Miguel Fernandez Morales, LLB, MBA's blog

Written by Miguel Fernandez Morales | Published on September 25, 2024

Over the past decade, the cost of homeownership has skyrocketed, leaving many millennials and Gen Z feeling that owning a home is out of reach. Between August 2014 and August 2024, the national benchmark price jumped 80%, from $397,900 to $717,800, and with rising interest rates, mortgage payments have also surged.

In response, the federal government recently unveiled the "boldest mortgage reforms in decades," aimed at making homeownership more attainable for younger generations. These reforms, set to take effect on...

Written by Miguel Fernandez Morales | Published on October 7, 2024

When buying or selling a property, the involved parties enter into an Agreement of Purchase and Sale, which outlines the terms and conditions of the transaction. Once signed, both parties are legally bound by this agreement. If either party fails to complete the transaction, they may be in breach of contract, triggering certain rights and entitlements for the non-breaching party. This article highlights the risks for both buyers and sellers if they fail to complete the transaction.

Buyer Withdrawal

There are several reasons...

Written by Miguel Fernandez Morales | Published on January 10, 2025

The Greater Toronto Area (GTA) housing market experienced a transitionary year in 2024. Annual sales were up slightly compared to 2023, and new listings were up significantly year-over-year. Buyers benefited from substantial negotiating power on price, especially in the condominium apartment market.

"Borrowing costs were top of mind for home buyers in 2024. High interest rates presented significant affordability hurdles and kept home sales well below the norm. The housing market did benefit from substantial Bank of Canada...

Written by Miguel Fernandez Morales | Published on January 17, 2025

Recently, we assisted a couple in navigating the complex process of purchasing a pre-construction condo townhome. Their journey was fraught with challenges, leaving them disillusioned and vowing never to buy pre-construction again. But is this sentiment fair, or is it shaped by the critical media narrative surrounding pre-construction properties?

Historically, pre-construction purchases were seen as a secure path to capital appreciation. However, the once-reliable strategy of paying a premium over resale properties no...

Written by Miguel Fernandez Morales | Published on January 24, 2025

Statistics Canada said Tuesday the annual inflation reading for December came in at 1.8 per cent, down from 1.9 per cent in November. The report noted restaurant food purchases and alcohol bought from stores contributed the most to the deceleration.

Without the tax break, the agency said the annual inflation rate would have risen to 2.3 per cent, driven in part by upward pressure from a month-over-month jump in accommodation costs in British Columbia.

"Looking beyond the tax cut, it was not a great report, frankly, from...

Written by Miguel Fernandez Morales | Published on February 6, 2025

TORONTO, ONTARIO, FEBRUARY 5, 2025 – The Toronto Regional Real Estate Board's (TRREB) Market Outlook and Year in Review report reveals that a well-supplied housing market will keep average annual home price growth at the rate of inflation, with the average selling price increasing moderately in the Greater Toronto Area (GTA) over the course of the year.

"A growing number of homebuyers will take advantage of lower borrowing costs as we move toward the 2025 spring market, resulting in increased transactions and a moderate...

Written by Miguel Fernandez Morales | Published on February 7, 2025

As expectations for interest rate cuts grew and affordability challenges mounted, many prospective homebuyers opted to wait on the sidelines this year. As a result, spring home sales were sluggish, and enthusiasm for the market waned. However, following four interest rate cuts by the Bank of Canada this summer and fall—most recently bringing the overnight lending rate down to 3.75%—optimism is gradually returning. Could this set the stage for a more active spring market in 2025?

It has been several years since Canada's...

Written by Miguel Fernandez Morales | Published on March 14, 2025

Homebuyers in the Greater Toronto Area (GTA) continued to enjoy a wide selection of resale properties in February 2025. While home sales declined compared to the same period last year, listing inventory remained high, giving buyers significant negotiating leverage.

"Many GTA households are eager to enter the housing market, but elevated mortgage rates make it challenging for the average household income to comfortably cover monthly payments on a typical home. However, we expect borrowing costs to decline in the coming...

Written by Miguel Fernandez Morales | Published on June 5, 2025

The Toronto Regional Real Estate Board reported that 6,244 homes were sold in May 2025, down 13.3% year-over-year. Meanwhile, new listings reached 21,819 last month, up 14% from last year.

"Home ownership costs are more affordable this year compared to last. Average selling prices are lower, and so too are borrowing costs," said Jason Mercer, TRREB's chief information officer. "All else being equal, sales should be up relative to 2024." But he said global trade disruptions tied to the United States' tariff campaign has soured...

Written by Miguel Fernandez Morales | Published on September 26, 2025

TORONTO, ONTARIO, September 4, 2025 – August home sales reported by the Toronto Regional Real Estate Board (TRREB) were up on a year-over-year basis. Over the same period, home buyers benefitted from an even larger increase in the inventory of listings. Average selling prices continued to be negotiated downward due to the elevated choice across market segments.

"Compared to last year, we have seen a modest increase in home sales over the summer. With the economy slowing and inflation under control, additional interest...