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Showing posts from February, 2010

Toronto Real Estate Sales up 74% Mid February

Toronto, February 18, 2010--TORONTO REAL ESTATE BOARD --Greater Toronto REALTORS reported 3,555 sales through the Multiple Listing Service during the first two weeks of February. This represented a 74 per cent increase compared to the 2,044 sales recorded during the same period in 2009 when resale transactions had dipped due to the recession. The February mid-month sales total was also 7.7 per cent above the previous high set in 2006. "Home ownership demand remains strong in the GTA, as households remain confident that economic recovery is at hand and that ownership housing will continue to be a quality long-term investment," said Toronto Real Estate Board President Tom Lebour. The average price for February mid-month transactions was $429,997 - an 18 per cent increase over 2009. New Listings within the Toronto Real Estate Board boundaries were up 15 per cent to 6,212. "Double-digit price increases will persist through the first quarter of the year," said Jason Merc

Federal Government Changes Mortgage Rules

February 16, 2010 -- The federal government has announced changes to the rules for government-backed insured mortgages (less than 20 percent down payment) as follows: All borrowers will be required to meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter terms. Reduced maximum amount that can be withdrawn in refinancing a government-backed insured mortgage to 90 per cent from 95 per cent of the value of the home. Require a minimum down payment of 20 per cent for government-backed mortgage insurance on non-owner occupied properties purchased for speculation. Borrowers purchasing owner-occupied residential properties will still be able to access government-backed mortgage insurance with a 5 per cent down payment. Feel Free To Give Me A Call If You Have Any Questions...

TREB MLS -- AVERAGE Resale Home Price --January 2010

TREB MLS SALES -- January 2010