Here we Go Again! Our Latest Offering To The Buying Public!

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Just in time for those summer family or group gatherings

• Lovingly maintained and located The Elms neighborhood of Islington and Elmhurst
• 4 large bedrooms to accommodate 2 young families or maybe in-laws
• Parking can be for 6 cars

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More information on the details of the federal incentive to First-time home buyers

The program is called First-time Home Buyer Incentive first announced in March and to be implemented starting September 2, 2019. First closing to be on or after November 1, 2019. As there may still be changes keep in touch with your real estate agent to keep abreast.
Here's an excerpt from CBC news.

Government lays out fine print of new CMHC program that could contribute 10% to price of first home 

The government on Monday released details of a program  announced during the last federal budget, an initiative that could see Canada's housing agency contribute up to 10 per cent of the price of a buyer's first home if certain conditions are met.

Under the First Time Home Buyer Incentive program, which was announced in March and will officially launch in September, a first-time homebuyer who earns less than $120,000 can qualify. The Canada Mortgage and Housing Corporation would kick in up to 10 per cent of the purchase price of the home, providing the borrower can come up with the minimum amount for an insured mortgage, which is now at five per cent.

If that bar is met, the CMHC may kick in an additional five per cent of the purchase price of a resale home. For a newly built home, the CMCH may contribute up to 10 per cent.

The stakes from the CMHC would be interest free, meaning no ongoing cost to pay down, like a mortgage does. But the government says in exchange for its stake, the CMHC would get to participate "in the upside and downside of the change in the property value" — which means they would be entitled to any corresponding increase in the value of a home when the buyer eventually sells. On the flip side, the government would also on the hook for any share of the loss if the property depreciates.

On a home costing $500,000, if the borrower puts up $25,000 and the CMHC puts up the same amount, the CMHC would then own five per cent of that home. So if, down the line, the house appreciates to $600,000 and the borrower wants to sell, they would have to give the CMHC five per cent of the sale price — $30,000 in this example — not the $25,000 the CMHC put down in the first place.

While a bill would be paid down the line, the savings over the years could add up. In the example above, the program would save a would-be borrower $286 a month in mortgage costs over the life of the loan, $3,430 a year.

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THIS LISTING SOLD FOR OVER THE ASKING

We have been entrusted to market this STUNNING UNIT for you to live in or as an investment!

• Gorgeous one bedroom + den on the 37th floor with spectacular views of the city, lake or CN Tower
• Floor to celling windows with open balcony with fabulous facilities including a fitness centre
• Direct access to subway, Union Station, Air Canada Centre and stores

DETAILS:
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What is in the Federal budget for 'first time home buyers'?

First Time Buyers:
Is the government lending you a hand in acquiring a house? You've probably read about how qualifying  for a mortgage have been changed with more stringent rules making it harder for buyers to qualify for a mortgage- well here's some good news- the 2019 Federal Budget has some help for first time buyers. Thru CMHC and in return for 10% ownership, it can now be easier to qualify.

"Precise details of how the program works won't come out until later in the fall, but today the government provided a rough breakdown of how it might work for a prospective buyer. If a first-time buyer wants to buy a home that costs $400,000, they'd have to come up with a $20,000 down payment, under both the new rules and the old ones.

Normally, they'd have to take out a loan for $380,000 to cover the rest of the purchase price — but under the new program (if it's a newly constructed home), CMHC could kick in $40,000 toward the purchase price, in exchange for a 10 per cent stake in the home.

That brings the buyer's mortgage down to just $340,000 for the home, instead of $380,000. On a standard mortgage at 3.5 per cent interest, that translates into a monthly mortgage payment more than $200 lower than it would have been for the 25-year life of the loan. That's more than $2,700 a year in potential savings."

Read the complete article here.

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THIS LISTING HAS BEEN LEASED FOR 5 YEARS!

You or perhaps someone in your family, a friend or colleague may want to lease a property to start a business. This place will be ideal for retail, office or clinic, medical or financial services, or consulting services. 

WE HAVE JUST BEEN ENTRUSTED TO MARKET THIS PROPERTY TO YOU-  2241 Dundas ST. W. In THE Roncesvalles AND DUNDAS AREA.

• Fantastic foot traffic- steps to Dundas West Station

  
  

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GTA Home Sales Down 16%

This article is from TREB Watch. The item is also discussed in the Toronto Star which I also posted on Facebook. Homeowners should take note of this development to be guided on what your plans are for the year 2019- real estate wise.

TREB RELEASES RESALE MARKET FIGURES AS REPORTED BY GTA REALTORS® TORONTO, ONTARIO, January 4, 2019 – Toronto Real Estate Board President Garry Bhaura announced that Greater Toronto Area REALTORS® reported a total of 77,426 residential transactions through TREB’s MLS® System in 2018.  This result represented a 16.1 per cent decline compared to 92,263 sales reported in 2017.  Total new listings entered into TREB’s MLS® System were down by 12.7 per cent over the same period to 155,823. 

The overall average selling price for 2018 transactions, at $787,300, was down by 4.3 per cent year-over-year for all home types combined across the TREB market area. 

Home prices were up very slightly in the City of Toronto and down in the surrounding GTA regions. This dichotomy reflects the fact that the condominium apartment segment, which accounted for a large proportion of sales in the City of Toronto, performed better from a pricing perspective than the detached market segment.  The average price for condominium apartment sales across the TREB market area was up by 7.8 per cent year-over-year.

 “Higher borrowing costs coupled with the new mortgage stress test certainly prompted some households to temporarily move to the sidelines to reassess their housing options.  With this said, it is important to note that market conditions were improved in the second half of the year, both from a sales and pricing standpoint,” said Garry Bhaura, TREB President. 

“After spiking in 2017, new listings receded markedly in 2018.  In many neighbourhoods, despite fewer sales from a historic perspective, some buyers still struggled to find a home meeting their needs.  The result was a resumption of a moderate year-over-year pace of home price growth in the second half of the year.  Price growth was strongest for less-expensive home types, as many home buyers sought more affordable home ownership options,” said Jason Mercer, TREB’s Director of Market Analysis and Service Channels.

On February 6, TREB will be releasing its fourth annual Market Year-in-Review and Outlook Report.  The report will feature the latest results from the Ipsos surveys of existing home owners and intending home buyers.  The surveys will cover off home buying intentions, impacts of recent government policy decisions, interesting information on investment property ownership, renovation spending and mortgage trends.  The report will also contain information on the new home and commercial real estate markets.  New research on mid-density housing by the Ryerson Centre for Urban Research and Land Development and a study on transit-supportive development by the Pembina Institute will also be presented.