Hello All and Happy Holidays!
The market has shifted and not just anyone can help you successfully sell and buy. We have sold in every type of market and if you know how, this is a great time to move up.
More Canadians see real estate as a solid long-term investment when compared to this time last year. Governments must collaborate to address supply challenges, to make home ownership feasible for those who want it. Amid rising interest rates, and a looming recession, there is an anticipating modest decline of 3.3 per cent in average residential sales prices across the country in 2023.
At present, Ontario landlords can increase tenants’ rent by up to 1.2% so long as they give the proper notice at least 90 days before the increase. This number will stand until the end of 2022.
Effective January 1st, 2023, though, Ontario landlords can raise rent prices by up to 2.5% for existing tenancies, according to the latest announcements from the province’s Landlord & Tenant Board. This comes after a freeze on rent increases in 2021 as a result of the COVID-19 pandemic, as governments sought to protect renters from rising costs.
Exceptions as follows apply: new buildings, additions to existing buildings and most new basement apartments that are occupied for the first time for residential purposes after November 15, 2018 are exempt from rent control.
If you’re considering buying or selling, let’s talk about how sales around your neighbourhood are affecting your homes value. It is my job to figure out how to turn your real estate needs into a reality. Give me a call - lets get started today.
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