The Bank of Canada has just reduced its key overnight rate by an additional 25 basis points (0.25 percentage points), bringing it down to 3%.
This latest reduction marks the sixth consecutive rate cut in 2024, following a series of five earlier reductions. However, today’s move is less aggressive than the two previous 50-basis-point cuts, aligning with expectations for a more gradual pace in future rate reductions. While inflation has fallen below the Bank’s target, ongoing concerns over a potential trade war with the U.S. are prompting a more cautious approach from policymakers.
Rate cuts like these are typically used to boost economic activity. (For more on how the overnight rate impacts mortgages, check out our explanation.)
Want to explore how these new rates could affect you? Connect with our partner Legacy Mortgage Group, or browse the housing market on ComFree.
Canadian mortgage borrowers are facing economic uncertainty due to political changes, potential U.S. tariffs, and falling interest rates. Experts suggest that whether to choose a fixed- or variable-rate mortgage depends on market conditions. Variable rates may be appealing if rates continue to fall, but fixed ratesoffer more stability and are currently more competitive. For those unsure about future rate changes, shorter-term mortgages (around three years) provide flexibility. Borrowers should also consider their risk tolerance—variable rates are better for those who can handle fluctuations, while fixed rates offer predictability. Additionally, switching between mortgage types can involve penalties, so understanding the rules is crucial. Ultimately, the best mortgage choice depends on personal financial goals, stability, and market conditions.
In 2024, Canada’s real estate market showed mixed trends. The luxury sector remained robust, with sales of high-end homes in cities like Toronto and Vancouver remaining steady or even increasing. Price growth is expected in major cities like Vancouver, Toronto, and Montreal in 2025. On the rental side, after years of rising rents, there was a slight cooling, with national rents falling by 3.2% in December, though smaller cities experienced rent hikes. National home sales were down in December but showed improvement over the earlier months of the year, leading the Canadian Real Estate Association to predict a stronger spring market. In Toronto, condos saw significant discounts, with 80% selling below asking price during the holiday season, giving buyers an advantage in a market with high inventory.
Canmore, a popular Alberta tourist destination, is facing a housing affordability crisis despite its scenic views and proximity to Calgary. To address this, the Town Council formed a Livability Task Force in 2023, focusing on three main goals: phasing out the Tourist Home Designation, exploring tax incentives for long-term occupancy, and promoting the development of purpose-built rental housing. These measures aim to improve both the livability and affordability of the area.
Canada’s real estate market is expected to rebound in 2025, with activity likely to pick up as early as March. Factors driving this recovery include stabilizing interest rates, the return of sidelined buyers, and a potential increase in property inventory. Professionals predict a more traditional spring surge in sales after a quiet 2024, where sales remained low despite more listings. Increased buyer interest is also expected to encourage more sellers to list their properties.
Here are 10 homes for sale under $500,000, ranging from a modern, move-in ready three-bedroom home in Edmonton to a beautifully renovated two-story house with three large bedrooms and a generous backyard in Arnprior, near Ottawa.
In recent years, there has been a significant shift towards sustainability in various aspects of our lives, and the real estate market is no exception. Eco-friendly homes are becoming increasingly popular among homeowners, buyers, and sellers who are conscious of their environmental impact. At ComFree, we are committed to showcasing properties with green features and promoting the importance of sustainable living. In this blog, we’ll explore what makes a home eco-friendly and why it’s a smart choice for both the planet and your wallet.
Eco-friendly homes are designed with sustainability in mind, focusing on reducing energy consumption, minimizing waste, and using environmentally friendly materials. These homes often feature energy-efficient appliances, solar panels, green roofs, and water-saving fixtures. By incorporating these green features, eco-friendly homes not only contribute to a healthier planet but also offer long-term savings on utility bills.
At ComFree, we understand the importance of sustainability in today’s real estate market. Our platform showcases properties with green features, making it easy for buyers to find homes that align with their eco-conscious values. By using our advanced search filters on ComFree.com, you can explore listings with specific green features, such as solar panels, energy-efficient appliances, and sustainable materials.
Embracing eco-friendly homes is a crucial step towards a more sustainable future. At ComFree, we are proud to support this shift by showcasing properties with green features and promoting environmentally friendly practices in the real estate market. Whether you’re looking to buy an eco-friendly home or make your current property more sustainable, ComFree is here to guide you on your journey towards a greener lifestyle.
Courtesy of Whatever Else Marketing
In the real estate market, ComFree is changing the game. With a heritage rooted in the successful comFree brand, ComFree Realty carries the torch of innovation, transforming how people sell their homes. Our mission is simple yet profound: equip sellers with the tools and support they need to confidently list and sell their property without hefty commission fees.
For a one-time flat fee, ComFree Realty lists your home on MLS® and REALTOR.ca, ensuring maximum exposure. Beyond listing, we provide a suite of support services – from eye-catching yard signs to detailed buyers’ guides, virtual tours, and essential offer-to-purchase forms. Our team is always on standby to assist with any queries, guiding you every step of the way to a successful sale.
Starting in Edmonton and spreading throughout Alberta in 2024, ComFree Realty is on a mission to put homeowners across the province “ComFree.”
Sell Simple and Buy Better with ComFree Realty, where selling your home is efficient, supported, and commission-free.
Courtesy of Whatever Else Marketing
In a recent development, HomeServices of America, a Berkshire Hathaway subsidiary, plans to appeal a crucial decision that may change how real estate commissions work. This decision holds significant implications for buyers and sellers. In this article, ComFree Realty breaks down the case and what it might mean for you.
Currently, when you sell your home, you pay your agent’s fee, typically around 5% to 7% of the sale price, which is then shared with the buyer’s agent. The lawsuit argued that this setup limits competition and makes it hard for buyers and sellers to negotiate lower rates.
The recent verdict in favor of the plaintiffs is a win for consumers. It addresses concerns that sellers are charged too much, buyers can’t negotiate fees, and home prices end up higher than necessary.
With concerns about rising mortgage rates and high home prices, this verdict could lead to more affordable home prices, when thousands of dollars in commissions do not need to be handed over to agents. That’s good news for anyone looking to buy a home, as it is a small yet significant piece that may make homeownership more accessible.
However, this change presents challenges for the real estate industry. To advertise a home on a multiple-listing service, offering compensation to a buyer’s agent has often been required.
With the introduction of new service providers such as ComFree, we give buyers and sellers direct access to the mls, all without charging a commission. This is a huge win for consumers!
The real estate industry felt the impact of this decision, with stocks of major brokerages like eXp World Holdings, Compass, and Redfin seeing significant declines.
This lawsuit isn’t the only legal challenge the National Association of Realtors (NAR) faces. There’s a larger suit involving multiple markets that could go to trial soon, with potential damages in the billions. New lawsuits against NAR and other big brokerages have also been filed.
The recent verdict in the real estate commission lawsuit marks a turning point for the industry. While it aims to address concerns about affordability and competition, it also brings challenges for both buyers and sellers. The outcome of this case and other pending legal battles will shape how real estate transactions work in the future. Stay tuned as ComFree Realty continues to provide the services to respond to these market trends, while making real estate better (and more affordable) updates for buyers and sellers.
Courtesy of Whatever Else Marketing
At ComFree, your partners in real estate, we believe in empowering you with knowledge and information. Real Estate buyers and sellers both know the importance of insurance. Title insurance is no different.
Title insurance is a distinctive policy crafted to defend homeowners and lenders from potential loss or damage due to discrepancies in the property’s title. Unlike conventional insurance policies, title insurance prioritizes protecting stakeholders against incidents that transpired in the past, predominantly related to the property and its preceding proprietors.
In real estate lingo, a title symbolizes lawful proof of possession. Upon procuring a property, the title is relayed to you, authenticating your legal ownership. This is where title insurance can become pivotal, fortifying your proprietary rights against any disputes.
– Claims from others professing a stake in your property.
– Mistakes or oversights in deeds.
– Erroneous record examinations.
– Deceptive or falsified property documents.
– Encumbrances on the property.
– Overlaps (for instance, a neighboring structure infiltrating your land).
– Rights of passage across your property.
Title insurance is crucial for both homebuyers and lenders and is generally available in two versions:
– Lender’s Policy: This is obligatory when obtaining a mortgage, protecting the lender’s stake in the property against any title discrepancies.
– Owner’s Policy: Procured at the property transaction closure, it shields the homeowner, remaining in effect as long as there’s an interest in the property by the owner or their heirs.
Title insurance premiums payment is contingent on local regulations and traditions.
Generally:
– Homebuyers manage the lender’s title insurance costs as they are securing the loan.
– Owner’s policy costs might vary, sometimes covered by the seller to expedite the sale process.
1. Executing a title search to probe the property’s lineage by a title agent or lawyer.
2. Releasing a Preliminary Report for client scrutiny and endorsement.
3. Following the acknowledgment of all closure documents and payment compliance, the official title insurance policy is formulated.
This is all handled by ComFree’s legal partner, Edmonton Law Office LLP.
– Extensive Protection:It provides broader protection, covering risks such as fraud, forgery, and encroachments.
– Mental Peace: It guarantees prompt resolution of any covered title defects, offering peace of mind.
– Single Payment Convenience:The premium is paid once at the closure, simplifying the financial aspect of transactions.
The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.
* Only when the buyer comes direct, otherwise the seller may choose to negotiate a commission with the buyer’s agent.
