Buying or selling a home is one of the most significant financial decisions you'll make, and having the right professional by your side can make all the difference. A Realtor® brings expertise, market knowledge, and valuable connections to help you navigate the complexities of real estate transactions with confidence. Whether you're looking for the best deal, need help understanding contracts, or want access to exclusive listings, a Realtor® can provide guidance every step of the way. Here are ten great reasons why working with a Realtor® is a smart move.

1.       Working with a professional provides peace of mind. Realtors ® adhere to a strict code of ethics, are insured and are committed to ongoing education. They have intimate knowledge of sales and trends in the local marketplace and their knowledge of contract law also ensures the paperwork is handled correctly.

2.       Get information on new listings first. Not only do Realtors® have access to a multiple listing service, Realtors ® are also invited to exclusive “agent only” open houses that let them find out what’s on the market before anyone else.

3.       Market that property! Your Realtor® will distribute information about your property to their network of other agents, industry partners, preferred clients and the public. This is a great help towards getting the word out that your condo is for sale.

4.       They know your competition. When selling your condo, your Realtor® is the best person to provide you with up-to-date information on the marketplace. From their experience doing hundreds of transactions, they know the price and features of competing properties.

5.       Find the right property for your specific needs. Realtors® can help source locations and homes that are specific to your needs. They also know where schools, hospitals and amenities are located, and can advise on neighbourhood discrepancies.

6.       Help you to evaluate a property. Realtors ® know which inspections should be conducted on potential purchases, including checks for mold & asbestos. They can also help you gain access to important information such as the title and sales history of the property. if issues are contained in the title a Realtor® can assist you to resolve them before problems arise.

7.       Negotiating: Secure the best price for your condo. Realtors® are expert negotiators, and their experience can equate to thousands of dollars in your pocket. Along with helping you get the best price, they can assist with date of possession, and inclusion or exclusion of repairs, furnishings or equipment. The help of a Realtor® will maximize your return and give you peace of mind.

8.       Get the best information on financing options. A Realtor® can help you understand the various financing options available and refer you to a qualified mortgage professional/broker.

9.       Know what government programs can help. Your Realtor® knows the most current incentives and rebates that help homebuyers. Government offerings on home buyers tax credits and buyers plans for first time homeowners can help save thousands of dollars.

10.   Help you work with the best partners. Finding the right real estate lawyer, property inspector, condo document review company, tradesmen, movers and other service providers can be time consuming. A Realtor® will have a list of people that they can recommend, saving you time and money.

With mortgage rates in focus, choosing the right type can feel overwhelming. Whether you're a first-time buyer or refinancing, understanding fixed, variable, and adjustable-rate mortgages (ARMs) is key.

Fixed-Rate Mortgages: Stability and Predictability

A fixed-rate mortgage locks in an interest rate for the term, ensuring consistent payments. This makes budgeting easier and protects against rising rates. In 2024, 75% of borrowers chose fixed rates, though variable rates gained interest as the Bank of Canada cut rates.

Best for: Homeowners seeking stability and long-term security.

Pros:
✔ Predictable payments
✔ Protection from rate hikes

Cons:
✘ Higher initial rates
✘ Less flexibility if rates drop

Variable-Rate Mortgages: Savings with Some Risk

A variable-rate mortgage fluctuates with the lender’s prime rate, affecting how much goes toward interest versus principal. While payments may stay fixed, interest costs vary.

Best for: Borrowers comfortable with risk, expecting rates to stay low or drop.

Pros:
✔ Historically lower rates
✔ Potential savings when rates fall
✔ Predictable prepayment penalties

Cons:
✘ Payments could increase
✘ Requires financial flexibility

Adjustable-Rate Mortgages: Flexibility with More Risk

Offered by select lenders, an ARM adjusts both rate and monthly payments with prime rate changes. Unlike a VRM, payments shift immediately, leading to more frequent fluctuations.

Best for: Borrowers who want lower initial rates and can handle payment changes.

Pros:
✔ Lower starting rates
✔ Potential savings in low-rate periods
✔ Predictable prepayment penalties

Cons:
✘ Payments can rise quickly
✘ Harder to budget

Which Mortgage Type is Right for You?

Your choice depends on your risk tolerance and financial goals. Fixed rates offer security, while variable and adjustable rates provide potential savings with uncertainty.

After the challenges of 2023, 2024 emerged as a year of recovery and progress. The Bank of Canada took decisive action by cutting rates five times, reducing its policy rate from a peak of 5.00% to 3.25%. This brought prime rates—used for pricing variable, adjustable, and line of credit products—down from 7.20% to 5.45%. These cuts provided relief for borrowers, easing financial pressures and giving Canada’s housing market a much-needed boost.

Inflation also showed significant improvement, falling to 2.0% by November, a dramatic drop from its mid-2022 peak of 8.1%. This easing of inflation not only reduced household expenses but also restored a sense of financial stability for many Canadians, making day-to-day budgeting less stressful.

In addition to lower rates and declining inflation, 2024 saw meaningful government and regulatory changes aimed at improving housing affordability. Key measures included increasing the cap for insured mortgages, introducing 30-year amortizations for first-time buyers, and launching federal programs to encourage the development of secondary suites. The foreign buyer ban was adjusted, and new rental builds became eligible for a GST exemption, further incentivizing development. Additionally, the banking regulator removed the stress test for uninsured mortgage switches, making it easier for certain borrowers to qualify for better rates.

These efforts, combined with falling interest rates for both variable and fixed mortgages, reignited activity in the housing market. Lower borrowing costs and renewed consumer confidence encouraged buyers to return, driving a modest rebound in home prices. According to the Canadian Real Estate Association (CREA), national home prices were on track to end 2024 about 0.9% higher than the previous year—a promising sign of recovery after recent market challenges.

Looking Ahead to 2025: Progress on the Horizon

As we move into 2025, the outlook remains cautiously optimistic. Economists expect the Bank of Canada to cut rates further, likely by 25 to 125 basis points, before pausing in the latter half of the year. The timing and extent of these cuts will depend on inflation trends and broader economic conditions, but the overall direction suggests continued relief for borrowers.

The housing market is poised for steady growth, with CREA forecasting a 6.6% rise in national home sales in 2025 as more buyers return to the market. Home prices are also expected to climb by 4.4%, bringing the national average to approximately $713,375 by year-end. These projections reflect a combination of declining interest rates and strong demand, which is expected to keep the market active throughout the year.

Potential additional regulatory changes, such as expanded affordability measures, could further shape market activity. These adjustments may include new programs or incentives to support buyers and address ongoing affordability challenges.