4
February Resale Housing Market Figures
0 Comments | Posted by Casey Ragan in Toronto Condo Market News, Toronto Real Estate News
The Toronto Real Estate Board reported 7,291 sales through the Multiple Listing Service® (MLS®) in February, representing a 77 per cent increase over February 2009. The average price for these transactions was up 19 per cent year-over-year to $431,509. Sales and average price increases represent both increased demand for ownership housing and the base year effect, which involves a comparison of economic recovery this year to a period of economic decline last year.
“Increases in existing home sales and average price were noted across the GTA in low-rise and high-rise home types. Similar rates of growth were experienced in the City of Toronto and surrounding 905 regions,” said TREB President Tom Lebour. “This suggests that first time, move-up and down sizing buyers are all active in the existing home marketplace.”
New listings also increased in February, climbing 24 per cent compared to the same month last year.
“Annual growth in new listings is expected to continue. New listings growth will start to outstrip sales growth as we move through 2010,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “As the market becomes better supplied, we will see more sustainable single-digit rates of price growth.”
Median Price
In February, the median price was $366,300, from the $312,900 recorded during February of 2009.
Article provided by the Toronto Real Estate Board.
| TERM |
RATE* |
25 YR AM** |
30 YR AM** |
35 YR AM** |
|
| 12 month convertible |
2.65% |
4.55 |
4.02 |
3.65 |
|
| 1 year open |
6.55% |
6.73 |
6.30 |
6.02 |
|
| 1 year closed |
2.34% |
4.41 |
3.87 |
3.49 |
|
| 2 years closed |
2.80% |
4.63 |
4.10 |
3.73 |
|
| 3 years closed |
3.40% |
4.95 |
4.43 |
4.07 |
|
| 4 years closed |
3.40% |
4.95 |
4.43 |
4.07 |
|
| 5 years closed |
3.79%* |
5.15 |
4.64 |
4.29 |
|
| 7 years closed |
4.95% |
5.79 |
5.31 |
4.99 |
|
| 10 years closed |
5.20% |
5.94 |
5.46 |
5.14 |
|
| Prime rate |
2.25% |
|
|
|
|
| Zero down - 5% Cash Back Option |
5.39%
|
6.04
|
5.58
|
5.26
|
|
Provided by MortgageBrokers.com
Shant Kaltakjian | Mortgage Professional
24
Low inventory levels set stage for heated Spring market, says RE/MAX
0 Comments | Posted by Casey Ragan in Canadian Real Estate News, Ontario Real Estate News, Toronto Real Estate News
Active listings down in 81 per cent of markets in January
Lack of inventory will be the greatest challenge facing housing markets across the country this Spring, according to a report released today by RE/MAX.
The RE/MAX Market Trends Report 2010, which examined real estate trends and developments in 16 markets across the country, found that unusually strong activity during one of the traditionally quietest months of the year has led to a sharp decline in active listings in 81 per cent of markets surveyed. The threat of higher interest rates, tighter lending criteria, and in British Columbia and Ontario, the introduction of the new Harmonized Sales Tax (HST) have clearly served to kick-start real estate activity from coast-to-coast, prompting an unprecedented influx of purchasers. As a result, 87.5 per cent of markets posted an increase in sales in January. Average price appreciated in 81 per cent of markets surveyed.
“There have never been so many motivating factors in play at once,” says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. “We’re in for a heated Spring market that will, in all probability, spill over into the summer months, as the window of opportunity draws to a close. The supply of homes listed for sale has been drastically reduced, housing values are once again on the upswing, and banks and governments are moving in unison toward stricter lending policies.”
Press release provided by RE/MAX Ontario-Atlantic Canada Inc.
| TERM |
RATE* |
25 YR AM** |
30 YR AM** |
35 YR AM** |
|
| 12 month convertible |
2.65% |
4.55 |
4.02 |
3.65 |
|
| 1 year open |
6.55% |
6.73 |
6.30 |
6.02 |
|
| 1 year closed |
2.34% |
4.41 |
3.87 |
3.49 |
|
| 2 years closed |
2.80% |
4.63 |
4.10 |
3.73 |
|
| 3 years closed |
3.40% |
4.95 |
4.43 |
4.07 |
|
| 4 years closed |
3.40% |
4.95 |
4.43 |
4.07 |
|
| 5 years closed |
3.79%* |
5.15 |
4.64 |
4.29 |
|
| 7 years closed |
4.95% |
5.79 |
5.31 |
4.99 |
|
| 10 years closed |
5.20% |
5.94 |
5.46 |
5.14 |
|
| Prime rate |
2.25% |
|
|
|
|
| Zero down - 5% Cash Back Option |
5.49%
|
6.10
|
5.64
|
5.33
|
|
Provided by MortgageBrokers.com
Shant Kaltakjian | Mortgage Professional
16
Tougher Mortgage Rules to Cut Down Default Risks
0 Comments | Posted by Casey Ragan in Canadian Real Estate News, Investing in Real Estate, Mortgages, New Construction Projects
Finance Minister Jim Flaherty announced tighter lending standards for mortgages, saying that while the housing market is “healthy” the moves are needed to “help prevent negative trends from developing.”
Here is the summary of the new rules:
- All borrowers have to qualify for a mortgage with a 5 year fixed interest rate regardless of whether they’re seeking a loan with a lower interest rate and shorter term
- Lowering the maximum amount borrowers can refinance up to 90% of the value of their home
- Minimum 20% down payment for government-backed mortgage insurance on “speculative” investment properties
See full articles from The Globe and Mail and CTV.
12
Ottawa Weighs Stricter Mortgage Rules
0 Comments | Posted by Casey Ragan in Canadian Real Estate News, Mortgages
Ottawa is considering new rules that would force banks to use tougher criteria to evaluate mortgage borrowers, a move to ensure that consumers aren’t taking on more debt than they can handle when they buy a home.
The key proposal under discussion would see the creation of new conditions the banks would have to follow when determining whether a customer can afford a mortgage, according to sources. Those rules would require banks to consider whether a person who takes out a variable-rate mortgage on a home can continue to make the payments if interest rates were to go up significantly.
Finance Minister Jim Flaherty is under pressure from a number of experts, including executives of major Canadian banks, to take action in the face of surprising strength in the country’s housing market, which shows no signs of letting up. The fear is that many of the borrowers who are buying homes because of unusually low mortgage rates will struggle with their monthly payments when interest rates rise. That could have a dampening effect on the broader economy by prompting consumers to cut back their spending as they direct all their money toward their mortgages.
Full article, provided by The Globe and Mail.
5
Sales Start Off Strong in 2010
0 Comments | Posted by Casey Ragan in Toronto Real Estate News
The Toronto Real Estate Board reported 4,986 transactions through the Multiple Listing Service (MLS®) in January 2010. This result represented a large increase over the 2,670 sales in January 2009 when the home sales were in a recessionary trough. Last month’s sales were slightly higher than the January average in the five years preceding 2009.
“The GTA housing market has rebounded well from the lows in sales experienced at the beginning of 2009. Sales climbed back to healthy levels across the GTA because the cost of home ownership remained affordable in the Toronto area,” said TREB President Tom Lebour. “Increasingly confident consumers moved to take advantage of affordable home ownership.”
The average home selling price in January 2010 climbed 19 per cent to $409,058, compared to 343,632 in the same month last year.
“Expect strong annual growth rates for existing home sales and average price through the first quarter as we continue to make comparisons to the weak market conditions at the beginning of 2009,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “The rate of sales and price growth will be lower in the second half of 2010.”
Median Price
In January, the median price was $350,000, from the $303,000 recorded during January of 2009.
Article provided by the Toronto Real Estate Board.
30
St. Lawrence Market Condo for Lease
0 Comments | Posted by Casey Ragan in Toronto Condo Listings
2 Bedroom, 2 Bathroom, with Parking and Locker.
King’s Court In The Popular St. Lawrence Market Area, S/W Corner Suite, Huge L-Shaped Terrace [Approx. 300 S.F] Spectacular Downtown & Lake Views, Open Concept Kitchen, Unique Walk-Out To Balcony In The Master Bedroom, Walking Distance To Everything, TTC At Your Door Step.
Fridge, Stove, Washer/Dryer, Microwave, B/I Dishwasher, All Existing Electrical Fixtures, Window Coverings, Rooftop Terrace With Bbq Area, Exercise Room, 24 Hr Concierge, Visitor Parking.
To view more Toronto condo listings visit www.TheCondoLife.com.
1 Bedroom, 1 Bathroom, with Parking and a Locker. $1,600/mth.
Live In 2 Of Toronto’s Most Upscale Neighbourhoods Rosedale & Yorkville, A Quiet Boutique Building ‘The Ramsden’, Steps To The Park, Toronto’s Finest Shopping, Restaurants And Cafes, Rosedale & Bloor Subways, Easy Access To Dvp, Be In The Centre Of It All!
Fridge, Stove, Dishwasher, Washer, Dryer, Existing Light Fixtures & Window Coverings. 9′ Ceilings, 2 W/O’s To Balcony. Parking And Locker Included. Concierge, Roof-Top Patio W/Bbq, Gym, Party & Games Room, Visitor Parking.
980 Yonge St # 406 ‘The Ramsden’ Virtual Tour
For the full listing, and other Toronto condo listings visit www.TheCondoLife.com.
6
Toronto Resale Market Resilient in 2009
0 Comments | Posted by Casey Ragan in Toronto Real Estate News
The Toronto Real Estate Board reported 87,308 MLS® transactions in 2009 – a 17 per cent increase over 2008. This result included 5,541 sales in December. The 2009 result was in line with the healthy levels of sales experienced between 2004 and 2006, but lower than the record of 93,193 set in 2007.
“After a slow start to the year, existing home sales rebounded during the second half of 2009,” said TREB President Tom Lebour. “As consumer confidence improved, many households moved to take advantage of affordable home ownership opportunities in the GTA. The strong residential real estate sector was a key contributor to overall economic recovery in Canada.”
The average home price in 2009 climbed four per cent to $395,460. The average price for December transactions was $411,931.
“Market conditions became very tight in the latter half of 2009. Sales climbed strongly relative to the number of homes listed for sale, resulting in robust price growth that more than offset average price declines in the winter,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “A greater supply of listings in 2010 will see home prices grow at a sustainable pace.”
Median Price
In December, the median price was $349,000, from the $305,000 recorded during December of 2008.
Provided by the Toronto Real Estate Board
To sign up for free monthly market reports, visit www.TheCondoLife.com.