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GTA home sales down 35% from February 2017

Tuesday Mar 06th, 2018

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Toronto Real Estate Board Reported the number of homes sold last month fell nearly 35% and the average selling price dropped 12% from the historically high levels set last year. The average selling price covering all types of residential sales was down 12.4% to $767,818 compared to last year and the number of transactions were also down to 5,175 compared to 7,955 sales in February 2017 down 34.9%. Toronto Real Estate Board showed the biggest drop was in detached homes in both the... [read more]

RBC, TD, CIBC RATE HIKES

Monday Jan 15th, 2018

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The Royal Bank of Canada raised its posted rate for a five-year, fixed-rate mortgage by 15 points to 5.14%, and TD also matched The Royal Bank’s new rate. CIBC’s five-year posted rate had been at 4.89% and when The Royal Bank and TD raised to 5.14%  CIBC hiked its five-year rate to 4.99% so that’s three of Canada’s biggest banks who have hiked the rate. Scotiabank is reviewing its rates and most likely will make changes. The Bank of Canada will announce the next... [read more]

New Mortgage Rules Jan,1, 2018

Wednesday Nov 22nd, 2017

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New Mortgage Rules Starting Jan,1,2018. Non insured mortgage consumers (buyers with 20% or greater down payment) must now qualify using new minimum qualifying rate. The minimum rate will be the greater of the five year benchmark rate published by the Bank of Canada or the lender contractual mortgage rate +2%. This will impact the affordability for the homebuyer. For Example: (Current 2017) Mortgage Amount: $400,000 Mortgage Rate: 3.44% Monthly payment:... [read more]

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