By Popular Demand: Our New Podcast

Welcome to the Unnamed Real Estate Podcast

Based on feedback we’ve received from many of you after seeing more of our content on social media, we heard a consistent request for longer-form, more in-depth conversations about real estate and the local market.

In response, we’re excited to introduce our new video and audio podcast, where we take the time to explore market trends, development news, random thoughts, and practical insights that don’t always fit into a short post or reel.  This is a casual chat between Brad and Tony, that is meant to be an interesting and entertaining peek into our world of real estate - this isn’t going to be a statistics and listings kind of thing.

Our first episode is now live and available to watch on YouTube or listen on Spotify.  You’ll find the links included below, and we’d love for you to check it out and share your feedback!

Podcast Transcription Available Here

What the 2025 Federal Budget Means for Home Buyers and Sellers

The 2025 Federal Budget puts housing front and center with new initiatives aimed at tackling affordability and boosting supply across Canada.

GTA Real Estate Market Update 2025

What’s really happening in the Greater Toronto real estate market right now? Brad Macdonald from RE/MAX breaks down the Fall 2025 GTA housing market — including the latest price trends, interest rate effects, and what it all means for buyers, sellers, and investors across Markham, Vaughan, Richmond Hill, and the York Region area.

Insight: Rental Market Reform

Landlords and tenants can both agree that the current Residential Tenancies Act is a major barrier to an equitable and fair rental marketplace. The LTB is seen as a major headache for everyone involved, both prospective Landlords, Tenants and new homeowners. OREA has been proposing a report that outlines achievable updates and goals for a revised RTA, that truly encompasses the realities of today’s rental market.

The goal being to have a fair system that allows for more rental units to be available, with fair market pricing, tools to enable the removal of bad players from the system, and streamlining of the court system to reduce the unrelenting delays that are causing major financial harm.

OREA’s report is summarized below.

Creating Modern Legislation That Works

Ontario’s outdated Residential Tenancies Act, 2006 (RTA), no longer reflects the realities of today’s rental market. Modernization is essential to reducing tribunal backlogs, expanding rental supply, and creating fairer outcomes for both tenants and landlords.

Action-Ready

• Create a dedicated N12 process for buyers’ personal use to speed up timelines and reduce delays.

• Strengthen monitoring, enforcement, and penalties against bad-faith N12 evictions.

• Develop clear, accessible resources to educate both landlords and tenants on their rights and responsibilities under the RTA.

• Mandate the equal treatment of all individuals under the Condominium Act, 2016, to be inclusive of diverse families.

Long-Term

1. Review and modernize the RTA to reflect today’s rental market.

2. Reform rent control by implementing a phased-in approach to balance tenant protections with incentives for new rental supply.

2

Fixing the Broken Landlord and Tenant Board

Ontario’s Landlord and Tenant Board (LTB) is overwhelmed by backlogs and delays, eroding trust and discouraging new rental supply. Urgent reform is essential to restoring fairness, accessibility, and timely justice for both tenants and landlords.

Action-Ready

1. Move away from the current digital-first strategy and restore in-person hearings as the default.

2. Improve legal aid support for tenants.

3. Remove financial barriers for tenant maintenance complaints filed in good faith.

4. Establish a timely LTB application screening process to identify and remedy errors early.

Long-Term

1. Find new opportunities to support mediation services between landlords and tenants at the LTB.

2. Improve LTB adjudicator training, recruitment, and retention strategies.

3

Building a healthy and diverse housing supply

Ontario’s rental supply has fallen far behind demand, leaving families with too few affordable options. Tackling high costs, zoning barriers, and stalled purpose-built development is critical to ensure the market meets the needs of people in every stage of life.

Action-Ready

1. Reduce government-imposed costs on new rental projects.

2. Streamline the permit process for new construction.

3. Promote and help scale innovative approaches to affordable housing development.

4. Investigate legislative changes needed to provide rent-to-own programs in Ontario.

5. Provide tax incentives for small landlords who provide new rental units in rapidly growing markets.

6. Provide a rental renovation tax credit for smaller, independent landlords who invest in specific improvements to their rental properties while keeping monthly rent costs consistent.

Long-Term

1. End exclusionary zoning across Ontario.

2. Invest in building 99,000 community housing units over the next 10 years.

You can download OREA’s complete report here (PDF)

Market Update: Stability Returns, But Caution Remain

GTA Market Holding Steady Amid Shifting National Trends

As we head into the summer months, the Greater Toronto Area real estate market continues to demonstrate resilience, with new signs of balance emerging across several segments.

Inventory Levels Signal a Balanced Market

In Toronto, we are currently seeing approximately 4 months of inventory. This level is widely recognized as indicative of a balanced market, where conditions do not strongly favour either buyers or sellers.  This provides some welcome stability after the volatility of the past few years.  However, when we focus on the condo sector, months of inventory trend higher, as sales volumes continue to lag behind the freehold market. This segment may offer greater opportunities for buyers to negotiate or invest strategically.

National Numbers: A Mixed Bag

According to CREA, national home sales rose 3.6 percent from April to May, marking the first month-over-month increase since November 2024. While that is an encouraging sign of renewed buyer activity, it is important to view it in context:

• Sales remain down 4.3 percent year-over-year, comparing May 2024 to May 2025

• Average home prices are down 1.8 percent nationally, with Ontario seeing a larger decline of 4 percent

This reflects a still-sensitive landscape where affordability and borrowing costs continue to influence decision-making.

Interest Rates in a Neutral Zone

The Bank of Canada held its benchmark interest rate at 2.75 percent during the last update.  This is considered a neutral rate, meaning it is neither overly restrictive nor particularly stimulating for the housing sector. We are hedging toward the BoC maintaining rates at the upcoming meetings, as our inflation rate has started to creep back up in recent weeks. While stability is generally welcomed by the market, a slightly lower rate would likely encourage more activity among both buyers and builders. This could help support inventory growth and new construction starts, particularly in higher-demand areas.  Market watchers are paying close attention to upcoming announcements.

Trade Talks May Impact the Broader Outlook

Beyond interest rates, broader economic forces are also shaping the market outlook. A finalized Canada–U.S. trade agreement would provide welcome stability for key sectors including construction, manufacturing, and finance. In turn, this would help reinforce consumer confidence and support both urban and suburban real estate markets.

Toronto Real Estate Market Update: May Brings a Slower Spring and More Buyer Power

Sales Slowdown Creates Opportunity

This past May marked one of the slowest spring real estate markets Toronto has seen in over two decades. According to new data from the Toronto Regional Real Estate Board (TRREB), just 6,244 homes were sold across the GTA — a 13% drop compared to the same time last year.

With the exception of May 2020 during early pandemic lockdowns, this is the lowest number of May sales since 2002. And it’s worth noting: our population has grown by over 35% since then.

Home Prices Edge Down Across the Board

The average sale price across the GTA in May was $1.1 million, representing a 4% decline year-over-year. Different property types experienced varying levels of price correction:

• Semi-detached homes: down 8.4%

• Condos: down 7.3%

• Detached homes: down 5.6%

• Townhomes: down 3.3%

Lower prices combined with slightly reduced borrowing costs have improved affordability, but many buyers remain hesitant due to broader economic concerns.

Inventory Rising, Confidence Lagging

New listings are on the rise. Nearly 22,000 properties came to market in May — up 14% year-over-year. With more listings and fewer sales, the sales-to-new-listings ratio sits at 28%, confirming a buyers’ market. That means:

• More choice for buyers

• Greater negotiating power

• Slower pace = more time to make decisions

Interest Rates, Trade Tensions & What's Next

Market activity continues to be shaped by economic uncertainty, especially around trade with the U.S. and Bank of Canada interest rate decisions. While some expect a rate cut in the near future, the central bank has so far held steady.

Still, we are seeing early signs of recovery: both sales and prices increased slightly compared to April on a seasonally adjusted basis. That’s two months in a row showing a positive trend.

Final Thoughts

For Buyers, this is a rare moment of leverage — more supply, less competition, and room to negotiate.

For Sellers, pricing strategy and strong marketing are critical to stand out in a crowded marketplace.

Whether you’re looking to move soon or just want to better understand your home’s current value, I’m here to help you navigate today’s evolving market.

How Could U.S. Tariffs Impact the GTA Housing Market?

With the impending U.S. tariffs on Canadian exports, many are wondering what this could mean for the real estate market, particularly in the Greater Toronto Area. While it may seem like an issue confined to international trade, these tariffs could have a direct impact on housing costs, construction, and market trends.

Higher costs for key building materials such as steel, aluminum, and lumber could push up construction expenses, leading to increased home prices and potential delays in new developments. If suppliers redirect their products to the Canadian market to offset the effects of tariffs, this won’t necessarily drive prices down. Instead, material costs may rise due to continued demand and potential supply shortages.

Another factor to consider is the Canadian dollar. If tariffs weaken Canada’s export sector, the loonie could decline against the U.S. dollar, making imported materials and construction equipment more expensive. Higher costs, combined with potential supply chain disruptions, could further drive up the price of new homes.

Beyond materials and currency fluctuations, there’s also the broader economic impact. If key industries like manufacturing and forestry face setbacks due to trade restrictions, job losses and economic uncertainty could slow housing demand. At the same time, inflationary pressures may prompt the Bank of Canada to raise interest rates, making mortgages and construction loans more costly. Developers may delay or cancel projects in response, further constraining housing supply.

For buyers and sellers, this creates a complex landscape. If supply tightens and costs continue to rise, affordability could become an even greater challenge. However, economic uncertainty might also lead to a temporary slowdown in demand, which could present opportunities for those ready to make a move.

The real estate market is always evolving, and staying informed is key. If you’re considering buying, selling, or investing, now is the time to have a strategic conversation about your next steps. Reach out to discuss how these changes could impact your real estate goals.

Social Media Evolution

It is interesting to note how consumption of our marketing materials slowly changes over time — and as should be no surprise to anyone, social media platform engagement evolves as our ‘new buyer’ demographic slowly changes. It’s been interesting to see how longer-form video and marketing material has started to give way to shorter-form ‘quick hits’ — YouTube engagement is a bit lower, while Instagram Reels / Facebook Stories are on the rise.

We are experimenting with doing more short form videos to engage with our audience - and we would love to hear your feedback! We’re starting to create some non-listing-specific video content that is much more general info on the marketplace, with great results so far. Have an idea or suggestion for a video, let us know in comments on any of the platforms you connect with us!

If you didn’t know - check us out on Instagram - @homesresource - https://www.instagram.com/homesresouce

https://www.facebook.com/homesresource

Canada’s New Tax Law on Home Sales: What You Need to Know

A recent Canadian tax law aims to curb speculative real estate sales by penalizing homeowners who sell a property within 365 days of purchase. Introduced in the 2022 federal budget and effective from January 2023, this law requires that any profit from such a sale be reported as business income, making it ineligible for the primary residence exemption. This could result in significant taxes, ranging from 28% to 53% of profits, depending on the seller's income bracket.

Exemptions to the Law

The Canada Revenue Agency (CRA) offers exemptions for homeowners forced to sell due to one of nine specified circumstances, including:

• Death, illness, or disability

• Marriage breakdown

• Job relocation or involuntary job loss

• Safety concerns or property expropriation

These exemptions are intended to support Canadians facing unavoidable challenges.

Additional Impact on Pre-Sale Condos and Assignments

The new rules also apply to pre-sale condos, where assignment sales are now subject to HST. Under the new policy, the CRA no longer needs to prove the seller intended to flip the property; any sale within a year automatically qualifies as business income unless an exemption applies.

CRA Monitoring and Penalties

The CRA has four real estate audit teams focused on high-risk areas in Ontario and British Columbia to ensure compliance. Non-compliance can lead to steep penalties, including a 50% surcharge on the tax owed and interest if false information is filed.

Tips for Homeowners

To avoid being taxed as a business, homeowners who want to sell should wait until after the 365-day mark to benefit from the primary residence exemption. Selling on day 366 could save substantial tax costs.

An extra $30,000 in your pocket?

I'm sure if you are on our mailing list, you already are well tuned into what has been happening at the Bank Of Canada recently, and we are happy to see that they have continued the downward trend on interest rates, with their additional 0.25% reduction this Wednesday.   Bond rates also almost dropped a full point on Tuesday, likely in anticipation of Wednesday's rate drop - not a 52 week low, but within 0.75 points of it, which should have a direct impact on fixed-rate mortgages most directly. 

August 2024 market statistics

The Toronto real estate market experienced a modest increase in home sales in August 2024, with transactions rising by 0.6% compared to the previous month. However, the market remains well-supplied, as new listings increased by 1.5% year-over-year. The total number of active listings was 46% higher than in August 2023, which has helped keep price growth moderate. The MLS® Home Price Index Composite benchmark fell by 4.6% compared to a year ago, while the average selling price decreased slightly by 0.8% to $1,074,425 

“The Bank of Canada’s rate cut announced on September 4 will lead to a further improvement in affordability, especially for those using variable rate mortgages. First-time buyers are especially sensitive to changes in borrowing costs. As mortgage rates continue to trend lower this year and next, we should experience an uptick in first-time buying activity, including in the condo market” predicts Toronto Regional Real Estate Board President Jennifer Pearce.

TRREB reported 4,975 home sales in August 2024 – down by 5.3 per cent compared to 5,251 sales reported in August 2023. New listings entered into the MLS® system amounted to 12,547 – up by 1.5 per cent year-over-year. On a seasonally adjusted basis, August sales edged up on a monthly basis compared to July, whereas new listings were down slightly compared to the previous month.

Looking ahead, while more buyers may enter the market as rates continue to decrease, it may take time for the existing inventory to be absorbed, suggesting a gradual recovery phase.
 

Monthly Discussion - Pricing Strategies

Setting an accurate asking price for a resale home is crucial, especially in a market that is leaning from more or less balanced market, toward a Buyer's market. In such conditions, Buyers have more options and greater leverage, so pricing a property correctly from the start can make all the difference. An overly ambitious asking price can deter potential buyers, causing the property to sit on the market longer. When a home remains unsold for an extended period, it can create the impression that there is something wrong with the property, further diminishing its appeal (often considered a phantom stigma!). This often forces sellers to make price reductions, which can weaken their negotiating position and reduce their overall return. 

➤ We've been watching a couple of improperly priced properties through to their ultimate sale, and can easily say these Sellers have lost between $25,000-$30,000 of value, due to ill-advised marketing foolery 🤯!   We aren't in a market where you can just guess at a price - do the homework, and price to what the market will bear.

In the Toronto market today, we are seeing around 25% of listings are getting 're-listed' within 30 days with a new price & strategy.  A poorly priced home can quickly become stale and extend its days on the market unnecessarily, not only increasing carrying costs for the Seller but also decreasing Buyer interest - properties that have been on the market longer are often perceived as less desirable.

➤ To avoid this cycle, setting a competitive and realistic asking price based on comparable sales and current market trends is essential. Coupled with a strong marketing strategy, accurate pricing helps attract serious buyers quickly, reduces the time on the market, and ultimately leads to a more successful sale, and hopefully, an extra $30,000 in your pocket! 

New Listings vs. Re-Listings - August 2024
 

A few samples of listing data from around the GTA for the month of August:

The average days-on-market fluctuates with the area, but we are typically seeing around 26-35 days for 'well priced' properties, and 46-65 days for ones with what we would call 'creative pricing'.  Generally speaking, the marketing strategy of marketing at a very reduced (under-market value) price point, and 'holding of offers' for a specific day, has had limited success -- most Buyers are simply waiting-out the Sellers, and hence why we see such a significant number of re-listings around the GTA. 
 

Moral of the story - get it priced right, right from the beginning!

York Region Housing Report

Click to download the detailed York Region Housing Report - (PDF) - with local regional breakdowns (i.e. markham, vaughan etc.)

Homeowner Protection Act 2024 Announced

Yesterday, the Government of Ontario announced the Homeowner Protection Act, 2024 – with several major wins for Ontario REALTORS® and hardworking families across the province, which OREA has advocated for in recent months and years.

The Act includes several REALTOR®-led advocacy priorities, most notably a 10-day cooling-off period for buyers of newly built freehold homes. This will allow purchasers 10 days to review and cancel an agreement without penalty, a protection that is already in place for pre-construction condo sales in Ontario. Extending this protection to newly constructed homes will enhance consumer protection and level the playing field between hardworking families and corporate developers.

Notably the Government will not be extending this protection to resale homes, which would have negatively impact both buyers and sellers.

The new legislation also bans the registration of Notices of Security Interest (NOSIs), reducing unnecessary fees from being tacked onto the price tag of a home. Too many Ontarians, when selling their home, have been surprised by one or more NOSIs – fine print in contracts for water coolers, furnaces, or security systems that include exorbitant buyout charges to be paid before the home can be sold.

Additionally, the Act will modernize zoning rules to allow for more homes to be built near public transit, making it easier and faster to increase Ontario’s housing supply in urban areas – a change that OREA has long-advocated for, including in their recent report, Analysis of Ontario’s Efforts to Boost Housing Supply.

The Homeowner Protection Act, 2024 is a significant step toward enhancing consumer protection for Ontarians making one of the largest transactions in their lives, all while building much-needed housing supply across the province.

Bank of Canada maintains overnight rate

Wednesday April 10, 2024 - OTTAWA The Bank of Canada has maintained its overnight rate target at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank expects the global economy to continue growing at a rate of about 3%, with inflation in most advanced economies easing gradually. The US economy has proven stronger than anticipated, buoyed by resilient consumption and robust business and government spending.

One key cause for concern is a housing market that's showing signs of heating up. The benchmark average home price in Canada is down more than 17 per cent from its peak in 2022. But the numbers for December and January indicate the market may have bottomed out and started to rebound.

The Bank has revised its forecast for global GDP growth to 2.7% in 2024 and about 3% in 2025 and 2026. Inflation rates are projected to reach central bank targets in 2025. In Canada, economic growth stalled in the second half of last year and the economy moved into excess supply.

2024 Budget: Changes to the Non-Resident Speculation Tax (NRST)

With the recent release of the 2024 Ontario budget, the province is making some changes to the Non-Resident Speculation Tax (NRST). The NRST is the tax on the purchase or acquisition of an interest in residential property located anywhere in Ontario by individuals who are not Canadian citizens or permanent residents of Canada or by foreign corporations or taxable trustees.

Effective March 27, 2024, the following changes include:

• The rebate application deadline for foreign nationals who become permanent residents of Canada has been extended from 90 to 180 days.

• The NRST will now apply to the standalone purchase of a parking space or storage unit. Previously this only applied if the spaces were coupled with the purchase of a residential unit.

Changes were made to the qualifying rules for rebates and exemptions under the NRST:

• A purchaser must intend to occupy the home as their principal residence within 60 days of their purchase date.

• A purchaser must occupy the home as their principal residence until a rebate application is filed to remain eligible for a rebate.

• Enrolment or Employment for the international student/worker rebates must begin within 30 days of home purchase. (The rebates have been eliminated but transitional provisions allow applications until March 31, 2025).

• Spousal status must be obtained on or before the date of home purchase to be eligible for the exemption or rebate.

• Exemptions and rebates are not available if a foreign entity who is not on title acquires a beneficial interest in the home.

View the Ministry of Finance Letter on Changes to the NRST for more details. For further information on the Non-Resident Speculation Tax, click here.

BOLD Action Builds Homes

The housing supply and affordability crisis are pushing the dream of homeownership further out of reach for Ontario families.

Last month, OREA released their latest policy report, Analysis of Ontario’s Efforts to Boost Housing Supply. The report outlines 10 action items, based on the recommendations of Ontario’s Housing Affordability Task Force, that will increase housing supply and address the housing affordability crisis. Actions include:

• Allowing water and wastewater services to be provided through a municipal services corporation, lowering up front costs of purchasing a new home by up to $50,000;

• Supporting commercial-to-residential conversions with greater density along transit corridors; and

• Ending exclusionary zoning to unlock more housing supply in existing communities.

Together, all 10 action items would improve affordability and create future generations of homeowners. Read more in last week's Toronto Star op-ed by OREA CEO Tim Hudak.

Please encourage your MPP to take bold action to build more homes.