Author name: Davelle & Co

This week, the Bank of Canada increased its policy rate from 2.25% to 2.5%. It is the first rate hike since July 2023. So, with rates moving again, what am I hearing from people? One conversation that keeps coming up is parents wanting to help their adult children buy a home. I speak to many parents who feel they would rather help their children now, when the money could make a real difference, instead of waiting until someday when that money may eventually be passed down as an inheritance. And honestly, I can understand the thinking. If you are in a position to help your child get into the market now, especially when there are so many buying opportunities, it can be a wonderful thing to do. But there are also some very important questions to consider before writing the cheque. Whose name should the property be in? Should the parents be on title? Is the money a gift or a loan? What happens if the child gets married and later separates or divorces? Is the parents’ contribution protected? Those are not questions you want to figure out after the fact. If you are thinking about helping an adult child buy a home, I would strongly suggest speaking with your accountant, estate lawyer, mortgage broker and real estate lawyer before making any decisions. The good news is that we work with professionals who can help answer these questions and make sure everything is structured properly from the beginning. And with buyers still having more choice and negotiating power than they did a few years ago, this may be a very interesting time for families who are in a position to help the next generation get started. If this is something you have been thinking about, please reach out. We would be happy to help you start the conversation and connect you with the right experts. And if you’re looking to buy or sell, please call Davelle. My First Home: How to Buy Smart in Toronto Know someone who talks about buying a home “someday”? Forward them a copy of our new My First Home magazine. It covers what to know, where to look, and how to buy smart in Toronto. Want to Make This Market Work for You? As always, if you have questions about the market, or would like an updated home evaluation, we’re here to help. For Lease: Bright 1+1 Bedroom Condo in Queen West (15 Beverley St #503) Queen West has always been one of Toronto’s coolest neighbourhoods, and this suite puts you right in the heart of it all.Bright, spacious and designed for downtown living, the real showstopper is the oversized terrace – bigger than some downtown apartments! For Sale: Renovated 1+1 Bedroom Condo in Midtown, Toronto (225 Merton St #501) Welcome to your own slice of paradise in the heart of Midtown, where the Kay Gardner Beltline Trail is practically your backyard. Morning run? Evening stroll? Taking Fido out for a spin? Just step outside and you’re there. Inside, this spacious one-bedroom-plus-den suite has plenty to love. For Sale: Renovated 3-Bedroom Detached House in Leslieville (14 Coady Ave) Morning Coffee. Evening Wine. Leslieville Living. This turnkey Leslieville gem checks all the boxes. Beautifully renovated and completely move-in ready, this detached 3-bedroom, 3-bathroom home is designed for easy everyday living and effortless entertaining. For Sale: Luxurious 2-Bedroom Corner Suite in Yorkville, Toronto (38 Avenue Rd #1403) Some homes offer luxury. This one offers peace of mind. Welcome to Suite 1403 at 38 Avenue Road, where every detail has been designed to make life feel effortless. Behind the private direct elevator entrance is an elegant corner residence that offers the rare combination of generous proportions, refined finishes, and exceptional service. For Sale: Bright 1-Bedroom Condo in Corktown, Toronto (60 Tannery Rd #516) Step into a sunlit living and dining space with clean sightlines and effortless flow. The open-concept kitchen keeps you connected – prep dinner, catch your favourite show, and take in the view all at once.

Well, now that we know Alberta will be staying with us in Canada, our next big question is: who will be mayor of Toronto after Monday? The latest polls show the race is very close, so Monday night could be quite the nail-biter. But there’s another date I’m watching next week too. The Bank of Canada makes its next interest rate announcement on October 28. This week at our sales meeting, Outline Financial gave us an update on mortgages and where rates could be headed. Their presentation had one very practical takeaway for anyone thinking about buying a home in the next few months: Don’t wait to talk to your mortgage broker. The current expectation is that rates could increase before the end of the year. No one has a crystal ball, of course, but if you’re thinking about buying, now may be a good time to ask your mortgage broker about getting a rate hold. That way, you can continue looking for the right home knowing you’ve protected today’s rate if rates move higher. One other number caught my attention. Mortgage arrears in Ontario have risen to 0.34%, their highest level in more than 15 years. That sounds alarming until you put it into perspective. In the UK, the rate of mortgages in arrears is approximately 0.64%, while in the U.S. it is about 2.06%. Outline Financial’s presentation also points out that Canadian mortgage arrears remain significantly lower than both the U.S. and the UK. So yes, more Ontario homeowners are falling behind than we were seeing a few years ago, but 0.34% is still a relatively small percentage of all mortgages. Another interesting change is the type of mortgages people are choosing. With the gap between fixed and variable rates widening, more borrowers have been choosing variable-rate mortgages. According to the numbers Outline shared with us, variable mortgages accounted for about 41% of new mortgage activity in July, up from about 29% in March. That doesn’t mean variable is right for everyone. Your mortgage choice should depend on your own finances, comfort level and plans. But it does show how quickly things can change. And that’s probably the biggest takeaway for buyers right now. If you’re hoping to have a new home in time for the holidays, get your financing organized before you find the house. Know what you can comfortably afford, speak to your mortgage broker and find out whether a rate hold makes sense for you. Then, when the right place comes along, you’re ready to act. As always, if you’re thinking about buying or selling, just call Davelle. My First Home: How to Buy Smart in Toronto Know someone who talks about buying a home “someday”? Forward them a copy of our new My First Home magazine. It covers what to know, where to look, and how to buy smart in Toronto. Want to Make This Market Work for You? As always, if you have questions about the market, or would like an updated home evaluation, we’re here to help. For Lease: Bright 1+1 Bedroom Condo in Queen West (15 Beverley St #503) Queen West has always been one of Toronto’s coolest neighbourhoods, and this suite puts you right in the heart of it all.Bright, spacious and designed for downtown living, the real showstopper is the oversized terrace – bigger than some downtown apartments! For Sale: Renovated 1+1 Bedroom Condo in Midtown, Toronto (225 Merton St #501) Welcome to your own slice of paradise in the heart of Midtown, where the Kay Gardner Beltline Trail is practically your backyard. Morning run? Evening stroll? Taking Fido out for a spin? Just step outside and you’re there. Inside, this spacious one-bedroom-plus-den suite has plenty to love. For Sale: Renovated 3-Bedroom Detached House in Leslieville (14 Coady Ave) Morning Coffee. Evening Wine. Leslieville Living. This turnkey Leslieville gem checks all the boxes. Beautifully renovated and completely move-in ready, this detached 3-bedroom, 3-bathroom home is designed for easy everyday living and effortless entertaining. For Sale: Luxurious 2-Bedroom Corner Suite in Yorkville, Toronto (38 Avenue Rd #1403) Some homes offer luxury. This one offers peace of mind. Welcome to Suite 1403 at 38 Avenue Road, where every detail has been designed to make life feel effortless. Behind the private direct elevator entrance is an elegant corner residence that offers the rare combination of generous proportions, refined finishes, and exceptional service. For Sale: Bright 1-Bedroom Condo in Corktown, Toronto (60 Tannery Rd #516) Step into a sunlit living and dining space with clean sightlines and effortless flow. The open-concept kitchen keeps you connected – prep dinner, catch your favourite show, and take in the view all at once.

I think the answer is different for everyone. For me, walkability is a big one. I want to be able to walk to restaurants, coffee shops and, most importantly, grocery stores and fruit and veggie markets. We cook a lot at home, so being close to good food shopping really matters to us. I also love living in a city where there is always something interesting to do. One of my friends is on the committee for Boobyball. What is Boobyball, you might ask? It is a fundraiser for Rethink Breast Cancer, an organization that supports younger women impacted by breast cancer. So last night, I attended the fundraiser with friends. This weekend is just as busy. I’m heading to the Menopause Show, my husband and I are celebrating our second wedding anniversary at one of our favourite restaurants, Byblos, and on Sunday afternoon I’m off to see the Alicia Keys musical Hell’s Kitchen with my girlfriends. That is one of the things I love most about living in Toronto. There is always something going on, and there are so many different ways to enjoy the city. We recently started working with a couple who are looking for a new place to live. They told us they are open to most areas of the city, but they have one important requirement: it has to feel like a neighbourhood. They want to be able to walk to groceries, a gym, cafés and restaurants. They want the area around their home to be part of their everyday life. The truth is, Toronto has so many great pockets to discover. Each time we head out to look at homes with them, we try to explore a different neighbourhood so they can get a real sense of what it would be like to live there. One of the best ways to decide whether a neighbourhood is right for you is actually pretty simple: go out for dinner there, then take a walk around afterwards. See how it feels. Can you picture yourself picking up groceries there? Going for coffee on a Saturday morning? Walking to dinner? Heading to the gym without getting in the car? A home matters, of course. But so does everything around it. If you know someone who is trying to find the right neighbourhood to call home, let them know: If you need to buy or sell, just call Davelle. My First Home: How to Buy Smart in Toronto Know someone who talks about buying a home “someday”? Forward them a copy of our new My First Home magazine. It covers what to know, where to look, and how to buy smart in Toronto. Want to Make This Market Work for You? As always, if you have questions about the market, or would like an updated home evaluation, we’re here to help. For Sale: Renovated 1+1 Bedroom Condo in Midtown, Toronto (225 Merton St #501) Welcome to your own slice of paradise in the heart of Midtown, where the Kay Gardner Beltline Trail is practically your backyard. Morning run? Evening stroll? Taking Fido out for a spin? Just step outside and you’re there. Inside, this spacious one-bedroom-plus-den suite has plenty to love. For Sale: Renovated 1+1 Bedroom Condo in Midtown, Toronto (225 Merton St #501) Welcome to your own slice of paradise in the heart of Midtown, where the Kay Gardner Beltline Trail is practically your backyard. Morning run? Evening stroll? Taking Fido out for a spin? Just step outside and you’re there. Inside, this spacious one-bedroom-plus-den suite has plenty to love. For Sale: Renovated 3-Bedroom Detached House in Leslieville (14 Coady Ave) Morning Coffee. Evening Wine. Leslieville Living. This turnkey Leslieville gem checks all the boxes. Beautifully renovated and completely move-in ready, this detached 3-bedroom, 3-bathroom home is designed for easy everyday living and effortless entertaining. For Sale: Luxurious 2-Bedroom Corner Suite in Yorkville, Toronto (38 Avenue Rd #1403) Some homes offer luxury. This one offers peace of mind. Welcome to Suite 1403 at 38 Avenue Road, where every detail has been designed to make life feel effortless. Behind the private direct elevator entrance is an elegant corner residence that offers the rare combination of generous proportions, refined finishes, and exceptional service. For Sale: Bright 1-Bedroom Condo in Corktown, Toronto (60 Tannery Rd #516) Step into a sunlit living and dining space with clean sightlines and effortless flow. The open-concept kitchen keeps you connected – prep dinner, catch your favourite show, and take in the view all at once.

For weeks, we’ve been talking about the fall real estate market as though it was just about to arrive. Well, September has come and gone, and the numbers were surprisingly softer than expected. GTA sales were down 9% compared with last September, but the number that really caught my attention was new listings, which were down 14.4%. The average selling price was $1,006,409, down 5.1% year-over-year. But that doesn’t mean there aren’t buyers out there. We’re seeing them firsthand. Our recent first-time buyer seminars had more than 35 attendees, and our open houses have been busy. Buyers are looking, asking questions and educating themselves. They’re just hesitant to make a move. What’s interesting is that sellers seem hesitant too. And I’ve noticed another sign of the slower market that you definitely won’t find in the monthly statistics. My phone is ringing a lot more. Mortgage brokers, photographers and movers have been reaching out asking for referrals and looking to connect. I honestly can’t remember receiving this volume of prospecting calls before. When real estate sales slow down, it doesn’t just affect buyers, sellers and Realtors. There’s an entire industry connected to real estate transactions, and for many mortgage brokers, photographers, movers and other service providers, Realtors are an important source of business. So, I’ll say it again: if you’re a buyer, you have a huge advantage in today’s market. There is less competition, more time to make decisions and, in many cases, room to negotiate. That doesn’t mean every property is a deal, but it does mean buyers have opportunities they simply didn’t have a few years ago. On a completely different note, I’ve recently learned how to make sourdough bread, so this Thanksgiving I’ll be surprising my family with my homemade sourdough. That’s in addition to my squash soup and Guyanese mac and cheese. It is definitely going to be a weekend of feasting. I hope you and your family have a wonderful Thanksgiving and enjoy a great meal together. And if someone around the table happens to mention that they’re thinking about making a move, you know what to tell them: If you need to buy or sell, just call Davelle. My First Home: How to Buy Smart in Toronto Know someone who talks about buying a home “someday”? Forward them a copy of our new My First Home magazine. It covers what to know, where to look, and how to buy smart in Toronto. Want to Make This Market Work for You? As always, if you have questions about the market, or would like an updated home evaluation, we’re here to help. For Sale: Renovated 1+1 Bedroom Condo in Midtown, Toronto (225 Merton St #501) Welcome to your own slice of paradise in the heart of Midtown, where the Kay Gardner Beltline Trail is practically your backyard. Morning run? Evening stroll? Taking Fido out for a spin? Just step outside and you’re there. Inside, this spacious one-bedroom-plus-den suite has plenty to love. For Sale: Renovated 3-Bedroom Detached House in Leslieville (14 Coady Ave) Morning Coffee. Evening Wine. Leslieville Living. This turnkey Leslieville gem checks all the boxes. Beautifully renovated and completely move-in ready, this detached 3-bedroom, 3-bathroom home is designed for easy everyday living and effortless entertaining. For Sale: Luxurious 2-Bedroom Corner Suite in Yorkville, Toronto (38 Avenue Rd #1403) Some homes offer luxury. This one offers peace of mind. Welcome to Suite 1403 at 38 Avenue Road, where every detail has been designed to make life feel effortless. Behind the private direct elevator entrance is an elegant corner residence that offers the rare combination of generous proportions, refined finishes, and exceptional service. For Sale: Bright 1-Bedroom Condo in Corktown, Toronto (60 Tannery Rd #516) Step into a sunlit living and dining space with clean sightlines and effortless flow. The open-concept kitchen keeps you connected – prep dinner, catch your favourite show, and take in the view all at once.