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        <title>The Real Estate Blog</title>
        <link>https://www.dewarrealty.com/blog/</link>
        <description>Greg Dewar is a realtor in Cambridge, Kitchener, Waterloo, and Guelph. His real estate blog shares everything you need to know about buying and selling a house successfully.</description>
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    <guid>https://www.dewarrealty.com/blog/2024-ends-whats-coming-in-2025.html</guid>
    <link>https://www.dewarrealty.com/blog/2024-ends-whats-coming-in-2025.html</link>
        <author>greg@dewarrealty.com (Greg Dewar)</author>
        <title>2024 Ends - What's Coming in 2025?</title>
    <description> <![CDATA[ 
2024 Ends - What's Coming in 2025?


A Summary of 2024:




Median Sale Price:






In Cambridge, Kitchener, and Guelph, median sale prices have been steady throughout 2024, compared to 2023. While early 2024 saw some fluctuations, the general direction remains positive, reflecting strong demand in all three cities.






The market is showing resilience, with continued price stability, especially in areas with limited inventory. This trend suggests that buyers are still competing for desirable properties in these cities.








Number of Sales:








Sales numbers in Cambridge, Kitchener, and Guelph have fluctuated, with slower months in Spring 2024 compared to the same period in 2023. However, sales activity has picked up significantly in the latter part of the year, indicating a recovery in the activity of the market.






In particular, Kitchener and Guelph have seen a noticeable rebound in sales as we approach the end of 2024, showing that buyer interest is returning as interest rates have started to fall.








Median Days on Market:








The median days on market across Cambridge, Kitchener, and Guelph has remained strong, indicating that there is still the desire to move &amp; get moving. This trend is driven by the healthy local economic factors that we benefit from, as well as the affordability of our market compared to the nearby GTA housing. 






Particularly in Cambridge and Kitchener, where properties are typically priced more affordably compared to Guelph, homes are being snapped up faster, reflecting a more competitive market.






While we recommend that sellers exercise patience if their home falls outside the median price points for these markets, homes are generally selling at a good pace, making it an attractive time to move.








What to Expect Moving Forward (Moving into 2025):






Impact of Interest Rate Reductions:








Recent interest rate reductions in the second half of 2024 have already sparked increased activity in the Cambridge, Kitchener, and Guelph markets. As borrowing costs decrease, purchasing power rises, leading to more buyer interest. With strong local economies and attractive amenities, these cities are projected to see continued price stability with potential for modest growth and increased market activity.






*Note: While interest rates play a role, inventory levels are likely to be the primary driving force behind median prices moving forward.








Market Outlook:








Continued Demand: With lower interest rates and a stable local economy, demand for properties in Cambridge, Kitchener, and Guelph is expected to continue to rise. Buyers are likely to be drawn to these cities due to their affordability compared to markets within the GTA.






Price Appreciation: Prices are expected to begin appreciating in spring 2025, particularly in sought-after neighborhoods with limited inventory, growing amenities, and well-rated schools. The rate of appreciation is anticipated to be modest. While I'll primarily monitor inventory levels and any potential rate reductions, the long-term trend remains upward.






Faster Sales: With sustained demand, homes in Cambridge and Kitchener are likely to experience healthy turnover, particularly because median prices are lower than in Guelph, which will help maintain a competitive market.








Summary:


Throughout 2024, the Cambridge, Kitchener, and Guelph real estate markets have remained resilient, with increased sales activity and steady price growth as the year comes to a close. Recent interest rate reductions have renewed buyer interest, fueling positive momentum. Housing stock is unlikely to exceed the levels seen over the past two years, due to the ongoing scarcity of new freehold housing, which is expected to continue driving competition. Moving into 2025, the outlook remains strong, with sustained demand, the potential for rising prices, and faster sales, particularly in well-established neighborhoods with strong amenities and proximity to key employment centers.


 





 
 ]]> </description>
    <pubDate>Sun, 29 Dec 2024 16:28:00 -0500</pubDate>
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    <guid>https://www.dewarrealty.com/blog/navigating-the-ups-and-downs-a-look-at-cambridges-real-estate-market-in-2023.html</guid>
    <link>https://www.dewarrealty.com/blog/navigating-the-ups-and-downs-a-look-at-cambridges-real-estate-market-in-2023.html</link>
        <author>greg@dewarrealty.com (Greg Dewar)</author>
        <title>Navigating the Ups and Downs: A Look at Cambridge's Real Estate Market in 2023</title>
    <description> <![CDATA[ 
 Navigating the Ups &amp; Downs: A Look at Cambridge's Real Estate Market in 2023



January 4, 2024



Have you ever found yourself wondering about the current state of the Cambridge real estate market?


With the ever-changing landscape of property values, it's crucial to stay informed, whether you're a potential buyer, a homeowner looking to sell, or simply a real estate enthusiast. Let's dive into the latest statistics and trends that have shaped our local market in 2023.



The Peak &amp; The Drop:A Tale of Two Extremes





The Cambridge real estate market has been a rollercoaster ride, especially over the past year. Let's look at the numbers:






The Peak: In February 2022, the market reached an all-time high, with the average home sale price soaring to $1,045,549. This period marked a zenith in property values, driven by high demand and competitive market conditions.






The Drop: Fast forward to October 2022, and the scenario had dramatically shifted. The average sale price plummeted to $692,715, marking a significant decrease of approximately 33.74. This downturn reflected a cooling off from the frenzied buying and selling activity of the previous months.








2023: A Year of Recovery and Resilience


As 2023 unfolded, the Cambridge real estate market began to show signs of recovery from the dramatic shifts of the previous year. The early months continued to feel the impact of 2022's high sale prices, resulting in noticeable year-over-year price drops. However, as the year progressed, a different story emerged:






Mid-Year Shift: Around the middle of the year, the average sales prices started to show resilience. Contrary to the earlier downward trend, we witnessed a gradual but steady increase in property values.






End-of-Year Surge: By December 2023, this recovery had gained significant momentum. The average home sale price saw a healthy 5.6 increase compared to December 2022, ending the year on a positive and hopeful note.








Keeping an Eye on the Market


The Cambridge real estate market's journey through 2023 highlights the importance of staying informed and adaptable. Whether you're considering buying a new home, selling your current property, or simply keeping a pulse on the market, understanding these trends is key.


Remember, real estate is more than just numbers; it's about making informed decisions that align with your personal and financial goals. As we move forward, let's keep an eye on these trends and navigate the market with confidence and insight.
 ]]> </description>
    <pubDate>Thu, 04 Jan 2024 11:02:00 -0500</pubDate>
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    <guid>https://www.dewarrealty.com/blog/fall-home-maintenance-to-get-ready-for-winter.html</guid>
    <link>https://www.dewarrealty.com/blog/fall-home-maintenance-to-get-ready-for-winter.html</link>
        <author>greg@dewarrealty.com (Greg Dewar)</author>
        <title>Fall Home Maintenance to Get Ready For Winter</title>
    <description> <![CDATA[ 



Don't FALL Behind


Home Maintenance TIPS


Just because you're set to sell your home doesn't mean that you can neglect to maintain it, especially with winter fast approaching. Not only can prepping for the winter season help showcase some of the features which make your home unique (like a cozy fireplace), but the failure to adequately prep it for the season can result in home hazards that could impact the sale of your home, even after you've accepted an offer.


Here are some winter maintenance tips that you need to be thinking about this fall:


Plumbing Prep:


Your home's pipes can be a big issue during the cold winter months, so blow out your sprinkler system and take any outdoor hoses indoors. Don't forget to shut off the water to exterior outlets and open up the spigot on the outside so that any trace of water is removed. We also recommend insulating any pipes that have the potential to freeze. Pipes that freeze have the potential to break - and when pipes break within the home, they can create a flooded mess.


Showcase the Fireplace:


Have a fireplace? Show it off to potential buyers Have the chimney cleaned and ready to go so that you can entice would-be buyers on the coziness and comfort of your home.


Clean the Gutters:


If your gutters are clogged with leaves and debris, winter rain or snowmelt won't drain properly, possibly leading to water damage and foundation damage that is expensive to repair.


Have Your Furnace Checked Out:


Have a Professional HVAC Tech come out to the home to perform a tune-up, maintenance, and any necessary repairs before it gets cold enough to really need the heat on.


Check for Drafts:


Inspect the windows and doorways and caulk gaps as warranted. You can even amp up your efforts by placing thin, insulating film around the windows or insulators that fit underneath the door to help prevent heat from escaping the home.


Mulch (Don't Rake) Leaves:


If you don't experience heavy leaf build-up (like me), put your lawnmower on a low height setting and mulch your leaves so that they mix in with the grass blades across your lawn. The benefit? The leaves will decompose and act as a winter fertilizer so the lawn comes back healthy and vibrant in the spring.


Spruce Up Your Landscaping:


To piggyback off the previous point, we recommend trimming back bushes and tree branches that could come into contact with your house or your car. A big winter storm and these branches could scrape up your siding or your paint job on either.



What do you think is the most important thing you can prepare for in the fall to get your home ready for a winter sale? Let us know what you think


Tag us on social media @dewarrealtyinc with your own autumn maintenance tips, and follow us on Facebook, Instagram, YouTube, and TikTok


Contact Dewar Realty
 ]]> </description>
    <pubDate>Fri, 20 Oct 2023 07:00:00 -0400</pubDate>
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    <guid>https://www.dewarrealty.com/blog/diy-paint-like-a-pro.html</guid>
    <link>https://www.dewarrealty.com/blog/diy-paint-like-a-pro.html</link>
        <author>greg@dewarrealty.com (Greg Dewar)</author>
        <title>DIY: Paint Like A Pro</title>
    <description> <![CDATA[ 



DIY: Paint Like A Pro


Want to know the secrets to painting a room like a pro? Look no further Here are some tips to help you achieve a flawless finish:



Tip 1 - Start with a clean slate:



Remove all furniture and decor from the room, and give the walls a thorough cleaning.


When it comes to painting a room like a pro, the first and most important step is to start with a clean slate. This means removing all furniture and decor from the room, and giving the walls a thorough cleaning.


Why is this step so important? Well, for one thing, it ensures that the paint will adhere better to the walls. If there is dust, grime, or other debris on the walls, the paint will not stick as well, which can result in a less-than-satisfactory finish. Additionally, by removing all furniture and decor, you'll be able to paint the walls more easily and effectively.


Cleaning the walls is also crucial to ensure that the paint will look fresh and new. If there are stains or marks on the walls, they will be more noticeable once the paint is applied. A thorough cleaning will remove these marks, and help you achieve a flawless finish.


Before you begin painting, make sure to remove all furniture, decor, and wall hangings from the room, and clean the walls thoroughly. You'll be amazed at the difference this step can make in the final outcome of your painting project.


Tip 2 - Invest in quality paint and brushes:


Cheap paint and brushes can result in a streaky, uneven finish.


The second tip for painting a room like a pro is to invest in quality paint and brushes. Cheap paint and brushes can result in a streaky, uneven finish, so it's important to invest in quality materials that will give you the best results.


When it comes to paint, look for a paint that is high-quality and has good coverage. Avoid buying the cheapest paint you can find, as this can result in poor coverage and a less than satisfactory finish. A good paint will cover well, last a long time, and be easy to work with.


As for brushes, it's important to choose the right type of brush for the job. For example, a natural bristle brush is best for oil-based paints, while a synthetic brush is best for water-based paints. Additionally, make sure the brush you choose is of good quality and has a smooth finish.


To ensure a smooth and even finish, it is also recommended to use a paint roller for the larger surface areas of the wall and use a paint brush for the edges, corners and hard to reach areas.


In short, investing in quality paint and brushes will pay off in the long run, as they will give you a better finish, last longer and make the painting process more enjoyable.


Tip 3 - Use painter's tape:


Use it to cover any areas you don't want to paint, such as baseboards and trim.


Tip number three for painting a room like a pro is to use painter's tape. Painter's tape, also known as masking tape, is an essential tool for any painting project. It allows you to cover up any areas that you don't want to paint, such as baseboards, trim, or window and door frames.


Using painter's tape is a simple process, but it's important to do it correctly to achieve a professional-looking finish. First, make sure the surface you want to cover is clean and dry. Then, apply the tape to the area you want to protect, pressing down firmly to ensure a secure seal.


Once you've applied the tape, it's important to make sure you're using the right type of tape for the job. For example, if you're painting a room with a lot of texture on the walls, you'll want to use a low-tack tape that won't pull the paint off when you remove it.


When you're finished painting, carefully remove the tape while the paint is still wet. This will help to prevent any peeling or chipping of the paint.


Using painter's tape is a simple step, but it can make a big difference in the final outcome of your painting project. It will help you achieve a crisp, clean line, and prevent any mistakes that could ruin the look of your room.


Tip 4 - Prime the walls:


This will help the paint adhere better and give you a more even finish.


Tip number four for painting a room like a pro is to prime the walls. Priming the walls is an essential step in the painting process, as it helps the paint adhere better and gives you a more even finish.


Priming the walls is a simple process, but it's important to do it correctly to achieve the best results. First, make sure the walls are clean and dry. Then, apply the primer with a paint roller or brush, making sure to cover the entire surface of the wall. Allow the primer to dry completely before applying the paint.


When choosing a primer, it's important to select the right type for your project. For example, if you're painting over a dark color, you'll want to use a tinted primer to help cover it. If the walls have a lot of stains or marks, you'll want to use a stain-blocking primer.


Priming the walls is a crucial step that many people overlook, but it's important to remember that the primer will act as a base for the paint, and will make the paint look better, last longer, and be more resistant to fading.


By priming the walls, you'll be able to achieve a more even finish, with fewer coats of paint required, and will also help to hide any imperfections on the walls.


Tip 5 - Use the right technique:


Use a &quot;W&quot; motion when painting to avoid drips and streaks.


Tip number five for painting a room like a pro is to use the right technique. One of the most common mistakes people make when painting is using the wrong technique, which can result in drips and streaks.


To avoid this, it's important to use the right technique when applying paint to the walls. A good technique to use is the &quot;W&quot; technique. This involves starting at the top of the wall and making a W shape with the paint roller, working your way down the wall. This technique helps to distribute the paint evenly and prevent drips and streaks.


Another technique is &quot;cutting in&quot; which is the process of painting the edges, corners and hard to reach areas with a paint brush. This method is useful to avoid drips and to achieve a neat and clean look around the edges.


It's also important to use the right amount of paint. Applying too much paint can result in drips and drips can be hard to fix once dry, so it's better to work with a light and smooth hand.


By using the right technique, you'll be able to achieve a smooth and even finish, with fewer drips and streaks. It will also make the painting process more enjoyable and will save you time and effort.


Tip 6 - Take your time:


Painting is a process, so don't rush it Allow enough time for each coat to dry before applying the next.


Tip number six for painting a room like a pro is to take your time. Painting is a process, and rushing through it can result in a less than satisfactory finish.


It's important to allow enough time for each coat of paint to dry before applying the next. This will help the paint adhere better, and give you a smoother finish.


Additionally, it's important to take the time to properly prep the room before painting. This includes removing furniture and decor, cleaning the walls, and applying primer. Skipping these steps can lead to a poorly painted room.


Additionally, it's also important to pay attention to the details. For example, make sure to paint in the corners and around the edges, and take the time to touch up any spots that may have been missed.


By taking your time, you'll be able to achieve a better finish, and will be more satisfied with the end result. It's also important to note that painting a room can be a challenging task and if you feel overwhelmed, or don't have the time, it may be best to hire a professional to help you.


Tip 7 - Don't skimp on the number of coats:


Depending on the type of paint and the color of the walls, you may need several coats to achieve a smooth finish.


Tip number seven for painting a room like a pro is to not skimp on the number of coats. Depending on the type of paint and the color of the walls, you may need several coats to achieve a smooth finish.


When it comes to painting, it's important to remember that quality is more important than quantity. Skimping on the number of coats can result in a less than satisfactory finish, with uneven coverage and visible brush strokes.


It's also important to pay attention to the manufacturer's instructions for the specific paint you are using, as some paints may require more coats than others.


It's also important to note that different surfaces and colors may require different numbers of coats. For example, a dark color may require more coats than a light color, and a glossy finish may require more coats than a matte finish.


By not skimping on the number of coats, you'll be able to achieve a better finish, and will be more satisfied with the end result. It's also important to note that applying multiple coats of paint will also increase the durability and longevity of the paint.


 


Follow these tips, and you'll have a beautifully painted room in no time


Want to paint like a PRO, but don't have the Time or Energy? Let us help


At Dewar Realty, we specialize in getting your home ready for sale so you can focus on what matters most. Our team of experts can handle all your home improvement needs, from painting to renovations. With our help, you'll be able to sell your home faster and for more money. Plus, you'll have more free time to enjoy the process.


We Get Your Home Ready For Sale, You Get More Free Time.



Call us today at 519-208-9700


Contact Dewar Realty
 ]]> </description>
    <pubDate>Sun, 22 Jan 2023 07:00:00 -0500</pubDate>
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    <guid>https://www.dewarrealty.com/blog/market-watch-hespeler-textile-building-site-project-gets-green-light-07222022.html</guid>
    <link>https://www.dewarrealty.com/blog/market-watch-hespeler-textile-building-site-project-gets-green-light-07222022.html</link>
        <author>greg@dewarrealty.com (Greg Dewar)</author>
        <title>Market Watch: Hespeler Textile Building Site Project Gets Green Light - 07.22.2022</title>
    <description> <![CDATA[ 
Market Watch


Historic Hespeler Textile Building Site Project Gets Green Light


July 22, 2022 - via Barbara Latkowski [CambridgeToday.ca]


'I think redevelopment is essential, but I think it is just as essential to retain the history and culture of that site'

 A plan of the new building redevelopment located at the historic Dominion Woollens/Silknit /Forbes textile building at 211-215 Queen St. W. in Hespeler.

Cambridge city council has approved a development project at an historic site at 211-215 Queen St. W. in Hespeler.


The Blacks Point Development project will begin construction in two phases while preserving the historic Dominion Woollens/Silknit /Forbes textile building, a designated heritage property that fronts the Speed River.


&quot;...it's an important part of Hespeler history and culture...&quot;


Built in 1863, it is the last of Hespeler’s textile buildings.


“It was used by those fighting in the war. I think it’s an important part of Hespeler history and culture and it’s something that we need to make sure that we don’t lose in the redevelopment on this site,” said Coun. Mike Mann at a special council meeting Tuesday.


&quot;I think redevelopment is essential, but I think it is just as essential to retain the history and culture of that site.&quot;


Councillor Mike Devine said longtime Cambridge resident and local cultural heritage conservationist Lawrence Turner has done a lot of work on this site and is currently compiling a local history.


The first phase of the building project includes retention and redevelopment of the former three-storey textile factory that will be converted into 114 condominium units with commercial space on the ground floor.


Three existing one-storey buildings will also be used for commercial purposes.


The second phase includes construction of a 10-storey residential building with 115 units. The first two floors will be used for parking and in total, there will be 279 commercial and residential parking spaces.


“This is a development that I am very much in favour of. I think it is a great development and I am so pleased to see it happening in Hespeler,” said councillor Donna Reid.


“I think it will add greatly to Hespeler and will help the village by having more people come and shop and take part in all of the activities that we offer.”




Looking for more local market news? Subscribe to our weekly newsletter:


Get 'The Inside Scoop'


If you have any questions about the information in this article, or anything related to real estate, drop a comment below or contact our office directly.


Contact Dewar Realty
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    <pubDate>Fri, 22 Jul 2022 14:18:00 -0400</pubDate>
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    <guid>https://www.dewarrealty.com/blog/market-watch-boc-rate-increases-1-07132022.html</guid>
    <link>https://www.dewarrealty.com/blog/market-watch-boc-rate-increases-1-07132022.html</link>
        <author>greg@dewarrealty.com (Greg Dewar)</author>
        <title>Market Watch: BOC Rate Increases 1 - 07/13/2022</title>
    <description> <![CDATA[ 
MARKET WATCH: BOC 1 Rate Increase


July 13th, 2022


The Bank of Canada increased the policy interest rate by 1, an increase that exceeded expectations and the largest since 1998, as the bank attempts to control high inflation. 

 The Bank of Canada has hiked its benchmark lending rate to 2.5 per cent from 1.5. It's expected an increase of this size will turn up the pressure on Canada's cooling housing market.

The Bank is stating that inflation in Canada is higher and more persistent than expected and will likely remain around 8 for the next few months. The biggest drivers are the war in Ukraine, ongoing supply disruptions and excess demand in the Canadian economy. &quot;With the economy clearly in excess demand, inflation high and broadening, and more businesses and consumers expecting high inflation to persist for longer, the Governing Council decided to front-load the path to higher interest rates by raising the policy rate by 100 basis points today,&quot; the bank stated. It also indicated that more hikes are to be expected at a pace guided by the Bank’s ongoing assessment of the state of the economy and inflation. 





The Bank of Canada rate affects the cost of borrowing for various loans, including variable rate mortgages and lines of credit. If you have any questions about the impact of the Bank's rate hike on your mortgage, your mortgage payments or if your mortgage is coming up for renewal soon, please reach out to me.


The next Bank of Canada announcement is scheduled for September 7th, 2022. I’ll make sure to keep you informed. 


Of course, if you have any questions regarding your mortgage, interest rates, or anything real estate related please do no hesitate to give me a call or email.


Contact Dewar Realty
 ]]> </description>
    <pubDate>Wed, 13 Jul 2022 15:53:00 -0400</pubDate>
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    <guid>https://www.dewarrealty.com/blog/looking-for-community-service-hours.html</guid>
    <link>https://www.dewarrealty.com/blog/looking-for-community-service-hours.html</link>
        <author>greg@dewarrealty.com (Greg Dewar)</author>
        <title>Looking For Community Service Hours?</title>
    <description> <![CDATA[ 



Hey, Students


Looking for Community Service hours?


We want to hear from you.


As every student knows, in order to receive an Ontario Secondary School Diploma every graduate is required to have completed a minimum of 40 hours of community service. There are many ways in which a student can achieve this goal including helping with local food banks, community park clean-ups, and volunteering at retirement centers. This is a great opportunity for youth to gain a strong sense of community and even a bit of work-transferrable experience. In return, our community becomes a better place thanks to their efforts.


Dewar Realty is thrilled to be able to offer opportunities to help with projects and events in the community, while also helping high-school students complete their community service hours needed for high school


We love Cambridge


So much so, that we also love giving back to the community whenever we can. Join us for a variety of community-focused events, gain some great experience, and have some fun


Many of these events will be tied to holidays and other local occasions, where you will be helping with a variety of tasks including handing out items, 'acting' in costumed characters, and assisting with a variety of other fun community activities This will be a year-round calendar of events and projects, so we will need a lot of help - which means there is plenty of community service hours to go around


Interested?


Give us a call, send an email, or even stop by our office during business hours to add your name to our student helpers list


GIVE US A CALL:


(519) 208-9700


STOP BY OUR OFFICE:


18 Tannery St ECambridge


(the old Salvation Army Church across from the fire hall in Old Hespeler Village)Regular office hours are Monday to Friday, 9:00 am to 5:00 pm


SEND US A MESSAGE:


Contact Dewar Realty



We look forward to meeting you


Parents


Please feel free to contact us on behalf of the students in your home, or if you have any questions regarding the community service hours opportunities.


Contact Dewar Realty
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    <pubDate>Mon, 04 Jul 2022 07:00:00 -0400</pubDate>
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    <guid>https://www.dewarrealty.com/blog/in-the-news-june-30th-2022.html</guid>
    <link>https://www.dewarrealty.com/blog/in-the-news-june-30th-2022.html</link>
        <author>greg@dewarrealty.com (Greg Dewar)</author>
        <title>In The News | June 30th, 2022</title>
    <description> <![CDATA[ 



IN THE NEWS


A quick look at the stories that are affecting our local real estate market. [June 30th, 2022]



OSFI makes real estate loan changes aimed at reducing lender risk


June 28, 2022 - cambridgetoday.ca


Canada's banking regulator is tightening requirements for some types of real estate loans to protect homeowners who may be at greater risk from higher interest rates.


The Office of the Superintendent of Financial Institutions says changes affect combined loan plans like reverse mortgages or loans with shared equity features, which have grown in popularity in recent years but may be riskier for lenders.


For borrowers who owe more than 65 per cent of the loan value, a portion of their payment must to go toward the loan principal rather than to interest until they bring the loan below that threshold.


OSFI says the changes will generally take effect the next time borrowers renew their plans after the end of fall 2023, in line with the lender’s fiscal year.


The regulator says consumers will not see an increase to their monthly payment requirements as a result of this change, nor will the move impact new homebuyers.


Bank of Canada data shows combined loan plans that are above 65 per cent loan to value account for $204 billion of the country's $1.8 trillion in total outstanding residential mortgages.


Canadian Home Prices Expected to Drop 19 By 2023: TD


June 29, 2022 - storeys.com 


As higher interest rates continue to squeeze spending power — and rising inflation shows no indication of slowing — Canadian home prices and sales will dip considerably, according to the nation’s largest lender.


TD Bank has officially downgraded their forecast for the housing market compared to their take in March, due to monetary policy tightening at a faster-than-expected rate. The Bank of Canada (BoC) has implemented three hikes to its trend-setting Overnight Lending Rate (OLR) since March, bringing the benchmark cost of borrowing to 1.5 from the record-low 0.25 it had hovered at throughout the pandemic. As consumer lenders base their Prime cost of borrowing on this rate, qualification thresholds and payments have risen markedly for variable mortgages and line of credit products.


TD expects the OLR to rise an additional 1.75 before the central bank finishes its hiking cycle, hitting a termination point of 3.25 by the last quarter of this year.


That’s going to continue to weigh heavily on housing activity, says the bank, which now forecasts a 33 “peak-to-trough” decline in Canadian home sales from Q1 2022 to Q1 2023, before buying activity starts to stabilize. In all, sales will drop 23 on an annual basis this year, and 12 next. 


That will result in a 19 drop in average home prices over the same time frame. “However,” states TD’s release, home prices are “likely to grow modestly thereafter, alongside some recovery in demand.”


According to the Canadian Real Estate Association, national home sales have cooled rapidly since the BoC’s first hike, with activity dropping 21.7 year over year, and 8.6 month over month, in May. Prices fell 4.6 from April to an average of $711,116; more than a $100,000-decline from the price peak recorded in February.


TD expects the largest price drops will be felt in Ontario and British Columbia, as home value return closer to fundamentals following “significant affordability deteriorations during the pandemic,” while Quebec will see price growth, though modest, following its own price run up in early 2020.


The Prairie provinces, however, are set for a considerable correction. In Alberta, “sales are expected to retrench significantly from their record highs. However, they should remain closer to pre-pandemic levels than either B.C. and Ontario through 2023, supporting tighter markets and stronger price growth.” 


The ‘wild rose’ province has experienced a dramatic uptick in demand over the last couple of years, popular with both investors and end-user homebuyers for its relatively lower average home price, compared to Canada’s other large urban centres; benchmark home prices in Calgary and Edmonton are in the $400,000 – $600,000 range, in contrast to over $1.2M in Greater Toronto and Greater Vancouver.


Other Canadian provinces, however, can expect a smoother ride given their overall better affordability conditions; strong population growth and a tight sellers’ market in the Atlantic provinces will support local prices, though rising rates could make a dent moving forward.


These are the areas where Ontario housing prices could see the biggest drop


June 15, 2022 - ctvnews..ca


Ontario’s housing market has been red hot for years now, but that may soon change, and some areas could be hit harder than others.


A new report by Canadian financial services cooperative Desjardins said the Canadian housing market has reached “an inflection point.&quot;


Since the Bank of Canada began to raise interest rates in order to combat inflation, home prices have steadily declined. Desjardins says that average price of a home in Canada fell 2.6 per cent month-to-month in March and 3.8 per cent in April.


These decreases should continue, the report says, and will be experienced most significantly in Ontario where housing prices could decline as much as 18 per cent.


&quot;We expect the housing market correction in Ontario to be led by a decline in sales activity and prices in smaller centres outside of major urban areas,&quot; the report reads.


&quot;We think prices will fall the most in communities that saw the biggest price increases during the pandemic and therefore the most erosion in affordability.&quot;


As a result, multiple areas just a few hours outside of Toronto are set to see prices drop, the report claims.


Of these regions, Bancroft could see the biggest price drop, followed by Chatham Kent and Windsor-Essex, the report said.





Toronto real estate agent Desmond Brown told CTV News Toronto he “always thought the first communities to feel downward prices were going to be the outlying communities around Toronto.”


“The sustainability of the prices we were seeing was completely unrealistic,” Brown said.


Because of this, he estimates that prices in these regions could soon drop to pre-pandemic levels.


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Got questions? We got answers.


Things have been changing fast, and you likely have a lot of questions about the current real estate market.


We know that big changes can be overwhelming and confusing, especially when the media tells a different story every other day.


That's why our goal is to not just help you find the best solution for you and your family but to give you information and support along the way.


Let us help, Dewar Realty is here for all of your real estate needs.


Contact Dewar Realty
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    <pubDate>Thu, 30 Jun 2022 17:08:00 -0400</pubDate>
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    <guid>https://www.dewarrealty.com/blog/buying-a-house-heres-where-to-start.html</guid>
    <link>https://www.dewarrealty.com/blog/buying-a-house-heres-where-to-start.html</link>
        <author>greg@dewarrealty.com (Greg Dewar)</author>
        <title>Buying a House? Here’s where to start.</title>
    <description> <![CDATA[ 
Buying a House? Here's Where To Start.


When you're thinking about getting into the real estate market, there are some things you need to know before buying a house. From the mortgage to the closing costs, there are many things you should be aware of before thinking about purchasing a home - whether it is your first or tenth.


Before Your Start


Make a complete checklist of what you want and what you need to do. This will help you in the buying process and ensure you don't forget anything important. It's also good idea to have realistic expectations about the things you need in a home.


How's Your Credit?


Strengthen your credit score. Your monthly payments will be lower when you have a high credit score. Experts also recommend that you stop applying for new credit for a year before applying for a mortgage.


Expert Mortgage Advice


Talk to your broker or your bank. There are many different options to choose from when you're looking for a mortgage, and keep in mind that posted mortgage rates are just a starting point. If your bank won't negotiate with you, go somewhere else and see what they can offer you.


Did you know? We offer complete mortgage services in-house, to simplify your purchase. Contact us today for more information, or to set up a free consultation.


Contact Dewar Realty


Get the Details


Consider the terms and rates of your mortgage. The length of the mortgage term will determine the amount of interest that you pay. The amortization period is the amount of time it will take you to pay off your mortgage. The longer your amortization period, the more interest you will have to pay so keep that in mind when you are planning to purchase.


Know Your Limits


Stick to your budget. Be aware of what your spending limit is and stay within it. Don't get caught up in emotional negotiations if you find yourself in a bidding war because you'll be disappointed when it's over and you've blown your budget.


Check 'Under The Hood'


Get a home inspection. This will allow you to discover if there are any structural or electrical issues with the home before you purchase it. If there are issues, you will be in a better position for negotiating a price with the homeowner. Alternately, if there is a bidding war, the seller might try to have the inspection waived. Don't get caught up in your emotions, just walk away.


Be Prepared


Don't forget about the closing costs. These costs can run to up several thousand dollars so be sure to set aside money for these somewhat hidden expenses.


Share Your Tips


What was the best advice you were given before buying your home? Share your experiences with us in the comments


Ready to Make Your Move?


If you're ready to start your home search, we'd love to help. At Dewar Realty, we make the process of house hunting much easier and more efficient than if you did it all yourself. We can help you determine your budget, link you with financing, guide you on local neighborhoods, and uncomplicate the home buying process.


We will save you valuable time and energy by finding properties that match your requirements and only show you the most promising ones.


Once you've found a place that catches your eye, we'll look at comparable properties in the area to help determine a purchase offer. Then, we'll negotiate with the seller on your behalf, ensuring you get the most favorable terms.


It's our job to look after your best interests, and we’ll do it at no cost to you as a buyer.


If you're ready to start house hunting, you can search real estate listings now. You can also refer to our Buyer's Guide for helpful tools and buying advice. To start working with an agent right away, please contact me.


Contact Dewar Realty
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    <pubDate>Fri, 20 May 2022 07:00:00 -0400</pubDate>
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    <guid>https://www.dewarrealty.com/blog/worried-about-buying-and-selling-in-todays-market.html</guid>
    <link>https://www.dewarrealty.com/blog/worried-about-buying-and-selling-in-todays-market.html</link>
        <author>greg@dewarrealty.com (Greg Dewar)</author>
        <title>Worried About Buying and Selling in Today's Market?</title>
    <description> <![CDATA[ 
Are You Worried About Buying and Selling in Today's Market?


Perhaps the most common concern that I've been hearing from homeowners lately, is that of uncertainty in regards to finding a new home after committing to the sale of their current one. &quot;Where will we go, and what if we can't find a new home in this market?&quot; The fact is true that the market has been interesting to navigate over the last two years, but that should never prevent you from your real estate goals.


Thinking about selling your current home, but worried about buying your next one?


- The Purchase -


The market has been a bit crazy over the past two years, but things have started to settle down. As more homes hit the market this Spring and average selling prices begin to stabilize, you can rest assured that you’ll be able to find the right new home for you. You may have been browsing the local market listing and finding yourself overwhelmed by the lack of options and the ever-increasing listing prices. This can lead to serious doubts about your ability to secure a new home for you and your family. However, it is important to remember that finding the perfect new home isn't your job, but it is ours


This is where your local real estate experts - that's us - come into play. At Dewar Realty, we know exactly how to navigate the local market to help you find the right home at a fair market value. As the market continues to add more listings every day, your next home is out there We'd love to help you find it.


- The Sale -


As for the sale of your current home, prices may be stabilizing but they are still way up from even last year. In fact, the average home sale price¹ has increased 78.7 from January 2020 to January 2022. This means that if you purchased an average home just two years ago, you could have available equity² of approximately $500,000 today You could put this towards your next home, or use it to purchase an investment property


Regardless, whether you bought your home two years ago or twenty years ago, you will still be coming out on top Especially when you take advantage of Dewar Realty’s Full-Service Experience.


Why Sell with Dewar?


We take care of EverythingWhile you do... Anything Else




Renovation Project Management³


Professional Home Staging³


Complete Marketing Package³




PLUS




FREE Home Evaluation³


Our 15 Day $10k Guarantee³


Local Market Expertise


Proven Results




If you are thinking of selling your home, or want help finding your next one, give us a call today


Contact Dewar Realty


Before you go...


Check out these Success Stories from our YouTube Channel:











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¹ All data from ITSO, OREA, and CREA. Accurate at time of publishing. ² Based on average sale price in January 2020 with a 20 down payment. For demonstrative purposes only, as situations will vary. ³ Conditions apply. Contact us for details.
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    <pubDate>Mon, 18 Apr 2022 07:00:00 -0400</pubDate>
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