https://padlet.com/tabithatamaranesbitt/4d8or21363pd1zdj en-us 2021-03-29 21:46:04 UTC 2024-08-22 22:49:07 UTC hello@padlet.com tabithatamaranesbitt https://padlet.com/tabithatamaranesbitt/4d8or21363pd1zdj/wish/1365916138 Using the TRREB website, you can access a wide variety of statistics relating to the current housing market in the GTA and surrounding regions. This website contains numerous charts and infographics showing statistics such as the average price of homes, the number of listings, and mortgage rates. 

This website is extremely helpful as it allows the viewer to not only see the current market trends, but also a history of these trends throughout the years going back to as early as 1975. This allows for the ability to easily compare changes which have happened year-to-year. The information is laid out in a simple enough manner making it easy to navigate for anyone. This website taught me that there has been a 52.5% increase in the sale of homes in the past year.]]> 2021-03-29 21:54:10 UTC https://padlet.com/tabithatamaranesbitt/4d8or21363pd1zdj/wish/1365916138 tabithatamaranesbitt https://padlet.com/tabithatamaranesbitt/4d8or21363pd1zdj/wish/1365936128 The Re/Max website has many features which are helpful for those who are looking for information regarding the housing market. This includes tips for buying and selling, real estate listings, access to real estate agents, and blog posts.
The link I have included is to a blog post created by Re/Max in July, 2020. The blog contains heat maps which show 'hot pockets' for home sales, highlighting the areas with the  highest number of sales. 

There are various diagrams which provide region-based information allowing the viewer to easily see where in the GTA it may be currently smartest to buy. It also gives the viewer an idea of which areas would be more competitive due to their growing popularity. I learned from this blog that the supply of homes in June of 2020 was the lowest it has been since June of 2016.]]> 2021-03-29 22:06:45 UTC https://padlet.com/tabithatamaranesbitt/4d8or21363pd1zdj/wish/1365936128 tabithatamaranesbitt https://padlet.com/tabithatamaranesbitt/4d8or21363pd1zdj/wish/1365954466 Rate Hub is a website where Canadians are able to input the cost of a home along with the down payment they are hoping to put down for it. The website will provide the viewer with a calculation of what their potential mortgage payment and amortization period would be. 

What is extremely useful about this website, is the viewer is able to easily obtain mortgage  pricing information, even if they are not great with math or know very little about how these calculations work. The best part is that the viewer can adjust the down payment or amortization period in order to see how this affects what their monthly mortgage price would be. By experimenting with this calculator, I learned just how much your down payment can effect the amortization period of a mortgage.]]> 2021-03-29 22:18:18 UTC https://padlet.com/tabithatamaranesbitt/4d8or21363pd1zdj/wish/1365954466 tabithatamaranesbitt https://padlet.com/tabithatamaranesbitt/4d8or21363pd1zdj/wish/1365976976 The CMHC website holds a plethora of useful information and resources for those looking to buy or rent in Canada. There are insights and statistics relating to the housing market, rules for landlords and tenants, and applications for funding for new builds and renovations.

This website essentially contains any information a home buyer, renter, builder or landlord could need, all broken down in layman's terms. The website is laid out in a highly sensible and functional way, making it approachable and easy for the viewer to access the information they need. I learned that there is a Seed Funding program which provides interest-free loans for the development and maintenance of community housing.]]> 2021-03-29 22:33:10 UTC https://padlet.com/tabithatamaranesbitt/4d8or21363pd1zdj/wish/1365976976 tabithatamaranesbitt https://padlet.com/tabithatamaranesbitt/4d8or21363pd1zdj/wish/1365995947 This video gives a breakdown of how the home-buying process works in Canada from the search, to closing. Moaeez explains how down payments work as well as what the requirements are for the pre-approval process. He lays out some factors to consider when deciding whether you want to purchase an older or newer home, and which type of home you may want to consider buying. He even touches on how to go about choosing your realtor and the importance of differentiating your wants from your needs for your next home.

Moaeez explains the home-buying process in a manner that is easy to follow, using language that is easy to understand. His step-by-step approach gives the viewer the ability to have a foundational understanding of what to expect, so that they do not feel as intimidated or confused when approaching the home-buying process. From viewing this video, I learned that it is free to consult with a real estate agent, and I found it useful to be provided with a list of questions I could ask them during an interview.]]> 2021-03-29 22:45:50 UTC https://padlet.com/tabithatamaranesbitt/4d8or21363pd1zdj/wish/1365995947 tabithatamaranesbitt https://padlet.com/tabithatamaranesbitt/4d8or21363pd1zdj/wish/1366011408 This video contains an up-to-date discussion regarding the housing market in Durham Region. Stephen focuses on the current state of supply verses demand, which is the greatest contributing factor to the soaring prices of homes in the Durham Region. He also provides the average home prices of homes in Durham in recent months, highlighting the sharp and sudden increase in 2021.

This video is very helpful in that it explains in very simple terms how lower interest rates are effecting the supply and demand of housing in this area. From watching this video, I learned that since 2016, the monthly inventory of homes in Durham Region has dropped from over 1,000 to under 400.


]]> 2021-03-29 22:56:52 UTC https://padlet.com/tabithatamaranesbitt/4d8or21363pd1zdj/wish/1366011408 tabithatamaranesbitt https://padlet.com/tabithatamaranesbitt/4d8or21363pd1zdj/wish/1366016007  This video highlights how outrageous the Canadian housing market has become, and provides some insight as to how it has ended up this way. The speaker discusses how mortgage, the pandemic, population growth and employment rates have affected supply and demand. 

This video is a great resource for anyone who does not understand why homes are now so expensive, or who wants an explanation of what a 'bubble' is as it relates to real estate. I learned from this video that interest rates in Canada are currently the lowest they have ever been.


]]> 2021-03-29 23:00:30 UTC https://padlet.com/tabithatamaranesbitt/4d8or21363pd1zdj/wish/1366016007 tabithatamaranesbitt https://padlet.com/tabithatamaranesbitt/4d8or21363pd1zdj/wish/1366137221 This video provides real estate insights into for the upcoming year in the Greater Toronto Area, whereas many of the other resources I found focused on the past and current states of the market. He discusses the best and worst possible scenarios that could potentially occur this year, as predicted by RBC.

I learned from the video that RBC is predicting the prices of homes in this area could drop 7% this year, and could likely stay reduced until 2023. I also found it interesting that since 2005 the prices of home here has increased 88%.]]> 2021-03-30 00:16:52 UTC https://padlet.com/tabithatamaranesbitt/4d8or21363pd1zdj/wish/1366137221 tabithatamaranesbitt https://padlet.com/tabithatamaranesbitt/4d8or21363pd1zdj/wish/1366271694 This image provides a side-by-side comparison of average prices for different types of homes from 2011 to 2021. 

I was surprised to see just how drastic the increase in detached home prices has been, and how most types of homes now cost double what they did 10 years ago.]]> 2021-03-30 01:11:04 UTC https://padlet.com/tabithatamaranesbitt/4d8or21363pd1zdj/wish/1366271694 tabithatamaranesbitt https://padlet.com/tabithatamaranesbitt/4d8or21363pd1zdj/wish/1366287883 This is a chart showing the average rent prices of various build forms in 2020, and how they have changed in 2021. 

I learned that there has been a significant decrease in all types of rentals this year, with the largest price decrease in condominiums. ]]> 2021-03-30 01:17:41 UTC https://padlet.com/tabithatamaranesbitt/4d8or21363pd1zdj/wish/1366287883 tabithatamaranesbitt https://padlet.com/tabithatamaranesbitt/4d8or21363pd1zdj/wish/1366378051 1. What did I learn about this topic that surprised me the most?
The most surprising thing I learned was that the biggest factor contributing to soaring home prices in the GTA is the low supply and high demand, which has resulted from low interest rates.

2. Provide a real-life example oh how this topic is relevant/interesting for me.
This topic is quite relevant to me right now, as my spouse and I are currently looking at rental properties in Toronto. In previous times, we could not afford the prices in Toronto. However, the pandemic's effect on the city and the ability to work remotely has led to many people fleeing the city.

3. If I could pass on my knowledge to a friend or family member, what would I think is the most important to pass on?

I think the most important information I came across in my research was that found in Video #1 which covered how to buy a house. I think many people my age are saving for a home, but don't know anything about how the home-buying process works. This video is a great first step in learning how to approach it.

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