August Remains Strong With Toronto Real Estate

September 12th, 2011

Greater Toronto Realtors reported 7,542 sales through the Toronto MLS® system in August – a 24 per cent increase over 6,083 sales in August 2010. New listings, at 12,509, were up by 20 per cent compared to August 2010. Market conditions remained tight as sales growth outstripped growth in new listings.

“Home sales in the GTA have stood up well despite a less certain economic outlook,” said Toronto Real Estate Board President Richard Silver. “Home sales will be bolstered by low mortgage rates moving forward. The Bank of Canada is expected to be on the sidelines until the second half of 2012 or even into 2013. However, home ownership affordability in the City of Toronto could be further improved with the removal of the City’s land transfer tax. This tax currently represents a substantial upfront cost for home buyers.”

With market conditions remaining tight in the GTA, the average selling price continued to grow strongly in August – up by more than 10 per cent year-over-year to $451,663.

“We remain on pace for the second best year on record for sales. Approximately 90,000 transactions are expected by the end of December,” said TREB’s Senior Manager of Market Analysis Jason Mercer. “Major home ownership costs, including the average monthly mortgage payment, remain affordable despite the strong price growth experienced so far this year.”

TD Report On Repeat Home Buyers

September 3rd, 2011

Here’s a look at what repeat home buyers are thinking when it comes to mortgages and housing, courtesy of this recent TD poll:

• 69% of repeat buyers will take out a mortgage on their new home.
• 7 out of 10 recent or prospective repeat buyers said they moved (or were moving) earlier than expected.
• 50% of repeat buyers considered a Home Equity Line of Credit (HELOC).
• 46% chose a HELOC to have a “cushion”. 45% got a HELOC for renovations. 30% planned to use it for leveraged investing.
• In 2010, 27% of Canadians who planned to sell their home didn’t know they could port their mortgage or allow someone to assume it. This year, that number dropped to only 9%. What a difference.
• 38% of sellers plan to port their mortgage to their new property.
• 14% say they will offer their mortgage for assumption, as a selling feature.

Posted by First Toronto Mortgage (http://firsttorontomortgage.com)