We have definitely felt a push in home ownership this summer. Particularly with ‘downsizers’ selling to young families who want in the market, and then on the hunt for large condos in the neighbourhood. With demand continuing to pick up for the fall, fence sitters that were cautious of the changes from the Fair Housing Plan and mortgage lending guidelines are now re-entering the market. Therefore, with this increased demand and still a limited supply of inventory, both the average selling price and number of sales have increased year-over-year as per TREB.
We want you to love the home you’re in. That’s why we’ve partnered with Team Odd Job to give you $10.00 off your next home service booking.
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Check out the Kingsway’s Table 21 Kitchen & Wine Bar, just a couple blocks east of our office. Small and intimate, they serve affordable, delicious food, so close to home! In a casual-meets-fine dining setting, don’t miss the back patio for the last few weeks of this summer weather. Their executive chef Eric Giacomini and his culinary team open up nightly for dinner after 4pm and for our favourite local brunch on weekends – a must try! Click for Table 21’s Full Website
In early May, the Bank of Canada announced another increase in the mortgage stress test interest rate used for those seeking a home loan. The rate increased by 20 basis points from 5.14 percent to 5.34 percent. It was the fifth increase since May 2017, when the rate was 4.64 percent. Previously only those seeking an insured mortgage (paying less than 20 percent of a down payment) were required to go through the stress test. But as of 2018, all homeowners must pass. The stronger stress test is meant to ensure that borrowers can still keep Jul up with their mortgage payments as interest rates are rising. The stricter rules mean more first-time buyers will have to wait longer and save up more before diving into homeownership, or seek other ways to boost their savings.