Real Value Home

Month: January 2023

Green energy for new homes in Canada
January 16, 2023 Yash Paliwal Comments Off on Canada Greener Homes Loan Canadians Can Now Borrow Up To $40K From The Feds Interest-Free For Buyers, Tips & Advice

Canada Greener Homes Loan Canadians Can Now Borrow Up To $40K From The Feds Interest-Free

Canadians looking to make their home more energy efficient and environmentally friendly can now get an interest-free loan of up to $40,000 from the federal government. On Friday, June 17, 2022 applications for the Canada Greener Homes Loan opened to eligible people who are planning qualifying green upgrades to their property.

The loan is offered in conjunction with the Canada Greener Homes Grant, as a way of supporting Canadian homeowners to reduce their property’s environmental footprint. Initially, it will be open to eligible homeowners who are applying or who already have an open application for the Canada Greener Homes Grant.

In September, 2022 eligibility was expanded further to include those who have already received a grant, among others. The initiative will provide $4.4 billion in interest-free loans to as many as 175,000 homeowners across the country. While each household can get up to $40,000, smaller loans of $5,000 and above will also be offered out.

It’s an unsecured personal loan on approved credit, with a repayment term of 10 years interest-free. It will only be available to those who want to take on eligible projects though, which could include upgrades like attic/ceiling insulation, exposed floor insulation, air-sealing, new windows and doors, space and water heating, and more.

Other sections of the eligibility criteria state that applicants must be a Canadian homeowner, the property must be your primary residence and a completed pre-retrofit evaluation must have already been completed. Further details related to eligibility can be found online.

If you’ve already started or completed work on your home to make it greener, you’re unlikely to qualify for the loan. The same applies if you’ve had a retrofit that wasn’t recommended by an energy advisor. To get started, check your eligibility for the loan and submit an application first via the Canada Greener Homes Grant.

Good luck, homeowners!

Picture from Riccardo Annandale on Unsplash

January 10, 2023 editor Comments Off on Greater Toronto Area Real Estate Market JANUARY 2023 Housing Market Reports

Greater Toronto Area Real Estate Market JANUARY 2023

As we moved from 2022 into 2023, the Greater Toronto Area (GTA) housing market unfolded as expected. The number of January sales and the overall average selling price were similar to December 2022. On a year-over-year basis, both sales and prices were down markedly, continuing to highlight the impact of higher borrowing costs on affordability over the last year.

“Home sales and selling prices appear to have found some support in recent months. This coupled with the Bank of Canada announcement that interest rate hikes are likely on hold for the foreseeable future will prompt some buyers to move off the sidelines in the coming months. Record population growth and tight labour market conditions will continue to support housing demand moving forward,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron.

GTA REALTORS® reported 3,100 sales through TRREB’s MLS® System in January 2023 – in line with the December 2022 result of 3,110, but down 44.6 per cent from January 2022. The average selling price for January 2023 at $1,038,668 was slightly lower than the December 2022 result and down by 16.4 per cent compared to the January 2022 average price reported before the onset of Bank of Canada interest rate hikes. The MLS® Home Price Index (HPI) Composite Benchmark was in line with the December result, but down by 14.2 per cent compared to January 2022.

“Home prices declined over the past year as homebuyers sought to mitigate the impact of substantially higher borrowing costs. While short-term borrowing costs increased again in January, negotiated medium-term mortgage rates, like the five-year fixed rate, have actually started to trend lower compared to the end of last year. The expectation is that this trend will continue, further helping with affordability as we move through 2023,” said TRREB Chief Market Analyst Jason Mercer.

“All three levels of government have announced policies to enhance housing affordability over the long term, including many initiatives focussed on increasing housing supply in the ownership and rental markets. Most recently, we were encouraged to see Toronto City Council support the Mayor’s 2023 Housing Action Plan as part of the City’s overall $2 billion commitment to housing initiatives,” said TRREB CEO John DiMichele.

FULL REPORT HERE

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