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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com





News
20 February 2020

GTA home buyers will prefer detached houses

The recent report by the Toronto Residential Real Estate Board (TRREB) shows that a large part of potential buyers in the GTA will focus on detached housing in 2020.

The share of this buyers category reached 42% last fall, which is significantly lower than 54% seen in fall 2015. The main reason for such a decline is the OSFI-mandated mortgage stress test.

“Trying to adjust to the stricter qualification standards, potential buyers followed various ways. The most popular ones included reducing the price range, changing home type or its location,” - TRREB noted. “Some buyers switched to alternate lenders.”

 
19 February 2020

January 2020 – housing market supply shrinks, while prices go up

The recent report by the Canadian Real Estate Association (CREA) suggests we may face sharp sales and price growth in 2020.

Home sales were up by 11.5% annually, with the average price growing by 11.2% to $504,350. In addition to it, the overall cost of properties sold keeps growing. The MLS Home Price Index went up by 4.7% on a year-over-year basis, marking the eighth consecutive monthly increase. The national housing prices were about 5.5% higher than in May of 2018 when the market faced its lowest part of slowdown.

Last month, home prices rose in 14 of the 18 markets CREA tracks. However, in case we exclude Toronto and Vancouver from the calculations, the national average prices will be cut by $110,000 to $395,000.

Nevertheless, the main topic of this year for Canada’s real estate market could be a lack of supply, as the number of newly-listed homes was almost unchanged in January, rising by only 0.2% after months of decreases. As a result, the number of new listings reached a 10-year low, and the sales fell by 2.9%.

 
18 February 2020

BREAKING NEWS! Mortgage stress test change is coming!

Today, Minister of Finance, Bill Morneau, stated there will be changes to the benchmark rate used for mortgage stress test. The new rules will be effective starting April 6, 2020. The new benchmark rate will be the weekly median 5-year fixed insured mortgage rate from mortgage insurance applications plus 2%.

Moreover, OSFI noted it’s considering introducing the same benchmark rate for uninsured mortgages, which will align minimum qualification limits for the insured and uninsured mortgages.

As you know, Mortgage Professionals Canada has been calling for untying the stress test rate from the central bank’s 5 year fixed rate since its implementation in 2016.

 
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News

20 February 2020

GTA home buyers will prefer detached houses The recent report by the Toronto Residential Real Estate Board (TRREB) shows that a large part of potenti...Read more >>

19 February 2020

January 2020 – housing market supply shrinks, while prices go up The recent report by the Canadian Real Estate Association (CREA) suggests we may fac...Read more >>

18 February 2020

BREAKING NEWS! Mortgage stress test change is coming! Today, Minister of Finance, Bill Morneau, stated there will be changes to the benchmark rate us...Read more >>
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