How the New GST Rebate for First-Time Buyers Works - and why you might want to consider a New-Build Home!

• 
  
  Embarking on the journey of homeownership is an exciting milestone, and for first-time buyers in Canada, the new GST rebate for new homes offers a significant advantage. 
• 
  
• This valuable program provides substantial financial relief by allowing eligible individuals to recover a portion of the Goods and Services Tax (GST) paid on the purchase of a newly constructed home. This means more money stays in your pocket, directly reducing the upfront costs of buying, which can be a game-changer in today's housing market. 
• By offsetting a considerable amount of the sales tax, the GST rebate makes new homeownership more accessible and affordable, empowering you to step onto the property ladder with greater confidence.
• 
  
• Key Points
• Eligibility:

Must be a first-time home buyer (not owned a home in the current or previous four years).

Must be at least 18 years old and a Canadian citizen or permanent resident.

Applies to purchases of new homes from a builder, new homes built on owned/leased land, or shares in a co-op housing corporation.

The agreement of purchase and sale must be entered into after May 26, 2025, and before 2031.

Rebate Structure:

100% GST rebate for new homes priced up to $1 million (maximum rebate of $50,000).

Partial rebate for homes priced between $1 million and $1.5 million (rebate phases out linearly).

No rebate for homes priced at $1.5 million or more.

How It’s Applied:

The rebate can be claimed directly or assigned to the builder, who may reduce the purchase price by the rebate amount.

The home must be intended as your primary residence and you must be the first occupant.

Example 1:

You buy a new home for $800,000.

GST would normally be $40,000.

As a first-time buyer, you get a 100% rebate: you pay $0 GST.

Example 2:

You buy a new home for $1,250,000.

GST would normally be $62,500.

The rebate is 50% (midway between $1M and $1.5M): you get $31,250 back, so you pay $31,250 GST.

Example 3:

You buy a new home for $1,500,000.

GST would normally be $75,000.

No rebate applies: you pay the full $75,000 GST.

Additional Notes

The rebate is only for the federal GST portion, not for provincial sales tax.

The program is set to run for agreements entered into between May 27, 2025, and before 2031, with construction to begin before 2031.

The rebate is not available if you or your spouse/common-law partner owned and lived in a home in the last four calendar years.

If the thought of a substantial rebate helping affordability is making you consider a new build, reach out to me today!  I've spent years working in New Construction. 😄

Top 5 Home Improvement Projects for Your Money

Some home improvements cost more than they're worth. Before you get started on that home improvement project, take a moment to consider its potential return. To help you understand which projects offer the highest returns, we used the recent Remodeling Cost vs. Value Report to compile a list of the 5 top home improvement projects for your money.

Each year, Remodeling magazine's Cost vs. Value Report provides a fascinating look at the percentage of a home improvement project's costs that are likely to be recouped at resale. The report finds that not all home remodeling jobs are created equal—you'll probably get a better return on your investment back after building a wooden deck, for example, than adding a sunroom.

1. Entry door replacement. Homeowners who install a steel front door recoup nearly 129% of the project's cost when they sell their home, according to the report. The reason is that a steel door is less expensive than the alternatives. A fiberglass front door replacement project, for example, costs about three times more than a steel door replacement. But a steel door can still be attractive enough to boost your home's curb appeal and make a big first impression on somebody who is looking at the house.

2. Minor kitchen remodel.  Most people consider the kitchen to be the heart of the home, and because of this, updates in this room pay off. According to the report, you can expect to recoup between 60%-120% of your investment on a kitchen remodel, as long as you don’t go overboard. You should never make your kitchen fancier than the rest of the house or the neighbourhood.

3. Attic bedroom. Converting that dusty old attic into a functional bedroom recoups on average about 83% of the project's cost when you sell your home, according to the report. At around $49,000, the bedroom addition is certainly more expensive than replacing your front door. But when it comes to adding new livable space to your home, building an attic bedroom is often easier on your budget than a family room addition, for example, which can run around $85,000.
 
4. Wood deck addition. The addition of a wooden deck to your property accounts for nearly 81% of the project's cost when you sell your home. The wooden deck's appeal is linked to today's more thrift-conscious consumers, who are looking to save money by spending more time at home. Since they are staying home, they want to enjoy their exterior space, so adding a deck is one of those areas that can add value. Like a steel door, the popularity of wooden decks is also associated with costs. A similar project built from composite materials can run you about 50% more.

5. Old windows replacement recoup on average about 77% of the project's cost. This makes your home more attractive while increasing its energy efficiency. Also, certain window replacements can qualify for federal tax credits. Start by replacing windows that are beaten up or broken, and consider the project's energy efficiency benefits as the icing on the cake.

Why You Should Get a Mold Inspection Before Buying a House

Buying a home is likely to be one of the most important purchases you will make in your entire life, so it only makes sense to take every possible step to limit the amount of risk you are exposing yourself to. For an increasing number of home buyers, calling for a professional mold inspection is a prudent way to verify a prospective home's quality before making a buying commitment.

Why is mold a threat
A serious mold infestation in a house has a negative impact on the home's indoor air quality. Although there are mold spores present to some extent in almost all of the air humans breathe, even a relatively minor increase in the density of airborne mold can cause health issues. Mold can cause a host of different respiratory problems, particularly for very young and very old residents, and more serious and even fatal consequences are possible.

Mold has become increasingly important to Canadian homeowners in the last few decades because of the growing interest in energy efficiency in the home. More energy-efficient homes are generally more tightly sealed, leading to less air circulation. When combined with other factors that encourage residential mold growth, this low-circulation environment can become ideal for mold.

Beyond its health issues, mold is also a serious strike against a home's value. Buying a home with a pre-existing mold condition can lead you to significantly overpaying for the property. The remediation process required to get rid of the mold can be extremely expensive, and even after cleaning the home thoroughly, it may still be difficult to sell.

How professional mold testers work
It is important to understand that there is a distinct difference between a mold inspector and an ordinary home inspector. Although a good inspector who tries to deliver a comprehensive report on the condition of a home before you buy it can spot the most obvious signs of a major mold infestation, rooting out hidden problems and diagnosing the exact nature of your mold issues calls for specialized expertise.

Residential mold testing typically starts with airborne sampling throughout the home, concentrating especially on areas with high humidity like basements. Elevated mold levels in the air may indicate the presence of a hidden infestation that can't be seen. In cases like this, mold inspectors will perform an "invasive" inspection by opening wall cavities and other normally inaccessible spaces.

When mold testing is vital
Mold testing can be extensive, especially if it involves demolition work and repairs. Many home buyers are hesitant to invest in comprehensive testing, but going without it can be a serious risk. A serious mold infestatio,n as confirmed by a qualified inspector, can significantly impact the value of the home due to the health risks it poses. It can even be difficult to secure the financing you need to buy a home that has a confirmed mold problem.

It is always smart to invest in a professional mold inspection if you have any reason whatsoever to suspect a mold problem. Homes that have gone through significant water damage are prime candidates for inspection.

Fortunately, buyers and sellers can often work together to deal with mold issues in a manner that is safe and satisfactory for all concerned. Motivated sellers sometimes offer to cover the costs of testing and any required remediation work, while in other cases, the costs can be divided between sellers and buyers in an equitable fashion.

While threatening levels of mold are still relatively rare in Canadian homes, you don't want to invest in a piece of property and then discover that it poses a health risk to your family. A mold inspection can be vital in giving a home a clean bill of health before you buy. This issue is too important to leave up to guesswork. Entrust the matter to a professional mold testing firm and know for certain what is lurking in a house you are thinking of purchasing.

Condominium or House: Which is Right for You?

For some people, a condominium lifestyle is the only way to live—no lawn maintenance, access to a pool and tennis court, and extra security features you might not have in a single-family home. Other people simply can’t breathe in a condo because their neighbours are too close for comfort. Consider the pros and cons and your specific needs and desires before deciding on whether to buy a condo or a house.

Because of all of the advantages of home ownership in comparison to renting, many of you will soon be reaching a point where you want to buy a home. However, you may not be sure whether you should actually buy a house or if you should look into buying a condo instead. This is especially true for younger home buyers who might want the benefits of living in a more communal situation that a condo environment provides.

Should you join the condo club or go for a more traditional home ownership?

A condo is probably the right choice for you if:

• You don’t have a lot of money to spend, but still want to invest in home ownership.
• You are interested in being part of a small community living in the same complex.
• You are comfortable living close to your neighbours.
• You are a single individual or a couple that is looking for a small home rather than a large property.
• You don’t mind having certain aspects of your home ownership regulated by a committee (a homeowner’s association made up of some of the tenants who own in the condos).
• You live in an urban area where condos are common (such as Toronto or Vancouver).
• You run a busy lifestyle and prefer to enjoy amenities like a pool or a shaded grounds area, but aren’t able to maintain such amenities yourself either because of the time that it takes or the cost.

A house is more likely to be a better choice for you if:

• You have (or plan to have) a large family.
• You are a very private person who does not like living close to your neighbours or having your home choices regulated by an association.
• You are investing in home ownership primarily for the purpose of resale of the home in the future (since property values are usually higher than condo values).
• You are seeking to purchase a large home, and/or you need outdoor areas for things like large pets.
• You enjoy maintaining your own yard or garden.
• You live in a rural area or in a location where there are not many condos on the market.

Although there are always exceptions, condo purchases are usually best for single individuals who have neither the money to invest in a house nor the time to maintain the upkeep of a house. These tend to be young people who don’t mind apartment-style living in close quarters with their neighbours, who are comfortable having some regulation by the homeowner’s association and who enjoy sharing common areas with others. Often, condo buyers are first-time home buyers. If, in contrast, you are an older adult who has (or may soon have) a family and would like the freedom and privacy of a home with its own property, then a house is probably the right choice for you.

Regardless of whether you buy a house or a condo, it's important to do your homework and consider the future of the neighbourhood you're buying into. The old saying of "location, location, location" remains true for both. Each is a significant investment, and you need to find a safe and vibrant neighbourhood capable of nurturing your investment into the future.

June Housing Stats Point to More Balanced Market in Waterloo Region

WATERLOO REGION, ON (July 4, 2025) —In June, a total of 676 homes were sold in the Waterloo Region via the Multiple Listing Service® (MLS®) System of the Cornerstone Association of REALTORS® (Cornerstone). This represents a 0.3 per cent increase compared to the same period last year and a decline of 21.7 per cent compared to the average number of homes sold in the previous ten years for the same month. 

“While home sales in June were relatively stable year-over-year, we’re seeing a more balanced market emerge in Waterloo Region. What’s particularly notable is the increase in condominium sales – up over 34% – suggesting a cohort of buyers looking for more affordable housing options,” says Christal Moura, spokesperson for the Waterloo Region market. “While more listings are coming to market, properties are taking a little longer to sell, giving buyers more time to make informed decisions during their home search. 

Total residential sales in June included 442 detached homes (up 5.6 per cent from June 2024), and 113 townhouses (down 17.4 per cent). Sales also included 86 condominium units (up 34.4 per cent) and 35 semi-detached homes (down 25.4 per cent).  

In June, the average sale price for all residential properties in Waterloo Region was $780,293. This represents a 1.1 per cent decrease compared to June 2024 and a 1.2 per cent decrease compared to May 2025.  

• The average price of a detached home was $896,770. This represents a 0.2 per cent decrease from June 2024 and a decrease of 1.4 per cent compared to May 2025.  

• The average sale price for a townhouse was $624,754. This represents a 6.0 percent decrease from June 2024 and a 1.6 percent decrease compared to May 2025.  

• The average sale price for an apartment-style condominium was $435,435. This represents a 5.7 per cent decrease from June 2024 and an increase of 0.7 per cent compared to May 2025.  

• The average sale price for a semi was $649,039, on par with June 2024 and a 0.5 per cent decrease compared to May 2025. 

CORNERSTONE cautions that average sale price information can help establish long-term trends but does not indicate specific properties have increased or decreased in value. The MLS® Home Price Index (HPI) provides the best way to gauge price trends because averages are strongly distorted by changes in the mix of sales activity from one month to the next.

“Looking at the HPI benchmark prices, we’re seeing a market that’s adjusting to changing economic conditions. While we’re experiencing some year-over-year price decreases, Waterloo Region’s market fundamentals remain strong, supported by a diversified economy and the region’s appeal as a place of residence for both families and businesses,” says Moura.  “These market shifts underscore the importance of working with a professional REALTOR® who can provide crucial guidance on pricing strategies, market timing, and negotiation. Their expertise helps both buyers and sellers adjust their expectations and make informed decisions in this evolving market environment.”    

View our HPI tool here to learn more: https://www.cornerstone.inc/stats/

There were 1,514 new listings added to the MLS® System in Waterloo Region last month, an increase 5.3 per cent compared to June last year and a 15.1 per cent increase compared to the previous ten-year average for June.  

The average time to sell a home in June was 27 days, compared to 24 days in the previous month. In June 2024, it took 18 days for a home to sell, and the five-year average was 15 days.

6 Pricing Tricks to Help Sell Your Home Faster!

 

When you decide to sell your home, setting your asking price is one of the most important decisions you will ever make. Depending on how a buyer is made aware of your home, price is often the first thing they will look at. Many homes are discarded by prospective buyers as not being in the appropriate price range before they even have a chance of a showing.

Your asking price is often your home's "first impression", and if you want to receive the most money you can for your home, it's imperative that you make a good first impression.

Setting the asking price of your property is as much about knowing how buyers think as it is about how much the property is worth.

1. Price it right
In order to set the right price, check out your competition first. A little real estate research can be handy. Take a look at homes sold in your neighbourhood. Ask yourself: what are they selling for? How long have they been on the market? Study the supply and demand within your neighbourhood to consider whether to price your home above or below the market value.

Pricing your home lower than your competitors can essentially generate more offers, thereby driving the price higher. On the other hand, price it too high and you risk buyers going into “sticker shock”.

2. The missing penny trick
To grab the attention of potential buyers, take a pricing tip from discount retailers like Walmart. Take, for example, $19.99 vs. $20.00. While it is only a penny difference between the two, the $19.99 price seems like a better deal! Why? Because when people see a price, they make judgments in a fraction of a second whether it is a good or bad deal. And, since we read from left to right, the first number receives the most focus. Therefore, a home listing for $199,999 will generate more attention than $200,000 because people will perceive $199,999 to be a better deal. Retailers have been using this proven strategy for a long time; make it work for you.

3. Raise the reference point
You can raise people’s reference point by asking for a higher price. People use that information in setting their reference price. In addition, you can affect the reference price of buyers by telling them the price of competing properties in the neighbourhood. However, pass along this information only if the comparisons are in your favour.

On the other hand, if you set a price that is implausibly higher, the impact will be less than if you set a price that's more reasonable.

4. Send the right message
People associate precise numbers with bargains. If a house should sell for around $300,000, then offering a round number like $295,000 will convey quality and willingness to negotiate, and choosing a higher but precise number like $295,485 would indicate a bargain.

A precise number may also signal that you have given careful consideration to the price, and you aren't inclined to negotiate; however, you may want to use this trick with caution.

5. Setting the asking price.
If your home is in a new development and you want to give the impression of prestige, go for a nicely rounded (up) price. But if you're going for a quick sale and you want to give the impression of a bargain, go for a precise number.

6. Make the price cuts easy to understand
We perceive easily computable discounts as better than larger discounts. A discount from $395,485 to $385,485 might seem better than from $395,485 to $378,495.

When a home has been on the market too long and very few offers have been made, the logical option is to reduce the asking price. But by how much? The trick here is to reduce the price by a nice, easy-to-calculate number so buyers can easily calculate their savings.

The longer your house sits on the market, the less cash it commands. Use these expert tricks to sell your house fast and maximize your profit.

Bying New Construction vs. Older Homes

When trying to decide whether to buy an older home or a newly constructed one, many questions come to mind. Start by educating yourself and knowing the pros and cons of each.

In most cases, existing homes have a touch of character with their own charm and details.  They are usually located in more established neighbourhoods with mature trees and desirable landscaping, and may be closer to city services such as schools, libraries, hospitals, shopping centres and public transportation.

Older homes may have better quality materials and workmanship that are too costly for newer homes, and may come with window coverings and appliances, which are often included with the home. If you are lucky, you may still get an updated kitchen and bathrooms if the home has been renovated.

However, existing homes are generally less energy efficient and are typically more costly to heat and cool. They may need updating and require expensive repairs, and sometimes it may be difficult to find or match older building materials.

Newer homes usually have bigger rooms, more built-in wardrobes and closets, and more bathrooms. If you are building a new home, you can also influence the layout and the finishes within the home as part of the negotiations with the builder or developer.

Whereas with an existing home, you will inherit what the previous owner built or remodelled over time. Very rarely will an existing home be built and finished exactly to your liking. Think about how much renovating you'll need to do to an existing home. If you can buy an existing home that's been totally renovated in a great neighbourhood within a good school district, this might be a better choice than moving into a newer neighbourhood with an unestablished school district.

On the other side, buying a newly-built home tends to cost more than an existing home, unless you buy outside of the city, where land is cheaper. Of course, you will have to consider the price of gas to get to your job.

And it isn't just about getting to your job. You'll also want to think about how long it will take to get to a grocery store, dry cleaners, your kids' school, your house of worship and other places you get to by car.

While new homes are more expensive, they might also increase in value faster than an existing home. That said, it may be challenging to buy a new home in your neighbourhood of choice, unless you buy a vacant lot, hire a developer and build your own home, which can get quite costly.

However, with new homes, you get warranties and guarantees on appliances that come with the new home. Dangerous building materials, such as lead and asbestos, will likely not be a problem. A new home will meet modern safety and building codes and usually use building materials that offer improved insulation, thereby reducing your heating bill.

You may be able to upgrade or customize such features as floor coverings or paint colours, and sometimes the floor plan. New homes often have more closets and storage space, and most importantly, don't require as much maintenance.

New homes, though, have their disadvantages. Higher taxes could be required to bring water, gas or electrical services to a still under-populated area. Resale could be difficult if the entire neighbourhood is not yet complete, and you may have to cope with construction noise, dust and mud. New neighbourhoods frequently lack the relaxing appearance of mature trees, and your new subdivision may require costly landscaping.

You can make the case for and against buying either a new home or a "used" home. It's great to live in a brand new home, but there's nothing like the feel of an established neighbourhood. The bottom line is: Don't buy someone else's problems unless you can tackle the solutions.

 Find a house you like, consider its pros and cons — objectively, as well as emotionally — and think about the compromises you're willing to make. The more logically you approach buying the house, the more you're going to love living in it.

Tips for Buying Outdoor Furniture

Great patio furniture brings comfort and function to your outdoor spaces. With a spacious table and comfortable chairs, a basic patio can be transformed into a cozy area for entertaining.

Choosing patio furniture should not be a hard decision. There are many types of outdoor furniture to choose from.  Taking a walk through a home improvement store, a patio furniture store, or a garden centre during the spring and summer months will remind you of the many types and styles of furniture that are available.  Since there are so many options, selecting outdoor patio furniture or accessories to suit your decorating style should be a breeze.

Several factors should be taken into consideration, including price, style, and maintenance.

When it comes to price, you need to examine your budget carefully. While it’s true you get what you pay for, it is possible to get an excellent deal for a high quality product. Your comfortable patio furniture should not be a place where you skimp on money because it is an investment that will last for years to come. It is important to remember, though, that price doesn’t always equate to quality.

There are several different styles of comfortable patio furniture, and what you choose will depend on your personal taste. Outdoor furniture is most commonly made out of wood, metal, plastic, wicker, or a combination thereof. Choose a style you like that fits your budget. Focus mostly on the cushions themselves–some sets may not come with them–because this is where your comfort is going to come from. Some sets may offer more comfortable cushions than others. Who wants to sit on the bare furniture? When you choose the material, consider the climate you live in and how well it will hold up against the elements.

Depending on the number of people you wish to seat and the available space, you will need to choose something suitable from the many outdoor furniture sets on the market. It's a good idea to choose something that has matching seats, benches , and canopies if you want a coordinated look. For some people, outdoor tables may be all that is required, either because they already have other outdoor furniture and simply want to accommodate more people or because they want to have additional table space for all the extra food, drinks, and tableware that goes with outdoor entertaining.

You should measure and plan where you will put the furniture to ensure you have room for the entire set, including an umbrella to provide shade.

Finally, it is important to remember that most outdoor furniture requires maintenance.  It may require re-staining, steam-cleaning, or covering during harsh weather periods.  Be sure to know what maintenance your outdoor furniture requires, as this will add to the cost of the furniture over the long run.

Change Your Mood With Feng Shui Colours

Colour is one of the easiest ways to shift the energy in your home or office in order to create the right mood. However, working with colour can be a bit tricky, as many interior decorators and feng shui enthusiasts will surely agree.

Followers of the ancient Chinese art of Feng Shui believe that colours play an important part in the harmony of our lives. Selecting the right colour could affect your health, career, finances and even your romance. While finding the right feng shui colours for your space is really easy, as you can see in our description below, it might take a bit of work to make a specific colour work harmoniously in your space.

Chinese Feng Shui has five elements: earth, wood, metal, fire and water. Each property enhances certain areas of a person's life. Feng Shui colours are separated into categories that coincide with these elements. By using Feng Shui colours that match particular elements, a person can attract specific attributes into a home or office.

The Feng Shui earth element symbolises relationships and harmony. Colours associated with the earth are pale yellow and tan. Yellow gives patience and encourages calm thinking. It also nurtures the ability to remain centred throughout life’s changes.

Wood elements relate to green and brown colours. They are associated with family and represent wealth and prosperity. Decorating a room with shades of green reinforces the power of the wood element and prevents family upsets and fights.

Enhance the metal property to promote concentration, efficiency, creativity, mental sharpness, love, friendship, travel and productivity. Metal is enhanced with the Feng Shui colours of gray or white. Avoid the use of too much white, as this can create excess "cold" energy, creating a negative result. The colour white, which represents spiritual and moral purity, is also used in Chinese Feng Shui decorating when people want to have children.

Fire is yang energy and is considered the most powerful among the five. It represents energy, passion, warmth and cheer. It can, however, be dangerous as it also burns. This element is associated with triangular shapes and the colours red, orange and purple.

The fire element can be enhanced by the placement of red objects and the use of candles and bright light. Chinese families often paint their front doors red to invite positive energies into their home. The fire element is a great way to boost your fame and recognition.

The water element in Chinese Feng Shui is used for abundance, wealth, purity and peace. Blue and black are the Feng Shui colours for water.

Black represents seriousness and justice, deep waters and the darkness of winter. Not usually considered lucky, but when used in balance with other colours, black can absorb negative chi. Black or dark blue are best for the career area of your home.

If you dislike a particular colour, it doesn't have to be used in abundance. Even accents of colour can produce the desired energy. For instance, it is not necessary to paint the walls green or to use green furniture to get results. Simply place some green plants in your room and add some artwork with touches of green. This is sufficient to produce positive energy.

As you use colours in your overall external environment, realize that according to Feng Shui principles, they will also affect your inner self. Let your surroundings be an accurate manifestation of who you are now and all that you endeavour to be. Strive for harmony, rather than excess. This balance will nurture a deep satisfaction and enduring results as you develop the sphere of influence surrounding your mind, body and spirit.

How to Deal with Mortgage Payment Difficulties

When unforeseen financial circumstances impact your ability to make regular mortgage payments, you need to take quick action. With early intervention, cooperation, and a well-executed plan, you can work together with your mortgage professional to find a solution to your financial difficulties.

If you or your spouse has lost employment and no longer earns as much money, and you anticipate that meeting your mortgage payment obligations will be problematic, the first step is to take a deep breath. There are literally millions of people who face the same problem. Fortunately, there are ways to avoid default and keep your home, so read on for more information on how to avoid a mortgage default.

1- Get moving on a solution. Your first option is to find a way to make up the back payments and continue making your payments on time every month. Although not an attractive option, it is an option.

Explore options to decrease expenses and increase income, such as an additional job, selling possessions, and look to community resources for help. You may have to temporarily cut back on things like dining out, internet, and cable.

If you have a basement or spare room, you may consider renting it out. The extra income could be up to 50% of your mortgage payment.

2- Work with your lender. Contact your mortgage lender. Banks do not want to foreclose on properties. The process is long and costly, and in the end, mortgage lenders lose money. Instead, they would rather work alongside borrowers who are slightly behind on payments and come up with a practical solution.

Consider extending your mortgage term to reduce your monthly payments. The downside is that you will end up paying more in the long term. However, if it means you are able to continue meeting the minimum mortgage payments, it is worth doing.

Set up a repayment plan. If you are unable to pay your mortgage payment for one or more months, the lender may agree to a repayment plan. The mortgage lender adds additional money to each subsequent mortgage payment until the loan is up-to-date.
Your lender may also suggest an interest-only mortgage. This will also reduce your monthly mortgage payments, often quite substantially. However, again, the disadvantage is that, in the long term, you will need to find an alternative investment plan to pay off your mortgage capital, which might be a good short-term option.

3. Refinance your mortgage. 
This is perhaps the easiest and most effective method. If you happen to be on your bank’s existing standard rate, the chances are you will be able to find a much better deal.

4. Talk to a Financial Advisor. 
If the situation is becoming overwhelming and you are really in danger of defaulting, you may need to consider speaking to a financial consultant or accountant. This will arm you with expertise and resources with which to approach planning your financial future and make the most of your current circumstances.

5. Resell – Downsize. 
This option is probably the most drastic and only to be undertaken when the others have failed. If you can sell your house, you can temporarily rent somewhere cheaper or buy a cheaper house in a different location. The money saved can be used to pay off your mortgage. This option is not easy, due to the costs involved in moving, but it might be worth doing in the long term.

If you can see that things are going to get bad in relation to meeting your mortgage payment obligations, take a deep breath and take action now—it will help in the long run.

Economic Uncertainty Tempers Waterloo Region's Real Estate Market Despite Growing Inventory

WATERLOO REGION, ON (June 6, 2025) —In May, a total of 675 homes were sold in the Waterloo Region via the Multiple Listing Service® (MLS®) System of the Cornerstone Association of REALTORS® (Cornerstone). This represents a 9.3 per cent decrease compared to the same period last year and a decline of 26.2 per cent compared to the average number of homes sold in the previous ten years for the same month. 

“Even with home prices on the decline, a cloud of uncertainty looms over the economy, largely fueled by tariffs and lingering concerns about job security. This environment is causing potential buyers to hesitate, keeping them from making their move and entering the market,” says Christal Moura, spokesperson for the Waterloo Region market. “It’s not that we lack buyers or inventory; rather, consumer confidence is not at the level necessary to see stronger home sales.” 

Total residential sales in May included 427 detached homes (down 8.4 per cent from May 2024), and 132 townhouses (down 1.5 per cent). Sales also included 67 condominium units (down 20.2 per cent) and 48 semi-detached homes (down 18.6 per cent).  

In May, the average sale price for all residential properties in Waterloo Region was $789,154. This represents a 3.6 per cent decrease compared to May 2024 and a 0.8 per cent increase compared to April 2025.  

• The average price of a detached home was $909,897. This represents a 3.7 per cent decrease from May 2024 and a decrease of 1.0 per cent compared to April 2025.  

• The average sale price for a townhouse was $634,320. This represents a 3.5 per cent decrease from May 2024 and an increase of 3.1 per cent compared to April 2025.  

• The average sale price for an apartment-style condominium was $431,944. This represents a 6.7 per cent decrease from May 2024 and a decrease of 9.4 per cent compared to April 2025.  

• The average sale price for a semi was $652,627.  This represents a decrease of 6.7 per cent compared to May 2024 and a decrease of 1.4 per cent compared to April 2025. 

CORNERSTONE cautions that average sale price information can help establish long-term trends but does not indicate specific properties have increased or decreased in value. The MLS® Home Price Index (HPI) provides the best way to gauge price trends because averages are strongly distorted by changes in the mix of sales activity from one month to the next.

“Right now, we’re seeing a market that is different from the frenzied market of a few years ago, but that’s a good thing for buyers who have more breathing room to make decisions,” says Moura. “The fundamentals that make Waterloo Region attractive – our diverse economy, strong tech sector, world-class educational institutes and stable governance – continue to strengthen. Waterloo Region has proven time and again that it is a solid place to invest and put down roots.”    

There were 1,663 new listings added to the MLS® System in Waterloo Region last month, an increase 1.4 per cent compared to May last year and a 15.6 per cent increase compared to the previous ten-year average for May.  

The average time to sell a home in May was 24 days, which was the same in the previous month. In May 2024, it took 16 days for a home to sell, and the five-year average was 14 days. 

View our HPI tool here to learn more: https://www.cornerstone.inc/stats/ 

The April Real Estate Market in Wateloo Region is a study in Shifting Dynamics

WATERLOO REGION, ON (May 5, 2025) —In April, a total of 595 homes were sold in the Waterloo Region via the Multiple Listing Service® (MLS®) System of the Cornerstone Association of REALTORS® (Cornerstone). This represents a 14.1 per cent decrease compared to the same period last year and a decline of 26.7 per cent compared to the average number of homes sold in the previous ten years for the same month. 

“Home sales in April showed typical seasonal improvement over March, but remained notably below the ten-year average,” says Christal Moura, spokesperson for the Waterloo Region market. “What we’re seeing is a clear market rebalancing, with inventory levels up 75% above the ten-year average and nearly four months of supply across all property types. This shift is creating more opportunities for buyers who now have more time for due diligence and negotiations, while sellers are adapting to a market that demands strategic pricing and patience. Waterloo Region’s strong economic fundamentals continue to support overall market stability, even as we move away from the intense seller’s market of recent years.” 

Total residential sales in April included 356 detached homes (down 12.5 per cent from April 2024), and 109 townhouses (down 19.9 per cent). Sales also included 71 condominium units (down 22.8 per cent) and 59 semi-detached homes (up 5.4 per cent).  

In April, the average sale price for all residential properties in Waterloo Region was $789,639. This represents a 1.7 per cent decrease compared to April 2024 and a 2.7 per cent increase compared to March 2025.  

• The average price of a detached home was $927,591.?This represents a 1.7 per cent decrease from April 2024 and an increase of 0.9 per cent compared to March 2025.

• The average sale price for a townhouse was $615,982. This represents a 7.0 per cent decrease from April 2024 and a decrease of 0.2 per cent compared to March 2025.  

• The average sale price for an apartment-style condominium was $473,079.?This is on par with April 2024 and an increase of 3.5 per cent compared to March 2025.  

• The average sale price for a semi was $659,017.  This represents a decrease of 0.7 per cent compared to April 2024 and a decrease of 0.6 per cent compared to March 2025. 

There were 1,371 new listings added to the MLS® System in Waterloo Region last month, a decrease of 4.9 per cent compared to April last year and a 10.5 per cent increase compared to the previous ten-year average for April.  

The total number of homes available for sale in active status at the end of April was 1,936, an increase of 39.5 per cent compared to April of last year and 75.3 per cent above the previous ten-year average of 1,105 listings for April. 

The total inventory across the market increased by 52.0 percent, resulting in a 3.8-month supply of all property types by the end of April. Condominium apartments had the highest inventory, with 8.0 months’ supply, followed by townhouses with 4.9 months’ supply and detached homes with 2.89 months’ supply. The number of months of inventory represents the time it would take to sell all current inventories at the current sales rate. 

The average time to sell a home in April was 20 days, compared to 24 days in the previous month. In April 2024, it took 15 days for a home to sell, and the five-year average was 14 days. 

“For those concerned about current market conditions, it’s important to remember that Waterloo Region remains one of Ontario’s most dynamic economic hubs, supported by our diverse employment base in tech, manufacturing, education, and healthcare,” says Moura. “My advice is to work closely with a REALTOR® who understands these shifting dynamics, focus on your long-term housing needs, and remember that real estate has historically proven to be a sound long-term investment in our region.” 

Are YOU looking for a Free Home Value Report emailed directly to your inbox?  Just reach out!

View our HPI tool here to learn more: https://www.cornerstone.inc/stats/