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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

10 February 2020

RBC says Toronto real estate market is heating again

According to a new report, Toronto real estate market starts to look like at the beginning of 2016.

RBC Economics says the market shows signs of overheating with low inventories, growing prices, and a sales-to-listings ratio of 0.7, meaning we’ll see significant prices increase in the nearest future.

Senior economist Robert Hogue believes the Toronto real estate market may face double-digit prices gains soon, following an annual increase by 8.7% in January and by 7.3% in December. In other words, the tight market conditions remain.

7 February 2020

Mortgage stress test makes buyers leave GTA searching for affordable housing

The recent report by the Toronto Regional Real Estate Board (TREB) shows that more than half of potential home buyers in the GTA were affected by the Office of the Superintendent of Financial Institutions (OSFI) mortgage stress test last year.

Many of those who were influenced by the test had to change the home price they could afford, its location or type just to meet the stricter standards. As you know, OSFI introduced the test in 2018 because of a sharply growing debt level in Canada. As a result, now buyers need additional funds for mortgage qualifying.

“Because of this stress test many households decided not to list their properties and not to buy another home, as they wouldn’t be able to qualify under the new stress test,” - TREB noted.

However, there could be bad news for those who changed the type of real estate they are looking for in order to meet the requirements. According to Ipsos survey, the majority of potential buyers are interested in townhouses and semi-detached homes, but the new listings mostly consist of detached houses and condos.

6 February 2020

Toronto average real estate prices may reach $900K this year

Recently, Toronto Regional Real Estate Board (TRREB) released its fifth-annual Market Year in Review & Outlook Report. It says we may see strong growth in home sales and prices this year. Meanwhile, the housing supply is expected to remain unchanged or even go down.

TRREB predicts further home sales increase in the GTA, with 87,825 sales reported, marking a 12.6% gain from 2018. According to the report, strong sales were caused by lower fixed mortgage rates and positive labour market conditions.

Nevertheless, new listings were down by 2.4% in 2019, leading to a higher competition between buyers and a stronger price growth, with the average cost for all home types rising by 4% to $819,319.

In 2020, TRREB predicts still strong homeownership demand, as existing residents and newcomers will keep seeing a home purchase as a great long-term investment.

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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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