Janaury 2017 Numbers Are Up…Condo Market Insanity

February 9th, 2017

New Tougher Mortgage Rules Are Here!

October 21st, 2016

As of October 17, 2016, all mortgages with less than 20% down will be qualified at the Bank Of Canada posted 5-year mortgage rate (currently 4.64%). Previously longer term fixed mortgages (mortgages with a fixed term of 5-year or longer) were qualified at the actual contract rate. This will effect the housing sub-market for first-time home buyers (ie condos).

Toronto Real Estate Remains Very Strong In May 2016

May 6th, 2016

Number of sales up by 7.4% (May 2016 vs May 2015) and the average sales price up by $100,000 (over 16%)!!! With high demand and a low supply of listings, the competitive Toronto market will continue to increase in price.

Q1 2016 Mortgage and Real Estate Highlights

April 19th, 2016

Mortgages Rates Down!

In Q1 2016, bond yields dropped slightly (versus Q4 2015). As a result, mortgage rates did drop since the end of 2015. The lowest 5-year fixed rate decreased from 2.44% to 2.30% and the lowest 5-year variable rate decreased from 2.10% (Prime -.60%) to 2.00% (Prime-.70%).

Record Numbers In Q1 2016 For Toronto Real Estate!

Q1 of 2016 set records in Toronto in terms of number of sale transactions and average sale price. Total quarterly sale transactions in Toronto increased from 19,499 (Q1 2015) to 22,575 (Q1 2016). The average sale price at the end of Q1 increased by 12.1% (versus Q1 2015) to $688,181. The problem in the Toronto real estate market, which is the main reason for large growth in sale prices, is that the supply of homes for sale is extremely low compared to the demand. If the market remains a seller’s market, average sales price will continue to rise in 2016.

Our Current Mortgage Rates

1-year: 2.19%
2-year: 2.09%
3-year: 2.19%
4-year: 2.39%
5-year: 2.30%
7-year: 2.88%
10-year: 3.64%
Variable: 2.00%

Real Estate Up In Toronto In January 2016

March 1st, 2016

Same old story. Low supply of listings coupled with strong demand is leading to a strong market in 2016. Number of sales in January 2016 were up by 8.2% and the average sales price increased by 10.7% compared to January 2015.