Real estate prices are falling in Toronto, is there a crash in the way

  Post Title: Real estate prices are falling around Toronto, is there a crash in the way   Max Seal’s Comments: The title of this post says it all. In March, 2018, the media reporters are competing for catchy “going-down-the-hole” negative headlines to describe crashing of Toronto housing prices. Just 1 year ago back in March, 2017, the same media reporters were suggesting that thousands of buyers may not be able to buy a house in their lifetime unless they entered the housing market in the Toronto area right away when house prices were galloping. Some people outside the larger

Toronto home sales decline in January, 2018, may point to return to a normal market

  The prices appear relatively flat and the house sales were down about 40 per cent over the last two weeks in February, 2018, in the Toronto area compared to the same period in 2017, while condo sales dropped about 30 per cent, said Pasalis, real estate broker.   The real estate market has been affected by a series of policies like, (1) Ontario’s Fair Housing Policy, (2) a foreign buyers’ tax aimed at cooling the market, (3) a new mortgage stress test targeted at protecting Canadian banks from dangerously high household debt levels, and (4) the Bank of Canada’s

OSFI’s new mortgage rules will decrease home affordability

  OFSI’s (Canada’s banking regulator) has published final guidelines for its mortgage qualification rule. It will impose tighter standards on the uninsured market. Lenders will be required to “stress test” all uninsured mortgage loans at the greater of the Bank of Canada’s five-year (5) posted rate or 200 basis points (2 percentage points) higher than the negotiated contract rate. The rule is applicable where the buyer makes a down payment of at least 20 per cent of the home’s purchase price or higher. Home affordability will undoubtedly affect as a result of the changes. (the rate-comparison website) has calculated the

Toronto home prices drop more in August, 2017

 The Toronto Real Estate Board (TREB) reported that the average cost of a home in August — $732,292 (including all house sorts and condos) — was still up 3 per cent or about $20,000 to August, 2016. But that is still down about 20 per cent, or $187,000 lower than April, 2017 when the average cost peaked at $919,086. The number of housing sales in August also fell, 34.8 per cent on year over year.     Mr. Doug Porter, manager economist at BMO Financial Group, who was among the first to use the word “bubble” to describe Toronto’s soaring

How much you need to earn to sustain a home in Toronto

  Looking at the Toronto housing market through an analytical lens of percentages, changing sales numbers and interest rates may be the go-to method for industry insiders, but for many average customers, there’s really one thing that are important: “What can I afford?” To help answer that question, let’s calculate what degree of salary you or your household are going to need to attain in order to purchase a home, based on average prices in 2017 so far. First, we looked at costs for the entire Greater Toronto Area (both the 416 and suburban 905) by property type. There’s no

Toronto home sellers and buyers are into waiting game in August, 2017

  The real estate market is stalled and buyers and sellers are waiting to see what will happen when it comes back in September. “They’re not sure whether the market slowed down for the summer for normal, seasonal market reasons or whether we’re on a downward slope,” tells Mr. Kholodov, an agent. For now, it seems, many real estate agents and their clients are trying to grapple with the situation.   Mr. Guatieri, senior economist, Bank of Montreal, expects housing prices, which peaked in April, 2017 in the Greater Toronto Area, will continue to fall in the coming months before

Toronto Detached Home Prices Down $200,000 From Higher Prices

  Toronto’s detached real estate is having another rough month. Numbers from the Toronto Real Estate Board ( TREB) has been demonstrated that buyer indecision and substantial downward pressure to the detached home segment in July, 2017. Generally speaking, detached homes across TREB market area showed lower prices, less sales, and more inventory.   Prices Down Up To $205,000 From June, 2017 Detached prices remain in positive area, but are evidencing somewhat big declines. The benchmark cost, the price of a typical detached house, fell to $963,900 across TREB, a 6.16% decline from the month before. This price is still

Toronto home sales fell, new listings go down as sellers retreat in July, 2017

  Home prices continued to fall across the Toronto region in July, 2017 as purchasers stayed on the sidelines, but the tempo of growth of new listings also continued to slow as more sellers decided to wait for a better time to sell. The Toronto Real Estate Board reported the average sale price of all manner of properties sold in the Greater Toronto Area reached $746,218 in July, 2017, down 19 per cent from the market’s top in April, 2017 when house sales averaged $920,791, and down 6 per cent from June’s median selling price of $793,915. The average July,

Toronto home prices down for third month in a row in July, 2017

  Toronto Real Estate Board( TREB) says a third consecutive month-to-month drop in home prices in the Toronto region in July, 2017. Although the average price for all types of residences was still 5 per cent higher year over year, it was down about 6 per cent from June to $746,216. The number of sales also fell 40.4 per cent time over year in July, 2017. The CEO of Toronto real estate board cautioned that the traditionally slower summer sales aren’t best available market indicators. “We generally envision an uptick in sales following Labour Day, as a larger cross-section of would-be buyers

Home sales in Toronto go down in June, 2017

  Home sales in the Greater Toronto Area decreased 37.3 per cent last month compared with a year ago, Toronto real estate board said Thursday as purchasers moved to the sidelines following the introduction of legislation that is targeted at cooling one of the most run away housing marketplaces in North America. The Toronto Real Estate Board said 7,974 houses changed hands in June, 2017 while the number of new properties listed on the market climbed 15.9 per cent year-over-year to 19,614. The median price for all properties was $793,915, up 6.3 per cent of the members from the same