Navigating Toronto's Real Estate Market: Tips for Homeowners Amid High Interest Rates and Market Uncertainty

High interest rates and recession fears have created a challenging environment for homeowners. Ladan Hosseinzadeh Sadeghi, CEO of Sky Property Group Inc., offers strategies to protect investments and thrive.

First, assess your financial health to understand your budget. Refinancing your mortgage or exploring fixed-rate options may offer stability. If possible, consider holding off on selling until the market stabilizes, as current conditions might result in lower offers and reduced profits.

Investing in home improvements can enhance property value. Focus on cost-effective upgrades like kitchen remodels and energy-efficient improvements. These can make your home more appealing to future buyers.

If mortgage payments are a burden, renting your property could generate additional income. However, understand the responsibilities and legalities of becoming a landlord.

Building an emergency fund is crucial. Aim to save three to six months' worth of living expenses to cover unexpected costs. This can provide stability during uncertain times.