Spring is around the corner—a breezy harbinger of wet weather, new blooms, and increased housing activity! With the GTA housing market expected to modestly rebound this year, now is the time to start planning those long-delayed renovations to spruce up your property for prospective buyers or just to boost your home’s value if you plan to sell later. 

Housing for a Greener Future

Whether you live in Canada or elsewhere, the real-life manifestations of climate change are hard to ignore. A milder-than-expected winter season preceded by the hundreds of wildfires scorching vast swathes of Canada last year (some of which are still burning!) are all urgent reminders of the grave transition our environment and the natural world are undergoing. As current or prospective homeowners, you can take certain steps that will help build a greener and more sustainable future for Canadians.

The Government of Canada’s Greener Homes loan program and the Oil-to-Heat-Pump Affordability program for homeowners provide financing for making homes more energy-efficient and comfortable. Offering up to $40,000 in interest-free financing, the Green Homes loan program allows you to retrofit your home based on recommendations made by an energy advisor.

The second program offers up to $10,000 to switch from expensive oil heating in your home to new, energy-efficient heat pumps.

Adopting some of these measures will result in considerable savings for you and your family and allow you to play an active role in helping reduce greenhouse gas emissions and building a safer and more environmentally friendly future for your family, and subsequent generations. So, check out these programs if you’d like to be part of that change.

Interest Rate Update

With a Bank of Canada rate cut announcement expected next week, many of you might be wondering how this will impact the overall housing market or your home-buying or selling decisions this year. A difficult economic climate over the last few years, growing inflation, and the persistent housing affordability crisis continue to deter many from entering the housing market.

Last week, we focused on the Toronto Regional Real Estate Board’s (TRREB’s) housing forecast for 2024, in which housing demand and supply are both expected to improve this year. Expected rate cuts from the Bank of Canada as the Canadian economy stabilizes gradually should contribute to this significantly. As a result, our readers can also expect some respite in borrowing costs and the average selling prices of homes in and around Toronto this year.

Tax Season is Upon Us

Details about all key deductions, credits, and expenses applicable to your personal income tax can be found here. Have the tax slips prepared by your employer, payer, issuer, or administrator ready. Make sure your CRA information is current.

Filing dates for 2023 taxes

  • February 19, 2024: Earliest day to file your taxes online
  • April 30, 2024: Deadline to file your taxes
  • June 15, 2024 (June 17, 2024, since June 15 is a Saturday): Deadline to file your taxes if you or your spouse or common-law partner are self-employed

Have a great weekend!