market poised for opportunity on both sides. Let’s dive into why now is the perfect time to act, whether you’re looking to buy or sell your home in the GTA. For Buyers: Lower Rates, More Options With the Bank of Canada announcing a rate cut on September 4, 2024, home affordability is starting to improve, especially for first-time buyers and those with variable rate mortgages. Mortgage rates have been a significant factor in recent housing trends, but as they begin to trend downward, the GTA housing market becomes more accessible. The average home price in August 2024 sits at $1,074,425, marking a 0.8% decrease compared to last year. This slight decline in prices presents a golden opportunity for buyers to enter the market at a more favorable rate. While detached homes have seen an 8.3% increase, condos and semi-detached homes have dropped by 2.6% and 3.9%, respectively, providing a range of options depending on your preferences and budget. Why Buyers Should Act Now: Mortgage rates are decreasing: Lower interest rates mean lower monthly payments, giving buyers more purchasing power. Wide range of inventory: With over 12,547 new listings available in August alone, buyers have more choices than ever before. More negotiating power: Average days on the market have increased to 28 days, offering buyers room to negotiate for better deals, especially with motivated sellers. Whether you’re a first-time homebuyer looking for a condo in downtown Toronto or seeking a family home in Vaughan or Richmond Hill, this is the perfect time to explore the market. For Sellers: Demand is Holding Strong If you’re thinking about selling your property, the market conditions remain in your favor. The total number of sales in August was 4,975, and while this represents a 5.3% decrease compared to last year, it’s important to note that demand is still strong, especially for detached homes, which continue to see price increases. With new listings slightly up by 1.5%, there’s still a solid influx of buyers actively searching for homes, despite the challenges in the broader economy. The current supply is ample, but it hasn’t saturated the market, ensuring that well-presented homes can still command a premium. Why Sellers Should Consider Listing Now: Detached homes are in high demand: Prices for detached homes have increased by 8.3%, making this a great time to sell if you own one. Steady buyer interest: There’s a consistent stream of buyers, particularly those taking advantage of lower mortgage rates, creating a favorable environment for sellers. Sell faster with professional assistance: Homes in the GTA are still selling in an average of 28 days, and with the right strategy and presentation, you could sell even faster and at top dollar. If you’re planning to upgrade, downsize, or relocate, listing your property now could maximize your return while taking advantage of the current demand. Why Work with Ali Bolourchi and His Team? Navigating the real estate market—whether buying or selling—can be complex, but it doesn’t have to be. As a seasoned real estate broker with extensive experience in residential, commercial, and investment properties across the GTA, Ali Bolourchi and his team offer personalized strategies to help you succeed in this dynamic market. What We Offer: Expert Guidance: With years of experience in both buyer and seller representation, our team ensures you make informed decisions at every step. Local Knowledge: We specialize in Toronto, Markham, Richmond Hill, Vaughan, and beyond, providing you with the most relevant insights on the local housing market. Pre-construction Opportunities: Looking for investment options? We have exclusive access to pre-construction projects in the GTA, Hamilton, and beyond, perfect for buyers seeking long-term gains. Whether you’re looking to sell your current home or are in the market for your next one, we provide full-service solutions to make the process as seamless as possible. Market Summary at a Glance: Average Home Price in the GTA: $1,074,425 Total New Listings (August 2024): 12,547 Average Days on Market: 28 Days Detached Home Price Growth: 8.3% Year-over-Year Price Change: -0.8% Final Thoughts The GTA housing market offers opportunities for both buyers and sellers right now. Whether you are a first-time buyer looking to take advantage of lower mortgage rates or a seller ready to list your property while demand is strong, the current market conditions are in your favor. For more information and personalized guidance tailored to your specific real estate needs, contact Ali Bolourchi and his team today.
TRREB awards 7 students with its Past President’s Scholarship
The Toronto Regional Real Estate Board (TRREB) and its member realtors are supporting high school students pursuing post-secondary education with the TRREB Past President’s Scholarship. Since the program’s 2007 inception, 73 students have received a total of $264,500 to put toward their futures. ‘TRREB member realtors are helping to open doors … empowering students to pursue their dreams’ To qualify, each student must write a compelling essay dealing with key issues in the real estate industry, and the winners can win one of two $5,000 first-place, $2,500 second-place, $2,000 third-place and $1,500 fourth-place prizes. “TRREB member realtors are helping to open doors beyond real estate. We’re empowering students to pursue their dreams with our Past President’s Scholarship. The longevity of this initiative is a testament to how the real estate industry truly cares about giving back and making a difference,” says TRREB president, Jennifer Pearce. Award-winning essays and their proposed industry solutions First place The first-place winners are Tejiri Inikori and Dev Katyal. Inikori’s essay addresses the challenges of housing affordability in the Greater Golden Horseshoe and the flexibility renting offers individuals and families. Inikori is heading to Queen’s University for its kinesiology program. Katyal’s essay proposes three solutions to tackle the housing affordability crisis: revisiting zoning, more purpose-built rentals and providing support for vulnerable households. This fall, Katyal will study computer science at the University of Waterloo. Second place In second place are Daniel Tan and Jaden da Silva. Tan’s essay explores what’s needed to accommodate our growing population. Tan is attending the University of Western Ontario for computer science and Ivey Business School in the fall. da Silva’s essay compares housing in Tokyo and Austria and how these regions address building more homes and affordability. da Silva will attend the University of Toronto and major in neuroscience and economics. Third place The third-place winners are Elisa Gabriele and Ethan Berger. Gabriele’s essay uncovers if the rental market is keeping up with the growing demand for housing. Gabriele will attend the University of Waterloo this fall for architectural engineering. Berger’s essay discusses government and its efforts to get more shovels in the ground. Berger will attend the University of Guelph to study animal science. Fourth place Yulia Senyuk took the fourth-place award. Senyuk’s essay highlights the rising cost of renting and the impact this is having on consumer debt. Senyuk enrolled in the Schulich School of Business at York University. Learn more about TRREB’s Past President’s Scholarship, including when to apply for the 2025 program.
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