Tomorrow is the last day for TDFS

March 30th, 2012

As of March 31, 2012, TDFS will no longer be accepting applications for home financing. TDFS was TD Canada Trust’s arm that offered mortgages to “B” clients. TDFS offered financing to “B” clients at 90% LTV. Amongst the large alternative B lenders in the industry, this was the highest LTV being offered. With the departure of TDFS, “B” clients will have to put more down on a home if they want to purchase a property. This means less individuals purchasing a home and less business for mortgage brokers in the industry. Look for other alternative mortgage lenders such as Home Trust and MCAP Eclipse to gain more of the market share with the departure of TDFS.

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

New To Canada Mortgages

March 29th, 2012

Great video by Genworth on their New to Canada home ownership program. Contact us to take advantage of it!

Averagae GTA Home Now Over $500K!!!

March 15th, 2012

Greater Toronto Realtors reported 7,032 sales in February 2012 – up 16 per cent compared to February 2011. New listings were also up over the same period, but by a lesser 11 per cent to 12,684. It is important to note that 2012 is a leap year, with one more day in February. Over the first 28 days of February, sales and new listings were up by ten per cent and six per cent respectively.

“With slightly more than two months of inventory in the Toronto Real Estate Board (TREB) market area, on average, it is not surprising that competition between buyers has exerted very strong upward pressure on the average selling price. Price growth will continue to be very strong until the market becomes better supplied,” said Toronto Real Estate Board President Richard Silver.

“It is important to note that both buyers and sellers are aware of current market conditions. This is evidenced by the fact that homes sold, on average, for 99 per cent of the asking price in February,” continued Silver.

The average selling price in the TREB market area was $502,508 in February – up 11 per cent compared to February 2011. The Composite MLS® Home Price Index for TREB, which provides a less volatile measure of price growth compared to the average price, was up by 7.3 per cent compared February 2011.

“If tight market conditions continue to result in higher than expected price growth as we move into the spring, expectations for 2012 as a whole will have to be revised upwards,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “While price growth remains strong, the average selling price remains affordable from a mortgage lending perspective for a household earning the average income in the GTA.”