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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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