News & Announcements

WELCOME Dragon year 🐲!! I know I have been very late and MIA on the this newsletter! As January rolled around – I got busy with work and looking after a sick toddler doesn’t give me much time to send out my monthly newsletter as I wish. As the Chinese New Year came knocking, my schedule was filled with family gatherings and it was too late to send this out. So for this month, I’ve attached January and February stats this time. 

As for the market and rates,  some experts have anticipated that the rates will continue to hold till Summer ie June. However, the general housing market have started to heated up as bank rates are still firm on holding the 5 year fixed rates hovering around the 4.89%. It has brought some confidence for buyers to start looking and ready to pull the trigger to buy. The multiple offers have already started with the subject free offers making it’s way into the competition. 

– Sam

WELCOME 2024!! How’s the first couple of days into the new year? Have you already planned your next getaway already? I had originally and anticipated to be a single parent for 2 weeks this January when the hubs was suppose to go overseas for a solo trip. However, he decided in wanting a family trip later in the year instead. I am a little disappointed – as I was really wanting him to enjoy his solo trip as he hasn’t had one in such a long time!

As for the market and rates, most people are anticipating to see how the rates are holding up and whether there will be any changes for the next rate announcement happening on January 24th. From December till now, there has been some uptick in activity in the market as more buyers are confident in jumping into the market as fix rates have dropped significantly due the holding rates. Will we see more rates to continue dropping which can impact the variable to drop as well? Time can only time.  

– Sam

OMG – who is ready for the Christmas Festivities? I can’t believe in less than 15 days it will be Christmas Day and we’ll be ringing the new year soon! To get into the holiday mood, I got a chance to take a weekend getaway to visit Leavenworth WA. The iconic German Village that has adorned itself over hundred of thousands of Christmas lights along with the white snowy background makes it the ideal Winter Wonderland! It was a great opportunity to relive a bit of my childhood, and to share it along with my little one as well! I’ve also been scrambling in chicken scratching up Christmas cards which has left my hand cramped out. I’m clearly out of practice in actually writing!

In the last rate announcement of early December, the Bank of Canada has decided to end the year off by holding the rates again. As a result of this continue holding rate, many banks are using this a gauge and feeling optimistic on the long term horizon that rates will be dropping. Banks are now dropping their long term fix rates at an average of 5.49% or even as low as 4.99% depending on different conditions and which financial institution. So there may be a surge of buyers coming thru in early 2024 as banks provide a sense of confidence and encouragement for buyers to start looking again. However, the rate be steady for now, but the chance of rates to continue rising is very much possible so we’ll have to see what the next rate announcement will be on January 24, 2024. 

– Sam

The gorgeous colour palette of Reds, Oranges and Yellow still leaves me at awe. I am very grateful to be living in a city where I get to see all four seasonal changes. October was memorable for me since the fact that my little one had their first Halloween – trick – or – treat experience. Got to checkout a fun pop up pumpkin patch and pumpkin after dark experience as a way to ring in the true Fall weather. Thanksgiving was a blur as I had experience the dreaded hand-mouth and feet disease. NOT FUN! However, the weather held up well and I got to enjoy a few more walk/hikes with my hiking partner before the temperature drops even further. 

Rates have been holding pretty well so far, so as of now – we’ll probably see no changes until January 2024. There has been a lull in both rental and real estate. It was definitely noticeably quiet in September where many families have settled in and returning/adjusting to the school/work routine. Prices have dropped slightly but many Sellers are still holding strong on pricing which result in more of a balanced market. 

– Sam

LET’S WELCOME THE FALL – how quickly this season arrived – it was just last week where the temperature were still relatively warm and I was in my shorts and t-shirts! However, I’m aware Fall is one favorite season they can start wearing their Fall wear, and cozy themselves at home with anything pumpkin spice! I’m not much of a fan this pumpkin spice but I do love the seasonal colour changes that comes with it. I also recently celebrated the Mid-Autumn Festival. This particular festival was memorable to me as this was the first time my little one was able to fully participate and enjoy the experience. Next time – I’ll probably will have a lantern station to make lanterns!

So how was the September’s market performance? Talking to a few of my colleagues that there was some certain price points in certain locations have felt a sort of a lull with less demand in the area. Whereas, some are still experiencing demand and high interest but prices aren’t as competitive compare to before. Assuming that since interest rates are still the same – the rate itself is still high and it still leaves many buyers hesitate to pull the trigger. It’s more of a wait and see approach.  It’s also the same for homeowners who are close to the end of their mortgage term may need to reassess their ability to continue financing their home

– Sam

How was your Summer? I am aware this is the year for travelling – especially to Japan! There is currently a shortage of chips for Japan’s local train passes so it’s very hard for travellers to use public transit to get from one to another. So if you’re planning to visit – I highly recommend you talk to your friends and family if they have a transit card you can borrow! The saying rings true – as you get older – Time seems to past by so fast! I felt my Summer was a blur with work and spending time with family. I got to end my Summer by going to PNE and firing up the grill! 

So how was my experience in August in regards to the market – I definitely felt an immediate impact of lack of activity and interest. Speaking to my fellow colleagues, they also feel the impact so it’s goes right across the board. I can assume this may be due to the to the Summer influence of many are out of town or want to prioritize their time to enjoy the outdoor festivities. There is also some possible hold back of wait and see on whether the next rate announcement will impact purchasing power as well. 

Leading into the topic of the interest rates, it appears that the steady increments of interest rates since July have done it’s job to curb inflation. With that being said, this September announcement will probably be no change will remain the overnight rate of 5% for the remainder of the year. What do you think? 

– Sam

Half of the Summer have come and went, and now we have one more month to savor the long days and get outside as much as possible. I am surprised that this year the heat was much more bearable compared to last year’s heat wave!  I was glad to see some rain to break up the long dry summer haul. Did you get a chance to catch the Summer Fireworks? I personally think it’s great to see different countries represented through their own creative performances. I spent my first month of the Summer just focusing on just steadily working and learning to be extremely patient with the terrible two stage. I was told that this stage is very mild compared to the future growth stages….*I am sooo looking forward to this*

Since the interest hike in July, prices have remained steady with prices relatively close to the market/benchmark prices for most properties. There may be a possibility of a long lull in late Fall and close to the end of the year as many holding rates are expiring and there may be rush of buyers looking to close on some homes in order to secure the rate. 

Hopefully in the next interest announcement in September 6th, we hear some good news and July would be the last one for this year. However, there is a possibility that we may see another hike in next year. Keep watch to see our neighbouring country fair as we are heavily influence by their economy so we tend to follow suit on whether we will continue raising rates or not. 

– Sam

SUMMER HAS ARRIVED AND SCHOOL IS OUT!!! June has been a mixed bag of weather but the weather has been pretty consistent in wonderful sunshine. I manage to start my first hike of the season – started very slow since it’s been more than 2 years that I’ve gone hiking. I’m excited to head to the next hike – I was thinking Diez Vistas. Any suggestions?

So how was the market in June since the impact of the increase interest rate that was announced in the same month.  Since the announcement, I have experienced many of my clients looking to sell as they’re having hardship in making their monthly mortgage payments. I also noticed the buyer’s confidence has changed to be more conservative in their decision making. As a result, the demand has dampened and supply has increased with homes being on the market with a longer average time. However, there are some buyers looking to hedge their bets and wanting to secure their interest rates before the next interest hike announcement happening in July would want to pull the trigger and purchase – with the possibility of the fear of missing out.  At the moment – many homes are priced at market or slightly below with offers to be reviewed at a certain time or first come first served basis yet majority of all offers would have subjects.

Note that the next interest hike announcement would be in July 12, and the next few ones for the reminder of the year would be: Sept 6, Oct 25, and Dec 6. Hopefully July’s interest hike with the possibility to rise another 0.25 base points will be the last one till the end of the year.

– Sam

May literally flew by so quickly for me since every weekend there were tons of birthdays, holidays and special days to celebrate with friends and family. Although we did  have a blimp of a heat wave – it quickly dissipated to milder but gorgeous sunshine~ Since May, I have been able to finally grieve over a lost of someone very dear and also at excited that there is a new addition to the next generation! 2023 felt like it just arrived but now we’re at the half way mark. I can’t believe we’re heading into Summer already – what plans have you set up? 

So what has happened in May?  There as been more activity in the market with more buyers and sellers entering in the market and getting ready to start taking the step to either sell or buy as mentioned in the April. However, it has left many agents experience a whirlwind of transaction which seems very unpredictable as the past experiences and scenarios we’re all prepared for wasn’t the expected outcome that we’re use to witnessing. Data is scarce and hard to come by to truly understand if the pricing being listed is going to get the homes to move and buyers to be motivated to purchase.  Majority of areas and types of homes have experienced multiple offers but pricing of these homes have stayed consistent within a glass ceiling that some homes aren’t able to break above, So it’s hard to determine what will happen to the market in the latter part of the real estate at this point. 

Note that June 7th is when the Bank of Canada will provide an updated interest announcement. Hopefully nothing changes and rates will hold. However, we never know what the government will pull since word on the street that inflation went up 0.2 points which was the opposite of what the gov’t was hoping for. We’ll have to see what will happen but the trajectory of a balance market may have already passed and the market has risen. But the possibility there may be a small dip at the end of the year if the trend of housing prices persistently goes up. 

– Sam

April was still pretty cool and dreary throughout the entire month but fortunately we got to enjoy and bask in the beautiful blooms of the Sakuras which whisk us into the bright and breezy Summer heat. It feels like we had Winter and we just totally skipped Spring and jumped into Summer in less than 2 weeks time. As we enter into May, we have witness a historical moment of the coronation of King Charles III and to celebrate Mother’s Day! What have you planned for Mother’s day?! Make sure to send your love to not just your mom, but to all the mother figures in your life! They’re just as special and deserving! 

So let’s get into it –  There as been more activity in the market with more buyers and sellers entering in the market and getting ready to start taking the step to either sell or buy. As the interest rates have stabilized, there has been more consumer confidence to either get back into the market or take the first step. Pricing of homes have appear to be very fair and at par to market pricing compared to early 2022. Buyers are more reserved on jumping into purchasing a home so quickly, and with the new rule – 3 Day Recession period – it has lessen the pressure to make a decision on a whim. However, homes have sold quite quickly as inventory is still very scarce and demand has started to risen. This trend of a balance market would likely to continue for the latter part of the year with the possibility of homes to rise late in the year or early 2024. 

– Sam