Mid Month [Mar 2012] Market update from Toronto Real Estate Board (TREB)
Average Price and Transactions up over last year in 416 and 905 areas. Click here for details.
Toronto Real Estate Board (TREB) Market Watch – November 2011
Healthy FALL Market continues in November – according to TREB; see the complete report and numbers here http://www.torontorealestateboard.com/market_news/market_watch/2011/mw1111.pdf
INCREASE in Newmarket Selling priceS since October 2010.
In October 2011 the average home price in Newmarket was $414,299 compared to the October 2010 average of $364,727; a 12.66% increase.
TREB said the average sale price in GTA reached $478,137 last month, an 8% increase from October 2010.
Jason Mercer, the board’s senior manager of market analysis, says “seller’s conditions” are in place throughout many parts of the GTA.
“Thanks to low interest rates, strong price growth has not substantially changed the positive affordability picture in the city of Toronto and surrounding places,” said Mr. Mercer.
Richard Silver, president of the board, noted the increase in listings has worked to boost sales and provide more product compared to what was available on the market in the spring and the summer.
Above statistics are from TREB Regional Housing Market Tables.
To Sell or not to sell your home – yourself?
Read this article from Mark Weisleder at moneyville.ca on selling your home yourself.
http://www.moneyville.ca/article/990097–why-i-wouldn-t-sell-my-home-myself
New Mortgage rules you need to be aware of – effective March 18th 2011.
The Canadian government has unveiled new guidelines for government-backed insured mortgages with down payments of less that 20%. Read more here.
GTA Realtors® Report – from TREB (Toronto Real Estate Board) January 6,2011
- Home Sales in the GTA for 2010 was 86,170 down 1% from 2009.
- Average home selling price in 2010 was $431,463, compared to $395,460 in 2009.
- In December 2010 the average annual rate of price growth was 5%.
- According to Jason Mercer, TREB’s senior manager of market analysis, we can “expect the average selling price to grow at or below 5% in 2011.”
- With this growth, mortgage carrying costs for the average priced home in the GTA will remain affordable to the average income household.
RE/MAX Fall 2010 – Market trends
Housing market expected to return to normal activity levels after summer lull…..see full report here.
From: RE/MAX Ontario-Atlantic Canada Inc. Market Report
New HST Tax in Ontario on new and resale Home transactions.
The provincial government has announced that it intends to combine the eight percent Provincial Sales Tax with the five percent federal Goods and Services Tax, creating a 13 percent Harmonized Sales Tax (HST).
- The HST is NOT YET IN EFFECT. The provincial government has indicated that it intends to bring the HST into effect beginning on July 1, 2010; however, note transition rules below.
- HST will not apply on the purchase price of re-sale homes.
- HST would apply to services such as moving cost, legal fees, home inspection fees, and REALTOR® commissions.
- HST will apply to the purchase price of newly constructed homes. However, the Province is proposing a rebate so that new homes across all price ranges would receive a 75 per cent rebate of the provincial portion of the single sales tax on the first $400,000. For new homes under $400,000, this would mean, on average, no additional tax amount compared to the current system.
From Toronto Real Estate Board (TREB)
New Mortgage Rules
The federal government has announced changes to the rules for government-backed insured mortgages (less than 20 percent down payment) as follows:
- All borrowers will be required to meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter terms.
- Reduced maximum amount that can be withdrawn in refinancing a government-backed insured mortgage to 90 per cent from 95 per cent of the value of the home.
- Require a minimum down payment of 20 per cent for government-backed mortgage insurance on non-owner occupied properties purchased for speculation. Borrowers purchasing owner-occupied residential properties will still be able to access government-backed mortgage insurance with a 5 per cent down payment.
