Real estate isn’t just about homes — it’s about people, communities, and the connections we build along the way. I’ve always believed that being truly invested in where you live means giving back to it in meaningful ways. For me, community involvement isn’t an obligation; it’s a privilege, and one of the most rewarding parts of my life outside of real estate.

As a proud member of Uxbridge Rotary, I’ve found a space where like-minded people come together with a shared goal: to make life better for those around us. Through Rotary, I have the chance to work on projects that directly impact our town and support causes that matter to so many of us.

A Place to Make a Difference

One of the most fulfilling roles I’ve taken on within Uxbridge Rotary is serving on our Youth and Vocational Committee. Investing in our youth means investing in the future of our community. We work to support local students with scholarships, mentorship opportunities, and initiatives that help them develop leadership skills and career direction. It’s inspiring to witness the energy and potential of the next generation, and I feel grateful to play a small part in helping them find their path.

Community and Connection Through Events

Fundraising is another important part of what we do, and I love getting involved in planning events that bring people together while raising money for great causes. One of our most popular nights of the year is our Annual Wing and Pizza Night — a casual, fun evening that not only fills the room with laughter and good food but also helps us support local programs and charities. It’s these simple moments of community connection that remind me why I’m so passionate about being involved.

Supporting Canadian Blood Services

Outside of Rotary, I also volunteer with Canadian Blood Services, helping to organize and staff local blood donor clinics. It’s a cause that’s close to my heart — one that impacts lives in the most direct and tangible way. It’s easy to forget how critical donated blood is until someone you know needs it. Through volunteering, I’ve met incredible people, heard moving stories, and witnessed the generosity of our small-town residents time and again.

As we step into 2025, the real estate landscape shows promising signs of recovery, though challenges persist. Let’s dive into what homebuyers, sellers, and investors can expect in the coming year.

Interest Rates: A Welcome Decline

The new year brings positive news on the lending front. The Bank of Canada starts 2025 with an overnight lending rate of 3.25%, and forecasts suggest a further decline to 2.25-2.50% by year-end. This shift should bring five-year mortgage rates down to approximately 4%. While this represents significant relief from 2024’s higher rates, it’s worth noting we’re still far from the ultra-low pandemic rates that fueled the 2021 market frenzy.

Game-Changing Policy for First-Time Buyers

Sales Forecast: Modest but Meaningful Growth

The Affordability Puzzle

Enhanced Industry Regulation

The real estate industry is set for significant regulatory changes with Phase III of the Trust in Real Estate Services Act. Expected reforms include:

1. Extended Amortization Period

Starting August 1, 2024, both first-time buyers and current homeowners will have the option to choose a 30-year mortgage instead of the standard 25-year term. This change can significantly impact your monthly payments.

What does this mean for you?

Let’s look at a practical example:

• For a home purchase of $750,000
• Choosing a 30-year mortgage instead of a 25-year mortgage
• Based on current 5-year mortgage rates
• Potential savings: Approximately $300 per month

This extended amortization period allows for lower monthly payments, potentially making homeownership more manageable for many Canadians.

2. Increased Price Limit for Insured Mortgages

Additional Measures to Support Home Buyers

A: Align yourself with a trusted advisor

Working with a real estate agent you trust can make a world of difference when buying a home – especially if you’re a first-timer. A trusted advisor will go through the process with your best interests in mind, explain essential industry terms, help determine your priorities, negotiate on your behalf, and do so much more.

Experience is a top quality to consider when you’re choosing which agent to work with. (And look for a full-time professional, too. Your purchase is too important for a part-timer.) Experience can be quantified in a few different ways – like years in the industry, real estate specialties, and neighborhoods they conduct business in. What’s helpful: Not only do RE/MAX agents have the experience to get the job done in today’s market, but they also average more sales than other real estate agents.

Another important component of the trusted professional you choose to work with is their communication style. It’s smart to align with someone who is communicative and easily accessible, and who also outlines their preferred methods of contact during the homebuying process upfront.

B: Be sure your finances are in order

C: Consider your options

Understand Your Needs and Goals

Taking a good look at your daily routines and what you love doing at home can really shape your house hunting. For instance, if you’re someone who works from home a lot, finding a place with a peaceful spot for your office is key. You’ll want somewhere quiet, away from the hustle and bustle of household activity, with plenty of light and air to keep you focused and relaxed. It’s all about making those workdays at home as productive and stress-free as possible.

And if you’re the go-to host among your friends and family, think about how a home can cater to your love of entertaining. An open-plan layout is great for parties and dinners since it lets you prep food and drinks without missing out on the fun conversations. Plus, having a nice flow between your kitchen, living area, and an outdoor space like a patio can make your gatherings even more special, giving you and your guests more room to mingle.

Do consider life changes that might occur in the next 5-10 years, such as elderly parents moving in or even a new home-based business. Opting for a flexible layout or a home with versatile rooms can accommodate these shifts without the need for another move.

Plan Your Finances

Moving to a larger home often comes with a heftier price tag, not just in terms of the initial purchase but also through ongoing expenses like property taxes and utility bills. Take a deep dive into your finances before making such a decision. Begin by evaluating your current spending to understand how much extra you could realistically allocate to housing costs without jeopardizing your economic stability. Remember to include the expenses involved in selling your current property, such as agent commissions and closing fees, which can add up significantly.

When it comes to financing your new, larger home, most people will need a mortgage. Given the higher values at play when upsizing, securing pre-approval for a mortgage becomes a pivotal step. This pre-approval not only clarifies your purchasing power but also signals to sellers that you’re a serious and prepared buyer, potentially giving you an edge in competitive markets. However, don’t rush this process. Take the time to shop around and compare mortgage options from various lenders. While a low interest rate might catch your eye, the fine print regarding terms, fees, and flexibility can significantly affect your overall financial picture in the long run.

Sell Your Current Home

Increase the capital gains tax inclusion rate

The government is increasing the inclusion rate on capital gains realized annually above $250,000 by individuals and on all capital gains realized by corporations and trusts from one-half to two-thirds. Individuals will continue to pay tax on 50 per cent of any capital gains up to $250,000 per year. The new rules will apply to capital gains realized on or after June 25, 2024.

Selling your principal residence will continue to be exempt from capital gains taxation. TRREB will ensure we hold the government to this commitment.

Increase in Home Buyers' Plan Limit

The Home Buyers’ Plan (HBP) limit will increase from $35,000 to $60,000 for an individual or $120,000 for a couple, allowing first-time homebuyers to withdraw more from their Registered Retirement Savings Plans (RRSPs) for down payments, benefiting from the tax advantages of RRSP contributions.

Canadians withdrawing from their HBP between January 1, 2022, and December 31, 2025, will benefit from an extended repayment grace period, now up to five years, allowing them to better manage mortgage payments.

Extended Mortgage Amortization Periods

The budget will introduce a provision for 30-year mortgage amortizations for first-time homebuyers purchasing newly built homes, starting August 1, 2024. This extension aims to make monthly mortgage payments more manageable.

Permanent Amortization Relief

Enhancements to the Canadian Mortgage Charter will include permanent amortization relief for existing homeowners meeting specific criteria, thus allowing them to reduce their monthly mortgage payments as needed.

Housing Accelerator Fund Enhancement:

An additional $400 million will be added to the Housing Accelerator Fund, raising its total to $4.4 billion, aiming to fast-track the construction of an additional 12,000 new homes over the next three years.spring is a great time to change the filters and call in to have the unit serviced if needed.

Support for Renters

New measures for renters include launching a new $15 million Tenant Protection Fund, creating a new Canadian Renters’ Bill of Rights, and making sure renters get credit for on-time rent payments.

Making Your Home Cheaper to Heat and Easier on the Environment

To help Canadians lower monthly home heating costs, the government is reinvesting $903.5 million into a new Canada Greener Homes Affordability Program to support energy efficient retrofits for homeowners and renters with low- to median-incomes.

Accelerated Capital Cost Allowance Increase

The federal government is increasing the post-tax Accelerated Capital Cost Allowance from 4% to 10% for purpose-built rentals. This will act as a major incentive for the construction of a new supply of purpose-build rentals.

In addition to these measures:

• The government intends to restrict the purchase and acquisition of existing single-family homes by large corporate investors. The government will consult in the coming months and provide further details in the 2024 Fall Economic Statement.
• The government is also considering introducing a new tax on residentially zoned vacant land and will launch consultations later this year.
• The government intends to establish a subsidiary of the Canada Mortgage and Housing Corporation (CMHC) to deliver flood reinsurance.

The 2024 federal Budget places a strong focus on enabling more housing supply; however, TRREB will continue to monitor the potential impact of new tax measures on housing supply and affordability.

Examine the Roof

During the winter months, the roof of your home takes a beating. After months of heavy snowfalls, wind storms and ice build-up, your roof shingles may be in need of some attention. Hire a professional to climb up onto your roof and do an inspection. Check if any shingles are missing, cracked, buckled, or if they are beginning to curl. Shingles that have any damage at all should be replaced. If it looks like you have more than just a few shingles to replace, it may be time to start budgeting for a new roof before next winter.

Clean Out the Gutters

While we are on the topic of roofs, check out the gutter situation. The gutters on your house should be cleaned at least annually to prevent clogs and damage. The best time to do it is in the late fall after the leaves have fallen off nearby trees. Winter storms tend to cause plenty of debris to fly around, and some of it could be lodged in your gutters. Getting this done again at the beginning of the spring season will set you ahead of the curve when it comes to summer storms and help improve the health of your roof. 

Inspect the Attic

Next, make your way up to the attic. Check for moisture, mould, water damage, or signs of any pesky critters living up there. Build-up of moisture could lead to significant damage if left undetected, and it is also a sign that you may need to get your roof inspected.

Thoroughly Investigate the Basement

After going up, it’s time to head down to the basement. Look for similar things as you would in the attic. Basements are more prone to issues such as water and moisture damage, especially as the seasons change. While you are down there, check for any cracks or signs of leaks in the foundation. Check out the sump pump and windows to ensure they are all sealed properly.

Inspect the Air Conditioning Unit

As the temperatures rise, it’s only a matter of time before you decide to turn on the AC to get some relief on those hot summer days. Make sure you do a thorough inspection of the AC unit, or hire a professional to do this for you if you’re unfamiliar with the required maintenance. The beginning of spring is a great time to change the filters and call in to have the unit serviced if needed.

Fence and Deck Maintenance

With all the snow and ice melted, it’s time to inspect your fences and deck. Check for cracked boards or panels, and make a plan to replace them if needed. It’s also good to check under the deck for signs of rodents or other pests that could have taken up residence during the colder months.

Top-to-Bottom Interior Clean

Finally, we recommend doing a thorough top-to-bottom clean of your home’s interior. Clean out the fridge and kitchen cupboards and put all your winter wear away into storage. After all, lightening up your home and decluttering it will only add to the peace of mind that usually comes once the spring weather hits.