November Sales Numbers For Toronto Housing Market

December 8th, 2017

Prices stable, sales down, listings up with 2 months of inventory….has the Toronto housing market finally stabilized?

November 28th, 2017

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GTA Cities Ranked By Commute Times and Cost

November 16th, 2017

Interesting ranking. Study ranked cities within the GTA and surrounding areas by commute times and cost. Durham ranked the best, which isn’t surprising, given it’s low population per capita and cost psf.

October 2017 Toronto Real Estate Numbers

November 4th, 2017

Toronto real estate numbers for the month of October 2017 are out. Some good and bad news.

Bad news is that the number of sales are down from October 2016 (7,118 in October 2017 vs 9,715 in October 2016).

Good news, is that prices are increasing at a very stable rate. Average sale price in October 2017 was $780,104 vs $762,691 in October 2016. Also, numbers were much better in October 2017 vs September 2017. The number of sales is up, the average sale price is up and number of active listings is down versus the previous month.

Hopefully this trend continues in November as the market appears to be in balance.

New, Tougher OSFI Rules Coming In 2018!

October 17th, 2017

New OSFI rules taking effect January 1, 2018.

OSFI is setting a new minimum qualifying rate, or “stress test,” for uninsured mortgages:

Guideline B-20 now requires the minimum qualifying rate for uninsured mortgages to be the greater of the five-year benchmark rate published by the Bank of Canada or the contractual mortgage rate +2%.

OSFI is requiring lenders to enhance their loan-to-value (LTV) measurement and limits so they will be dynamic and responsive to risk:

Under the final Guideline, federally regulated financial institutions must establish and adhere to appropriate LTV ratio limits that are reflective of risk and are updated as housing markets and the economic environment evolve.

OSFI is placing restrictions on certain lending arrangements that are designed, or appear designed to circumvent LTV limits:

A federally regulated financial institution is prohibited from arranging with another lender a mortgage, or a combination of a mortgage and other lending products, in any form that circumvents the institution’s maximum LTV ratio or other limits in its residential mortgage underwriting policy, or any requirements established by law.