Market
Minute
March '25
A new season is just around the corner and so is the "Spring Market". What that looks like is anyone's guess but we have a few thoughts. PLUS: All the closing costs you should be ready for when buying. + who loves doughnuts?
Need a new list pad? We have you covered
What's REALLY impacting the Spring Market?
This month's giveaway is...
Your top concerns for 2025, answered
Closing Costs: A Buyer's Perspective
Buying a home is exciting, but the costs go beyond the purchase price. Many first-time buyers and those who haven’t bought in a while are surprised by additional expenses that pop up during the process. Here’s a quick breakdown of the most common closing costs you’ll encounter when buying a home...
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Down Payment Balance: After your initial deposit, you’ll pay the remaining balance at closing.
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Mortgage Fees: Loan administration, credit reports (~$50+), and mortgage insurance if your down payment is under 20%.
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Legal Fees: Expect $1,500 - $2,000 for a lawyer to review documents and facilitate the closing.
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Title Registration Fees: Minimal fee of $70 - $150 to transfer the property title.
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Title Insurance: Depends on home value, type, location and use. Typically $500 - $1,000
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Land Survey (If Needed): Costs around $1,000 - $1,500.
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Land Transfer Tax: Based on the home’s price (one of the largest expenses, but first-time buyers may qualify for rebates).
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Prepaid Costs: You may need to reimburse the seller for prepaid property taxes, utilities, and other costs.
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Bridge Loan Costs: If your current properties overlap (~$500 admin + Daily Interest)
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What’s Really Driving the Spring Market? Tariffs, Elections, or Something Else?
With the Spring Market just around the corner, many are wondering how the current financial and political climate will impact real estate.
The big question on a lot of minds: Will tariffs and economic uncertainty cool the market, or will government intervention fuel another surge?
There's no doubt that job losses and rising costs (inflation) could put downward pressure on home prices. However, the government has hinted at rolling out pandemic-level financial supports to offset the impact of U.S. tariffs on Canadian industries (Globalnews, CTV). If history is any indication, that could have the opposite effect—injecting liquidity into the market and driving up demand.
Chief economists are weighing in on these dynamics:
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Canada Mortgage and Housing Corporation (CMHC) anticipates that, despite economic headwinds, housing market activity in Canada is expected to improve. The combination of lower mortgage rates and changes to mortgage rules introduced in 2024 should unlock pent-up demand from homebuyers previously priced out of the market. cmhc-schl.gc.ca
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BMO Economics projects that sales activity and prices should rise modestly in 2025. Mortgage rates could dip below 4%, but we're near the cycle lows barring an economic shock. economics.bmo.com
And tariffs aren't the only wildcard. Canadians are navigating a period of deep uncertainty:
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The U.S. is experiencing significant political and social unrest, which always has a ripple effect on our economy.
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Ontario's recent provincial election just wrapped up, and a federal election is on the horizon. Political shifts often bring policy changes that can influence interest rates, mortgage rules, and housing supply.
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Consumer confidence is shaky—some are holding off due to uncertainty, while others see opportunity.
So, instead of asking whether tariffs will slow the market, the real question might be: How will the government's response—both federally and provincially—shape what happens next?
As always, we're keeping a close eye on the trends.
Do you love doughnuts like Melissa?
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We asked...
Earlier this year we reached out to all of you and asked how we can be most useful to you this year.
A big THANK YOU to everyone who responded. You were each added to the raffle for a $100 Pre-Paid VISA card.
... You answered
(TOP 4)
Tracking the value of your home over time
Providing recommendations for reliable service providers
Understanding mortgage rates & financing options
Keeping you connected to local real estate trends (Yay! You're already here)
Now what?
Mini CMA's : We can provide a quick snapshot of your home's value via a mini Comparative Market Analysis (CMA) at any time. If you haven't recieved one recently and you'd like one please don't hesitate to reach out.
Service Directory: We are putting the finishing touches on a service directory with contact information to tried and trusted service professionals across many industries. Stay tuned for the official launch!
Breaking down Mortgages: We'll continue to keep you informed on the mortgage options & changes within the newsletter. If you'd like to be connected to a mortgage professional to dig deeper - just say the word!