Toronto Rental and Housing Update February 2011

The January numbers are in and we're off to 13% fewer sales in the GTA.  4337 in 2011 from 4986 in 2010.  The good news is that average prices have risen 4% from $409K to $427K.  According to Jason Mercer, TREB's senior manager of marketing analysis... “The average selling price is expected to grow at a moderate pace in 2011.  Growth rates in the three to five per cent range will be sustainable from an affordability perspective.”

Rental Market - There was a 27% increase in the "rental market" transactions from Sept 2010 to Jan 2010 compared to the same period of time in 2009.  At the same time there was a 22% increase in listings.  Many of these units are condo units bought buy investors who decided to lease instead of selling.  When you take a look at the rental rates in the Central, North, East and West district you see that the average rent either increased marginally or decreased by 1% in the 1BR and 2BR units.  Here are the numbers for the East & North Area.

East Area
• There were 107 one-bedroom apartments and 146  two bedroom apartments rented in TREB’s East Districts. The average rent for one-bedroom
apartments was $1,242 per month, down one per cent from the $1,259 per month recorded for the same period last year. The average rent for two- bedroom apartments was $1,505 per month – up marginally from last year’s figure of $1,501 per month.

North Area
• There were 195 one-bedroom apartments leased in TREB’s North districts for an average rent of $1,346 per month - up two per cent from last year’s average of $1,318 per month. There were 198 two- bedroom apartments rented for an average of $1,721 per month - up one per cent from the average of $1,703 per month recorded during the last four months of 2009.

The Toronto Condo Real Estate
www.TheTorontoCondoRealEstate.com

Jas Jagpal, BSc. York University - Toronto RE/MAX Sales Representative
Cell: 647-272-6629  O: 950-471-0002   F: 905-471-7441

Sign Up For Vip Savings with Jas.  BUY • SELL • INVEST • Assign • Lease in the GTA.

Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos, Toronto Real Estate Houses: www.JasJagpal.com
Blog Posted on: www.1stoprealestate.ca : www.TheCondoReport.ca : www.LinkToMorningside.com : www.MarkhamBoxgrove.com
Do you own a Condo at Scarborough Town Centre and looking to sell? 
Consider getting Jas's Flat FEE MLS Listing and SAVE Money.
© Jas Jagpal, 2011

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New Mortgage Rules Affecting Canadian Home Buyers and Sellers in 60 days

Some of you may have heard that our Finance Minister Jim Flaherty has just announced a few changes to our mortgage rules. They will take affect in 60 days:
 
1)        Maximum mortgage amortization will go from 35 years down to 30 years. (the difference works out to an extra $30 more per month for every $100,000 borrowed)
2)       The maximum you can refinance will go down from 90% to 85% of the value of the home
3)       CMHC will no longer support Home Equity Lines of Credit (if a client wants a line of credit to purchase, they must have 20% for down payment)
 
The first rule change may cause your clients to ‘act’ sooner rather than later, especially if they are interested in the 35 year amortization option.
The other 2 will likely have minimal impact as most clients refinance up to 75 or 80% so they won't have to pay CMHC premiums, and most clients do not qualify for CMHC lines of credit as the qualifications are very strict.
 
It is speculated that we will begin to see more ‘tightening’ of mortgage rules in the next few months as rates are forecasted to increase & we ( Canada ) try not to end up like the US .

Here is net impact of the first change a client with 90K income that could qualify for 415K with 5 % down, Now the same client will qualify for 397K, another way to look at it is that 4K more in income would be needed to qualify for 415K purchase price. THIS IS EFFECTIVE AS OF MARCH 18 for Mortgages and April 18 for Line of credit.

Here is the link to the official change: http://www.fin.gc.ca/n11/11-003-eng.asp

Wayne Marks TD - Mortgage Specialist
Raja Paul TD- Mortgage Specialist

The Toronto Condo Real Estate
www.TheTorontoCondoRealEstate.com

Jas Jagpal, BSc. York University - Toronto RE/MAX Sales Representative
Cell: 647-272-6629  O: 950-471-0002   F: 905-471-7441

Sign Up For Vip Savings with Jas.  BUY • SELL • INVEST in the GTA.

Do you own a Condo at Scarborough Town Centre and looking to sell? 
Consider getting Jas's Flat FEE MLS Listing and SAVE Money.

Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos, Toronto Real Estate: www.JasJagpal.com
Posted on: www.1stoprealestate.ca : www.LinkToMorningside.com: www.MarkhamBoxgrove.com
 

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News: Toronto Maple Sikhs - New Years Polar Bear Dip - Videos

WOW!  Fantastic Day it was.

Just Imagine two dozen Maple Leaf Sikhs taking the plunge in Freezing Lake Ontario!  It happened on Jan 1st, 2011 in pouring rain. 

As a team we had three goals and we reached them all.  

1.  Have female involvement. 

2.  Double the number of participants from last year's dozen. 

3.  Be the #1 Fundraising Team.

We had six ladies take the plunge and we raised over $7000 for Toronto's Habitat for Humanity more than twice the second place team.

For 2012 - We're hoping that more young Toronto Sikhs and Non-Sikhs join us! 

It would me amazing to see 50 people take the plunge and raise more than $10K for Toronto's Habitat for Humanity.

My sincerest Thanks to all those who sponsored me and helped me raise my goal of $1000!

I have uploaded a few videos to my YouTube channel.  Search "Toronto Maple Sikhs" or "Jas Jagpal".  I spent a considerable time editing the shots my wife took and even created a slow-motion classic with the "Chariots of Fire" Olympic soundtrack from my school days.

OK!!!! I promise my next posting will be back to the Toronto Real Estate Market.

Happy NEW YEAR and may it be full of Happiness, Health and Success!

Links to YouTube Videos

1.  http://www.youtube.com/watch?v=ectIXOazfGw   (Chariots of Fire - 8 min)

2.  http://www.youtube.com/watch?v=PCLEcHG94Zw  (Live Version - 5min)

3.  http://www.youtube.com/watch?v=v0c6kcqJCMI  (News- CP24 - 1min)

4.  http://www.youtube.com/watch?v=oiGJORiWVZs (Capturing Still Pictures - 1min)

__________________________________________________________________

Jas Jagpal, BSc. York University - Toronto RE/MAX Sales Representative
Cell: 647-272-6629  O: 950-471-0002   F: 905-471-7441

Sign Up For Vip Savings with Jas.  BUY • SELL • INVEST in the GTA.

Do you own a Condo at Scarborough Town Centre and looking to sell? 
Consider getting Jas's Flat FEE MLS Listing and SAVE Money.

Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos, Toronto Real Estate: www.JasJagpal.com
Posted on: www.1stoprealestate.ca : www.LinkToMorningside.com: www.MarkhamBoxgrove.com
 

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Posted via email from Markham Boxgrove Real Estate Blog