October 2016 New Mortgage Rules in effect
With the new Release of Mortgage Rules effective October 17th this year, the Federal Government is merely being conservative in Buyers now having to qualify for a Mortgage based on Bank’s Posted 5 year fixed rate of 4.5% instead of the Bank’s Discounted rate of $2.5%. This is to make sure that applicants can manage mortgage payments in the event of interest rates increasing. For more information about Mortgage Insurance Rules and Mortgages: Data on Mortgages Department of Finance Canada
High Home Prices and Low Inventory
Despite the Cooling Temperatures that are slowly coming upon us, the Real Estate Market in Toronto and GTA, is everything but Slow and/or Cool.
September 2016 The Average Sale Price of a Detached Home in the GTA (Greater Toronto Area) is $755,755 up 20.4% over last year, and the Average Sale Price of a Detached Home in The City of Toronto is $1,294,482 up 23% over last year – same time.
We still have Affordable Lending, Good Local Economy and, as The Globe and Mail Reports Toronto is world’s best city to live in, Economist study says, so seeing this Market Slow Down or Cool off is not happening in the distant future.
Detached $1,294,482 Days on Market 13
Semi-Detached $ 887,916 Days on Market 10
Condos $ 446,294 Days on Market 24
For more Detailed Information, Read Harvey Kalles Monthly Real Estate News for October 2016 below:
Thinking of Making a Move?