Team Compton Weekly Market Recap – Understanding the Impact of Canada’s New Federal Budget on Housing

Today, we’re diving into the recent federal budget and what it means for housing, particularly in Toronto and the Greater Toronto Area (GTA). Let’s break it down!

**Federal Budget Highlights**

The government’s budget introduces ambitious targets to create 3.5 million new homes by 2030. To achieve this, they’re implementing various measures, including:

– **Conversion of Public Lands:** Transforming public lands into housing.

– **Canada Housing Infrastructure Fund:** Supporting housing development projects.

– **Apartment Construction Loan Program:** Facilitating new apartment construction.

While these initiatives aim to boost housing supply, certain provisions directly impact first-time homebuyers and investors.

**Implications for First-Time Homebuyers**

The budget proposes extending the amortization period to 30 years for first-time homebuyers purchasing new builds. However, this may not significantly incentivize entry into the market due to higher down payment requirements and costs associated with new builds.

Additionally, the RRSP withdrawal limit for first-time homebuyers is increasing from $35,000 to $60,000. While beneficial for those with sufficient funds in their RRSP, it may not be accessible to younger individuals or those starting out in their careers.

**Taxation Changes**

Notably, the budget introduces increased taxation on capital gains, affecting individuals selling assets such as inherited properties. This measure targets higher earners but could impact a broader.

**Market Insights: Downtown & Surrounding Areas**

Now, shifting gears to our weekly market insights:

– **Downtown & Surrounding Areas:** We’re seeing a rise in active listings and sold properties, indicating increased market activity.

– **Don Mills:** While sales have slowed slightly, active listings are on the rise, suggesting steady movement in the market.

 – **Leaside & Mount Pleasant:** Both freehold and condo segments are witnessing consistent growth in active listings and sales.

 – **Durham Region:** Prices are steadily increasing in Durham, with certain pockets experiencing notable activity.

**Closing Thoughts**

The federal budget outlines significant measures aimed at addressing housing challenges, yet the effectiveness of these initiatives remains to be seen. For personalized insights into how these changes impact you or to discuss market trends further, feel free to reach out!

Thank you for joining us this week. If you found this update valuable, please like, share, or subscribe to stay informed about the latest in real estate news. For more information or to schedule a consultation, don’t hesitate to reach out.

Here’s to a great week ahead! Bye for now. 🏡

                                                                                                WB- Week Before

Downtown & Surrounding areas 

Housing Average Price-$1,568,081    WB – 1,625,555

Active Listings – 518       WB-470

Sold firm – 76     WB- 51

Month on inventory – 2.18        WB- 1.99

Average Days on Market-13      WB-11

Condo Ave Price-$ 829,187    WB- $869,384

Active listings- 2614     WB- 2509

Sold firm- 128    WB –91

Months of Inventory-4.88     WB – 4.62

Average days on market- 22       WB-29

Don Mills Area- 

Housing Average Price- $1,838,400   WB – $2,115,000

Active Listings – 62    WB- 58

Sold firm –2       WB –3

Month of Inventory – 2.96     WB- 2.96

Average Days on Market- 9       WB- 14

Condo Ave Price- $664,500     WB – $723,750

Active listings- 99      WB – 92

Sold firm- 6     WB – 4

Months of Inventory – 3.7    WB- 3.4

Average days on market- 58      WB – 28

Leaside, Davisville, Mount Pleasant, Young & Eg 

Housing Average Price- $2,502,094     WB – $2,504,385

Active Listings – 127     WB-113

Sold firm – 19     WB- 13

Months of Inventory- 2.57       WB- 2.38

Average Days on Market- 19      WB – 16

Condo Ave Price- $860,849      WB- $888,280

Active listings- 327     WB-304

Sold firm-14      WB-10

Month of Inventory- 4.13      WB- 3.83

Average days on market- 24       WB – 31

Durham ( Pickering, Ajax, Whitby) 

Housing Average Price- $1,003,675    WB – $986,627

Active Listings – 1347    WB- 1250

Sold firm – 174    WB – 147

Month of Inventory –2.01      WB- 1.91

Average Days on Market- 13      WB- 14

Condo Ave Price- $642,943     WB – $581,250

Active listings- 255      WB – 251

Sold firm-30     WB –12

Months of Inventory –2.29     WB- 2.27

Average days on market-26       WB – 18

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