Vacation Alert –
Please note that I am away this week returning August 3rd.
I am still connected and still reachable but my not be as quick as normal to respond.
If need be please call my office at 416-849-2121 and a trusted colleague will take care of immediate/urgent matters.
MID-MONTH SALES STATISTICS AVAILABLE – TREB
July 16, 2015 –Toronto Real Estate Board President Mark McLean announced that 4,332 sales were reported through TREB’s MLS® system by Greater Toronto Area REALTORS® during the first 14 days of July, 2015. This sales figure was up by 11.9 per cent compared to 3,871 transactions reported during the same timeframe in 2014. Over the same period, new listings were down by 5.4 per cent to 6,831. “There are many reasons why demand for ownership housing remains strong in the GTA. The fact that we benefit from steady population growth and a strong regional economy, compared to many other parts of Canada, is clearly important. On top of this, of course, home buyers continue to benefit from historic or near-historic lows in terms of
borrowing costs, which is key from an affordability perspective,” said Mr. McLean. The average selling price for July 2015 mid-month transactions was $610,724 – up by
11.5 per cent compared to the average price of $547,777 for sales reported in the first 14 days July 2014. Year-over-year price growth was reported for all major market
segments. “The persistent lack of listings in many segments of the GTA housing market has been a key story this year. We have seen strong demand from all buyer groups – from first-time
buyers through to those seeking to purchase a luxury home. The problem is that many of these would-be home buyers have not been able to strike a deal on a home
that meets their needs. The lack of supply has led to increased competition between buyers and strong upward pressure on home prices,” said Jason Mercer, TREB’s
Director of Market Analysis.
Mortgage Rates
Several articles and analysts have been predicting a housing price correction in Toronto. The last interest rate cut goes against this. We have had another record breaking June and bidding wars are still prevalent.
As long as homes are priced correctly, they are selling fast for top dollar. If homes are priced too high even for this market than it will take time as the market catches up.
Lenders are beginning to advertise variable rates as low as 1.85%! and fixed rates in the low 2’s . I have several EXCELLENT mortgage brokers that I can refer you too who will balance getting you the best rate with the right product (no tricks or hidden penalties etc. )
Just let me know and I can send along their contact info.
Remember 4-5 years ago many critics said that in 5 years rates would be much higher and that borrowers would be struggling with the prevailing rates at the time?
I am very interested in interest rates. As you know through my communications we are going to be building and the total build will be funded by borrowed funds. I of course want a low rate to lock into once the project is complete. This is a key factor for our viability. It will take about a year.
Construction Blog # 8
Demolition was going to start last week on the 20th. The demolition company was nowhere to be found (letting out a big frustrated sigh!)
After numerous phone calls, emails and texts I finally got a response on Friday that they will be sending a demo crew for this Wednesday July 29th to start.
Although I’m away this week my construction manager and brother from another mother will be on site to see the start. Parts of the demo will be recorded.
Fingers Crossed!
Have a great week, Anthony