FAQs
Will the Market Crash in 2025?
This is one of the top searched questions into 2025. Despite more uncertainty, especially with poor government policy, we can agree there’s a few unknowns. However, the demand far outweighs the supply in our market. Real Estate Market Crash = no.
Will there be Deals in 2025?
80% of mortgages are due for renewal between 2024 and 2025. Remember that a large portion of these are adjustable mortgages so they’ve weathered the storm of higher rates. Rates have reduced several points in preparation. Canadians will pay their mortgage first before anything else. The only time there will be “deals” from a buyers side is when there is a mass amount of inventory (6 months +).
When do I make the deposit?
EVERYTHING YOU NEED TO KNOW ABOUT DEPOSITS
What’s should I do First?
Sellers - Interview 3 Realtors
Buyers - Get Pre Approved
How Do I Get a Mortgage?
CALL a trusted mortgage broker! It’s never too soon to do so. If you want to do a month long trip through Europe, do you start looking the week you want to leave? Doubtful. Plan a head. Don’t be shy. They’re very cool and my crew is ridiculously knowledgeable and on top of the game. Have a conversation, they tell you want you need, make a list, check it off, buy a home.
CLICK HERE for BROKERS.
Find Off Market Listings
a yadaThe best way is to work with an experienced, well connected agent. If your agent is green, part-time, or just not very personable, then they probably don’t have a large network of realtors. Especially not ones they call friends. Most off market listings come from networking. The second is from the office, for example, my company (Remax Escarpment and Niagara) has 1,200 agents who share a message board. We see a lot of “coming soon” posts. Last, did you know that once a property is marketed to the public it’s mandatory to have it live on MLS within 48 hours?
What’s the minimum downpayment?
5% is the minimum. We used to allow the minimum up to a $1M purchase. As of December 15th, 2024, The minimum downpayment is available up to $1.5M. It’s a structured scale:
5% up to $500k
10% from $501K-$1.5M
Can I Time The Market
If you try and time the market, you miss the market.
How do Rates Affect Home Prices?
QUICK VIDEO ON HOW THE RATES AFFECTED PRICING SINCE 2020
Why is Ontario Real Estate so expensive?
Supply and demand is a major factor and this isn’t getting any better. Poorly appointed government policy. Up to 60% of the cost to build a home is to bureaucratic red tape and delays.
What is real estate commission in Ontario?
Standard is 4-5% of the sale price. This is paid by the Seller to the listing brokerage (not to the agent). The listing brokerage generally splits this in half with the brokerage who’s agent found the buyer. Each brokerage takes their cut then pays out the monies accordingly.
DISCOUNT AGENTS DO NOT SAVE YOU MONEY - A “1% realty” is actually 3% because they are still paying out 2% to the buyer brokerage. The difference on a 750k home is $7,500 (assuming 3 vs 45). A professional will get you that difference while saving you a horrible headache.
WHere’s a Quick Q&A on Interest Rates
Will interest rates go down in 2025?
Predictions vary; no guarantee.
Why interest rates are increasing?
To curb inflation and stabilize economy.Why interest rates are so high?
Inflation and economic stability measures.Why interest rates go up?
To control inflation and spending.Why interest rates go down?
To stimulate borrowing and economic growth.Who controls interest rates?
Bank of Canada sets key rates.Where interest rates are going?
Experts expect fluctuations; stay updated.What interest rates will be in 2025?
Predictions depend on inflation trends.How interest rates affect mortgages?
They impact affordability and payments.How interest rates affect mortgage payments?
Higher rates mean larger monthly payments.Can interest rates be negotiated?
Yes, with lenders or mortgage brokers.Are interest rates going down?
No certainty; it depends on the economy.Which interest rates does the Fed control?
U.S. Federal Reserve sets overnight rates.What interest rates are banks offering?
Rates vary; check daily updates.What is Prime Interest rate (explain)?
It’s banks’ base rate for loans.
