Toronto detached homes are seeing a decline in demand, almost as quickly as it rose last year. The Toronto Real Estate Board (TREB) numbers for February show falling prices. The price movement is expected, as higher inventory levels meet declining sales. BENCHMARK PRICES VARY FROM A 9% GAIN, TO DECLINES OVER 10% The prices of a detached home is lower across Toronto. The benchmark price fell to $915,300 across TREB in February, a 2.06% decline from last year. Detached homes in the City of Toronto saw the benchmark fall to $1,090,000, a 1.51% decline from last year. Prices in the ...
Update on The Toronto Detached Real Estate Inventory
March 16, 2018
Bank of Canada Overnight Rate Update
March 13, 2018
On March 7th, the Bank of Canada maintained its target for the overnight rate at 1.25%. The Bank rate is correspondingly 1.5% and the deposit is 1%. In Canada, national accounts data show that the economy grew by 3% in 2017, bringing the level of real GDP in line with the projection in the Bank's January Monetary Policy Report. However, in the 4th quarter, GDP was slower than expected, largely due to higher imports, while exports only made a partial recovery from their 3rd decline. The gain in imports mainly reflected stronger business investment, which adds to the economy's capacity. ...
Toronto Condo Rental Rates on the Rise!
March 5, 2018
The Toronto Real Estate market was changing in 2017, with the first six months experiencing sky rocketing year-over-year price increases of 30% - prior to the Fair Housing Plan, implemented by the Ontario Government in April, as an attempt to cool down the red hot Toronto Real Estate Market. Prices dropped immediately after the government regulation. Detached homes took the biggest hit, with values falling 5.3% from April to May. However, the city's condo market was not deterred, outpacing price growth of all other home types, rising 14.1% to $532,000 by the end of 2017. THE FACTORS BEHIND RISING TORONTO CONDO ...
Gap Between The Price of Toronto Condo's and Detached Home are Closing Fast!
February 28, 2018
Toronto Real Estate prices have been diverging recently. Toronto Real Estate numbers are signifying the falling prices of Detached homes and the all time high prices of condominiums! Condo Prices are getting closer in price to Detached homes, but currently the gap isn't unusual compared to historic trends! TORONTO CONDO PRICES INCREASE! Toronto condo prices are rising less quickly than they were last year, but are still going up, regardless! The Toronto Real Estate Board reported a condo benchmark price of $469,800. That is a 0.34% increase from the months before. The annual increase works out to be 19.88% higher ...
Get Active in Richmond Hill!
February 21, 2018
Calling all Richmond Hill residents: registration for Spring community classes starts Wednesday, February 28th! These affordable courses have something for all ages, from pre-school outdoor adventures to adult tennis, French language, knitting, and everything in between. Most classes range from $40-$150 and are taught by experienced professionals. You can view the full offerings here. To learn more about what Richmond Hill has to offer, contact us today With a strong community and endless family fun, Richmond Hill is a wonderful place to reside! If you're in the market for a beautiful Richmond Hill home, look no further than 72 Laurier ...
Saving Up for Your Down Payment? Here's How To Do It!
February 6, 2018
Saving up money is no easy task, especially if its a down payment for a home! You could keep all your savings in one account, but having a separate savings account that's dedicated solely to your home buying journey can be a big help! Keeping everything together can be a tad confusing and can lead to spending that money that you should be holding onto. But if you have a separate place to save up for your down payment, it can pay off in the long run! YOU'LL BE LESS LIKELY TO USE THE MONEY! It's true when they say "Out ...
Housing Market Expectations in the GTA for the 2018 Year
January 22, 2018
On Average, the Greater Toronto Area is facing a flat year for home prices in 2018. However, downtown Toronto and some suburban communities will be seeing higher prices! A 2018 housing forecast predicts that average national home prices will increase by 2.5% next year. Christopher Alexander, regional director for Ontario and Atlantic Canada at RE/MAX Integra, said pricing in the GTA will be uneven, with Central Toronto and communities such as Brampton and Oakville likely to see price gains in 2018, while York Region North of the city of Toronto is likely to remain weak next year. Communities in York ...
Update on the Canadian Economy and the Bank of Canada rate
January 19, 2018
The Bank of Canada increased its target for the overnight rate to 1.25%. The bank rate is correspondingly 1.5% and the deposit rate is 1%. Recent data has been strong, inflation is close to target, and the economy is operating roughly at capacity. HOWEVER, uncertainty surrounding the future of the North American Free Trade Agreement (NAFTA) is clouding the economic outlook. In Canada, real GDP growth is expected to slow to 2.2% in 2018 and 1.6% in 2019, following an estimated 3.0% in 2017. Growth is expected to remain above potential through the first quarter of 2018 and then slow ...
The New Mortgage Rules and How it Will Affect Housing
January 16, 2018
Last October, Canada's federal financial regulator announced that all uninsured mortgage borrowers, those with a downpayment of 20% or more, must now qualify against the Bank of Canada's five year Benchmark rate (currently 4.99%), or at their contractual mortgage rate PLUS 2%. The new mortgage rules follow a similar stress that was applied to insured mortgages with ledd than 20% down payment in October 2016. The new mortgage qualification rules are expected to have the greatest impact on first-time homebuyers in Victoria, Greater Vancuvor, Kelowna, North Bay, London, Barrie, Hamilton, Greater Toronto Area, Durham, Kingston, Ottawa, Halifax, and St. Johns ...
RE/MAX voted Canada's Most Trusted Real Estate Brand!
January 8, 2018
Market research firm BrandSpark surveyed 5,000 Canadians for their "Most Trusted Awards". The Survey looked at Canada's Major Services and retail categories. The votes are IN! RE/MAX was named the "Most Trusted Brand for Real Estate"! RE/MAX won by the largest margin of any of the brands in the categories, surpassing runner-ups Royal LePage and Century 21! RE/MAX Continues to hold up the top spot in the real estate realm! What influences brand trust? Survey Said: - 73% of respondents said timely responses to serious issues greatly increases their trust in the brand - 56% of consumers surveyed said providing ...