April 8, 2024  |  Vol. 21

*Join Us on Saturday, April 13 at 12 pm  Zoom Market Update and Q&A*

** Follow @MoRealtyTeam for daily market updates**

Home Tip Checklist

The rain is here, and it is crucial to follow these tips to keep your home in top shape.

A/C Cover: This is a reminder to remove your A/C cover and clean any debris on it. If the unit is dusty, spray it with hose water to keep the fins on the side clean so they work optimally. 

Inspect the Garden: Check for any winter damage to plants, structures, or pathways. Trim back any damaged or dead branches.

Gutters: Ensure all the gutters are free of debris, intact and water is coming down the spout and away from the house (ideally 10ft away).

1. Inspect the Deck and Patio: Look for signs of wear or damage and consider resealing or painting as needed.
2. Test Smoke and Carbon Monoxide Detectors: Replace batteries and test each unit to ensure they're functioning properly.
3. Check Attic and Basement: Look for signs of pests, mould, or water damage.

Family Friendly Event

Art on the Brain

Discover these inspiring works curated by the Brain Injury Society of Toronto. This exhibition illustrates the challenges, creativity, strength, resilience and talents of people living with brain injury.

March Market Glance 

Charts Explained

In March 2024, we saw 6,560 transactions via GTA's MLS System, marking a 4.5% decrease from March 2023. However, there was a 15% increase in new listings compared to the same month last year. When looking at the data on a seasonally adjusted basis for the month, sales experienced a slight decrease of 1.1%, while new listings saw a 3% reduction from February. Active listing rose as we were seeing supply start an increase to normal levels, creating more balanced market conditions. Some pockets are still hot and are in seller market territory, while other pockets are better for buyers. 

As the need for both ownership and rental housing grows, ensuring an adequate supply remains a critical concern. Government bodies at every level must concentrate on finding creative ways to boost the quantity and variety of available housing to enhance affordability. This effort should involve eliminating barriers to unconventional housing arrangements, like co-ownership models, which can offer significant advantages to various groups, including first-time homebuyers and seniors, and providing more incentives to help people enter the market.

*Join us on Saturday, April 13th at noon Zoom Market Update and Q&

** Follow @MoRealtyTeam  for daily market updates**

Market Rates

Mortgage Rates as of April 6, 2024:

Economic Update
               
Fixed rates are already trending down and variable rates will soon follow. Some report as early as June of 2024 we may see the Bank of Canada start bringing rates down. Expect a modest level down of 0.5 to 1% total for 2024. Inflation is currently at 2.9% from the summer 2022 peak of 8.1%. The rise in rates has slowed growth in the economy and prolonged high rates will have a negative toll on the economy. BOC knows this and plans on reducing rates once we see stability in inflation likely after the spring season, to avoid early price increases. With that in mind, we recommend not to budget with rate drops in mind and stay on top of personal finances. 

                     The Next Bank of Canada Rate Announcement is April 10th, 2024

A 2023 trend of excessive credit card spending and lower savings is signalling warning signs to the economy. We want to strongly encourage you to stay alert with your expenses, budget for high costs of living, and keep reading the MoRealtyTeam monthly newsletter to stay informed ;)

BUYER STRATEGY WITH CURRENT HIGH RATES:

• Get pre-approved early, go for a short-term fixed-rate (1 or 2 years) as rates may not stay high for long, or variable with static payments 
• Buy well within your limits (i.e. if you're approved for $900K, buy at 750K to 800K)

Consider houses with separate entrance basements (can rent 1-bedroom basemen
Mortgage Calculator - Useful Link (CLICK)