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GTA Housing Sales Down 22.2% In May.

Tuesday Jun 05th, 2018

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Source: TREB. Better Dwelling. Greater Toronto Average Sale Prices Decline Over 6% TREB reported an average sale price of $805,320 in May, a 6.6% decline year over year. This is higher than the 12.37% seen the month before, but it is light years away from last year’s 14.9% gain. Not unlike median prices, average sale prices aren’t great for figuring out how much you’ll pay. They’re a better indication of dollar volume, upgrade flow, and who’s... [read more]

Double Digit Decline From Same Time Last Year

Thursday May 03rd, 2018

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Toronto Real Estate Board reported 7,792 transactions in April 2018 a 32.1% decline from the same time last year 2017 with 11,468 transactions were completed. Researchers believe April 2017 may have been the peak of the market as activity was soaring just before the new rules to cool the markets with vacant property taxes and non-resident speculation tax. Home prices declined much larger on a year-over-year basis. The average home fell by 12.4% from last year April to $804.584. Sales... [read more]

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]

Market Stats For January 2018

Tuesday Feb 06th, 2018

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Toronto Real Estate Board announced that Greater Toronto Area REALTORS® reported 4,019 residential transactions through TREB's MLS® System in January 2018. This result was down by 22 per cent compared to a record 5,155 sales reported in January 2017. The number of new listings entered into TREB's MLS® System amounted to 8,585  a 17.4% increase compared to 7,314 new listings entered in January 2017. However, it is important to note that the level of new listings... [read more]

Interest Rate Hike for 3rd Time Since Last Summer

Wednesday Jan 17th, 2018

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The Bank of Canada raised its key interest rates to 1.25%. The bank’s rate has an impact on rates that Canadians get from retail banks for things like mortgages, saving accounts and GICs. The bank of Canada now expects Canada’s economy to grow by 2.2% this year and 1.6% in 2019. Previously the bank’s expectations were 2.1% and 1.5% growth for next year 2019. What does this mean for a homeowner today with a $300,000 mortgage and 25-years Amortization. $300,000 25 yrs... [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]

Selling a home is very different from buying a home.

Wednesday Jan 10th, 2018

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  Buying a home generally involves feelings and emotions and selling a home is all about maximizing the potential profit. I would like to help you and your family by providing you a few tips on how to maximize the profits when selling your home. Price your home according to the current market conditions and for this, you should hire a reputable real estate agent who works in your neighborhood. Your agent will analyze a comparative market analysis also called CMA this will help you... [read more]

December Sales Down 18%

Tuesday Jan 09th, 2018

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December Sales Down 18% Toronto real estate board reported 92,394 homes sold in December 2017 down 18.3% from same time last year 2016.President of Toronto Real Estate Board said in a statement that the government’s decisions play a significant rule in bringing the sales down by 18.3%. TREB’s research shows that foreign home buying was not a major drive of sales in the GTA. However, the Fair Housing Plan with a 15% tax on non-resident purchase of homes, was introduced in April... [read more]

Builders Slowed The Pace Of New Projects

Wednesday Nov 29th, 2017

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Builders slowed the pace of new project construction amid market uncertainty. Canada Mortgage and Housing Corporation reported 2,438 units were launched in the GTA in October down 42% from 4,204 units from same month last year, and 21% down from September of this this year. This low inventory affected all housing types, single-family detached home down 44% in the Greater Toronto Area in October from same time last year, while condominium down 52% as fewer new projects launched compared with... [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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