Toronto Real Estate Board President Mark McLean announced record TREB MLS® home sales for the first quarter of 2016 following a strong result for March transactions. There were 10,326 sales in March and 22,575 sales in the first quarter. The year-over-year growth rate for sales was 15.8 per cent for Q1 2016 and 16.2 per cent for March 2016. For the TREB market area as a whole, double-digit year-over-year rates of sales growth were experienced for all major home types during the first quarter.The positive annual growth in sales was not mirrored on the listings front. The number of new listings entered into TREB's MLS® System during March and the first quarter were down compared to the same periods in 2015.
"At the beginning of 2016, TREB's outlook for the year pointed to a strong possibility of a second consecutive record year for home sales. This outlook was based, in part, on upbeat consumer survey results pointing to robust home buying intentions. It is clear that these upbeat intentions have translated into record first quarter results," said Mr. McLean. The MLS® Home Price Index Composite Benchmark for March 2016 was up by 11.6 per cent compared to March 2015. The average selling price for all home types combined was up 12.1 per cent year-over-year in March and 13.6 per cent in the first quarter. "Demand was clearly not an issue in the first three months of 2016, regardless of the housing market segment being considered. The supply of listings, however, continued to aggravate many would-be home buyers. We could have experienced even stronger sales growth were it not for the constrained supply of listings, especially in the low-rise market segments. The resulting strong competition between buyers has underpinned the double-digit rates of price growth experienced so far this year," said Jason Mercer, TREB's Director of Market Analysis. Be wary of rebate rules before buying a homeA decision by the Tax Court of Canada last month has muddied the waters about who is — and is not — entitled to the new-home owner’s HST rebate. In recent years, Canada Revenue Agency (CRA) has been aggressively clawing back HST rebates of $24,000 or more from some buyers who received them on closing. In… Most people think the first step to buying a home is looking at Open Houses, researching the market, and maybe finding a Real Estate Agent . But, before you even start looking for a home, you can put yourself at a great advantage by first getting pre-approved for your mortgage. Why should this be your first step? To look for a home with confidence, you should make sure you are looking in the right price range. A good Mortgage Specialist will review all of your income and financial documents up front. They will help you understand what you can afford to spend on a home in terms of purchase price, down payment, legal fees and other closing costs based on your current financial situation and subject to a formal credit approval. This is different from a ‘pre-qualification’. With a pre-qualification, your mortgage person will run calculations based on what you tell them your income and debts are. This will give you a ball-park figure for what you can afford, but beware…..if your credit bureau has not been pulled to check your credit and all of your documents have not been reviewed, you may not actually be able to afford that amount. For a true pre-approval, be sure your credit history has been checked and that all of your employment and financial documents have been reviewed. If you are ‘prequalified’ for your mortgage, it doesn’t necessarily mean you can afford that home or that you will get an approval from the lender’s credit department once you put an offer on a home. Another advantage to being pre-approved is that when you put an offer on a property, the sellers will know that you are a serious buyer because you’ve already done the pre-approval process and have a lender who is willing to fund a mortgage for you. They know that you will be able to quickly remove finance conditions on the property and that you’ve already done your work to ensure you can afford the property. In a situation where there may be multiple offers on a property, the sellers will feel more comfortable accepting an offer from someone who is already pre-approved. Save valuable time and streamline your home search. Everyone is busy these days. You don’t want to waste time looking at homes you can’t afford and your agent doesn’t want to waste their time showing you homes you can’t afford. To give both you and your Real Estate Agent piece of mind, get pre-approved and show your realtor the pre-approval letter provided by your lender. If you don’t have that pre-approval letter, you may not be pre-approved and you might be wasting everyone’s time looking at homes you won’t qualify for. You also save time once you put an offer on a property. Because your lender has already pulled your credit and reviewed your income and down payment information, most of the work is already done. You’ll be able to get a quick approval and remove finance conditions way before your deadline. With your mortgage pre-approved, you can shop and negotiate with confidence, avoiding the disappointment of finding the perfect home and then discovering you don’t qualify for the mortgage you need to purchase it. Mortgage pre-approval carries no obligation to purchase, but it acts as a tool that can help you and your realtor focus on homes that are actually affordable. So, get excited about that home your Real Estate Agent showed you. You’ll know it’s in your price range and you can afford the payments on the mortgage. Imagine you’re creeping the Facebook profile of a cute girl you met on the weekend while sipping your home brewed kombucha. You set the glass down and just then, a geyser of water comes shooting out of the wall adjacent to your bathroom, blasting your kombucha across the room and systematically frying your motherboard, ruins your silk kimono and the $48 glass you bought at the artisan fair last fall, which has shattered on the ground.
Renter’s insurance is for that. Basically, like homeowner’s insurance, renter’s insurance covers the belongings in your home against loss, theft and damage, depending on your policy. The difference between the two is that homeowner’s insurance covers the structure as well, while renter’s insurance doesn’t. Even better, some policies cover your belongings even when you’re not at home. For example, you might be covered if you’re travelling and your camera gets stolen by a sacred monkey in Thailand or your iPhone is smashed by an elephant in Cambodia. In those cases, renter’s insurance could help you recover the cost of replacing your stolen, lost or broken belongings even while travelling. Renter’s insurance definitely covers your belongings should there ever be a break-in at your apartment, but always check out the details with your policy provider. Shopping around is key to getting a renter’s insurance policy that fits your needs and your budget. Generally speaking, renter’s insurance is very affordable for the massive benefits it can provide to renters like you. There are a ton of Toronto agencies that provide renter’s insurance – this list isn’t exhaustive, but can give you an idea of what to expect. RBC Square One Allstate State Farm The Co-operators TD The CMHC has some good information that tenants need to know about what should be included in your lease. Here is, at minimum, what should be included in any agreement you sign with your landlord:
Fee for land transfer registration amounts to tax on a taxLast week the City of Toronto and Teranet, the administrator of the provincial land registration system, announced a new $84.75 tax on registration of every land transfer in the city. Effective April 1, 2016 (ironically, April Fools’ Day), the City of Toronto will impose what it calls an administration fee of $75 plus HST, or $84.75,… Be wary of rebate rules before buying a homeA decision by the Tax Court of Canada last month has muddied the waters about who is — and is not — entitled to the new-home owner’s HST rebate. In recent years, Canada Revenue Agency (CRA) has been aggressively clawing back HST rebates of $24,000 or more from some buyers who received them on closing. In… Low interest rates. Foreign investment. A slumping Canadian dollar. Low interest rates. Foreign investment. A slumping Canadian dollar.
Those are just three factors driving housing markets across Canada, particularly Toronto and Vancouver. But real estate firm Royal LePage is adding one more driver to the list: an exodus of workers fleeing Alberta's slumping economy. The company's first-quarter house price survey for 2016, which was released Thursday, showed the aggregate price of a Canadian home jumping to $512,621, up 7.9 per cent from the same time last year. Condo prices climbed four per cent to $344,491, while bungalows jumped 6.8 per cent to $426,216 and two-storey properties rose 9.2 per cent to $629,177. Overall, the figures shows a healthy real estate market, but Royal LePage president Phil Soper said there's also "extreme regional disparities of the kind we haven't seen in over a decade." Vancouver, for example, saw home price growth of 21.6 per cent to $1,044,750 year-over-year, while Toronto housing prices jumped 8.4 per cent to $613,733. At the other end of the scale, Regina saw its aggregate home price fall 1.1 per cent year over year to hit $327,618, while Calgary's dropped 0.6 per cent to $466,184. But Vancouver and Toronto could do even better if, as Royal LePage suggests, Alberta's moribund economy pushes more workers into B.C. and Ontario. "For the first time in many years, we are witnessing an out-migration trend in [Alberta], as economic conditions and employment prospects dim," Soper said. "We expect British Columbia, followed by Ontario, to be the top recipients of new household inflows in the coming year, which will further fuel housing demand and price appreciation in Greater Vancouver and the GTA." La belle province But B.C. and Ontario aren't the only places expected to see positive housing gains in 2016. Home sales jumped 9.4 per cent year-over-year in the Greater Montreal Area in the first quarter. Sales of luxury homes worth more than $1 million on the island of Montreal leaped 14 per cent, while sales of properties in the $500,000 to $1 million range there rose 23 per cent. Montreal's market is benefitting from factors such as lower energy costs, a cheaper Canadian dollar and an expanding economy down south. But it is also likely to see a boost from infrastructure projects such as some work on the city's Champlain Bridge, as well as the Turcot Interchange. "Following a multi-year-period of stalled economic and residential real estate market growth, the Greater Montreal Area is seeing a frankly wonderful upswing in demand and unit sales, which often foreshadows stronger home price appreciation," Soper said. The Trump factor But there's yet one more factor that could drive economic growth in Canada this year — the spectre of a Donald Trump presidency.
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