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Some would argue it’s long overdue, but as of December 15th some major changes came into effect from CMHC for financing homes. CHMC has raised it’s maximum insured mortgage limit to $1,500,000 from the previous $1,000,000. The new minimum down payment for a $1,500,000 home is now $125,000 (5% on the first $500,000 and 10% on the amount from $500,000-$1,500,000) compared to $300,000 prior to December 14th 2024. This is expected to have some major impact on the market, with my prediction will be that we start to see this momentum early spring - but as a team have already noticed an uptick in this price range. 

Not only this but first time buyers can now purchase a home with a 30 year amortization instead of the pervious 25 year. This in the end will cost the consumer more interest, but will allow them to have a lower monthly payment for the same product or will increase their buying power. 
For Example a family with an annual income of $200,000 could now qualify for $100,000 more in financing than they did before. This can be the difference of buying a home you love, or settling. 

I expect this policy shift will impact the larger markets around first (Toronto, GTHA) before trickling into our market. I always explain the way pricing shifts from the large centres to our market as dropping a rock in a pond, that pricing wave pushing its way to smaller markets as the large market heats up. The hotter the market, or the bigger “the rock”, the fast and more intensely we feel the change here. 
With mortgage rates dropping, and expected to continue to drop through 2025 I believe many buyers will try and enter the market, meaning pricing could start to climb again. 

The increase to a $1.5 million insured mortgage cap and the option for 30-year amortizations are game-changers for first-time buyers. These changes provide more Canadians with the opportunity to buy a home they love without being sidelined by affordability issues.

If you’ve been waiting for the right time to buy, this could be your moment. Connect with a trusted mortgage professional or realtor today to explore your options!

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Choosing the Right Time to Move

Making the decision to move is a significant step, and timing plays a crucial role in ensuring a good move. Whether you’re upgrading to a larger home, downsizing, or relocating for work, selecting the right time can make all the difference. Here are some considerations to help you choose the best time to move.

 Personal and Family Needs

If you have school-aged children, timing your move during summer vacation can minimize disruption, allowing your children to settle into a new environment before the start of the school year. Additionally, consider any upcoming family commitments, such as weddings, holidays, or significant milestones, to avoid overlapping with your move. If you’re starting a new job or expecting a new addition to the family, planning your move around these major changes can help reduce stress.

 Market Conditions

The real estate market tends to be more active during spring and summer, offering more options for buyers and potentially higher selling prices for sellers. However, this increased activity can also mean more competition. On the other hand, moving in the fall or winter may provide better deals and less competition, though it’s important to account for weather-related challenges.

 Weather Considerations

Moving during mild weather, such as in spring or early fall, can make the process easier and safer. However, snow, ice, and freezing temperatures in winter can complicate moving, while extreme summer heat can make moving physically exhausting.

 Work and Flexibility

Choosing a time that doesn’t conflict with major work projects or deadlines is essential. If possible, taking time off work to focus on the move can be beneficial. Having flexibility with your moving date can help you secure better deals on moving services and avoid peak traffic times.

 Preparation and Planning

Giving yourself enough time to declutter, pack, and coordinate is crucial for a stress-free move. Rushed moves are often more stressful and less organized. Additionally, ensure that moving companies, rental trucks, and other resources are available for your preferred dates.

 There’s no right answer to choosing the right time to move. It’s about balancing personal circumstances, market trends, and practical considerations. By evaluating your specific needs and planning accordingly, you can make your move as easy and stress-free as possible. Whether it’s a spring relocation or a winter move, thoughtful planning is the key to starting your new chapter off right.

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Open House. Open House on Sunday, December 8, 2024 2:00PM - 4:00PM

Please visit our Open House at 12 MCQUEEN Drive in Paris. See details here

Open House on Sunday, December 8, 2024 2:00PM - 4:00PM

From the street, this bungalow may seem modest, but step inside to discover nearly 3,000 sq. ft. of stunning living space! The open-concept design features a gourmet kitchen with granite countertops, premium finishes, and elegant flooring throughout. The luxurious primary suite offers walk-in closets and a spa-like ensuite, while the finished basement includes a family room, two bedrooms, craft room and spacious laundry room. Outside, the private backyard boasts an in-ground pool with a new liner (Nov 2024), a stamped concrete patio, and low-maintenance landscaping. Conveniently located near schools, trails, and shopping—schedule your showing today and prepare to be amazed! (id:2493)

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Open House. Open House on Sunday, December 8, 2024 2:00PM - 4:00PM

Please visit our Open House at 7 FORD Street in Paris. See details here

Open House on Sunday, December 8, 2024 2:00PM - 4:00PM

Introducing Crystal Homes' highly coveted Appalachian Model, perfectly situated on a premium lot within the vibrant Paris Riverside community. This immaculate 4-bedroom, 3.5-bathroom residence offers 3,000 sq ft of sophisticated living space, ideal for those seeking to settle in the trendy town of Paris, Ontario. Step inside to find an array of premium upgrades, including 5-inch wide plank engineered hardwood throughout. The inviting foyer flows into a bright, open-concept dining and living area, complete with a cozy gas fireplace and a large picture window showcasing your private, expansive corner lot with no rear neighbours. The eat-in kitchen is designed for both function and style, featuring upgraded cabinetry, a breakfast bar, and an effortless connection to the living space—perfect for family gatherings and entertaining. Enjoy the airy feel of 9-ft ceilings on the main floor, enhanced by an abundance of natural light. Upstairs, a spacious loft den/office leads to four generously sized bedrooms, two of which have ensuites. The primary retreat includes a luxurious 5-piece ensuite and a sizeable walk-in closet. Modern, fresh finishes extend to the upstairs bathrooms, creating a sleek and comfortable atmosphere. The full basement, featuring a rough-in for a bathroom, large windows, and a walk-out, provides endless opportunities for customization. Additional features include a sunken laundry room with inside access to the double car garage. Located within walking distance of downtown Paris, the Grand River, boutique shops, restaurants, schools, and essential amenities, this home effortlessly combines luxury and convenience. Plus, you’re just steps away from Morgan's Pond, and tranquil nature trails, perfect for outdoor enthusiasts. With all these features, you’ll enjoy the full experience of this charming, up-and-coming community. (id:2493)

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Open House. Open House on Sunday, December 8, 2024 2:00AM - 4:00PM

Please visit our Open House at 12 MCQUEEN Drive in Paris. See details here

Open House on Sunday, December 8, 2024 2:00AM - 4:00PM

From the street, this bungalow may seem modest, but step inside to discover nearly 3,000 sq. ft. of stunning living space! The open-concept design features a gourmet kitchen with granite countertops, premium finishes, and elegant flooring throughout. The luxurious primary suite offers walk-in closets and a spa-like ensuite, while the finished basement includes a family room, two bedrooms, craft room and spacious laundry room. Outside, the private backyard boasts an in-ground pool with a new liner (Nov 2024), a stamped concrete patio, and low-maintenance landscaping. Conveniently located near schools, trails, and shopping—schedule your showing today and prepare to be amazed! (id:2493)

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