Wishing everyone a safe, happy and healthy Thanksgiving!
Nilufer Mama's blog
09 Oct 2023
28 Sep 2023
Most Canadian buyers need more income to qualify for mortgages
Recent increases in borrowing costs have led to buyers across Canada requiring more income to qualify for a mortgage, except in Toronto and Hamilton, a new study has found.
The Ratehub.ca report examined average prices in August from July in most major cities with more than half seeing declines, led by Toronto and Hamilton.
In Toronto, for example, the average price declined nearly $20,000 to about $1.141 million in August.
That led to the annual income required to decline $1,950 to $233,300 to qualify for a 25-year amortized mortgage with the average fixed, five-year...
16 Sep 2023
GTA Prices set to increase in Fall 2023 - [Video]
The 2023 Fall Housing Outlook predicts a softer market in the coming fall due to high rates and low inventory. The GTA is expected to see the average residential sale prices increased by 2.5%
Prices are anticipated to increase in
- Burlington
- Oakville
- Sudbury
The inventory shortage is particularly impacting younger homebuyers. 34% of Canadians planning to buy/sell in the next 12 months will wait for interest rate developments before deciding.
14 Sep 2023
Greater Toronto Area Real Estate Newsletter - Sept/Oct 2023
Sales and prices above last year's levels
But momentum stalls by interest rate hike
Greater Toronto Area (GTA) market activity in July grew more robust than during the same month a year ago. Sales in the GTA were up by 7.8 per cent compared to July 2022. New listings rose by an annual rate of 11.5 per cent and the average price increased by 4.2 per cent to $1,118,374. Still, the Toronto Regional Real Estate Board (TRREB) reported that the sales momentum seen earlier this spring has levelled off, largely due to yet another interest rate hike by the Bank of Canada in June....
06 Sep 2023
705 - 633 Bay Street Toronto - Condo Available for Rent [Video + Virtual Tour]
LOCATION! LOCATION! LOCATION!
About the property:
Beautiful And Spacious 1 Br Unit Galaxy Model At Popular Horizon On The Bay. White Kitchen With Brkfst Bar; Renovated Bath. Large Lr/Dr (Enough Space For A Work Area). Light Laminate Flooring; Ensuite Laundry W/Storage. Very Secure Building W/24Hr Concierge..Steps To Bus Terminal, Ttc, Eaton Centre, Restaurants, Hospitals And Univ. Amenities Incl Pool, Gym, Squash Court And Gorgeous Rooftop Deck With Hot-Tub And Great Views!
Extra info:
All Elfs, Pot Lights, S/S Stove, Dishwasher, Microwave; White Fridge And Stacked...
04 Sep 2023
Happy Labour Day
Wishing everyone a very Happy and safe Labour Day!
30 Aug 2023
What can Canadians expect from the Bank of Canada's next announcement?
Canadians should be hoping hard for a rate hold by the central bank next week, according to James Laird, co-CEO of Ratehub.ca.
“Borrowers should be budgeting for a rate hike so that they are prepared if it does happen,” Laird said. “The bank chose to raise at the last two announcements, so a raise is certainly still on the table.”
Any further upward movement in the central bank’s policy rate, which is already at a multi-decade high of 5%, will especially affect Canadians holding or looking for fixed-rate mortgage products.
“Depending on the bank’s policy announcement and...
22 Aug 2023
Greater Toronto Real Estate Market Update - July 2023
Compounding the impact of higher rates has been the persistent lack of listings to purchase.
16 Aug 2023
Navroze Mubarak to everyone celebrating
Wishing everyone celebrating a very happy, healthy and prosperous Navroze
13 Aug 2023
Record Drop in GTA's Condo Sales - [Video]
New condo sales in the GTA decreased to their lowest point since 2009. This means that they have gone down by 35% yearly. The decline in sales is being attributed to rising interest rates and inflation. This could lead to a serious supply shortage in the future.
