The Homeowner Protection Act, 2024: A Guide to NOSI Changes Robert Sheldon This week, our guest writer is Robert Sheldon, a partner at Travers Law here in Guelph. Robert completed his undergraduate degree at Dalhousie University, his Juris Doctorate at the University of Windsor, and was called to the Ontario Bar in 2013. After a distinguished career in public service, Robert opened Sheldon Law, where he practised Real Estate law and in 2022 merged with Paquette Travers to become Travers Law. Travers Law is one of our preferred partners and combines expertise, innovation, and client-centered ..read more

The Paradox of Cognitive Dissonance As we find ourselves on the cusp of mid-July, the scorching heat and humidity seem to envelop us, making the air heavy and sticky. In this kind of heat, everyone’s movement seems to be bordering on stagnant as they wait for a break from the heat. Meanwhile, the real estate market is also showing signs of stagnation, with properties lingering on the market, inventory levels starting to climb, and prices starting to slide somewhat.  Everyone seems to be pinning their next move on interest rates taking a big tumble in the next few months; deciding to ke ..read more

Is it as Bad as it Feels? The June numbers are out and depending on the metrics you want to measure or follow, it’s bad.  Or at least that’s the way it might look and feel to some. There’s no question about it: the market is sluggish. We’ve talked about this on numerous occasions this year.  There’s a feeling of malaise in the real estate world.  I think partly because the market is still dealing with post covid vertigo.  Buyers are still hesitant, expecting a perfect storm of reducing interest rates and continued price declines.  They may just get their wish - maybe ..read more

Gentle Density & It’s Possible Impact Guelph's proposed Gentle Density or “4+ units” project is set to transform the city's residential landscape. While aimed at addressing housing shortages, this initiative is stirring up both excitement and concern among residents. Let's dive into how this project could impact Guelph's existing neighbourhoods. Boosting Housing Supply The primary goal of the Gentle Density project is to increase housing availability. By allowing up to four residential units on individual lots in low and medium density areas, Guelph aims to create more living spaces ..read more

So That was a Bust… Click here to watch the video! The recent Bank of Canada interest rate cut on June 5th stirred a mixed response in the real estate realm. While many anticipated a market boost from the 0.25% reduction in the "prime" rate, the impact seemed underwhelming. Despite this being the first Bank of Canada rate decrease since March 2020, the expected market acceleration did not materialize as hoped by industry players. Let’s look at the numbers. The average sale price in Guelph is approximately $750,000.  Typically people will put 20% down with this purchase or $150,000 ..read more

The Top 10 Home Seller Frustrations in the Guelph Real Estate Market We all know that the local real estate market has been slow this year. The result of a combination of high interest rates, higher inventory of homes for sale, and a lot of buyers just sitting on the sidelines.  I’ve had the benefit of being through a slower market in the past (a few of them in my 37-year career) and know what it takes for home sellers to be successful, even when there’s lots of competition in the marketplace and buyers seem reluctant to make any type of buying decisions. Selling a home can be a comple ..read more

The Impact of the Bank of Canada Rate Decrease In May, Guelph's real estate market showed some interesting trends that highlight both growth and ongoing fluctuations. Home sale prices edged up by 1.5% compared to April, indicating that buyers are still willing to pay more for properties, even amidst broader market shifts. However, when we look at the same period last year, there was a 5.9% decrease in prices. Despite this, the long-term view is quite positive, with home prices having soared by 48.4% compared to five years ago, reflecting strong market growth over time. New listings in May r ..read more

The Affordability Crisis and the Long Term Impact on Wealth We hear a lot about the affordability crisis in real estate these days. In fact, it’s probably the biggest trending news item in the real estate world.  We know home values have increased significantly since 2020, and interest rates have spiked as well. What we don’t realize is just how profound an impact the current conditions have had on the local real estate market, and how it has shaped people's decisions and choices around their biggest wealth building opportunity.  FINANCIAL PERFORMANCE OF HOMEOWNERS VS NON-HOMEOWN ..read more

How to Climb a Broken Ladder The property ladder is broken. At least it seems that way to many sellers, as the local real estate market is eerily quiet this spring. Hear me out. In terms of listings, the 'have-to' sellers are still showing up -- those folks who are selling because of death, divorce, job change, job loss, etc. But the 'want-to' sellers who are reaching UP for the next rung on the property ladder... their kids are getting bigger or their incomes are increasing, and in any normal-ish market, this would be the time they decided to move up to a bigger, more upgraded home - or e ..read more

To Wait or Not to Wait… Have you ever thought that waiting to buy a home might just cost you more? Many first time buyers think the secret to getting into the market is waiting for the interest rates to drop, saving for their down payment, and striking while the market is hot. We’ve had a lot of lively discussions going on recently. The Bank of Canada has hinted at potential interest rate cuts later this year, possibly as early as June or July. This update spells good news for prospective buyers eyeing the local real estate scene. Reduced interest rates translate to increased affordabilit ..read more