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Buying or selling a home is a major decision and understanding the Real Estate market trends can be challenging. I love having the opportunity to provide my buyers and sellers with key market information, attentive and personalized service that will help you make an informed decision about your most valuable asset – your home.
#404 -5250 LAKESHORE RD Burlington, Ontario
Stunning Lake View!! Largest Suite In Admiral's Walk! 1573 Sq Ft 2 Bedroom + Sunken Den. Newer Windows And Patio Doors ...
#2703 -225 WEBB DR Mississauga, Ontario
Luxurious Solstice Condo In The Heart Of Mississauga Largest 1+1 Br Suite With Over-Sized Balcony Approx. 700 Sf Of ...
A3 - 5395 MAINGATE Drive Mississauga, Ontario
Dixie & 401, Industrial Unit Available To Lease, New Highways. Ample Parking, High Celing, High Power, Drive In & Truck ...
October Stats pointing to stronger Market conditions in the GTA. Residential sales showed an above-average unit sales increase between September and October 2017 of almost 12%. Condominiums were a key driver of both this increased number of sales and an overall 2.3% increase in selling price for October transactions compared to October of 2016. A recent Urbanization report forecasts that 2017 will set a new record for condo sales in the GTA with 12,000 units becoming available this quarter, pushing total sales to 34,000, up from 27,000 in 2016.
See below file for detailed information.
Further to the announcement issued on October 25, 2017 by the Office of the Superintendent of Financial Institutions (OSFI), I wanted to provide you with an update on Guideline B20 - Residential Mortgages Underwriting Practices and Procedures. These changes come into effect on January 1, 2018 and will require customers to qualify for a mortgage or Home Equity Line of Credit at the five-year benchmark rate or the customer's discounted contractual rate +2%, whichever is greater, regardless of the chosen contractual mortgage term.
OSFI is implementing these changes for all federally regulated banks to follow due diligence in mortgage underwriting practices. Customers may experience a reduction in the total amount they qualify to borrow as result of the changes.
How will this might impact affordability?
Expect the average Canadian's home purchasing power for a given income to be reduced 15-20%. Here's an example of the impact a new qualifying rate will have on the maximum mortgage proceeds and home purchase price. A customer's maximum mortgage amount will be influenced by other factors including the term selected, variable or fixed rate, product selected, amortization, other debt obligations, and credit score. This example applies to mortgages only. Amounts are based upon a combined Canadian family income of $75,000, 5-year fixed term mortgage at a target rate of 3.39%, 25-year amortization, $100,000 available for down payment, and $700 in other monthly debt obligations:
Changes to the existing policies and procedures may impact applications before or after January 1, 2018. The table below outlines how TD will manage these applications before or after the effective date.
If you are a buyer looking for pre-Approval please contact Hema Amin.