Monthly Archives: March 2019

TREB February Report

TREB Calls For Longer Amortizations to Ease Stress Test: February Report

By: Zoocasa

The Toronto Real Estate Board is blaming a soft housing market on tighter mortgage lending rules — and wants 30-year amortizations back to fire up sales.

Sales declined 2.5 per cent to 5,025 transactions, while property prices edged down 1.5 per cent to $780,400 this February year over year.

“The OSFI-mandated mortgage stress test has left some buyers on the sidelines who have struggled to qualify for the type of home they want to buy. The stress test should be reviewed and consideration should be given to bringing back 30-year amortizations for federally insured mortgages. There is a federal budget and election on the horizon. It will be interesting to see what policy measures are announced to help with home ownership affordability,” said TREB President Garry Bhaura.
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Toronto Luxury Condos

Which Condos are Toronto’s Most Expensive?

By: Zoocasa

While the weight of the Ontario Fair Housing Plan and the mortgage stress test resulted in 2018 being one of the worst years in recent record for the Toronto real estate market, condos saw a boost in popularity among home buyers.

While the average home price fell 4.3% to $787,300 over the year, the average condo saw the most price growth among all property types. With an overall increase of 8.7%, condo prices averaged at $593,366 for 2018.

At the other end of the spectrum, detached home prices offset the increase with a price decline of 7.1%. Semi-detached and townhouses had a slight uptick for price growth at 1% and 2.7%, respectively.
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