Are you curious what the average home price is for Mimico or New Toronto? I have the sold data for you! Here is your Mimico and New Toronto Market Update for October 2021.
I’ve compiled the sold data for all freehold home types that sold in the last 6 months from April 1, 2021 to September 30, 2021.
The latest sold numbers are in! Here is your Mimico and New Toronto Market Update for September 2021. I’ve compiled the sold data for all freehold home types that sold in the last 6 months from March 1, 2021 to August 31, 2021.
It is very interesting to note how the New Toronto and Mimico neighbourhoods are performing very similarly with the average days on market of 12-13 days and the median sales price at $1,200,000 and $1,215,000 respectively.
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Are you wondering how the real estate market did in Toronto and Etobicoke last month?
As many people are enjoying what they can of summer, heading out to their cottages and getting outside, strong housing demand still continues in the GTA.
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Are you wondering how the real estate market did in Toronto and Etobicoke last month?
The first half of the year is DONE! As quarantine restrictions are lifting, more people are getting double vaccinated including myself, I feel as if we are coming out of a deep slumber and looking forward to summer. I know I am! It’s been a tough 16 months, I think we all deserve some fun in the sun!
In terms of what is happening in real estate, there were 11,106 property sales reported last month across the GTA with the average price across all property types coming in at $1,089,536. Both the number of sales and average price reflect a transitioning of market activity over the past three months from a record pace that peaked in March 2021 to a more moderate yet robust pace in June.
June 2021 was the first month under the new stricter mortgage stress test imposed by the federal government. This may have had a slight cooling effect on activity, but the drop in pace of sales is more likely reflecting that in the absence of normal population growth due to stalled immigration, a pent-up demand has been satisfied, as TRREB Chief Market Analyst Jason Mercer suggests.
As TRREB President, Kevin Crigger points out, “A resumption of population growth based on immigration is only months away.” This anticipated influx and its associated housing demand will have an impact on the GTA market and may in part be informing the update to TRREB’s 2021 market forecast that has been revised upward from the initial 105,000 transactions to 115,000 transactions for the year.
In light of this the forecasted average selling price has been revised upward to $1,070,000 from $1,025,000.
What does this mean for you? If you are looking to sell, it is still very much a Seller’s Market right now with only 1 month of inventory. The average selling price continues to grow and bidding wars are the norm in the majority of home sales.
If you are a Buyer it is in your best interest to buy now before immigration opens back up. Otherwise, this will only result in more competition for you against a whole new set of buyers. Please speak to me about putting your home buying strategy in place.
Be sure to watch for my update next month as we continue to come out of our third wave of this pandemic and see what effect this may have on home sales in the GTA.
As always if you have any questions about your Toronto or Etobicoke neighbourhood please reach out to me.
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You’ve made the decision to buy your first home. Congratulations! This is a very exciting time for you! Finding your dream home should be an enjoyable experience. Yet, in today’s busy real estate market there are so many elements to consider when purchasing a home. Written with the experience of today’s real estate market, these tips will get your started as a quick reference for you, when considering all the costs involved with purchasing your first home. I find my buyer’s are way better prepared for the real estate market once they have read through these tips and have an idea of what to expect. So, let’s get started!
When you are thinking of selling your home, the very first thing you want to know is where to invest your time and energy in preparing your home for sale. Should you spend any money on renovating anything and what fix ups will yield the greatest return on your investment?
In terms of renovating, I usually advise against it. Renovating your home is very personal as well as subjective, what one person likes another may not. You want to appeal to a large audience of buyers when you list your home on the market. The best way to do that is by taking care of the basics first. Always spend time in these 2 areas:
Are you wondering how the real estate market did in Toronto and Etobicoke last month?
The May real estate home sales are in and we continue to see price acceleration and renewed demand for Condos in Toronto and Etobicoke. Here’s the lowdown on new listings, sales and the numbers to watch.
May 2021 real estate sales continued the ongoing story of tight demand and strong price gains in the GTA market. Although the number of sales in May declined for the second month in a row since the March 2021 peak, activity was still above pre-pandemic levels as well as the 10 year monthly average for this period.
Since 2018, all Canadian home buyers getting a high-ratio mortgage were subject to a mortgage stress test – the test applies now to ALL mortgages. Regardless of your actual mortgage rate, everyone has to qualify using a stipulated rate.
The current stress test rate is 5.25% effective as of June 1st, 2021
When you apply for a mortgage (including joint mortgages), you’ll be offered a contracted rate (your actual Mortgage rate). However, your bank needs to check you’ll be able to pay back your mortgage, even if your mortgage rate rises during your mortgage term.
To do this, they check your ability to make your payments based on The Bank of Canada qualifying rate, which is based on the mode average of posted 5-year fixed rates from Canada’s big banks. Currently, the Bank of Canada qualifying rate is 4.79%.
A High Ratio mortgage occurs when the down payment is less than 20% and needs mortgage insurance as well as a maximum amortization of 25 years.
In this scenario: $100k in income using the proposed Bank of Canada rate 5.25% qualifies for a $475,000.00 mortgage.
Mortgages with a 20% down payment or more, can have up to a 30 year amortization.
In this scenario: $100k in income using the proposed Bank of Canada rate 5.25% qualifies for a $520,000.00 mortage.
Interested to learn more? Please get in touch with me if you would like to be connected to one of my mortgage brokers who can get you pre-approved to find out how much mortgage you qualify for at today’s rates.
If you are a first time buyer and would like to know how much it will cost you to buy your first home. Download a copy of my Free First Time Home Buying Costs Guide. It goes into more detail besides mortgage fees, learn about costs for Home Inspection, Provincial and Toronto Land Transfer Tax, Real Estate Lawyer Fees, Home Insurance and more. You can download your free guide here.
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