Real Estate Newsletter

Liliana Usvat - B. Sc. Eng.
Sales Representative

Residential and (ICI) Investment
Homelife Eagle
Realty Inc.

Cell: 416-708-7454
Tel: 905-773-7771
Web: www.lilianausvat.com
E-mail: lilianausvat@yahoo.com

Call for a Free Over the Phone Home Evaluation

Ask for Liliana Usvat


Serving York Region and Toronto Areas

Market Watch
November 2, 2017 – Toronto Real Estate Board President Tim Syrianos reported 7,118 residential sales through TREB’s MLS® System in October 2017. 

On a year-over-year basis, October sales were down compared to 9,715 transactions in October 2016. Total sales reported through the first 10 months of 2017 amounted to 80,198 – down from 99,233 for the same time period in 2016.
Sold Statistical Summary for October /2017
Municipality Sold / Month Avg$ / Month
Aurora 57 $1,006,645.00
East Gwillimbury 30 $867,483.00
Georgina 70 $513,801.00
King 30 $1,608,017.00
Newmarket 97 $820,441.00
Richmond Hill 216 $969,670.00
Burlington 205 $727,561.00
Milton 163 $716,215.00
Oakville 234 $1,092,456.00
Brampton 653 $669,178.00
Mississauga 694 $684,158.00
Toronto C01 443 $684,521.00
Toronto C02 74 $1,405,233.00
Toronto C08 187 $681,609.00
Toronto C11 47 $877,455.00
Toronto C13 59 $818,202.00
Toronto C14 115 $781,275.00

“The housing market in the GTA has been impacted by a number of policy changes at the provincial and federal levels. Similar to the track followed in the Greater Vancouver Area, it appears that the psychological impact of the Fair Housing Plan, including the tax on foreign buyers, is starting to "unwind,” said Jason Mercer, TREB’s Director of Market Analysis. .

New mortgage rules in effect Jan.1 will have a 'significant dampening effect' on the market, says BMO's Doug Porter.

Toronto area home prices have slowed considerably since the market peaked in April with a 33 per cent year-over-year increase. In September, the Toronto Real Estate Board was reporting only a 2.6 per cent monthly year-over-year rise.

One of the major new rules is a requirement to subject uninsured borrowers to a 'stress test.' 

At the moment, anyone who puts down more than 20 per cent of the value of a home doesn't have to pay for mortgage insurance, and is considered an uninsured borrower.

Only insured borrowers — those who put down less than 20 per cent — are required to undergo a stress test of their finances, something they've faced since last year.

The test consists of ensuring the borrower would be able to pay back the loan if interest rates become higher than they are today. It was part of an attempt to rein in personal debt.

Under OSFI's new rules, people would have to show they can afford their mortgage payments at either the five-year average rate posted by the Bank of Canada, or two percentage points higher than whatever deal they were able to negotiate — whichever measurement is higher.

Your referral to your friends and family is highly appreciated.