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Toronto Detached Real Estate Listings Are Up 146%

Toronto real estate is seeing lower prices, less sales, and more inventory for detached homes across the city. Toronto detached real estate demand is continuing to soften into the winter slump. Toronto Real Estate Board (TREB) numbers show that prices declined for a sixth month in a row. Last year’s record shortage of inventory is starting to look a little more balanced, as frenzied buyers start to disappear. Lower prices are the expected reaction to declining sales, and an increase of inventory.   Toronto Detached Real Estate Prices Are Tapering Gains The benchmark price of a detached home is up, but tapering…

Dec 11, 2017 / by admin / No Comments

Toronto relying on strong real-estate market to balance budget

Even with signs of a cooling real estate market, Toronto is once again counting on housing prices to balance its $11-billion municipal operating budget. The city’s top bureaucrat, city manager Peter Wallace, unveiled a preliminary 2018 budget on Thursday that will be debated and amended before a final vote in February. Unlike in many previous years, the proposed books are already balanced. Mr. Wallace repeated his regular warning to councillors that in order to keep the finances in the black, Toronto is heavily relying on its land-transfer tax. His proposed budget projects that it will bring in more than $800-million…

Dec 01, 2017 / by admin / No Comments

Think you have until next year for new stress tests? Think again.

Canadians looking to buy a home before new mortgage rules sap their purchasing power may not have a much time — or as many options — as they think, warn market observers. While the country’s banking regulator has set January 1, 2018 as the date for new stress tests to take effect, the expectation is that many federally regulated lenders will usher in the changes before then. “Just a word of advice for anyone looking to purchase or refinance in the next couple of months: the banks could move up the policy date,” Samantha Brookes, CEO and founder of Mortgages of…

Nov 17, 2017 / by admin / No Comments

Toronto Realtors See Market Stabilizing With October Sales Gain

Transactions climbed 12% from September, average prices rose However 5th decline in benchmark prices signals mixed picture Canada’s largest housing market showed signs of life in October after months of cooling demand and declining prices, the Toronto Real Estate Board said. Home sales in Toronto rose about 12 percent from September, an above average move and one that points to “stronger fall market conditions,” the realtor group said Thursday. Transactions were still down 27 percent from a year earlier. Average prices climbed 2.3 percent to C$780,104 ($606,200) in October from a year earlier, and were up almost 1 percent from September, the…

Nov 10, 2017 / by admin / No Comments

The Canadian government is making it even harder for you to buy a house

If you have more than 20 percent of the cost of a home saved up for a downpayment, it’s probably a good idea to go right ahead and buy that property — come January 1, 2018, it will be much harder to qualify for a mortgage. The Office of the Superintendent of Financial Institutions (OSFI), Canada’s banking regulator, confirmed on Tuesday, Oct 17  that there will now be a qualifying “stress test” for all uninsured mortgages, affecting consumers with down-payments of 20 percent or more. Under current housing rules, only borrowers with a down-payment of less than 20 percent require mortgage insurance.…

Oct 30, 2017 / by admin / No Comments