Goooooooddd Moooorrrrning! This is the first Toronto real estate newsletter that’s as clear cut as the U.S. election results last week. This week the market is buzzing about new mortgage rules shaking things up, condo listings continuing to pile high, and rental demand getting a plot twist with immigration cuts.

So grab your coffee, buckle up, and let’s dive into the headlines.

Here’s what we got for you today:

_{Stats as of 9:30am EST November 11, 2024. Compared week over week.}

Okay, here’s the scoop: CMHC is introducing a 30-year mortgage option for first-time buyers with less than 20% down. Big news, right? Lower monthly payments are always a win—but the Bank of Canada wants us to pump the brakes. Sure, spreading payments over 30 years sounds nice, but it also means buyers will pay way more in interest (think $50k extra!).

So, if you’ve got clients looking to jump in on this, make sure they’re clear on the long-term costs. The bank’s also hinting this could mess with future rates, so…stay tuned!

For more in-depth analysis, check out the following videos 👇

The Toronto condo market is PACKED right now, with more listings than buyers. Translation? A big buyer’s market! This is prime time for anyone looking to score on 500-700 sq ft units, where competition is fierce, and prices might get even friendlier soon. And heads up: 2025 is bringing in another 40,000 units, so we’re looking at some solid inventory for the foreseeable future.

Sellers? Not as easy. Only about 14% of condos are moving in the first month, so you’ll need to stand out. But for your buyer clients with an eye for a deal? It’s a buffet out there!

For more in-depth analysis, check out the following videos 👇

Here’s a twist: Canada is slowing down immigration, with around 900,000 fewer newcomers expected over the next two years. Why’s that a big deal? Well, new immigrants are usually big renters when they arrive. With fewer people coming in, rental demand might start to ease up a bit, giving some breathing room in a market that’s been sizzling.

For landlords, this could mean rental rates stabilize or even dip a little, especially in high-immigrant areas. And if you’ve got investor clients banking on rental income, this is one to keep on their radar.

For more in-depth analysis, check out the following videos 👇

*Updated every week