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Home prices in Toronto rise to record levels and here’s what experts say will happen next 🏡📈

The frenzied pace of home buying Toronto experienced in 2020 has waned but prices continue to increase. As anyone searching for a home knows, it is difficult to find a decent home under $1 million unless you want to live in a shack or run-down bungalow. And it is not just in Toronto. Across Canada, home sales dipped -0.5 percent from July and -14 percent compared to 2020’s scorching summer market but it’s still the second-best August in history for real estate transactions, according to a new report from Zoocasa. “Canadian housing markets appear to be stabilizing somewhere in between pre-and peak-pandemic levels – which is to say, still extremely unbalanced,” said Canadian Real Estate Association senior economist Shaun Cathcart. Across the GTA benchmark home prices are up 17.3 percent year over year to $1,059,300, the report states. The main factor behind the price increase is the lack of homes on the market. “Greater Toronto buyers continued …
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August market update: Low inventory continues to be the main issue in Kitchener/Waterloo

The real estate market in Kitchener/Waterloo experienced record low inventory all summer and August, unfortunately, was no exception.  The average number of active listings was down 51% compared to August 2020, which, admittedly, was an exceptionally busy month. The months of inventory is now down to just 0.4, a figure that is slightly lower than last month and much lower than the 1.2 months of inventory recorded last August. The good news for sellers is that 85% of properties are selling for over the list price, a number that is up slightly from last month when it was 79%. On average, homes are selling for 14% over asking. Despite this low inventory, prices have remained flat from last month, at around $733,000. The only category to see a slight increase in average sale price was condos and apartments, up 3%. For now, the focus is on September, and the hope …
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Top Risks and Trends in Canada’s Mortgage Market🏡

Ben Rabidoux, a real estate analyst and founder of Edge Realty Analytics, recently participated in a webinar hosted by Mortgage Professionals Canada where he outlined some of the key trends that could impact mortgage rates. From rising inflation and falling consumer confidence to changing real estate preferences, Canada’s mortgage market could be impacted on multiple fronts. Over the course of the pandemic, there’s been a flight of homebuyers out of the cities looking for single-detached homes with more space and privacy. As a result, places like Bancroft, North Bay, have seen annual home-price appreciations of more than 64% and 48%, respectively. To read for of the discussion, click here

The Kitchener-Waterloo housing market stats for August 2021 are here! 🏡📊⁠

  While sales were down relative to last month and last August, they remained well above average notes KWAR’s president, Nicole Pohl. “The main reason for the decrease is simply that last month was the first full month in Step 3 of the reopening, and people were tired of the lockdown,” says Pohl. “They got out and enjoyed their summer and shifted their real estate needs to the back burner for a much-needed change of focus.” Total residential sales in August included 299 detached (down 30.6 percent from August 2020), and 80 condominium units (down 1.2 percent). Sales also included 38 semi-detached homes (down 2.6) and 118 townhouses (down 13.2 percent). In August, the average sale price for all residential properties in the Kitchener-Waterloo area was $753,296. This represents a 19.3 percent increase over August 2020 and a 0.3 percent decrease compared to July 2021. The average price of a …
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Region launches Homeownership Hub to assist first-time homebuyers

Given the competitive market, it is important for new homebuyers to be educated throughout the process, the Region of Waterloo has launched the homeownership hub for recourses and tips on purchasing your first home, read below for the full story by KitchenerToday. The Region of Waterloo launched its new Homeownership Hub this week to support local first-time homebuyers on their journey to homeownership.  The “one-stop-shop website” gives new and potential homeowners access to a variety of information and trusted advice related to buying and maintaining a home. Ashley Coleman, a social planning associate at the region, said the goal of the project was to provide trusted information and resources for first-time homebuyers in response “to gaps in knowledge and resources related to homeownership.” Click here for the full article. Original source: Kitchener Today

Guelph rent is among the highest in Canada, Kitchener not far behind

The price of purchasing a home isn’t the only part of the real estate market that’s on the rise in Kitchener-Waterloo and surrounding areas. The cost of renting in Guelph is among the highest in Ontario with Kitchener not much better. Read below for the full article by Global News. The cost of renting a one-bedroom apartment in Guelph is among the highest in the country — and a move down the highway to Kitchener won’t save you much more, according to a company that provides listings online. In its monthly rental report, Rentals.ca says that Guelph has the seventh-highest rates for a one-bedroom with the average cost checking in at $1,714 per month in July. Kitchener is a little further down the list as the average cost is said to be $1,487 per month, which is the 18th highest in Canada. The top three communities are said to be …
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What will happen next with Canada house prices?

Original Source:  Mortgage Broker News With the rate of homebuying in Canada cooling in recent weeks and house prices having declined nationally for two consecutive months, there’s been much conversation around the questions of whether bidding wars will die down and prices will continue moderating. While some believe that the federal government’s action on the mortgage stress test rate has had its desired effect – easing the trend of frenetic bidding far above list price – others in the mortgage industry have seen little evidence of that change in their markets. Tracy Valko (pictured), principal mortgage broker and owner of the Kitchener, ON-based Valko Financial, told Mortgage Broker News that the pace of bidding remained relentless in that region, continuing to expose what she said was a significant supply issue in the housing market. “What the government was looking to do in slowing down the market, and in trying to …
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OSFI Proposes Rule Changes to The Stress Test

The Office of the Superintendent of Financial Institutions (OSFI) recently proposed a mortgage rule change to help slow down the overheated housing market. The current rule for mortgage approvals is that you must qualify as if the interest rate is 4.79% OR the contract rate plus 2%, whichever is higher. This is referred to as the Stress Test. The OSFI is proposing that on uninsured mortgages (mortgages with 20% down or more), the stress test rate is increased to 5.25% OR the contract rate plus 2%, whichever is higher. Below is an example of how much income it would take to qualify for a $300,000 mortgage at no stress test, the current stress test, and the proposed changes. The OSFI is inviting industry stakeholders to submit feedback on the rule changes by May 7th, 2021. OSFI will reveal its final plan for the rule changes on May 24th, 2021, with an enactment date of June 1st, 2021. As a heart-centred team that advocates for fair …
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Record Smashing Number of Home Sales in March 2021

The Kitchener-Waterloo housing market broke records in March 2021. The month saw a total of 993 residential properties sold through MLS, up 72.7% from March 2020. “This is the first time we’ve sold more than 900 homes in a single month,” says Nicole Pohl, President of KWAR. “The second-highest number of sales occurred in May 2017 when there were 816 sales through our MLS® System.” Residential properties sold in March 2021 included 593 detached homes (up 69.4% from March 2020), 124 apartment-style condominium units (up 82.4%), 79 semi-detached (up 216%) and 197 townhomes (up 49.2%). The average price of a home in Kitchener-Waterloo was $765,393 in March 2021, up 30.8% from March 2020. The average price of a detached home was $899,460, up 32.3% from March 2020. Additionally, condominium units sold for an average of $423,470 (up 12%), semi-detached for $652,669 (up 32.5%) and townhomes for $622,258 (up 35.9%). There …
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5 Tips for Selling Your Home This Spring

The Spring housing market is here! The start of the new season brings sunshine, flowers, and an overly competitive market for home buyers and sellers. If you’re looking to put your home up for sale, you’ll want to have all of your bases covered to capture the attention of buyers and secure the best possible offer. Here are 5 simple tips to sell your home this spring! Do a thorough cleaning of your home A clean house will always give off a better impression to people touring your home. Dust off all surfaces, lamps, and furniture to give your home that extra sparkle. Next, remove any clutter throughout your home. This could include cleaning off the kitchen counters or tidying up the kids’ toys. If you don’t have the space to put something away, it never hurts to donate it to a non-profit organization. Check for winter damage The snow …
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