Matthew Regan, broker with Re/Max Escarpment Realty, says sales perked up in October in many areas, including in cities west of Toronto, where he does much of his business. He believes uncertainty surrounding the U.S. presidential election played a role. In the weeks leading up to the Nov. 5 election, the $4-million to $7-million range suddenly became hot in the affluent city of Oakville, Ont., Mr. Regan notes. During that time, investors were pulling money out of the stock market because they were feeling jittery about the outcome, he notes. “It was fear-driven,” says Mr. Regan, adding that some people used that capital to trade up in the real estate market. “We saw a huge uptick in the luxury segment,” says Mr. Regan. “We couldn’t keep them on the shelf.” Mr. Regan says the buyers of those properties then listed their existing home for sale, which brought out more buyers in lower-priced tranches. “You just keep working it back from there all the way to the first-time buyer,” he says. As a result of the domino effect, all price ranges in areas such as Oakville, Burlington and Hamilton, saw a rejuvenation. Mr. Regan adds that the massive transfer of wealth from the baby boom generation to their adult kids continues to play a large role. Well-off boomers are helping younger family members to move up to larger houses or better locations. Consumers across the board have also gained more confidence, he says, because the Bank of Canada has followed through on its message that the policy rate would gradually come down. Across Canada, homes sales increased 7.7 per cent in October from September on a seasonally adjusted basis, according to the Canadian Real Estate Association. In Hamilton-Burlington, seasonally adjusted October residential sales rose 4.9 per cent compared with the previous month. Compared with October, 2023, sales soared 49 per cent. Bank of Montreal senior economist Robert Kavcic characterizes last month’s performance as the national housing market finally exhibiting a pulse. Cumulative Bank of Canada rate cuts and more available inventory have aided the market’s signs of life, he adds. The economist notes that sales volumes in many markets across the country have bounced from last year’s lows, prices have stabilized in many regions and outright buyers’ markets are disappearing, based on October’s numbers. He is expecting further easing from the Bank of Canada and less stringent mortgage rules on the drawing board to support sales into 2025 – even if the acceleration isn’t as dramatic as in past cycles, he says in a note to clients. Drilling further into the data, Mr. Kavcic says market conditions continue to vary by region and segment, with Edmonton, Regina and Winnipeg all sporting strong seller’s markets. Calgary has softened somewhat, while Vancouver and Montreal remain well-balanced. In Southern Ontario, cities such as Windsor, Niagara and Guelph remain subdued compared with the rest of the country, but the supply-and-demand balance has tightened to a more balanced state. The Toronto-area market is still the toughest among Canada’s major cities, Mr.Kavcic says, because condo supply continues to saturate the market. At National Bank of Canada, economists Kyle Dahms and Alexandra Ducharme point out that housing affordability in the country posted a third consecutive improvement in the third quarter. They marked the biggest changes in Vancouver and Toronto, followed by Victoria, Hamilton, Ottawa-Gatineau, Calgary, Montreal, Winnipeg and Edmonton. Quebec City was the only place where homes became less affordable. To gauge affordability, the economists look at the mortgage payment on a benchmark home as a percentage of income.While seasonally adjusted home prices edged up in the third quarter from the second, that rise was offset by a decline in the interest rate for a five-year fixed-term mortgage and an increase in median household income in November, Mr. Regan worked with one buyer who purchased a house in a prime neighbourhood in Mississauga as an investment. Mr. Regan wondered about the buyer’s motivation because the cash flow from leasing the home won’t cover the carrying cost. But the buyer figures the current late fall market conditions will prove to be good timing if there’s a stronger rebound in 2025. The purchaser was able to negotiate a sale price of $1.74million after the property in Lorne Park was listed with an asking price of $1.85-million. “That’s a good deal for my buyer.” Mr. Regan expects the market to remain warm in the remainder of 2024, but for sellers, he recommends waiting until 2025. In the past four weeks or so, Mr. Regan has had an influx of inquiries from homeowners who are thinking about selling and wonder if they should launch their property right away amidst the renewed optimism. But unless the homeowner has an urgent need to sell, he is advising they wait until Feb. 1 or so. Listing now is risky – especially if the asking price is a little too rich. “If you’re overpriced, you’re not going to know for two to three weeks. That puts you into December and you’re at the mercy of buyers heading into the holidays.” By aiming for early February, sellers will be out ahead of many competing listings, he says, and buyers are likely to be active. His recommendation has been met with a lot of relief on the part of homeowners who now have more time to prep their house. “We’ve got 45 listings in our queue for the spring market.” New mortgage rules set to come into effect on Dec. 15 may also spark some activity in the early part of 2025, he adds. The federal government plans to lift the cap on insured mortgages to $1.5-million from the current level of $1-million. The change will mean that buyers in the $1-million to $1.5million range will be able to buy with a smaller down payment than the 20 per cent of the purchase price that is currently required. That shift, coinciding with the wealth transfer that continues unabated, will likely bring a rush of prospective new buyers to the range between $1-million and $1.5-million. “You have a good recipe for an injection into that segment,” he says. “You may not see the sprint on Dec. 16, but give it 90 days.”
OAKVILLE REAL ESTATE BLOG
Insights, News, And Helpful Resources
October 16, 2024 – Two of the most respected names in real estate, Alex Irish & Associates and The Regan Team, are excited to announce a strategic merger that will combine their expertise, resources, and market reach. This partnership of Regan Irish & Associates brings together the strengths of both firms, offering an enhanced real estate experience for clients across Southern Ontario, including expanding into new regions like Collingwood and Muskoka. The merger reflects both brokerages’ long-standing commitment to providing high-quality, relationship-focused service while leveraging new technologies and business strategies to ensure their clients receive unparalleled support.
“Alex is the consummate professional,” said Matthew Regan, CEO of The Regan Team. “She embodies the qualities of a person I would trust with my own home sale, and I am excited to partner with her to combine the best of both our brokerages. Our goal is to create a work culture that allows our agents to thrive, while being confident and equipped to provide the service our clients deserve. Our clients are going to benefit immensely with a wider and deeper net of potential buyers and an even further reach in marketing and advertising.”
Alex Irish, Founder of Alex Irish & Associates, emphasized that this partnership is the next natural step for her business. “By combining our resources and efforts we knew we’d be able to create a better real estate experience for our clients, our agents and business partners.” she explained. “This merger allows me to focus more on client relationships while also mentoring our agents who can continue to offer that same high level of service. Matthew has built a business model that aligns with my long-term vision, allowing us to scale while still maintaining the personal touch. Simply put, we are better together.”
Alex has built her brand over decades, particularly in the Oakville area, where her name is synonymous with excellence in real estate. Her personal approach, based on referrals and repeat business, has earned her a loyal clientele. Matthew has focused on recruiting top agents and scaling his business, growing The Regan Team to one of the top brokerages in Canada. This merger offers an exciting opportunity to grow into new territories. Together, the merged brokerage will have 15 offices spanning from Niagara to Toronto to Muskoka. This expanded presence means more resources for clients, from enhanced marketing capabilities to a wider net of potential buyers.
The merger will officially take effect on October 31, 2024, and the new branding and operations will be rolled out in the coming months.
About Alex Irish & Associates
Alex Irish & Associates, led by Alex Irish, is a highly respected name in Oakville, known for its personalized, referral-based business model and long-standing relationships with clients. Alex has built her brand on trust, excellence, and attention to detail, qualities that will remain at the forefront of the merged firm.
About The Regan Team
The Regan Team has a long-standing reputation for innovation, process-driven operations, and a focus on agent recruitment and development to provide the highest level of service for their clients. Under Matthew’s leadership, the brokerage has expanded its presence across Ontario, providing agents with the tools and support needed to succeed in a competitive market. For more information on this exciting merger, please contact Matthew Regan.
905-916-9400
[email protected]
Considering an investment property in Oakville is an excellent choice due to its diverse range of neighbourhoods and amenities that appeal to various demographics. Here are some key points that our team at Alex Irish and Associates recommends you consider:
1. Neighbourhoods
Oakville’s many neighbourhoods cater to different preferences and needs. Whether you’re targeting business professionals, young families, newcomers to Canada, or students — the right option for you is available. In South Oakville, especially in areas like Old Oakville, you’ll come across a mix of custom-built and historic homes. Meanwhile, North Oakville is known for its newer, subdivision-style properties. When planning your investment, it’s key to think about the type of tenant you’re aiming to attract in each area.
2. Proximity to Amenities
Oakville offers essential amenities like schools, parks, shopping, and recreational facilities, all of which boost the quality of life and make the area even more appealing to potential buyers and renters.
3. Educational Institutions
Oakville is home to some of Canada’s top public and private schools, making it a draw for both local and international families. Plus, with Sheridan College nearby, there are great opportunities to invest in smaller condos that are perfect for students and young professionals seeking convenient and more affordable housing.
4. Transportation
Oakville’s accessible transit links to Downtown Toronto and proximity to several international airports are significant advantages for residents, particularly those in business.
5. Growth
Oakville’s expanding economy presents opportunities not only in terms of real estate investment, but also for professional careers. This growth can positively impact property values and rental demand over time.
Takeaways
Oakville’s diverse neighborhoods, exceptional amenities, superb schools, and convenient transit options make it an ideal location for real estate investment. Whether you’re looking for long-term rental income or future resale potential, Oakville deserves to be at the top of your list. As your selling and listing agents, Alex Irish and Associates is here to provide expert real estate advice tailored to your needs.
When it comes to making a lasting impression, the exterior of your home is just as important as what’s inside. Beyond enhancing your home’s interior, improving your property’s exterior—the first impression visitors get—can also significantly boost its value and curb appeal.
Here’s a guide to the most impactful exterior home improvements that can add value to your property:
Landscaping
A well-maintained garden can transform your property’s first impression. Simple additions like colourful flowers, trimmed hedges, and a lush lawn can make a big difference.
Fresh Paint
A fresh coat of paint can do wonders for your home’s appearance. Choose neutral, timeless colours that appeal to a wide range of buyers. Whether it’s the exterior walls, shutters, or front door, a new paint job can make your home look well-kept and inviting.
New Roof
A new roof not only improves your home’s aesthetic but also signals to buyers that the property is well-maintained. Opt for durable, high-quality materials that can withstand the Canadian winters.
Updated Siding
Updating your siding is another great way to boost curb appeal. Using new materials like natural stone, brick, stucco or wood siding can give your home a fresh, updated look.
Enhanced Lighting
Good lighting can highlight your home’s best features and improve security. Consider installing landscape lighting, porch lights, and pathway lights to create a warm, welcoming atmosphere.
New Garage Door
A new garage door can instantly update your home’s exterior. Opt for a style that complements your home’s architecture and colour scheme. Features like windows or decorative hardware can add a unique touch.
Outdoor Living Space
Creating an outdoor living space can add significant value to your home. Consider adding a deck, patio, or pergola where you can entertain guests or relax with family.
Fence Installation
A new fence can enhance your home’s privacy and security. Choose materials that complement your home’s style, such as wood, vinyl, or wrought iron.
Investing in these exterior improvements can make your home more attractive and valuable in the GTHA market. At Alex Irish, we’re committed to helping you achieve your property dreams. Whether you’re working with one of our experienced buying agents to find your perfect home, or a listing agent to sell your current property, trust our expertise to guide you every step of the way. Contact us today to discover how we can help you maximize your home’s potential.
As your luxury real estate partner, we’re dedicated to exceeding expectations and making the transition into your new home seamless and enjoyable.
Whether you’re settling into a new home or luxurious condo, our mission is to ensure you have everything you need to start this new chapter with confidence. Here’s a checklist of essential steps to help you settle in smoothly:
Change the Locks
When it comes to your new home, security is key. Changing the locks isn’t just a safety precaution— it’s a milestone in making the space truly yours.
Property Inspection and Personalization
Before the moving trucks arrive, take a moment to inspect every nook and cranny of your new home and take inventory of the repairs, updates, or changes you’d like to make.
Utilities Setup
Getting settled in your new neighbourhood starts with setting up your utilities. While not as thrilling as exploring your new surroundings, it’s just as essential.
Safety Essentials
Install and test smoke and carbon monoxide detectors. It’s a small step that has a big impact on your peace of mind.
Home Insurance
Protecting your investment is crucial. Your new home isn’t just a place to live—it’s a significant financial commitment that requires proper coverage.
Unpack and Settle in
Once the essentials are in place, it’s time to unpack and make your new house feel like home. In addition to your own furnishings, incorporating fresh houseplants can instantly brighten your new space and give it a personal touch.
Neighbourhood Exploration
Exploring your new neighbourhood is one of the best parts of moving. From charming cafes to scenic parks, there’s always something new to discover.
Celebrate Your Journey
Finding your dream home is a milestone worth celebrating. At Alex Irish, we’re honoured to be part of your journey. From the first showing to the final walkthrough, our commitment to excellence shines through in every interaction. Whether you’re looking for a buying agent or a listing agent, trust our team to exceed your expectations.
