- DETACHED HOMES – 307
- SEMI-DETACHED – 184
- ATTACHED/ ROWHOUSE – 58
- CONDO APARTMENT – 867
- CONDO TOWNHOME – 79
- C0-OP/ CO-OWNERSHIP APARTMENT – 6
We are sure you are familiar with the old saying: “those that don’t learn from history are destined to repeat it”. Of course, we are talking about buyers. Last year at this time, many buyers decided to sit out the market over most of December only to pay the price in the new year. Losing out on multiple o ers takes its toll (it’s called buyer fatigue) but our advice is to keep up the pressure until the new year… chances are you will be happy you did. Last year prices shot up by double digits and have kept that pace all year long. While there are fewer homes on the market, the ones that are available have negotiating room. Meanwhile, the condo market continues to thrive as frustrated home buyers consider the condo alternative.
The new mortgage rules have been in place for a few weeks now and they have pretty much everyone scratching their heads trying to gure it all out. The reality is that it will take a few months for the dust to settle. In the meantime, if you are planning on buying a home, talk to a mortgage broker early in the process. If you have bought already, we recommend you hightail it back to the bank to make sure everything is still in order. Right now it is hard to determine if the measures put in place are designed to slow the Toronto real estate market OR serve as a precautionary approach to protect the bank’s exposure to higher debt levels. Our thinking is that overly stringent lending practices saved our collective Canadian bacon during the US housing meltdown of 2008 so this round of mortgage rule changes, although painful at rst, will go a long way towards a healthier housing market.