As the changing colours of fall settle in, I hope you’re feeling refreshed and inspired. This past summer was truly a special time for me. We enjoyed wonderful, adventure-filled days with our young family, and in August, I had the joy of a soul-nourishing journey to Brazil with my mother, visiting the place of her birth. It was incredibly fulfilling to connect with family from across the world and experience the beauty of the country and its people.
Just as summer holidays are meant to be relaxing and unhurried, the real estate market reflected a similar calm. As we transition into fall, momentum has picked up, and the market is in a more buyer-friendly season.
In August, the Department of Finance introduced several reforms to help Canadians achieve homeownership. Since 2008, mortgage qualification has steadily become more challenging, but these recent changes mark some of the boldest mortgage reforms Canada has seen in decades. The new rules expand eligibility for 30-year mortgage amortizations to all high-ratio first-time buyers and buyers of new builds, reducing monthly mortgage costs. Additionally, the insured mortgage cap has increased from $1 million to $1.5 million—its first adjustment since 2012—enabling more buyers to qualify with down payments below 20%. These reforms will offer more renewal options for those facing high mortgage payments or income-related barriers, such as the self-employed or lower-income earners. Furthermore, the enhanced Canadian Mortgage Charter now allows insured mortgage holders to switch lenders at renewal without a new stress test, fostering more competitive mortgage shopping and expanding buyer options.
For those exploring alternative affordability options, such as creating a secondary suite on their property, high-ratio refinances have been reintroduced after more than a decade. On October 23, the latest rate cut of 0.5% lowered the benchmark interest rate to 3.75% from 4.25%, marking the fourth consecutive cut since June. There’s no doubt the scales are beginning to tip in favour of buyers.
The impact of these changes is already evident in our region, including Hamilton, Niagara North, Haldimand County, and Burlington. In September, we saw 774 sales overall, a 19% increase in sales activity compared to September last year for detached and row homes. Inventory rose by over 35% to 3,931 homes for sale and represents 5.1 months of supply, an increase of 13.8% from last September. In terms of pricing, residential sales increased 4.1%, reaching an average of $872,566. Although average days on the market have more than doubled (52.65%), homes are sitting at about 41.1 days. This suggests that while buyers are taking more time to decide, sellers are still achieving fair prices above this time last year.
With inventory holding steady and competition easing, if you’ve been waiting for the right moment, this may be your season. Let’s connect to explore what’s possible for you in this evolving market. Whether you’re considering a first step or a next step, I’m here to help you navigate and plan. We wish you a season filled with opportunity and beautiful changes! I’m here to provide insights, options, and guidance as we embrace this season of possibility.
Exciting News Ahead!
As we prepare to celebrate 10 years in business next year, we have been working on something exciting and close to our hearts! Our team at Di Francesco Realty Group is growing and launching a new brand, including a new name that better reflects our commitment to excellence and innovation in the real estate market. Stay tuned for a fresh look and enhanced services that will elevate your experience with the same dedication and service that our clients have come to know and expect. We are excited to share more details soon!
Winterizing Your Home
As the clocks fall back on November 3rd, it is inevitable that winter is around the corner. Follow these tips to help ensure your home remains warm, cozy, and efficient as the colder months approach:
- Apply fall fertilizer to ensure a green lawn in the spring.
- Make sure your eavestroughs are free of leaves and debris.
- Drain the water out of your garden hoses and shut off the outdoor water valves, typically located on the interior of your home.
- Ensure your shovels and ice melt are ready to go.
- Cover your air conditioner.
- Seal any gaps and cracks that might be found around your home.
- Check your furnace filter and have replacements on hand.
- Check and change the batteries in smoke alarms.
- Have flashlights, candles, matches, and blankets available in case of a power outage.