MFR Real Estate Update – October 2016
Record Sales in Toronto and the GTA
The Toronto Real Estate Board (TREB) reported record sales in August with a huge increase of 23.5% in resale transactions. In 2015 we had 7,943 units sold with a large jump to 9,813 sold in 2016. Note that we did have an extra 2 working days in 2016 but still this shows that the Toronto market is still sizzling hot!
The average selling price was up to $710,410 up 17.7% year over year compared to August 2015. All four major type of properties witnessed strong annual volume and price gains as follows: (as per the Toronto Real Estate Board)
- Detached homes +22.1% Volume Gain +21.5% Price Gain
- Semi-detached homes +8.6% Volume Gain +17.6% Price Gain
- Townhomes +22.8% Volume Gain +17.7% Price Gain
- Condos +32% Volume Gain +9.8% Price Gain
If you are thinking of buying, selling or investing please contact me for a free consultation and receive a $25 Tim’s Card courtesy of Modern Family Realtor.
Modern Family Realtor Partners with Out on Bay Street for Student Leadership Scholarship Worth $5,000
“We are proud and privileged to invest in the next generation of student LGBTQ leaders in Canada.” Paul Chan Founder of Modern Family Realtor. Congratulations to our winner Haim Abraham who is a Doctoral of Juridical Science Candidate at the University of Toronto Faculty of Law and a LGBTQ+ activist. In his doctoral dissertation, Haim argues that states engage in combat have moral and legal obligations to pay compensation for civilians who suffered losses during the conduct of the war. The second winner is Elliot Fonarev who is a third year law student at U of T. He studied philosophy and political science at Western University. Elliot will be articling with Iler Campbell, working in progressive law with grassroots organizations.
New Federal Mortgage Rules Impacting First Time Buyers
My clients are asking if these new rules will affect them as a potential home buyer? The answer is MAYBE it could have some impact on some buyers especially first time buyers and insured buyers. What will be the impact? These federal rules could limit or cut into the purchasing power of how much you could afford in the housing market. For example, before the rules you may have been pre-approved by your local bank for a $500,000 mortgage. Now with the new rules you can only get a $400,000 mortgage due to the stress test they implemented. With the rising cost of real estate in Toronto and the GTA this could make it more difficult for some people to afford the condo or house they really wanted. You may now have to settle for something smaller or wait on the sidelines until you can save for a larger downpayment. Please contact me today to get a better understanding of your own personal situation and if these rules will impact you.
As your real estate sales representative and former accountant I can assist you with any of your financial and real estate questions including creating a budget, RRSP Home Buyer’s Plan, Listing presentation, CMA, Buyer/Listing presentation and Income Taxes. Please contact me at 416-705-2444 to book a free consultation or visit our website for more information and listings at www.modernfamilyrealtor.ca.
From Your Modern Family Realtor Team – Paul, Ewan and Jasmine