By Staff Reporter
As the frost of winter melts away, the real estate market in Emery Village is warming up with
anticipation. The upcoming spring season brings with it a refreshing optimism among both
buyers and sellers eager to make their move in the market. Michael Verrelli, a seasoned realtor
in our community, shares his insights, noting, “There is huge optimism as the spring real estate
market is fast approaching. Both buyers and sellers are coming off the fence and starting to
think again about moving in real estate.”
The recent changes in the financial landscape are adding to this optimism. “The Bank of
Canada aggressively lowered the overnight rate in the last quarter of 2024, and looks to reduce
rates even further,” Verrelli explains. This adjustment aims to assist both potential buyers and
existing homeowners with their mortgage renewals, making it a pivotal moment for the market.
Moreover, the shift in insured mortgages—increasing the purchase price eligibility from 1 million
dollars to 1.5 million dollars—means more individuals with stable, well-paying jobs can enter the
market, despite the challenges of saving for a down payment. However, Verrelli cautions that
while opportunities abound, especially in the condo resale market, potential buyers should be
aware of the balancing act between borrowing costs and maintaining a comfortable standard of
living.
While prices in the Greater Toronto Area remain high, making home purchasing challenging,
Verrelli predicts, “The spring market will see an uptick in inventory, sales, and prices, however,
not the crazy price growth we saw during 2021 and early 2022.” This suggests a move towards
a more balanced market with steady price growth, conducive to a healthier real estate
environment.
For those not looking to leave the beloved Emery Village but considering a change within,
there’s much to be excited about. Our neighbourhood boasts excellent nature trails, mature
roads, and lots, and top-notch schools that make staying in the area an attractive option. As
Verrelli points out, “I see opportunity in the condo resale market as many units are coming for
sale from existing new projects being completed, with rents stabilizing which makes the investor
question whether it’s worth keeping their investment due to higher carrying costs and individuals
looking to upgrade their living conditions.”
We encourage our readers who are contemplating a new home in Emery Village to explore all
that our community has to offer. For those interested in more details or seeking to explore a
wider range of options, you are welcome to check out the Emery Village BIA’s website directly
for a more complete listing of real estate brokerages.
As spring approaches, let’s embrace the changes and opportunities in our real estate market,
ensuring Emery Village remains a vibrant and thriving community for all residents.