Tina Ramos Real Estate and Mortgage Solutions

Clients' Satisfaction is my success and I am thankful for The blessings
(Hi Tina,
We just want to thank you for all the fantastic work you’ve done for us. Thanks for going the extra mile for us in every step of our journey. We could not have done this without you and we are so grateful for your assistance, patience and expertise.
We are extremely grateful to have worked with you as our agent.
Warm regards,

E. and N.)

Summer 2024 TREB report
The Toronto Regional Real Estate Board(TREB) had released transactions down 16.4 compared to last year. This marks a fourth consecutive month of cooling activity despite the Bank of Canada's recent interest rate cut
However, the June sales result suggests that most homebuyers will require multiple rate cuts before they move off the sidelines
Economists forecast the rate cuts will be gradual with just one or two more by the end of 2024

Looking forward, buyers will take advantage of the lower prices now, and due to my knowledge in both fields: Real Estate and Mortgage Financing for over 25 Yrs, Free Consultations
(416) 230-1083 The name Friends Recommend TINARAMOS.COM

The hardest hit will be low to medium-income households, which have little spare income, excess pandemic savings or ability to take on more debt.

According to Oxford, these households hold about 45 per cent of the mortgage debt in this country, with higher-income households accounting for 55 per cent.

Higher income households, with more disposable income, are obviously better equipped to deal with rising mortgage payments. For less wealthy Canadians, however, these payments are expected to gobble up 10 per cent of disposable income by mid-2025,
There's been a lot of hope in the air lately that the Bank of Canada is getting close to cutting interest rates.

When the central bank held rates at 5 per cent at its meeting earlier this month, governor Tiff Macklem said a June cut was "within the realm of possibilities," and inflation data shortly after appeared to support that.

After all it has been a tough haul for indebted homeowners since the bank began hiking its benchmark rate early in 2022.

Five-year mortgage rates have surged from lows of 3.2 per cent in 2021 to 6.4 per cent in the fourth quarter of 2023, more than doubling mortgage payments, according to a new study by Oxford Economics.

"This has weighed on consumers' pockets, but our calculations suggest that the mortgage payment shock is not over yet, said Oxford economists Callee Davis and Tony Stillo.

Even with interest rates expected to ease in the second half of this year, Oxford forecasts that mortgage payments will increase by another 6 per cent to $156 billion by the end of 2024. By the end of 2027, these payments will have risen 18 per cent to $173 billion.

These are big numbers and will take mortgage payment's share of disposable income to a peak of 9.3 per cent by mid-2025 before it begins to ease, the highest on records going back to 1990, says Oxford compared to 8.8 per cent for higher incomes.

With little to no buffer, lower-income households could be forced to cut discretionary spending, become delinquent on their mortgages or sell their homes, said the economists.

And since these households accounted for 50 per cent of consumption in Canada last year, the pullback will hit the economy, they said.

Oxford's outlier forecast is that aggregate real consumer spending will slow to 0.5 per cent this year, down from 1.7 per cent growth in 2023, bringing on a mild recession.

"Weaker consumption, which accounts for more than half of GDP, is a key driver of our recession forecast, but we could also see a period of deleveraging in coming years," said Oxford.

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Sending Very Best Wishes and more Blessings to all and Thank You for your Supports

https://youtu.be/hCfvGcbdAZI

Rate cuts could spark housing market volatility Leah Zlatkin, mortgage broker and lowest rates expert, talks with Financial Post's Larysa Harapyn about the the impact a Bank of Canada rate cut would have o...

Should I sell my house now or wait until 2024 Canada?
The answer to that question is right below. According to various sources, including TD Economics, the Canadian housing market will rebound in 2024. After home prices go down in 2023 by about 5%, they are expected to bounce back in 2024. In simple words, it means home prices will not continue to go down in 2024.

Ready or not, the holiday season is here. If you're expecting houseguests or have those that tend to "just show up," you're probably rushing to ensure your home is in perfect hosting shape. One of the biggest problems with many homes is clutter! Whether you're selling or hosting, clutter needs to go. I thought I'd share a decluttering game plan to help you prepare your home for guests.

The Kitchen
Does your kitchen often become the family drop-off spot for backpacks, mail, and other random items? It's normal! After all, it is the hub of your home. But when guests are in town, it should be the hub for hosting. Take time daily to remove any non-essential kitchen items. If you're planning on guests, stock your pantry with extra snacks, coffee, and tea.

The Bathrooms
We all have bathroom items that we leave out on sinks and countertops every day. During the holidays, find a new place for them. If you have a bathroom guests won't use, move these items there. Ensure you have plenty of extra bathroom necessities that guests can easily find.

Living Room
Life creates clutter in your home, especially your living room. Find furniture and decor that doubles as storage to hide any clutter. The holidays get cozy with decorations, but don't overdo the decorations if you're having houseguests. Find a balance so it looks festive, but there's still space for family and friends to visit.

Entryway
Your entry is full of coats, boots, and kid's clothes on an average day. When it's time for guests to come, this should be their space. Put your coats and other items that might make it look cluttered in another closet or room. Keep this space available for your guests.

'Tis the season for fun and guests. Make sure your home is ready to host even if you don't have planned guests; you never know when someone will pop by for a surprise. I hope these tips help and that you have a wonderful holiday season. If there's anything that I can do to help, please let me know. Happy Holidays with Very Best Wishes!

I bought my first home at 24 and Over the years I have learned not only what I want in a home, but what others want as well. The home buying process can be overwhelming. I’ll be by your side every step of the way – whether you’re dipping into the real estate market for the first time or hoping to buy the home of your dreams.” Call 4162301083 WWW.TinaRamos.com