Toronto rental prices have jumped by 20% or more in June from last June! Data from Rentals.ca shows the average 1 bedroom increased by 18.5% over last year and 2 bedrooms have increased by 23.4%! Average rental price of 1 bedroom median price in Toronto is $2100, an increase of 5% from last month and 2 bedrooms have grown 2.7% from …
You Can Save $$$ Money In A Cooling Housing Market | June 2022 Market Update
2022 has been quite a rollercoaster of a year. In Q1, we saw home values surge almost 30% year over year in values. With historical low-interest rates and the demand for housing was the main driving force. Inflation was rising fast and the Bank of Canada (BOC) started increasing the interest rates. Mortgage rates were at 2.7%, 4 rate hikes …
How the BOC interest rate hike of 1% will affect your buying power! | Chat with Mortgage Broker
July 13, the Bank of Canada raised the interest rates by 100 basis points. This 1% raise is the biggest one-time increase since 1998. It was higher than anticipated and this impacts lending rates as well as cost for lines of credit. A 1% increase to the prime rate will drive up your monthly payment. However, if you have a …
You Are Still Paying More Than The Peak In February!
You make a purchase, you live in payments. If you’re waiting for prices to come down more, you’re only going to end up paying more. Interest rates have come up by 1.25% with another hike expected in July and another in September. If you bought at the peak in February at low interest rates, you’re still paying less than if …
May 2022 GTA & Mississauga Market Update
The housing market has reacted to rising borrowing costs. What a difference a couple of months makes! GTA market sales are down 38.8% year over year. Active listings are up 26% from last year and the market is trending more towards a balanced market with 2.11 MOI. This is definitely a correction, but it’s not a crash. At the peak …
April 2022 GTA & Mississauga Market Update
The price is dropping. Compare to March, there has been a 1% decrease, 12K lower, in the average selling price in Mississauga. The number of transactions is also down on a monthly and annual basis. We are seeing a 42% decrease compared to last year and a 32% decrease compared to last month. As mortgage rates rose sharply over the …
Ontario Ban’s Blind Bidding Starting April 2023
The Federal Government has announced a ban on blind bidding, which is set to begin in April of 2023! What does this mean for you as a buyer or seller in the market? Currently, offers are kept private by law from other buyers, the substance of the offer; price, dates, conditions, etc. With the ban on blind bidding, buyers will …
March 2022 Market Update | Is The GTA Market Cooling Down?
We are experiencing more of a balanced market compared to last year at this time. March 2022 capped off the 3rd best March and 2nd best first quarter on record, where homes are selling at an average of $117,000 more than they were last year at this time! Let’s take a look at the numbers you need to know for …
Bank of Canada Increases Interest Rates | February 2022 Mississauga Market Update
We have seen a slight balancing in the market so far in 2022. In comparison to the same time last year, sale prices have gone up 27% here in the GTA! Since we are still experiencing very low inventory, it will take some time for the pace of price growth to slow down. Here are the numbers you need to …
Sold Prices UP 28.6% From the Same Time Last Year | January 2022 Mississauga Market Update
Demand for housing ownership in the GTA still remains VERY strong from a historic perspective in January this year. In fact, Toronto just became the most expensive metro market in Canada, beating Vancouver! In comparison to the same time last year, sold prices have gone up another 28.6% here in the GTA! Many (including myself) have said we’ve had low …