Binu Rajaratnam 

Sales Representative

Phone: 905.822.6900   Mobile:  416.659.4576   Email: Binu@RoyalLePage.ca
Binu Rajaratnam

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. 


Featured Properties

Listing # W3980967
$469,000.00

Condo  |  For Sale

#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 ... More

Listing # W3988454
$349,900.00

Condo  |  For Sale

#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 ... More

Listing # W3922725
$5.75 Monthly / Square Feet

Commercial  |  For Lease

A3 - 5395 MAINGATE Drive Mississauga, Ontario

Dixie & 401, Industrial Unit Available To Lease, New Highways. Ample Parking, High Celing, High Power, Drive In & Truck ... More


TREB MARKET WATCH HIGHLIGHTS FOR OCTOBER 2017

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.

Update To Mortgage Underwriting Guidelines

 

TD Economics
 

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:
           
  Up to December 31, 2017 After January 1, 2018
Target Rate 3.39% 3.39%
Qualifying Rate 3.39% 5.39%
Maximum Mortgage $400,000 $325,738
Available Down Payment $100,000 $100,000
     
Home Purchase Price $ 500,000 $425,000
 
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.
 
Timeline: Pre-Approval: Purchase Transactions:
 
Before January 1, 2018 Pre-Approvals committed before January 1st will remain valid up to 120 days following the initial credit decision. Approved applications closing beyond January 1st will remain valid; no re-adjudication is required as a result of the qualifying rate update.
On and after
January 1, 2018
Any material changes to the request post January 1st may require re-adjudication using updated qualifying rates. Material changes to the request post January 1st may require re-adjudication using updated qualifying rate rules.

If you are a buyer looking for pre-Approval please contact Hema Amin.

Hema Amin / Manager, Mobile Mortgage Specialist / GTR / TD Canada Trust/ M: 416 356-5619 / F: 1 855-220-8845