Overview: a look at the May 2022 GTA housing market, its shift towards more balanced conditions, and why now is the perfect time to buy a home. This recent headline from The Star sums it up clearly: GTA home prices drop $121K from February peak as rising rates gut sales Interest rates are rising, prices are plunging and sales are…
Tag: interest rates
GTA Housing Market Shows Signs of Cooling in March 2022
Overview: a look at the March 2022 GTA housing market, with insights on sales, prices, and inventory, plus advice for buying and selling. March was a remarkable month for Toronto real estate, with average home prices setting yet another record. The month also saw the first interest rate hike in 4 years, changes to the Foreign Buyers Tax, and record…
February 2022 GTA Housing Market: Sales Dip, Prices Rip
Overview: a look at the February 2022 GTA housing market numbers, with insights on sales, prices, inventory, interest rates & new Shared Equity Program. Like the last few months, February saw falling sales, rising prices and lacklustre listings. However, there are also major changes on the horizon. For instance, interest rates are climbing after being at historic lows since the…
March 2nd Interest Rate Hike: Everything You Need To Know
Overview: a forecast of the Bank of Canada’s March 2nd interest rate hike and its impact on Toronto’s housing market, plus advice on buying, selling and mortgages. After years of keeping interest rates at historic lows, the Bank of Canada (BoC) seems poised to raise them at last. In fact, rates have been holding steady at 0.25% since March 27,…
Ask An Expert: Advice From A Mortgage Agent
Overview: our first Ask an Expert blog provides insights and advice from a mortgage agent on borrowing, financing, interest rates, home appraisals, mortgage deferrals, and more. I recently interviewed Daniel Vyner, Principal Broker of DV Capital Corporation, for my Ask An Expert segment. Daniel’s job is to arrange traditional and alternative financing for real estate clients, as well as facilitate…
2020 Spring Market Forecast: What’s In Store for Toronto?
Overview: an in-depth look at Toronto’s upcoming 2020 spring market, including the impact of the coronavirus and economic uncertainty on buying and selling real estate. In our last spring market blog, we correctly predicted that “Toronto’s housing market is ready for another strong season.” February saw a 16.7% increase in average home prices across the GTA and sales were up…
March 2020 Interest Rate Cuts: Everything You Need To Know
Overview: a look at the Bank of Canada’s March 2020 interest rate cuts and their impact on Toronto’s housing market, including mortgages, buying and selling property, and the future of Toronto real estate. These two cuts, coming within days of each other, mark the biggest rate cuts since 2009—and the first in almost 5 years. Shortly afterwards, Canada’s major banks…
Benchmark Interest Rate: 2018-2019 Overview
The Decision Not To Raise Rates Steady as she goes. That seems to be the Bank Of Canada’s motto as, for the first time in over a year, it’s keeping the benchmark interest rate unchanged. In fact, since June 2017 both the central and chartered banks have hiked their rates a total of 5 times, the last occasion being October.…
Fixed Vs Variable Mortgages: Everything You Need To Know
Variable or Fixed Mortgage – Which Is Better? Since July 2017, the Bank of Canada has raised its key overnight rate four times. It currently stands at 1.5%, while the prime lending rate of big commercial banks is 3.70%. This has left many homeowners wondering which is better: fixed or variable mortgages? Furthermore, what are the benefits of mortgage insurance?…
Rising Interest Rates: Everything You Need To Know
Understanding The New Interest Rate Hike The Bank of Canada recently raised its key overnight rate by 25 basis points to 1.5%. Big banks like TD and BMO also followed suit, increasing their prime lending rate to 3.70% So how does this affect Toronto’s real estate market? The short answer: positively. While it costs more to borrow, the rate hike is…