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As Of January 1/18, It Will Be Harder To Get A Mortgage

As Of January 1/18, It Will Be Harder To Get A Mortgage

Canada’s banking regulator has tweaked its new mortgage stress-testing rule, ensuring home buyers will not have an unintended incentive to sign up for shorter-term mortgages. The Office of the Superintendent of Financial Institutions published revised final guidelines Tuesday for its controversial stress-testing rule, which requires buyers making down payments of more than 20 per cent […]

New Proposed Rules Will Reduce Your Buying Power

New Proposed Rules Will Reduce Your Buying Power

A proposal by Canada’s banking regulator to expand “stress tests” for mortgage borrowers will reduce how much house Canadians can afford by 21 per cent, says a new report from mortgage comparison site Ratehub. Reducing affordability by that much is likely to lead to a 10- to 20-per-cent decline in house prices, said James Laird, […]

Toronto’s Condo Market Continues To Defy Odds

Toronto’s Condo Market Continues To Defy Odds

There’s no denying that Toronto’s housing market is slumping badly. In the span of four months, average home prices have dropped by roughly 20 percent. In April, a Toronto home sold for $920,761 — August data from the Toronto Real Estate Board show an average selling price of $732,292. But strangely enough, condominium prices haven’t […]

Toronto Home Prices Likely Near Bottom

Toronto Home Prices Likely Near Bottom

Toronto’s roller-coaster real estate market took a swoop lower in August, the fourth-straight month that the average sales price in Canada’s largest city declined from a dizzying record high set in April. The Toronto Real Estate Board said Wednesday the average price for all home types in the Greater Toronto Area last month was $732,292, […]

Market Is Bottoming Out, “Soft-Landing” Is Likely

Market Is Bottoming Out, “Soft-Landing” Is Likely

Don’t count on the Bank of Canada to change its course of gradually higher interest rates because the housing market is weakening. After all, that’s what policy changes, particularly in British Columbia and Ontario, were put in place to do. The Canadian housing bubble — long feared to be vulnerable to a dangerous pop — […]

Trends Suggest Housing Market Will Rebound This Fall

Trends Suggest Housing Market Will Rebound This Fall

Price pressure and inventory-shortage argue against characterizing the current summer market as a “downturn” — versus a short lull — in the market. While this may dash the hopes of struggling first-time buyers, demographics and listing supply make it highly unlikely that the market will downturn past the summer months. At most, the lull would […]

Toronto’s Home Price Decline Is Not The New Normal

Toronto’s Home Price Decline Is Not The New Normal

Here’s what everyone wants to know about Toronto’s housing market — are these price declines the new normal? If they are, will we soon actually be able to afford a home in Toronto? If history is anything to go by, the answer to both those questions is a resounding no. It’s been almost one year […]

Market Stats – July 2017

Market Stats – July 2017

Market Continued to Adjust in July August 3, 2017 — Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 5,921 residential transactions through TREB’s MLS® System in July 2017. This result was down by 40.4 per cent on a yearover- year basis, led by the detached market segment – both […]

Housing Market Downturn Will Be Short-Lived

Housing Market Downturn Will Be Short-Lived

The federal housing agency says the current downturn in Toronto’s housing market is expected to be short-lived. Canada Mortgage and Housing Corp. (CMHC) says Toronto property prices, which have fallen over the last couple of months, should pick up again as demand bounces back. The Ontario government introduced measures in the spring, including a 15 […]

Market Stats – June 2017

Market Stats – June 2017

More Moderate Price Growth in June July 6, 2017 — Greater Toronto Area REALTORS® reported 7,974 sales through TREB’s MLS® System in June 2017 – down by 37.3 per cent in comparison to June 2016. The number of new residential listings entered into TREB’s MLS® System, at 19,614, was up by 15.9 per cent compared […]