Toronto Real Estate Prices Up, But Sales Down!

October 8th, 2012

According to the Toronto Real Estate Board, the average sales price in September 2012 was up 8.6% compared to September 2011 ($503,662 versus $463,916 respectively). However, the number of sales was down in September 2012 by 26% (5,879 tra
nsactions in September 2012 versus 7,422 transactions in September 2011). The drop in sales is directly attributed to the condo market in the GTA, which is showing major signs of oversupply.

Happy Thanksgiving!!!

October 6th, 2012
Happy Thanksgiving!!!

More changes to mortgage rules!

October 2nd, 2012

Effective October 13, 2012, the following changes will be made by lenders who follow the Bank Act, the Trust and Loan Companies Act, and the Cooperative Credit Associations Act (i.e. banks, trust companies, co-op associations…):

1 – Maximum LTV on HELOC products will be reduced from 80% to 65%.

2 – 0% Cash Down (or Cash Back) programs will be eliminated.

NOTE – Our brokerage does have access to lenders who do not follow any of the above acts, and we still have access to 80% LTV HELOCs and 0% Cash Down products (they won’t be offered by any of the major banks after Oct 13).

Kevin Somnauth, CFA
First Toronto Mortgage (http://firsttorontomortgage.com)