Newsletter

Are you thinking about purchasing your first home? Or perhaps you have a family member considering this purchase. Congratulations, choosing to buy your first home in Ontario is a major milestone. It is also a complex journey that requires careful planning and the right support. This quick guide is designed to arm you with essential knowledge and insights from understanding your finances to taking the keys to your dream home.

1. Get Your Finances in Order: We’ve likely heard this before but it is important so that you can set yourself up to move in the right direction. So before you dive too deep into home listings get your financial bases covered:

• Down Payment: Start by saving at least 5% of your home’s purchase price for a down payment. Of course, the more you can put down the better however paying rent means paying down someone else’s mortgage.
• Mortgage Pre-Approval: Consult a mortgage agent to determine your buying power. There are lots of mortgage calculators online that you can use however meeting with a mortgage agent will give you the best insight that suits your financial situation.

2. Government Programs and Financial Planning: There are provincial programs that can alleviate some of the financial burdens. Your mortgage
agent will explain the current programs and discuss the options that will meet
your needs.

• First-Time Home Buyer Incentive: Consider this program for assistance with your down payment.
• Land Transfer Tax Rebate: You could be eligible for up to $4,000 in rebates, which can significantly offset your initial costs.

Interactive Tool: Affordability Calculator

3. Visualize and Define Your Dream Home: So now you have clarity on your budget it is now time to consider what type of home fits your lifestyle and long-term goals:

• Needs vs. Wants List: This can be difficult for a first-time home buyer. At times the wants outspend the budget. Focus on what you absolutely need versus what you desire. This will guide your search and keep it focused.
• Location and Amenities: Consider factors like proximity to schools, recreational facilities, and the overall neighbourhood vibe. Homes can be improved over time but the location will always be the location.

4. Partner with the Gazeley Real Estate Group: A knowledgeable REALTOR® is invaluable in navigating the home buying process:

• Finding the Right Agent: Choose someone experienced and who you feel comfortable with to ensure they represent your best interests.
• Buyer Consultation: You have begun to visualize and define your home. Our consultation is designed to bring even more clarity to the process.
• The Search: Now we have clarity. We are in houses and neighbourhoods every day. We know the market and we see opportunities. Utilize our resources and property searches. We will find homes that meet your criteria and budget.

5. Making an Offer and Closing: Understand the final steps once you find your home:

• Negotiations and Inspections: We will help negotiate terms and facilitate the home inspection to uncover any potential issues.
• Finalizing the Purchase: With your agent’s assistance, finalize your mortgage, and handle the closing process in a lawyer’s office.

Conclusion Buying your first home is both thrilling and challenging, but with the right preparation and support, it can be a smooth and enjoyable experience. Take your time to find a home that truly feels like yours and enjoy the journey of becoming a homeowner. Do you still have questions? We are sure you do. Let’s meet over coffee and discuss your best route to home ownership.

Welcome to the May 2024 edition of your essential real estate newsletter. This edition focuses on the substantial activity in Kingston’s real estate market as we move into the peak selling season.

Market Dynamics: Expanding Opportunities for Buyers and Sellers

In April, the Kingston real estate market witnessed a substantial increase in market activity, with a 39.1% year-over-year rise in new listings, totalling 381 homes. This significant increase provides potential buyers with a wide range of options and indicates a market filled with opportunities.

As inventory grows, we typically can see a softening of prices. However, despite the increase in inventory, the average average sale price of homes has continued to rise to $667,945, a 2.6% increase from last year. This moderate growth in prices suggests ongoing confidence in the market. It may also hint that the market retains underlying strength, which could be buoyed by factors such as the expectation of lower interest rates, our strong local economy, and buyers moving to Kingston from other regions.

Seasonal Sales Trends: Insights for Strategic Planning

Sales volumes in Kingston typically reach their highest in May and June, followed by a dip during the summer months. The current growth in homes sold, up by 8.1% to 200 homes, is consistent with this seasonal pattern, albeit tempered by a larger increase in listings.

The inventory has significantly increased, with 440 homes now available—a 61.2% jump compared to last year. This has pushed the monthly supply of homes to 3.5 months, up from 2.6 months in 2023. This growing supply indicates that the market is moving towards a more balanced state, potentially giving buyers more leverage and options.

Looking Ahead: Anticipating the Summer Market

With the usual summer slowdown on the horizon, both buyers and sellers should prepare for changes in market dynamics. Sellers may need to employ strategic pricing and marketing to stand out in a market with more listings. Buyers could benefit from the larger inventory and reduced competition, potentially leading to better deals.

Conclusion: Navigating a Balanced Market with Confidence

As we reflect on the strong start to 2024 and anticipate the seasonal market adjustments, we see a market evolving towards balance. The robust activity in the spring sets the stage for informed and strategic actions by buyers and sellers alike. Whether you are entering the market for the first time or seeking to optimize an investment, the Gazeley Real Estate Group is ready to provide you with expert guidance and support.

For any real estate needs or questions, remember that we are just a call or email away, ready to assist with all your real estate endeavours in Kingston.

Kingston Real Estate Market Pulse – March 2024 Edition – GazeleyRealEstateGroup.ca

Welcome to the latest edition of your trusted real estate newsletter, where we dissect the pulse of Kingston’s housing market with a spotlight on the significant trends of March 2024. Spring has made its grand entrance, and with it, the question on everyone’s mind: Is the real estate market in Kingston thawing alongside the weather?

Market Dynamics: A Tale of Growth and Opportunities

This March, Kingston’s real estate market painted a picture of burgeoning opportunities for buyers and sellers alike. With an impressive 11.1% increase in new listings from the previous year, reaching a total of 281 homes entering the market, choice and variety are the season’s themes. In fact, it is also a 50% jump from February 2024 signaling momentum, echoing the vibrant spirit of spring.

What does this mean for you? MORE LISTINGS = MORE CHOICES. Buyers, rejoice in the diversity of options at your disposal. However, this doesn’t necessarily signal a leveling off of prices in the immediate future. With a 9.4% year-over-year increase in average sold prices, now standing at $642,163, the market remains spirited. Our expert forecasters anticipate continued interest from external buyers, including those from Toronto, suggesting a healthy price growth throughout 2024.

Sales Trends: Deciphering the Numbers

Despite the uptick in prices, the sales volume tells a multi-layered story. March saw 119 homes sold, a decrease from last year’s 154, alongside a slight uptick in supply to 3.0 months of inventory. This mixed message highlights the critical importance of fair market value presentation for sellers, emphasizing the need for well-maintained and competitively priced homes to attract discerning buyers.

Looking Ahead: Interest Rates, Economy, and Predictions

With the next Bank of Canada interest rate announcement looming on April 10, 2024, all eyes are on the potential impact on the housing market. While the first rate cut might not arrive until July, considering the inflation rate’s stability, it’s an opportune moment for mortgage discussions. The job market’s strength and population growth remain key drivers, promising sustained demand for homes in Kingston.

As we advance into 2024, expectations lean towards a balanced market come the spring and summer months, with a traditional slowdown during the July and August vacation period. This equilibrium presents an ideal scenario for both buyers and sellers, promising fair prices and a variety of choices.

Conclusion: A Forward-Looking Optimism

Reflecting on the challenges of 2023, we approach 2024 with optimism, anticipating growth in both sales and average prices. Kingston’s allure, augmented by the influx of buyers seeking value beyond the pricier regions, sets the stage for a vibrant market landscape.

Whether you’re contemplating entering the market as a buyer or seller, or know someone who is, the Gazeley Real Estate Group stands ready to guide you with professionalism and a friendly approach. For any real estate needs or inquiries, don’t hesitate to reach out to us – your go-to source for all things real estate in Kingston.

As April approaches golfers are always excited for the start of the golf season and of course the Masters Tournament. This year is no exception however for Mark Strachan and Jay Gazeley the anticipation included a trip to Augusta National in Augusta, Georgia to watch the Masters!

As some of you know both Mark and Jay were long time PGA of Canada Professionals so getting to watch the Masters is definitely a highlight. The journey began with an invitation to attend the Masters with good friends Ken Thompson, Scott Buckley, Paul Newhouse and another golf pro, John Doolan.

We were sharing 2 tickets for the 4 days so what would we bring to Augusta? Golf Clubs of course! But wait, Scott and Mark love their fishing as well, so Scott brought his fishing boat down on the trip. We stayed at Hickory Knob State Park. As part of the park, we had access to Lake Strom Thurmond which is a man-made lake built by the US Army Corps of engineers. The build began in 1946 and was completed in 1954. It is one of the largest man-made lakes, about 71,000 acres with a shoreline of almost 2000 kms.

Golf was enjoyed at a few courses on the drive down and while at our home base of Hickory Knob. Courses included Penn National, Pete Dye River Course of Virginia Tech, Hickory Knob, and Tara Golf Club. Lots of laughs, great weather, and a few birdies made for great memories. If you are looking for a nice weekend getaway check out Penn National. It is about a 6 hour drive from Kingston with 36 holes on a beautiful rolling property.

How was the fishing? Well, it is Saturday afternoon, and we are still waiting for the bbq to get fired up with some fresh fish. Scott and Mark have lots of reasons that they haven’t caught us dinner yet. Almost like golfers explaining how well they played but just a few shots didn’t work out. Day one fishing was the lures so some live bait was added. Then it was the wind. Maybe the fish cooperate tomorrow, and Sunday night will be the feast!

What about the Masters Tournament? It is everything that you have heard. The elevation, the difficulty, the conditions were stunning! Everything about the Masters is a testament to excellence – a value we hold dear at Gazeley Real Estate Group. As we walk the hallowed grounds of Augusta, witnessing the world’s finest golfers, we’re reminded of the parallels between their pursuit of greatness and our mission in the real estate world. Each element of the patrons experience is systemized, for the golfers every swing is deliberate. Each practice session focuses on their fundamentals. Every step before the first tee is scripted so that nothing is left to chance. At the Gazeley Real Estate Group, we believe in sytems. Our processes are defined. Each purchase or sale requires a series of steps, each being completed at the right time along the journey. Nothing is left to chance.

We had a great trip. Lots of memories and a few souvenirs from the proshop. Part of the beauty of Augusta is that cell phones and cameras are not permitted on the course during tournament rounds so we will need to return for a practice round in the coming years. It was a great trip, and we were grateful to share it with some good friends.

Jay and Mark