Elena Chatrova, Real Estate Broker

07/01/2025

03/20/2025

Real Estate Market Holds Steady Amid Changing Conditions

Home buyers continued to benefit from substantial choice in the resale market in February 2025. Home sales last month were down in comparison to the same period last year, while listing inventory remained high, providing substantial negotiating power for homebuyers.

Many households in Canada are eager to purchase a home, but current mortgage rates make it difficult for the average household income to comfortably cover monthly payments on a typical property. Fortunately, we anticipate a decline in borrowing costs in the coming months, which should improve affordability

Ontario - Real Estate Market Holds Steady Amid Changing Conditions

Toronto, 5 March 2023 -- Home buyers continued to benefit from substantial choice in the Greater Toronto Area (GTA) resale market in February 2025. Home sales last month were down in comparison to the same period last year, while listing inventory remained high, providing substantial negotiating power for homebuyers.

“Many households in the GTA are eager to purchase a home, but current mortgage rates make it difficult for the average household income to comfortably cover monthly payments on a typical property. Fortunately, we anticipate a decline in borrowing costs in the coming months, which should improve affordability,” said TRREB President Elechia Barry-Sproule.

“On top of lingering affordability concerns, home buyers have arguably become less confident in the economy. Uncertainty about our trade relationship with the United States has likely prompted some households to take a wait and see attitude towards buying a home. If trade uncertainty is alleviated and borrowing costs continue to trend lower, we could see much stronger home sales activity in the second half of this year,” said TRREB Chief Market Analyst Jason Mercer.

GTA REALTORS® reported 4,037 home sales through TRREB’s MLS® System in February 2025 – down by 27.4% compared to February 2024. New listings in the MLS® System amounted to 12,066 – up by 5.4% year-over-year. On a seasonally adjusted basis, February sales were down month-over-month compared to January 2025.

The MLS® Home Price Index Composite benchmark was down by 1.8% year-over-year in February 2025. The average selling price, at $1,084,547, was down by 2.2% compared to February 2024. On a month-over-month basis, the MLS® HPI Composite and the average selling price edged lower after seasonal adjustment.

“With the Ontario provincial election just behind us and the federal political situation in flux, there is a lot to consider from a policy perspective when it comes to housing. Not only do existing policy makers and those vying for high public office need to make clear their direction on housing supply and affordability, but they also need to be clear on how they intend to tackle issues related to trade and the economy. Clear direction will go a long way to strengthen consumer confidence,” said TRREB Chief Executive Officer John DiMichele.

03/03/2025

Choosing The Right Neighbourhood

Whether buying or renting, you should be choosy about the neighbourhood you move into. And if you have a family, there are even more factors to consider. So before you move, research your options; get to know the area, spend some time on its streets, in its cafes and walk along its sidewalks. Just like any relationship, feel it out before you move just to make sure it's a good fit.

You can't judge a book by its cover, nor a neighbourhood by its looks. Ultimately, you want to buy a house that will still be in a desirable place to live 10 or 15 years from now. Depending on your own particular needs and tastes, some of the following factors may be more important considerations than others:
- Style of homes
- Quality of schools
- Property values
- Crime rate
- Future construction
- Proximity to: schools, employment, hospitals, shopping, public transportation, cultural activities, highways, beaches, parks, shopping, recreation and spiritual or community organizations (churches, temples, mosques, etc.)
If you’re a first-time buyer with limited financial resources, it’s a wise purchasing strategy to buy a home that meets your primary needs in the best neighbourhood that fits within your price range.

You can maximize your home purchase location by incorporating some of the following strategies into your neighbourhood search:
- Look for communities that are likely to become "hot neighbourhoods" in the coming years. They can often be discovered on the periphery of the most continuously desirable areas.
- Look for a home in a good neighbourhood that is a bit farther out of the city. If commuting is a concern, purchase a home that is close to public transportation.
- Look at the neighbourhood demand by asking whether multiple offers are being made, whether the gap between the list price and sale price is decreasing, and whether there is active community involvement. You can also drive around neighbourhoods and see - how many "sold" signs there are in a particular area.
Look into purchasing a condominium or co-op, rather than a house, in a desirable neighbourhood. This way you may still be able to purchase in a prime area that you otherwise could not afford.
- Consider the safety issues such as traffic and how your kids are going to get to school. Paying attention to the local school system is valuable even if you don’t have children or plan to because many potential buyers are concerned with that issue. A thriving school district can be an indication of an area that will continue to rise in property values.
Of course, being too close to the school or boxed in by traffic jams can hurt the resale value of your home. You should also check how local students score on standardized tests to help determine the quality of the education taught in the area.

There are a few more sources that can assist in learning about a neighbourhood:
- Go have dinner at one of the restaurants in the area. You can strike up conversations with some of the local patrons in that restaurant.
- Talk to local business owners. Even if they don't live in the area, they will have some insight into the neighbourhood and the people living there.
- Find out about owner-occupancy. Your agent is a good source for this kind of information. Ask about rental values - even if you plan to live in the home. Often tenants don't have the same pride of homeownership that owners do; thus properties are not always kept up.
- Check landscaping at major commercial developments. Is it kept up?
Visit local facilities such as malls, movie theatres, etc. Frequently these will be hang-outs for school-aged children and a good place to get an idea about neighbourhood kids.
- Drive through the neighbourhood and see if there are a lot of home remodelling projects going on. If so, it likely means homeowners are planning to stick around and are willing to invest more in their homes because they like the neighbourhood.

Once you have identified your preferred neighbourhood, make several visits to it on different days and times, coming back in the evening, on weekends, and during school time hours to see how the area changes. Observing the neighbourhood and the people who live and work in the area will give you a better understanding of whether it's a fit for you and your family. The more time you spend studying the location the less likely you are to discover something you dislike about after you have bought the home.

02/20/2025

The Real Estate Market is Warming Up with More Listings and Cautious Buyers

A growing number of homebuyers are taking advantage of lower borrowing costs as we move toward the 2025 spring market, resulting in increased transactions and a moderate uptick in average selling prices. However, the positive impact of lower mortgage rates could be reduced, at least temporarily, by the negative impact of trade disruptions on the economy and consumer confidence.

Ontario - A Growing Number of Homebuyers are Taking Advantage of Lower Borrowing Cost.

Toronto, February 7, 2025 -- The Toronto Regional Real Estate Board’s (TRREB) Market Outlook and Year in Review report reveals that a well-supplied housing market will keep average annual home price growth at the rate of inflation, with the average selling price increasing moderately in the Greater Toronto Area (GTA) over the course of the year.

“A growing number of homebuyers will take advantage of lower borrowing costs as we move toward the 2025 spring market, resulting in increased transactions and a moderate uptick in average selling prices in 2025. However, the positive impact of lower mortgage rates could be reduced, at least temporarily, by the negative impact of trade disruptions on the economy and consumer confidence,” said TRREB Chief Market Analyst Jason Mercer.

For 2025, TRREB forecasts: – A total of 76,000 home sales in 2025, up by 12.4% over 2024. Lower borrowing costs coupled with ample supply will improve affordability and prompt more buyers to move off the sidelines. – The average selling price to reach $1,147,000, up by 2.6% over 2024, for all home types combined. Price growth will be stronger for single-family homes, as compared to the well-supplied condo apartment market.

“As we look to the future, prioritizing housing diversity and supply remains paramount. Encouraging the development of missing-middle housing—such as townhomes, duplexes, and low-rise multi-unit buildings—is critical to delivering a range of attainable options for individuals and families. Purpose-built rentals also play a vital role in ensuring everyone has access to a place they can call home,” said TRREB President Elechia Barry-Sproule.

“At TRREB, we believe the solution starts with collaboration. Traffic congestion and affordability are interconnected challenges that require integrated approaches. The current system of high development charges, taxes, and administrative hurdles only exacerbates the issues. This stalls progress on building the housing supply we need to support our growing communities,” said TRREB CEO John DiMichele.

The year started off with GTA REALTORS® reporting 3,847 home sales through TRREB’s MLS® System in January 2025 – down by 7.9% compared to the same period last year. New listings in the MLS® System amounted to 12,392 – up by 48.6% year-over-year. On a seasonally adjusted basis, January sales were up month-overmonth compared to December 2024. The MLS® Home Price Index Composite benchmark was up by 0.44% year-over year in January 2025. The average selling price, at $1,040,994, was up by 1.5% compared to January 2024.

01/27/2025

Important Things to Consider When Buying a Condo

For first-time buyers or those looking for a more affordable investment into a certain real estate market, a condo is clearly an excellent choice. The concept of a communal space is attractive. Shared amenities, community involvement, and proximity to urban areas make condos a great idea also

Today, condominiums continue to appreciate in market value at a rate that is almost as fast as that of single-family residences making condos a good investment.

Buying a condo with features that are in high demand will maximize the profit on your real estate investment and create an enjoyable condo living environment.

A condo with a view
A spectacular view is an important factor in deciding the value of a condo unit. A unit with an unobstructed view of the cityscape or a lake is much preferable to a view of an industrial building or a neighbour's kitchen. Choose a south or west-facing unit that offers optimum light, which can make smaller spaces look larger. Balconies and patios provide desirable access to the outdoors, which is highly sought after by condo dwellers. Although these features will cost a premium, they are more than worth the investment and will help in getting a top price when it comes time to sell.

Condo maintenance fees
Buying a condo with a relatively low maintenance fee is a smart choice. Many condos have amenities that include gyms, swimming pools, squash courts, party rooms, or rooftop patios. The cost of these features will result in a higher monthly maintenance fee. Condo buyers should consider whether they will make use of these facilities in order to justify paying a higher maintenance fee.

High-demand condo features
Look for condos with modern kitchens and bathrooms that not only provide immediate aesthetic appeal but are in great demand by buyers. Hardwood floors are a very popular feature in condos, not only offering a stylish appearance but also providing a desirable, easy-to-clean alternative to stain-weary, allergen-inducing broadloom.

Storage space
Storage space is important because of the small size of the condo unit. Some condos include a storage locker in the common areas of the building. Make sure there is enough space for your essential seasonal items – such as a bike, skis, snowboard, hockey gear, baseball equipment, Christmas tree, etc.

Car parking
As parking in large cities can be scarce, a condo that has a parking space included is a very good investment. Ensure that the building has ample visitor parking or that there is available street parking in the neighbourhood. Many condos in the downtown core provide no visitor parking, leaving the costly option of parking in a public parking lot.

Building security
While having a security guard on site does provide added security, keep in mind that this expense will increase the maintenance fee.

Owner occupancy rate
Is also important to find out who occupies the other units of the complex. Owners occupying their suites have an invested interest in the building and typically take better care of common areas.

Do not get caught up on the looks and cosmetics of a condo. Go back at least a couple of times to view all the things you may have overlooked or didn't consider when visiting the first time.

Condominium units have become a wise alternative to owning a house. This is not surprising, as living in a condo can be more convenient than living in a house. A condo is ideal for individuals living alone, small families, and older people. And because condos are smaller, they are less expensive to maintain.

01/22/2025

6 New Year’s Resolutions for The First-time Home Buyers

Happy New Year! If you’re looking to make 2025 the year that you finally become a homeowner, then it’s time to make a few New Year’s resolutions. Your dream can be achieved with a simple plan and the desire to see it through all the way to your new home!

1- Save for a down payment
Saving money to buy a home doesn’t mean you have to make giant cuts from your monthly budget. The smallest cuts from your day-to-day routine are often the ones that can save you money because they all add up over time. Small changes in your lifestyle like making your coffee at home instead of buying from coffee chains, and preparing your lunch instead of eating out or buying fast food can save you a few hundred dollars each month.

2- Pay off debt within reason
If you’re sitting on debt, commit to paying off enough amount each month to improve your debt-to-income ratio. Eliminating debt altogether is ideal, but it may be unrealistic if you also need to save for a down payment and closing costs. Instead, focus on bringing your debt-to-income ratio below 36% which will still qualify you for favourable mortgage programs and rates.

3- Keep track of your credit score
Your credit score impacts whether or not you’ll get approved for the home of your dreams. If you haven’t monitored your credit score in the past, resolve to keep track of where you stand this year.

Get your free credit report and use it to check for errors in your history that can affect your score like delinquencies, late payments, liens, or fraud.

4- Decide what is your housing need
This next resolution is figuring out what you need in a home. Here’s a basic list that can help you decide. The number of bedrooms, bathrooms, neighbourhood, proximity to schools, Local traffic/Public transportation, or shopping centre.

5- Get prequalified
Prequalifying for a mortgage is the first thing you should do to start your home search. A prequalification letter gives you an estimate of the mortgage amount you can get approved for. You can use the estimate while searching for a home to narrow down your options.

6- Budget like a homeowner
Once prequalified for a home, start simulating a budget that includes paying your mortgage and other costs. This is crucial for first-time home buyers since owning a home comes with more financial responsibility than renting.

Add expenses like insurance and taxes into your budget to simulate payments. You’ll know you can comfortably afford the mortgage if you can manage payments and have money left over for living expenses. If not, adjust the price of the homes you’re shopping for to make sure you can afford them.

01/18/2025

Market Watch - Annual Sales Were Up Slightly in 2024 Compared to Last Year

Borrowing costs were at the top of home buyers' minds in 2024. High interest rates presented significant affordability hurdles and kept home sales well below the norm. The housing market did benefit from substantial Bank of Canada rate cuts in the second half of the year, including two large back-to-back reductions. All else being equal, further rate cuts in 2025 and home prices remaining below their historic peaks should result in improved market conditions over the next 12 months.



Ontario - Annual Sales Were up Slightly Compared to 2023

Toronto, January 7, 2025 -- The Greater Toronto Area (GTA) housing market experienced a transitionary year in 2024. Annual sales were up slightly compared to 2023, and new listings were up significantly year-over-year. Buyers benefited from substantial negotiating power on price, especially in the condominium apartment market. Average selling prices in 2024 dipped in comparison to 2023 as a result.

“Borrowing costs were top of mind for home buyers in 2024. High interest rates presented significant affordability hurdles and kept home sales well below the norm. The housing market did benefit from substantial Bank of Canada rate cuts in the second half of the year, including two large back-to-back reductions. All else being equal, further rate cuts in 2025 and home prices remaining below their historic peaks should result in improved market conditions over the next 12 months,” said the Toronto Regional Real Estate Board (TRREB) President Elechia Barry-Sproule.

Annual 2024 home sales amounted to 67,610 – up by 2.6% from 65,877 sales in 2023. New listings, at 166,121, were up by a greater annual rate of 16.4%. Listings increasing by a greater rate than sales provided buyers with considerable choice in the marketplace, which effectively kept a ceiling on any widespread price growth. The average selling price for all home types combined was $1,117,600 in 2024, representing a decline of less than 1% compared to the 2023 average of $1,126,263. Market conditions were tighter for ground-oriented housing and selling prices held up better in these segments as a result. Price declines were more notable for condo apartments.

“Market conditions varied by market segment in 2024. Sales of single-family homes, including detached houses, increased last year, whereas condo apartment sales were down. Many would-be first-time buyers remained on the sidelines, anticipating more interest rate relief in 2025. The lack of first-time buyers impacted the less-expensive condo segment more so than the single-family segments,” said TRREB Chief Market Analyst Jason Mercer.

“Consumer sentiment, monetary policy, development policy, and issues such as congestion continued to impact the resale, new, and rental housing markets in 2024. Government policies on these fronts need to be reviewed in 2025. TRREB is providing in-depth coverage on all of these topics in our highly anticipated Market Outlook and Year in Review report to be released at the beginning of February,” said TRREB CEO John DiMichele.

GTA home sales amounted to 3,359 in December 2024 – down slightly from December 2023. New listings were up over the same period, continuing the trend of a well-supplied market. The MLS® Home Price Index Composite Benchmark was up by less than one% year-over-year in December. Over the same period, the average price, at $1,067,186, edged lower.

12/27/2024

How to Boost Your Affordability When Arranging For a Mortgage?

The key to a successful mortgage experience is carefully considering all your options and buying within your means to sustain your payments. Borrowers unsure which approach is best can rely on certain time-tested strategies to avoid overextending themselves.

Here are a few tips to boost affordability when arranging your mortgage:

1. Know what you can afford.
A mortgage pre-approval helps you establish a price range and the maximum mortgage you can reasonably afford. Most lenders will lock in a rate for up to 120 days when pre-approving potential borrowers for a mortgage.

2. Revisit your current debts.
When applying for a mortgage, a lender will look at your total debt service ratio (TDS), or how much of your total income is going towards various types of debts, including car loans, credit cards, and other consumer loans. A mortgage broker can advise on restructuring your current debt (by increasing the amortization and lowering payments on your car loan, for example), to ensure that your TDS ratio is acceptable to prospective lenders.

3. Look into a longer amortization.
Some lenders offer mortgages with amortizations longer than the traditional 25-year amortization which results in a lower monthly payment. Those opting for a longer amortization should plan to make lump sum payments down the road or increase their monthly payments (say, after receiving a salary increase), to lessen the amount of interest they pay throughout the life of their mortgage.

4. Increase the size of your down payment.
Increasing the size of your down payment means a lower monthly payment. A common way for first-time buyers to come up with more cash for a down payment is to make use of the federal Home Buyers' Plan to withdraw up to $20,000 each from a registered retirement savings plan (RRSP) without tax penalty to buy or build a qualifying home. Also, many lenders allow the down payment to come from a properly documented gift, and a borrowed down payment may be possible for some borrowers.

5. Consider locking in your rate for a longer period.
If you’re uneasy about fluctuating interest rates and your ability to meet any increases, then a fixed-rate mortgage could be a good fit. Many lenders are open to longer fixed terms, up to 10 years in some cases.

12/19/2024

Market Watch - The Stage is Set For an Accelerating Market Recovery in 2025

As we approach the end of 2024, We have noticed an improvement in housing market conditions. Many home buyers patiently waited on the sidelines for reduced inflation and lower borrowing costs. With selling prices remaining well off their historic peak and monthly mortgage payments trending lower, the stage is set for an accelerating market recovery in 2025.



Ontario - The Stage is Set For an Accelerating Market Recovery in 2025

Toronto, December 9, 2024 -- Greater Toronto Area (GTA) home sales increased strongly on a yearover-year basis in November 2024. Many buyers benefitted from more affordable market conditions brought about by lower borrowing costs. New listings were also up compared to November 2023 but at a much lesser annual rate. This meant that market conditions tightened, resulting in overall average price growth compared to last year.

“As we approach the end of 2024, I am pleased to report an improvement in housing market conditions. Many home buyers patiently waited on the sidelines for reduced inflation and lower borrowing costs. With selling prices remaining well off their historical peak and monthly mortgage payments trending lower, the stage is set for an accelerating market recovery in 2025,” said Toronto Regional Real Estate Board (TRREB) President Jennifer Pearce.

GTA REALTORS® reported 5,875 home sales through TRREB’s MLS® System in November 2024 – up by 40.1% compared to 4,194 sales reported in November 2023. New listings entered into the MLS® System amounted to 11,592 – up by 6.6% year-over-year. On a seasonally adjusted basis, November sales were up month-over-month compared to October.

11/14/2024

Market watch - Sales and Average Selling Price Increases in October

We are seeing positive movement in the Canadian Real Estate market with sales increasing as consumer confidence is getting stronger, boosted by another consecutive Bank of Canada interest rate cut.

While we are still early in the Bank of Canada’s rate-cutting cycle, it does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October. The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity.

Sales and Average Selling Price Increases in October

Toronto, November 6, 2024 -- Greater Toronto Area (GTA) home sales increased strongly year-over-year in October 2024. Over the same period, new listings were up, but at a lesser annual rate. The result was tighter market conditions compared to October 2023. The average selling price was up slightly on an annual basis.



“While we are still early in the Bank of Canada’s rate-cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October. The positive affordability picture brought about by lower borrowing costs and relatively flat home prices, prompted this improvement in market activity,” said Toronto Regional Real Estate Board (TRREB) President Jennifer Pearce.

GTA REALTORS® reported 6,658 home sales through TRREB’s MLS® System in October 2024 – up by 44.4% compared to 4,611 sales reported in October 2023. New listings entered into the MLS® System amounted to 15,328 – up by 4.3% year-over-year. On a seasonally adjusted basis, October sales increased month-over-month compared to September.

The MLS® Home Price Index Composite benchmark was down by 3.3% year-over-year in October 2024. The average selling price was up by 1.1% compared to October 2023 to $1,135,215. On a seasonally adjusted basis, the average selling price edged up compared to September.

“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for home buyers. This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025,” said TRREB Chief Market Analyst Jason Mercer.

“Policymakers can further improve affordability by reducing taxes on home buyers. TRREB supports the Conservative Party of Canada pledge to remove the GST from the purchase of new homes sold for under $1 million as this is an encouraging step towards giving new home buyers desperately needed relief. Enhancing the rebate will not only make homes more affordable, but it will also increase the number of homes built,” said TRREB CEO John DiMichele. “Given that the average price of a home in less affordable markets such as the GTA and Vancouver is over $1 million, phasing out the rebate between $1 million and $1.5 million, rather than a hard cutoff at $1 million, would address this shortcoming. Provincial consideration should also be given to matching this proposal,” continued DiMichele.