Image by: Unsplash

In 2023, real estate stories made waves, primarily focusing on homeowners' increasing interest in constructing secondary dwelling units for family members like children, parents, or grandparents. However, rising costs due to inflation and high-interest rates led many potential buyers to postpone their home purchases. Consequently, some existing homeowners contemplated transitioning to renting, while others considered selling their properties.

One notable development affecting homeowners and potential buyers in 2024 is the revised Multigenerational Home Renovation Tax Credit (MHRTC). Aimed at assisting with expenses incurred while creating additional living spaces for eligible family members, such as elderly parents, this program offers a maximum rebate of $7,500. However, specific eligibility criteria must be met, and financing for the renovation project needs to be secured. Further details about the MHRTC can be found on InsideHalton.com.

For individuals managing larger homes that exceed their current needs, particularly empty-nesters, the suggestion to sell and downsize has gained traction. Columnist Christine Ibbotson emphasized this perspective, highlighting the appeal of moving to a more suitable and cost-effective residence or even retiring to a new location. Her insights, published in November on yorkregion.com, delve into these considerations and potential lifestyle changes for those looking to downsize.

Ontario's updated Trust in Real Estate Services Act (TRESA), effective as of December 1, introduced a significant alteration in the home buying and selling process. The new open offer process allows sellers to share the contents of offers with multiple potential buyers. Previously, real estate agents were prohibited from disclosing offer details to competing buyers, but this change marks a shift in that practice, altering the dynamics of the negotiation process.