Located In An Enclave of Best Priced Street Level Townhomes in Toronto

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The marketing of another property has just been entrusted to us and as usual we'd like you to be among the first to know!

A well kept unit in an enclave of the best priced street level townhomes in Toronto. Investors cant go wrong here too as all comparable townhomes in the area are in the $500K range and over. Convenience at its best- grocery, schools- Humber College or Henry Carr, hospital, easy access to Hwys or park, shopping and entertainment. Steps to TTC.

262 John Garland Blvd. #203

Call 416 887 5193 ask for Alex for more information.

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This listing is sold firm. Thanks for your help!

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The best location you can find in Scarborough! Stroll to every convenience you'll ever need- shopping, entertainment or TTC and more.. A larger unit of 3 bedrooms plus den ideal for family or work at home professionals.

8 Lee Centre Dr. #1510

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GTA Home Prices Dropped 14% From A Year Ago. One's downfall maybe an opportunity for others!

Excerpted from The Toronto Star:
While this confirms a drop in sales and prices, read to the end as the 2nd half of the year may be a different story. It may be an indication that now may be a good time to buy that house that you missed.
GTA home sales down 40 per cent in March compared to last year, report shows

The average home price fell 14 per cent to $784,558 year over year, as the province’s Fair Housing Plan, new federal mortgage rules and higher borrowing costs prompted some buyers to hold off, the Toronto Real Estate Board said.

GTA home sales in March dropped 40 per cent compared to March 2017, according to a report from the Toronto Real Estate Board.  (Andrew Francis Wallace / Toronto Star file photo)

By Jaren KerrStaff Reporter

Wed., April 4, 2018

Home sales in the GTA dropped 40 per cent year over year in March, with the average price also decreasing by 14 per cent, according to the latest Toronto Real Estate Board report.

TREB reported 7,228 residential transactions last month in the GTA, a steep drop from the record 11,954 sales reported in March 2017. Last month’s figure is down 17.6 per cent compared to average March sales for the previous 10 years.

The average price in March 2018 was $784,558 for all housing categories in the GTA, including detached, semi-detached, townhomes and condos. The average price was $915,126 in March 2017.

For the city of Toronto, the average price of a home was $817,642, down about 9 per cent from $897,856 a year earlier.

The share of high-end detached homes selling for more than $2 million in March 2018 was half of that reported in March 2017, further affecting the average price.

“The effects of the (Ontario government’s) Fair Housing Plan, the new (federally mandated mortgage) stress test and generally higher borrowing costs have prompted some buyers to put their purchasing decision on hold,” Tim Syrianos, president of the real estate board, said in a news release.

The number of new listings also decreased 12 per cent, year over year, in March.

“Right now, when we are comparing home prices, we are comparing two starkly different periods of time: last year, when we had less than a month of inventory, versus this year, with inventory levels ranging between two and three months,” said Jason Mercer, TREB’s director of market analysis.

“It makes sense that we haven’t seen prices climb back to last year’s peak. However, in the second half of the year, expect to see the annual rate of price growth to improve compared to (the first quarter), as sales increase relative to the below-average level of listings.”

The average GTA home price in March increased slightly from the previous month, when it was $767,818.

What's Important to You in the 2018 Provincial Budget?

Excerpted from TREB News

These are the highlights of the budget already in summary form as prepared by OREA. There is a projected deficit of $6.7 billion with some benefits to trickle to you. Know it as a taxpayer.

Highlights of the 2018 Ontario Budget

March 29, 2018 -- The 2018 Ontario Budget, entitled A Plan for Care and Opportunity, was unveiled by The Honourable Charles Sousa, Ontario Minister of Finance, on Wednesday, March 28.

OREA has provided a summary and noted that the Budget, which proposes additional spending with a projected deficit of $6.7 billion in 2018 and continued deficits through 2024, offers little in terms of housing and no major new proposal to help young families afford a home.

Below are some of the highlights and major features of the Budget:

• A new Seniors' Healthy Home Program, which provides up to $750 annually for eligible households led by seniors 75 and over to help them live independently and offset the costs of maintaining their homes;
• A decrease in residential electricity bills as of July 1, 2017, by 25 per cent on average, and up to 40 or 50 per cent for eligible rural and low-income families.
• A new Ontario Drug and Dental Program for those without extended health plans;
• Free preschool for children aged two-and-a-half until eligible for kindergarten, beginning in 2020;
• An extension to OHIP+ that will provide people aged 65 and over with free prescription medication;
• An increase in minimum wage to $15 per hour in 2019;
• Free college and university tuition for 225,000 students;
• Investment of $2.1 billion to improve mental health care;

In advance of the Budget, TREB, along with OREA and other stakeholders, successfully secured a halt on Mandatory Home Energy Audits (HER&D), and we're pursuing an optional model. These audits would have resulted in lengthy delays in the home selling process and additional maintenance costs for homeowners.

How Did The Latest Canges To Mortgage Rules Affect House Prices!

Toronto is holding out!

As excerpted from Huffington post.

House Prices Falling In Majority Of Canadian Cities As New Rules Kick In

But Vancouver is back to its old tricks, and Toronto is seeing a temporary bounce.

By Daniel Tencer

Todd Korol / Reuters

For sale signs line in Calgary, Alta. Calgary was among the cities that saw falling house prices in January, according to the Teranet-National Bank house price index.

House prices fell in a majority of Canadian cities in January, the first month of tough new mortgage rules at the major banks, new data shows.
The latest edition of the Teranet-National Bank House Price Index shows prices falling in seven of the 11 cities covered.

Among them are Ottawa-Gatineau, Hamilton, Calgary and Edmonton. Halifax, Quebec City and Winnipeg saw particularly steep drops for a single month, with each city's price index down at least one per cent.

HuffPost Canada

It's a different story in Vancouver, where the market appears to be up to its old tricks again — rapid house price increases. The city's price index is up 1.2 per cent on the month, and up nearly 17 per cent over the past year.

Detached home prices in the city are up 13.5 per cent over the past year, while condos have soared by 23 per cent.
Without Vancouver, the national house price index would have dropped for the fifth month in a row, National Bank senior economist Marc Pinsonneault said. But with Vancouver included, it rose 0.3 per cent in January.

Do You Want Your Mortgage Subsidized By Tenants?

A rare opportunity to own a large investment property with 3 self contained units in the heart of Bloordale village?

• live in one unit and rent out 2 units
• solid brick Edwardian home on a quiet street
• basement unit has a separate entrance and can be combined with main floor unit
• great character with unlimited potential
• walk to Bloor Station, Burdock, and Dufferin Grove park

Click here for more information

A More Detailed Information On Changes To Mortgage Rules Soon To Take Effect

A few weeks ago I posted an article from OSFI (Office of the Superintendent of Financial Institutions) about changes to the mortgage rules taking place by January of 2018- roughly in 2 months. This may affect first time buyers and those planning to upgrade. This article details how it may affect you. Contact your realtor if your need more information.
Excerpted from Condo Now
Purchasing Your First Home Before January 1, 2018 May Immediately Be On Your To-Do List and Here’s Why

Purchasing Your First Home Before January 1, 2018 May Immediately Be On Your To-Do List and Here’s Why

According to the Office of the Superintendent of Financial Institutions (OSFI), tougher mortgage qualifying rules will take effect as soon as January 2018.

Why is this so important?

If you barely qualify for a mortgage now, you won’t in 2 months.
The new OSFI minimum qualifying rate, also known as the “stress test”, will be a requirement for all home buyers, including pre-construction condos, resale, freehold, and others requiring a mortgage. Presently, prospective home buyers with down payments of 20% or greater are not required to purchase mortgage insurance, and therefore forgo any preliminary testing.
Come January, new home buyers who fall under the uninsured borrower umbrella will submit to the same assessment as insured borrowers, with the qualifying rate ensuring that new mortgages, regardless of the down payment size, will be able to pay the loan if interest rates become higher than they are today. Meaning that, borrowers will be tested at either greater than the five-year benchmark rate, or two percent higher than their actual mortgage rate- whichever one is higher.
This equivalent of a 2% rate hike will equate to a drop of approximately 15-20% in purchasing power.
By the new year, some potential mortgagees may no longer be able to afford buying real estate.
With the help of Ratehub.ca’s Mortgage Affordability Calculator, here is an example of how the numbers tally up now, versus just about two months from now.

OCTOBER 2017 Vs. JANUARY 2018

Example:

Buyer’s mortgage rate is lower than the bank of Canada’s five-year benchmark rate
Current Bank of Canada Benchmark: 4.89%
Annual Income: $100,000
Down Payment: 20%
5 Year Fixed Mortgage Rate of 3.09%
Amortized over 25 Years
Results:
October 2017 maximum affordability: $706,692
January 2017 maximum affordability: $559,896

*Noteworthy:  The new stress test rules will not apply to mortgage renewals as long as you remain a client of your existing lender.