Welcome to the January issue of my monthly newsletter!   Happy New Year! This month, I wanted to take a look at what is in store for us for the housing market as we head into 2025. Plus, I have some tips to help kick your financial health into gear for the next twelve months! Scroll down for all the details. Market Outlook for 2025 It’s a new year and as we gear up for the upcoming Spring season, it is a good idea to take a look at the market outlook and what we are expecting to see around housing sales, prices, interest rates, and how these current conditions affect buyers versus sellers!     Let’s dive into the Canadian Real Estate Association Forecast and more: National Trends Housing Sales: National home sales are expected to increase by 6.6% in 2025, reaching approximately 499,800 units as interest rates continue to decline, drawing buyers back into the market. This follows a modest 5.2% increase in 2024.   Housing Prices:On a national level, Canada’s housing market is expected to see a 4.4% increase in home prices in 2025, reaching an average of $713,375. This follows a more modest 0.9% increase in 2024. The national growth is tempered by regional differences, with areas like Toronto and Vancouver seeing higher price levels due to ongoing demand, while more affordable regions like Quebec may see more moderate growth.   Rising Demand: Canada’s housing market remains competitive, with demand continuing to rise in urban centers and suburban areas due to factors like population growth, economic recovery, and strong immigration.   Interest Rates: The Bank of Canada’s policy on interest rates continues to play a central role in shaping the housing market. While rates were higher through 2023 and part of 2024, they are expected to continue declining in 2025, which should ease affordability constraints and encourage more buyer activity. Regional Highlights Greater Toronto Area (GTA) Housing Prices:The average home price in the GTA reached $1,135,215 in October 2024, reflecting a 0.8% increase year-over-year and 2.5% monthly growth. The City of Toronto itself saw a 3.4% increase, signaling continued demand despite higher prices. Areas like Mississauga and Brampton show mixed price trends, with Mississauga seeing a slight decline of 2.2% year-over-year, while Brampton experienced a 2.0% increase. These fluctuations reflect demand in more affordable areas within the GTA.   Rising Demand: Toronto remains one of Canada’s most sought-after markets, driven by its status as a global financial hub and growing tech sector. Suburbs like Mississauga, Brampton, and York Region are seeing rising interest as buyers seek more affordable options. Ontario's strong job market and immigration influx contribute to population growth, further boosting demand. While some cooling has been seen due to high home prices, the overall demand remains robust, especially for entry-level homes.   Interest Rate Impact: Rates are expected to decrease into 2025 increasing buyer demand. Despite higher rates over the last two years, Toronto remains a seller’s market in many areas, though buyers will benefit from more favorable conditions as rates decline. Greater Vancouver Housing Prices: Vancouver has experienced a slight decline in average home prices, down 0.2% year-over-year in 2024, with prices hovering around $1,250,329. However, Vancouver remains one of Canada's priciest markets, and some recovery is expected as the market adjusts. While the downtown core sees slower price growth, suburban areas in the Lower Mainland, such as Richmond and Surrey, continue to see moderate price increases, as these areas offer better affordability and space.   Rising Demand: Vancouver’s appeal remains strong for both domestic buyers and international investors, particularly in tech, entertainment, and natural resources sectors. Despite price stagnation, demand continues for detached homes and more spacious properties as residents seek to balance living costs with quality of life. Vancouver also benefits from significant immigration, and the city continues to diversify economically, drawing both residents and investors who are fueling demand in the housing market.   Interest Rate Impact: Like Toronto, Vancouver has been affected by the Bank of Canada’s interest rate hikes, which have increased borrowing costs and cooled market activity. The rate hikes have caused some slowdown, but the region is expected to see a modest recovery in 2025 with interest rate cuts. As rates decline, Vancouver may experience more balanced market conditions, with higher demand for detached homes in suburban areas and some recovery in the more expensive core areas. Quebec: Housing Prices:The province has seen steady growth in home prices, with Montreal, in particular, experiencing an 8.9% year-over-year price increase as of October 2024, reaching an average home price of $630,063. While Quebec’s growth is generally more moderate compared to Ontario and British Columbia, the relative affordability of homes in many areas still offers opportunities for buyers compared to more expensive regions like Toronto or Vancouver.   Rising Demand: Montreal’s job market, particularly in technology and aerospace, continues to attract young professionals, which fuels housing demand. The province also benefits from ongoing immigration, contributing to population growth, which supports housing demand.   Interest Rate Impact: Like the rest of Canada, Quebec will see easing interest rates in 2025, which should help to bolster market activity. However, since prices have risen significantly over the past decade, some buyers in Quebec, particularly first-time buyers, may still face affordability challenges, albeit less severe than in major cities like Toronto. Expectations for Buyers Affordability Challenges: While interest rates are expected to decline gradually, the impact of high housing prices in major cities like Toronto and Vancouver will still be a challenge for many buyers. However, some relief is anticipated as lower rates could ease monthly mortgage payments.   Opportunity in the Suburbs: Suburban areas are projected to see more price stability and may be more attractive to first-time buyers and those looking for better value for money. Areas like Mississauga, Brampton, and Ottawa are seeing mixed price changes, making them viable alternatives to the high-cost core regions.   More Inventory: A growing number of homes available for sale could give buyers more choice, but competition may still exist in certain markets due to demand returning as rates ease. Expectations for Sellers Tight Timing: Sellers in 2025 will likely benefit from a surge in demand in the spring and summer, driven by the stabilization or decline of interest rates. However, selling in a market with increased inventory may require competitive pricing.   Realistic Pricing: With the market expected to shift towards more buyer-friendly conditions, sellers will need to adjust expectations and price their homes carefully. Those listing too high might face longer waiting periods.   Stronger Negotiation Power in Suburbs: Sellers in high-demand, low-inventory areas (especially in suburban regions) may still enjoy more favorable conditions and could see prices rise or remain stable. Key Takeaways for 2025 Recovery Driven by Rate Cuts: Declining interest rates are anticipated to accelerate both sales activity and price growth in the latter half of 2025.   Regional Disparities: While Vancouver and Toronto remain expensive, other regions like Montreal and Ottawa offer growth potential due to relative affordability and robust economic conditions.   Inventory and New Construction: Higher inventory levels may moderate price increases in some areas, but affordability concerns and economic factors will shape regional market dynamics. Overall, 2025 will likely be a year of transition with benefits to both buyers and sellers as the market continues to stabilize.   Looking to purchase or renew your mortgage this year? Don’t hesitate to reach out to me   Kickstart Your Year: 5 Steps to Improve Your Financial Health   Improving your financial health is essential for long-term stability and peace of mind.   STEP 1: This starts with creating a budget and sticking to it. Begin by tracking your income and all expenses for at least a month to understand where your money is going. Categorize your spending into essentials (housing, utilities, groceries) and non-essentials (entertainment, subscriptions). Use this information to set realistic spending limits and prioritize needs over wants.    Apps and tools can also make budgeting easier and more effective.   STEP 2: Next is to build an emergency fund. Life is unpredictable, and having a financial cushion can prevent setbacks from turning into crises. Aim to save 3–6 months’ worth of living expenses, but don’t be discouraged if that feels daunting.    Start small, even $10–$20 from each paycheck, and automate your savings to ensure consistency. Over time, these small contributions will grow into a safety net.   STEP 3: Debt can be a significant barrier to financial health, so it’s crucial to pay down debt strategically. High-interest debt, like credit cards and payday loans, should be your top priority, as it compounds quickly and can drain your resources. Use strategies such as the snowball method (paying off the smallest debts first for psychological wins) or the avalanche method (focusing on the highest-interest debts to save money overall). Whichever method you choose, ensure you make at least the minimum payments on all debts to avoid penalties.   STEP 4: Another vital component of financial health is to invest in your future. Begin contributing to retirement accounts, such as an RRSP if your employer offers one, especially if there’s a company match—it’s essentially free money.   If an RRSP is not an option, consider a high-interest savings account.   Beyond retirement, explore low-risk investments, which can grow your wealth steadily over time. Even small, consistent contributions can lead to significant returns thanks to compound interest.   STEP 5: It’s essential to regularly review and adjust your financial plan. Financial needs and goals evolve, so take time annually—or after major life events like a new job, marriage, or a baby—to reassess. Review your budget, savings, investments, and debt repayment progress. Adjust your plan as needed to stay on track and adapt to changes.   Regular check-ins help you stay proactive and maintain momentum toward your goals.   Financial health is a journey, not a destination. Consistency, patience, and smart planning will lead you to long-term stability and financial freedom. Remember, even small steps make a big difference over time! Economic Insights from Dr. Sherry Cooper There is an unprecedented disparity between the economic and financial situation in the US and Canada. The Canadian economy is far more interest-sensitive than the US and, therefore, slowed more dramatically in response to the Bank of Canada’s restrictive policy to bring inflation back to its 2% target level. The jobless rate in Canada has reached 6.5%, well above the level in the US, and job vacancy rates have plummeted. Wage inflation has been sticky at 4.9% but will likely edge downward in response to excess supply in the labour market.   Inflation accelerated to 2% y/y in October, compared to the cycle-low 1.6% in September, mainly because gasoline price deflation slowed. The odds of another 50 bps rate cut by the central bank—on the heels of a jumbo cut in October—have diminished, but a 25 bps cut is in the bag.   Market-driven interest rates in Canada are well below those in the US, owing to weaker economic activity and lower inflation. US interest rates surged on the news of the Trump election victory. Ten-year US Treasury yields rose sharply to a post-election high of nearly 4.5% on the presumption that with a Republican majority in the House and the Senate, Trump will move ahead with tax cuts, tariffs and deregulation. Trump has also threatened to limit the independence of the Federal Reserve.   Canadian long-term yields have risen far less since the election. Short-term interest rates are also lower in Canada than in the US. The Bank of Canada has eased monetary policy four times for a total decline in the overnight policy rate of 175 bps, compared to only one rate cut of 50 bps by the Fed. This unprecedented divergence bodes well for a rebounding housing market in Canada.   Housing activity picked up in October and early November in response to the surge in new listings, giving potential buyers a broader range of choices and lower interest rates. The steepening yield curve portends more significant declines in variable mortgage rates—tied to the prime rate, which declines with every cut in the overnight rate, than fixed rates, which move with longer-term bond yields.   The Bank of Canada, concerned about a weakening Canadian economy, will continue to cut the overnight rate at every meeting between now and mid-2025. By then, the policy rate will be roughly 2.5%, half the level at the peak in BoC tightening. This will likely trigger a robust spring housing season.   There is plenty of pent-up activity in the Canadian housing market as buyers have waited for lower interest rates and home prices, and sellers have been reticent to list their properties, hoping for a housing recovery. This is beginning to turn around as every easing move by the Bank of Canada boosts economic activity, particularly in the interest-sensitive housing sector.

Charlotte Ferguson, Level 2 Mortgage Agent
DLC Premier Mortgages
cferguson@dominionlending.ca
519-575-1804
www.charlottemortgages.ca

At Magnolia Group Realty, we’re committed to empowering you with the knowledge to make confident real estate decisions. This post highlights key government programs designed to assist Canadian homebuyers and homeowners, alongside useful resources like FAQs and checklists!

🏡 Featured Downloadables:

Home Buying Checklist

• Step-by-step guide to ensure you stay organized when applying for government programs, financing, and closing on your dream home.

Qualifying for Rebates Checklist

• Detailed breakdown of the documentation needed for the GST/HST Rebate, Home Buyers’ Plan, and land transfer tax refunds.

Secondary Suite Loan Planner

• Everything you need to know about qualifying for Canada’s Secondary Suite Loan Program and tips to budget for renovations.

📱 Social Media Visuals

We’ll create engaging infographics and short videos, highlighting:

• Quick steps to use the First Home Savings Account.

• Who qualifies for the Home Buyers’ Plan.

• Eye-catching graphs showing how the Secondary Suite Loan Program can help boost property value.

• Simple “Yes or No” eligibility flowcharts for key programs like the GST/HST New Housing Rebate.

At Magnolia Group Realty, we make homeownership simple, accessible, and tailored to your goals. Tap the link below to download our free resources or DM us to explore your options further!

📩 [Download Checklists Here]
💬 DM or comment with questions – we’re here to help!

#MagnoliaGroupRealty #HomeBuyingChecklist #FirstTimeBuyer #RealEstateTips

Magnolia Group Realty is excited to share recent updates from the Government of Canada on new mortgage guidance aimed at helping first-time buyers achieve their dreams of homeownership.

The federal government has announced that, starting August 1, 2024, lenders can offer 30-year amortizations for insured mortgages on newly constructed homes. This initiative makes monthly payments more affordable, giving younger Canadians an easier pathway to owning their first home. Read the full press release here.

Highlights of the Announcement

• Lower Monthly Payments for First-Time Buyers
  Extended amortizations by five years allow first-time homebuyers to enjoy more manageable monthly payments when purchasing a newly built home.

• Encouraging New Construction
  This measure not only supports new homeowners but also incentivizes the building of more homes, addressing housing supply shortages. Aligned with the Canadian Mortgage Charter These changes complement other government initiatives aimed at supporting generational fairness in the housing market and providing tailored mortgage relief.

Eligibility Requirements

Borrowers must meet the following criteria to qualify for a 30-year amortized mortgage:

1. First-Time Homebuyer Status:

   At least one borrower on the mortgage application must qualify as a first-time homebuyer. To meet this requirement, a borrower must satisfy one of the following:

   • They have never owned a home.
   • They have not occupied a home they or their spouse/common-law partner owned as their primary residence in the last 4 years.
   • They have recently experienced the breakdown of a marriage or common-law partnership (following CRA’s Home Buyers’ Plan criteria).

2. Purchase of a Newly Constructed Home:
   The property must be a newly built home that has not been previously occupied for residential purposes. This includes newly constructed condominiums with interim occupancy periods.

3. High-Ratio Mortgages Only:
   This measure applies exclusively to high-ratio mortgages (loans exceeding 80% of the home’s value) for owner-occupied properties. All other government-guaranteed mortgage insurance criteria remain in effect.

4. Effective Date:
   These new 30-year mortgages will be available for mortgage insurance applications submitted on or after August 1, 2024. Eligible buyers can expect lenders to roll out the offering on this date. Supporting Generational Fairness Building on the success of programs like the Tax-Free First Home Savings Account (FHSA), which has helped more than 750,000 Canadians save for a down payment, this measure is another step towards making homeownership attainable for young Canadians.

With Magnolia Group Realty, we’re here to help you understand and navigate these opportunities. From personalized advice to expert guidance on eligibility, we’ll ensure you take full advantage of every available program.

Contact us today to learn more about how this program and other initiatives can help you achieve your homeownership goals.

#MagnoliaGroupRealty #FirstTimeBuyer #30YearMortgage #RealEstateNews

Helping Canadians Achieve Homeownership

In light of recent developments, we’re pleased to provide an update on the Government of Canada’s new mortgage reforms. These changes are aimed at making mortgages more affordable and homeownership more attainable. As announced on September 16, 2024, a range of reforms will take effect to address current housing market realities and empower more Canadians to become homeowners.

Key Updates to Mortgage Rules

1. Increased Price Cap for Insured Mortgages

• Starting December 15, 2024, the price cap for insured mortgages will increase from $1 million to $1.5 million.

• This adjustment reflects today’s housing market realities and enables more Canadians to qualify for mortgages with a down payment below 20%.

2. Expanded 30-Year Mortgage Amortizations

• Also effective December 15, 2024, eligibility for 30-year mortgage amortizations will be expanded:

  • Available to all first-time homebuyers.

  • Extended to all buyers of new builds, including condominiums.

• This reform reduces monthly mortgage payments, helping more Canadians unlock the door to homeownership.

3. Supporting New Housing Construction

• By incentivizing the purchase of new builds, these measures align with the government’s commitment to addressing the housing shortage.

• Building on Budget 2024, this initiative reinforces the push for increased housing construction while making homeownership more affordable for young Canadians and growing families.

At Magnolia Group Realty, we’re committed to keeping you informed about the latest opportunities in the real estate market. Whether you’re a first-time buyer or planning to invest in a newly constructed home, these new rules present fresh possibilities.

Need personalized advice? Contact us to explore how these reforms can work for you!

#MagnoliaGroupRealty #MortgageUpdates #FirstTimeBuyer #Homeownership

Predictions for the 2025 real estate market in Southwestern Ontario, Canada, hinge on various factors including economic conditions, interest rates, housing supply, and demographic trends. Here’s an overview of potential developments:

1. Continued Demand in Urban and Suburban Areas

• Population Growth: The region's population is expected to continue growing due to immigration and urbanization. This will keep demand high, particularly in cities like Kitchener-Waterloo, London, and Guelph.

• Workforce Migration: With hybrid and remote work becoming the norm, mid-sized cities with good infrastructure and quality of life, such as those in Southwestern Ontario, may see more demand from professionals relocating from larger urban centers like Toronto.

2. Stabilization or Moderate Increase in Home Prices

• Price Growth Slowdown: If interest rates remain elevated, price growth may stabilize compared to the rapid increases seen during the pandemic years. However, limited inventory could still push prices up in competitive markets.

• Affordability Concerns: Persisting affordability challenges may lead buyers to explore smaller towns or less expensive neighborhoods within the region.

3. Increased Importance of New Construction

• Supply Shortages: The supply of resale homes will likely remain tight, increasing the significance of new builds. Developers may focus on high-density projects like townhouses and condos in urban centers to address affordability and zoning constraints.

• Sustainability Features: Buyers, especially younger ones, will increasingly seek energy-efficient and eco-friendly homes.

4. Interest Rate Sensitivity

• Impact of Rates: The Bank of Canada’s interest rate policies will significantly influence buyer behavior. If rates remain high, this could suppress demand slightly, particularly among first-time homebuyers.

• Adjustments: More creative financing solutions, such as rate buy-downs or rent-to-own programs, may emerge to address affordability concerns.

5. Rental Market Strength

• High Demand: With affordability challenges, rental demand will remain robust. Southwestern Ontario may see more investors focusing on multi-family properties.

• Regulatory Changes: Possible government interventions in housing markets could impact landlords, with rent control or tax changes playing a role.

6. Government Policy Impacts

• Incentives for First-Time Buyers: Programs aimed at helping first-time buyers could stimulate demand in 2025, further supporting price stability.

• Immigration Targets: Canada’s aggressive immigration goals will sustain demand in the housing market, particularly in areas with job opportunities and good quality of life.

7. Technology and Marketing Trends

• Digital Engagement: The use of virtual tours, AI-powered marketing, and online platforms will grow in importance as buyers continue to start their home searches online.

• Real Estate Teams: Collaborative teams like Magnolia Group Realty could find new opportunities by leveraging digital tools to stand out in a competitive market.

Challenges to Watch

• Construction Delays: Labor shortages and material costs may slow down new builds.

• Economic Uncertainty: Any economic downturn or unexpected global events could impact market confidence.

Southwestern Ontario is likely to remain an attractive market due to its balance of affordability (compared to the GTA), growing infrastructure, and desirable lifestyle. Strategic planning and adapting to market trends will be key to thriving in 2025.

Recent changes to Canadian mortgage funding and policies in 2024 reflect efforts to address housing affordability and market flexibility. Key updates include:

1. Increased CMHC Insured Mortgage Cap: The cap for insured mortgages has been raised from $1 million to $1.5 million. This change enables buyers, particularly in high-cost markets like Toronto and Vancouver, to access larger loans with as little as a 5% down payment. This adjustment aims to make homeownership more accessible in these expensive areas.

2. 30-Year Amortizations for First-Time Homebuyers: The amortization period for insured mortgages has been extended from 25 to 30 years for first-time buyers. This reduces monthly payments, improving affordability, though it increases overall interest paid over the loan's term.

3. Removal of Stress Test for Mortgage Renewals: OSFI has removed the requirement for borrowers to pass the stress test when switching lenders during mortgage renewals. This change fosters competition among lenders, encouraging homeowners to seek better rates without added financial hurdles.

4. RRSP Home Buyer’s Plan: The withdrawal limit under the RRSP Home Buyer’s Plan has increased from $35,000 to $60,000, providing more support for first-time buyers to fund down payments.

These measures are designed to help both new buyers and existing homeowners navigate Canada’s housing challenges, though concerns remain about potential upward pressure on housing prices due to increased borrowing capacity.

The central bank is widely expected to lower rates again. Will it be 25 or 50 basis points?

By Fergal McAlinden

05 Dec. 2024

The Bank of Canada’s final interest rate decision of 2024 is drawing nearer – and with a fifth rate cut of the year seemingly all but a done deal, the only remaining question seems to be whether it will move by 25 or 50 basis points.

TD Bank economists believe a 0.25% reduction is on the way next week (December 11), although they view a bigger move as a distinct possibility, while BMO’s Shelly Kaushik also highlighted the likelihood of a routine 25-basis-point cut.

Royal Bank of Canada (RBC), meanwhile, said after the release of the latest national GDP figures that the continuing sluggishness of the Canadian economy pointed to a 50-point cut by the Bank to round out the year.

The central bank’s decision is being closely watched by hopeful homebuyers and mortgage professionals alike as they wait to see how far rates might slide.

How would a jumbo rate cut impact the market?

Still, even a so-called oversized cut of 50 basis points won’t materially change the outlook for plenty of buyers in the current market, according to Valko Financial founder Tracy Valko (pictured top).

She told Canadian Mortgage Professional that while many consumers had been tracking the news to see whether that supersized discount might arrive, a big cut almost certainly wouldn’t see an immediate flood of new homebuyers in the market.

That’s because the gap between lowest fixed and variable rates on offer in the market, even with a big Bank cut, means it’s still a better option to go with a fixed option – which isn’t directly impacted by the central bank’s rate policy.

“I tell any client right now: A lot of people are misunderstanding that bank prime,” Valko said. “The reduction in bank prime is not necessarily going to affect them on a preapproval because more than likely, most bank lenders and those in our broker space were approving people on fixed rates and it’s stress tested – fixed rates are still lower than where bank prime is.

“So even though a variable is a better product to take right now for a lot of clients because we know we’re in that declining rate environment, it’s not necessarily going to be an option of choice at the time of a preapproval because we want to help people get into homeownership – and it’s hard if that rate is stress tested and it’s still higher than where it should be right now.”

That’s not to say a further cut by the Bank of Canada wouldn’t be good news for the market. Valko is expecting a 25-basis-point reduction next week but wouldn’t be surprised by a larger move – “and the trend is decreases into 2025,” she said. “We have to understand that’s good momentum because that means we’re going to see [further progress] eventually.”

How have rate cut expectations changed in recent weeks?

The Bank of Canada has maintained a cautious tone on the prospect of further big rate reductions, with Governor Tiff Macklem’s suggestion that Canadians could “breathe a sigh of relief” on the economy hinting that its 50-point cut in October wouldn’t necessarily be repeated.

But a continuing economic slowdown – which saw growth dip to a 1% annualized rate in the third quarter compared with 2.2% in Q2 – has brought that prospect back into view.  

Even though the central bank has been unwilling to comment on the likelihood of an oversized rate reduction next week, it’s been candid about the likelihood of further cuts in 2025, something that Valko said could be keeping homebuyers on the sidelines as they wait for rates to fall further.

That’s especially the case, she added, with many Canadians on the fringes of the market at present thanks to current rates. “It’s a real struggle for a lot of people who want to take variable, and we can recommend it, but ultimately they don’t qualify,” she said.

“So they say, ‘I’ll sit on the side until I see a couple of other decreases.’ The hope of most Canadians out there that haven’t bought and want to buy is that they’ll see the trend of rates coming down into the beginning of 2025.”

• Last updated on: November 5, 2024

• Ann Nacario

Ontario is the east-central province of Canada, sharing its borders with the United States. It is home to some of Canada’s most popular destinations including the metropolitan city of Toronto, the Niagara Falls, and Canada’s capital Ottawa.

There can be several reasons for moving to Ontario. One might relocate for employment opportunities, top-notch healthcare, pursuit of education at some of Canada’s best universities, or to simply enjoy a new lifestyle with abundant outdoor activities.

However, moving to any new city or location involves a number of complications, such as finding the cheapest places to move to and ensuring it’s safe. As such, you need to be well-prepared to alleviate some of the stress you’re inevitably feeling.

In this article, we’ll give you a thorough overview of 7 things to know and do when moving to Ontario.

Featured in this article

1. First steps before moving to Ontario

Finding a job

Ontario is a great place to work due to its diverse industries and thriving economy. It boasts major cities like Toronto and Ottawa, as well as stunning natural scenery. With top-notch healthcare, social services, and a rich cultural scene, Ontario offers a high quality of life and excellent job prospects. Jobseekers can check websites such as LinkedIn and Indeed for a better understanding of the in demand jobs in the province.

Getting there

Below are some travel options to get to Ontario from different parts of the country, including:

Flying: Flying is the most convenient way to move to Ontario. Book a flight from your departure city to Ontario International Airport, depending on your destination within Ontario.

Train: You can also take the train with VIA Rail Canada as an alternative.

Bus: If you want another way to travel, Ontario has bus services like Busbud, and Ontario Northland, that can get you there.

Find a trusted removal company or van rental

Being able to move your entire home to a new place is one of the most stressful events in life. Finding a trusted moving company can be a time-consuming task. Save yourself time and energy by hiring a removal company or renting a van.

To find the moving company, look for good reviews, a professional-looking website and years of experience. Planning a move to Ontario? Check out some of the best moving companies in Ontario.

Local Transportation in Ontario

Public Transit in Ontario is managed by the Ministry of Transportation. The municipal transit system is divided into Conventional and Specialized services. Conventional services are those that serve the public during fixed hours. Specialized services are those that provide door-to-door transportation to individuals with disabilities or those who are otherwise eligible.

There is still quite a bit of confusion regarding the availability of ridesharing platforms like Uber in different Ontario cities. Uber is primarily available in nine cities and territories including Ottawa, Toronto, Hamilton, and a few others.

Must dos before your arrival

Moving to Ontario is an exciting yet challenging adventure, and preparing in advance can make your transition smoother:

• In Ontario, the provincial government provides settlement services to newcomers through settlement agencies. These services can be accessed by calling 2-1-1 as well. They are available before arrival, during relocation, and after settling.

• Gather all important original documents for you and your family members. Depending on your settlement location, translate these documents into English or French.

• Don’t forget to change your address with important private and government organizations.

2. Upon your arrival in Ontario

Must dos right upon your arrival

• Upon arrival, familiarize yourself with your new neighborhood by trying out the public transportation services.

• Explore community services such as settlement agencies, language programs, and cultural organizations to help you integrate into the community

• If applicable, register for educational programs or courses to improve your skills and get better career opportunities.

Exchanging your driver’s license

To get a driver’s license in Ontario, contact the Ministry of Transportation (MTO) to schedule an appointment, pay the fees, and take the knowledge and road tests at a DriveTest Centre or Travel Point (if required). ServiceOntario supplies driver’s licenses, health cards, and more, as provided by the Ontario government. Notify ServiceOntario of your new address to update your driver’s license and/or vehicle permit. Download the Ontario address change checklist to inform relevant agencies, service providers, and organizations of your move.

Setting up a bank account

Newcomers, temporary residents, and permanent residents in Canada should open bank accounts upon arrival or even before to avoid foreign currency conversion fees. While newcomers may initially use their Mastercard or Visa debit or credit cards from their home countries, it’s advisable to open a bank account in Canada with proper identification and specific documents, especially if you’re not yet a Canadian citizen or permanent resident.

RBC and TD have multiple branches to assist everyone.

Getting health insurance

Ontario, unlike most other provinces and territories, does not impose a waiting period for certain newcomers to access provincial healthcare. Upon arrival, newcomers can obtain a health card and receive free healthcare under a universal healthcare model. To apply for the Ontario Health Insurance Plan (OHIP), residents must visit a Service Ontario location with completed forms and qualifying identification documents.

With a health card, all public health services are typically free for Canadians, though certain medications and treatments may require out-of-pocket payments. Each province decides which services to include in its public healthcare insurance package.

The cost and coverage of private health insurance depend on several factors, such as your age, gender, lifestyle, pre-existing conditions, specific coverages, and the chosen provider.

Numbeo (Aug 2024), Hellosafe (2023) & Insurance Business (Apr 2023)

3. Best places to live in Ontario

Ontario is Canada’s busiest province because people from around the world go there for excitement in big cities and a strong economy. It can be pricey to live in Ontario but, you can still find nice, cheaper cities that are great places to live.

• Content verified by a local expert

Charlotte Ferguson REALTOR® and Co-Founder of Magnolia Group Realty

For those moving to Ontario, consider Waterloo Region as a local alternative to Toronto. It offers a lower cost of living, a growing tech sector, and easy access to public transit. Additionally, the region’s proximity to Toronto allows residents to enjoy metropolitan amenities without the high housing costs.

Setting up home services

To ensure a seamless transition of utility services when moving homes in Ontario, follow these steps: contact your current utility provider at least five days before your move to cancel service at your old address and give notice to retailers at least two weeks in advance if you have a contract with them; identify the utilities serving your new area using the Ontario Energy Board’s resources and provide them with necessary information like your name, new address, contact numbers, and government ID a week or two before your move, specifying the desired service start date and details of other occupants; and be prepared to pay setup fees for electricity or natural gas delivery, which may require a security deposit, although this might be waived for customers in good standing for a year or more.

Did you know that smart thermostats can help you save on your energy bill?

A smart thermostat helps regulate temperature throughout the day and night to reduce energy consumption and costs. TELUS SmartEnergy is an energy management solution that provides convenient control of your smart thermostats and smart plugs in one easy-to-use app, helping you lower your household budget through energy savings. 

Monitor and optimize your home’s energy use, identify consumption habits, automate energy-saving actions for your connected devices, and earn rewards by participating in energy-saving events.

Internet and mobile phones in Ontario

There are dozens of Internet Service Providers available across Ontario. Some of the most popular internet service providers in Ontario are Rogers, Bell, Cogeco, oxio or VMedia. To compare different rates, you can consult MovingWaldo to learn about the plans available at your new address.

Some of the most popular cell phone carriers in Ontario include Bell, TELUS, Fido, and Freedom Mobile. You can select a suitable carrier and cell phone plan for yourself by comparing them and checking the best internet providers in Ontario.

Numbeo (Aug 2024)

Should you rent or buy?

No matter where you choose to live, one of your most significant ongoing expenses will be housing prices, and this is no exception in any location. Ontario is often considered one of the most expensive provinces in the world when it comes to real estate and property prices.

Apartment rental has become pretty easy thanks to online platforms like RentBoard, RentCafé, Kijiji, and many others. In all of these platforms, you can filter your selections based on the type of property you want to rent, the neighborhood or city, and your budget. Plus, it is common practice in Ontario to hire a real estate broker to find your dream apartment, especially in the Great Toronto Area (GTA).

Below are the average property buying costs and rental fees in Toronto, the capital city of Ontario.

Cost of rent in Toronto

Numbeo (Aug 2024)

Cost of buying a property in Ontario

CREA (Aug 2024)

4. Cost of living in Ontario

Below are the monthly costs of living in Toronto, the capital city of Ontario.

Numbeo (Aug 2024)

5. The weather in Ontario

Ontario experiences four distinct seasons: spring, summer, fall, and winter. Spring (March to June) is often wet and rainy, requiring rain gear. Some areas may still see snowstorms, and temperatures can fluctuate significantly between day and night and from one day to the next.

• Spring (March 20 – June 20) is characterized by increasing temperatures, rain, and cool nights. Daytime temperatures start around 8°C in March and gradually rise.

• Summer (June 21 – September 21) brings hot and humid weather, especially in July and August. Daytime temperatures often exceed 20°C and can reach above 30°C in southern Ontario. Sun safety is important during this season.

• Fall (September 22 – December 20) sees cooler temperatures, shorter days, and changing leaf colors. Early fall may be rainy, while northern areas might experience snow as early as October. Temperatures decrease gradually, requiring jackets and umbrellas.

• Winter (December 21 – March 19) is cold, with frequent snowfall across the province. Temperatures often remain below 0°C, dropping as low as -30°C. Layered clothing and hats are essential for staying warm, especially for children.

Settlement.org (Feb 2024)

6. What to do as a local in Ontario

Once you’ve settled into Ontario, you can put your tourist hat on and explore the following sights and attractions.

• Visit Niagara Falls, undoubtedly one of Ontario’s (perhaps the world’s) the greatest gems.

• Take a boat tour of The Thousand Islands, a series of 1,800 small tree-covered islands dotting the St. Lawrence River. The location is ideal for swimming, boating, fishing, and scuba diving.

• If you enjoy theater and culture, you must check out the annual Stratford Shakespeare Festival, North America’s biggest classical repertory theater, which extends from April to October.

• Tour the Niagara Wine Trail during the warm months. This happens to be one of Canada’s two major wine regions.

• Explore Point Pelée National Park, one of Canada’s most biodiverse locations, featuring over 350 different species of migratory birds.

7. Fun facts about Ontario

• Fun Fact #1: Caribana, an annual parade held in Toronto, is the largest single-day parade in North America. The route for the parade is 3.6 kilometers long and the parade draws over a million participants and attendees.

• Fun Fact #2: Ontario stretches out for 415,000 square miles, making it larger than France and Spain combined.

• Fun Fact #3: With over a quarter of a million lakes, Ontario is home to 20% of the world’s freshwater lakes.

• Fun Fact #4: Following close behind New York and Los Angeles, Toronto is North America’s third-biggest city for film and other forms of screen production.

• Fun Fact #5: During World War II, the small town of Whitby was home to a secret school for spies called Camp X. Two of the school’s most famous students were Ian Fleming (author of the James Bond series) and Roald Dahl (celebrated author of Matilda, Charlie and the Chocolate Factory, and various other books).

Conclusion

Moving to Ontario offers a diverse range of opportunities and experiences. With its four distinct seasons, vibrant cities, and strong economy, Ontario presents a welcoming environment for individuals and families seeking new beginnings. However, it’s essential to consider factors such as job availability, housing affordability, and lifestyle preferences before making the move. Overall, Ontario’s rich cultural diversity, excellent healthcare system, and high quality of life make it an attractive destination for those looking to start afresh in Canada.

Are you moving soon? You may be searching for 5 Best Moving Companies in Toronto.

The initial Bank of Canada rate cuts this past summer did not spur housing activity as anticipated, but with an additional cut early September and potentially more on the way, they will continue to affect the housing market outlook.

New listing levels are expected to rise as sellers who may have held back enter the market with the hope that lower mortgage rates will attract additional buyers.

While the current Bank of Canada rate of 4.25% may still not be enough to make a dent in home affordability, it does provide a glimmer of hope for potential buyers as interest rates continue to fall.

In addition, while home prices have cooled a bit, home prices in Canada remain among the highest in the world’s most advanced economies (Japan, France, Germany, Italy, and the UK). These still -high prices have resulted in many potential first-time home buyers to withdraw for now. Higher property taxes, higher qualifying stress-test rates, and the current wave of mortgage renewals will also factor into how successful the Fall market will be. 

In 2023 alone, the country saw an influx of 46% of new Canadians, which also contributes to housing demands and pricing. As rates continue to drop, the hope is that prices will stabilize owing to increased supply as demand rises. 

If you are looking to get into the housing market as a buyer or seller, or simply have questions so you can best prepare yourself for a future move, don’t hesitate to reach out to me today!

In the last decade, climate change and energy efficiency have become top of mind for many Canadians. From wanting to do our part by recycling to making our home as energy efficient as possible, there are so many benefits to being environmentally and energy conscious.

If you are looking to cut costs or simply want to reduce your eco-footprint, here are some great ways to cut your energy costs:

• Get a Smart Thermostat: A pretty easy installation, a smart thermostat can help you better manage your in-home temperature. Whether you opt to install a basic programmable thermostat or try Google’s Nest, which learns from you and works to predict which temperatures you prefer and when, getting a read on your in-home temperature can help you better manage your energy usage.

• Look for Drafty Spots: When it comes to heating your home, it can quickly become a wasted effort and results in extra costs if you have drafts in your home. In addition to windows and doors, you should also seal any folding attic stairs, add a fireplace plug to seal the damper and install a dryer vent seal to reduce drafts in your laundry room.

• Swap to LEDs: Most of us are already using LED bulbs throughout our home. If you aren’t yet, now is the time to make the switch! LED bulbs use 15% less energy than an equivalent incandescent, which can save you a ton of money each month especially in larger homes.

• Turn Down Your Water Heater: While sometimes nothing beats a good scalding shower, you don’t want to be burned with a high energy bill. Did you know if you knock down that temperature gauge by just 10 degrees, you can save 3% to 5% on your bills each month!?

• Examine Your Appliances: Since 1992, ENERGY STAR® has been backing energy efficient appliances and products, helping consumers make the right choices. Some of the least green appliances in your home are your dishwasher, washing machine, dryer and refrigerator and, if you don’t currently have Energy Star certified versions of these machines, swapping to them is a surefire way to reduce your monthly expenses.

• Can’t afford new appliances? Here are some other tips and tricks to help make them more efficient in the meantime:
  
  

  • Dishwasher: Use a citric acid-based cleaner in an empty cycle to rid your dishwasher of excess soap and calcium buildup that may be causing your machine to work harder.
    
    Washing Machine: Maximize energy by stuffing your machine to the brim whenever possible as washing machines typically use the same amount of energy regardless of load size.
    
    Dryer: For starters, ensure you are always cleaning out your lint filter to increase air circulation. In addition, keep an eye on the outside exhaust and clean when needed to reduce drying time and save energy.

  • Refrigerator: While most of us are more concerned with the food inside our fridges than the parts, it is important to check your condenser coils. Over time, dirt, food particles and dust can collect and reduce the efficiency. Another tip is to set your refrigerator to 2-3 degrees Celsius.

• Close The Blinds: When the temperature starts heating up, it is important to close the blinds and drapes to prevent the sun from beating in and warming up your home. The excessive heat makes your air conditioner work overtime causing your energy bills to skyrocket.

In addition to the cost savings and environmental benefits of improving your energy efficiency, CMHC also has a rebate available! The CMHC Eco Plus refund can provide a 25% partial premium refund if you’re CMHC insured and buying or building an energy-efficient home! Click here for more details.

Published by DLC Marketing Team

October 15, 2024

Creating a pet-friendly home involves considering the comfort, safety, and well-being of your furry friends. Here are some features to consider:

• Durable Flooring: Choose scratch-resistant and easy-to-clean flooring like hardwood, laminate, or more durable tile options. Avoid carpets if possible, or choose pet-friendly carpeting that’s stain-resistant.

• Pet-Friendly Fabrics: Choose furniture and upholstery made from pet-friendly fabrics like leather or microfiber that are durable and easy to clean. This helps in case of accidents or shedding.

• Pet-Safe Plants: Select indoor plants that are non-toxic to pets, such as spider plants, Boston ferns, or palms. Keep toxic plants out of reach or opt for artificial plants.

• Designated Pet Areas: Create designated spaces for your pets, such as a cozy corner with a bed or a built-in nook under the stairs. This gives them a sense of security and their own space.

• Easy Access to Outdoors: Install a pet door or create a pet-friendly exit to the yard, allowing your pets to go outside and play freely.

• Secure Fencing: Ensure your yard has a secure fence to prevent your pets from wandering off and to keep them safe from potential dangers.

• Built-in Feeding Stations: Incorporate built-in feeding stations or cabinets to store pet food and supplies, keeping them organized and out of reach from curious pets.

• Wash Station or Mudroom: Include a designated area near the entrance for cleaning muddy paws or bathing your pets, with easy-to-clean surfaces and storage for grooming supplies.

• Integrated Pet Technology: Consider installing smart pet feeders, water fountains, or cameras to monitor your pets remotely and ensure they are comfortable and well-fed when you’re away.

By incorporating these features into your home design, you can create a safe, comfortable, and enjoyable environment for both you and your pets.

Central bank announces jumbo cut

By Fergal McAlinden

23 Oct. 2024

The Bank of Canada has slashed its benchmark rate by 50 basis points, announcing the oversized cut amid continuing signs of a sluggish economy and plunging inflation.

The central bank revealed on Wednesday morning that it had cut its trendsetting interest rate to 3.75%, its fourth rate reduction in a row and the biggest single cut since the beginning of the COVID-19 pandemic more than four years ago.

Expectations of a larger-than-usual cut surged after overall inflation dipped below the Bank’s 2% target in September and stronger-than-expected jobs figures for the month failed to quell fears of a further economic slowdown.

The Bank’s last 50-basis-point cut took place in March 2020, when it trimmed rates to a rock-bottom 0.25% as the economy ground to a halt in the face of a looming pandemic.

Inflation has posted a big drop since hitting a four-decade high of 8.1% in June 2022, coming in at 1.6% last month (although Dominion Lending Centres chief economist Sherry Cooper told Canadian Mortgage Professional that was skewed somewhat by a dramatic drop in gasoline prices).

The economy probably only saw marginal growth in the third quarter, according to Cooper – and with unemployment also expected to tick higher in the months ahead, she signalled that today’s 50-basis-point cut was “the right thing to do.”

After announcing a salvo of rate cuts in 2022 and 2023 to tamp down inflation, the central bank has pulled the trigger on three consecutive 25-basis-point drops in June, July, and September before today’s move.

That’s provided welcome relief for scores of homeowners who’d seen borrowing costs spike during the Bank’s series of hikes – and also improved the outlook for hopeful homebuyers.

The Bank is scheduled to make its final interest rate decision of the year on December 6, with market watchers expecting cuts to continue in the coming months – and it indicated its view that the policy rate needs to fall further if the economy continues to evolve as currently forecast.

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