MARKET UPDATE MARCH 2015 February, 2015, will go down in history as the month in which the average price of a detached home in the City of Toronto (416 area code) surpassed $1,000,000. The average price of a detached home in the suburbs (905 area code) reached $694,285. Despite concerns of some people, economic indicators remain strong: Real GDP Growth for Q4 2014 was 2.4% The Toronto Employment Growth for January 2015 was 1% The Toronto Unemployment Rate for January 2015 was 1% The Bank of Canada overnight rate in February 2015 was 0.75% The Prime Rate ...
Market Update March 2015
March 30, 2015
Market Update June 2013
July 3, 2013
Last June, Finance Minister Jim Flaherty announced 2 important changes to mortgages. The maximum amortization was reduced from 30 years to 25 years and high ratio mortgage insurance would no longer be available for homes selling over one million dollars. It appears that many purchasers who put off their decision to buy are back in the market place. I am personally noticing that there is presently a huge pent up demand of buyers and sellers which means that sales will be solid for the remainder of the year. The market usually peaks in price and unit ...