OSFI will now put Stress Test to All Buyers

The government (OSFI: Office of the Superintendent of Financial Institutions) has decided to extend the " Stress Test" to include buyers with more than 20% down, as of January 1, 2018. What does this really mean? A small example would be that if today you qualified for a $600,000 mortgage plus your downpayment, after January 1st you would qualify for about $500,000 plus your downpayment. So if you are thinking of buying a bigger home, now is the time to do it. If you are thinking of selling your larger home and downsizing, run, now is the time to do it and you barely qualify for an area that you want to live in, run because you won't qualify after January 1, 2018. Call me for me if you have any questions or if I can help you achieve your real estate goals.

http://www.osfi-bsif.gc.ca/Eng/osfi-bsif/med/Pages/B20_dft_nr.aspx

Banks Drop Prime Rate

Banks started dropping their prime rate, great for variable rate mortgages and lines of credits attached to the prime rate.

Durham Region Price increase since last year

Price increase for Durham Region, since last year:
Durham Region: 7.95%
Pickering: 6.57%
Ajax: 10.53%
Whitby: 6.29%
Oshawa: 8.13%
Clarington: 6.46%
Uxbridge: 10.69%

Price increases in Toronto since last year

Price increase since last year:
Toronto: 7.72%
Leaside: 16.84%
Agincourt: 13.05%
Junction: 13.37%
Some parts of Toronto are as low as 1.7% since last year, so area is everything, and I don't mean the high demand areas.

You don't need new appliances to Sell your property

Thinking of Selling, one of the appliances is not working and you don't have the money to replace. Habitat for Humanity has some great prices on used appliances.

Mortgage: Self Employed or Empolyee

Thinking of buying a house in the near future, and you have an option of either working self-employed or employee. Go for the employee option, self-employed (sub-contractor) is getting much more difficult to qualify for a mortgage with.

Only $179,900 oshawa semi-detached home

Renovated 3 bedroom bright sunny home with a great finished basement. Newer kitchen, flooring, basement, and siding. Close to 401 exit and public transportation. Large backyard.

Toronto Durham Peel York real estate market update for April 2011

The market is very active, but not all areas have been the same, it looks like each area is moving at its own pace. The interest rates did go up, just a couple of days ago, putting the fixed rate at or above 4% on a 5 year fixed rate. The variable for now has stayed the same. We are seeing the prices go up in most areas, seeing the 3% increase, as expected and more in some areas. It has not seemed that the elimination of the 35 year CHMC mortgage has had much affect on the market. The rates continue to be at an all time low, making it a great time to purchase, sell or invest in real estate. If you have any questions or have friends and family that are looking for assistance from a professional realtor, don't hesitate to give them my direct line at 416-225-2290, I am always very happy to assist your friends and family. Also if you, your friends or family, are looking for a new mortgage, renewal or refinance, don’t hesitate to call so that I can pass along my discounts and advice.




Here is the complete Toronto Real Estate Market Report for the month ending March 2011:


Market Statistics

Market Watch

Second Best March on Record

April 5, 2011 -- Greater Toronto REALTORS® reported 9,262 transactions through the TorontoMLS® system in March 2011, representing the second best March result on record. The number of transactions was 11 per cent lower than the record result reported in March 2010.



"The strong home sales reported in March and throughout the first quarter of 2011 have been based on a solid affordability picture and improving economic conditions in the GTA and country-wide," said Toronto Real Estate Board (TREB) President Bill Johnston.



The average selling price for March 2011 was up five per cent year-over-year to $456,147. The strongest average annual price growth was reported for condominium apartments and semi-detached houses, at approximately seven per cent for both home types.



"Market conditions were tighter in March compared to last year. With more competition between buyers, we have seen a strong but sustainable rate of price growth," said Jason Mercer, TREB's Senior Manager of Market Analysis.



Median Price

In March, the median price was $385,000, from the $370,000 recorded during March of 2010.

For more information visit: http://www.theamigo.ca/ "Your AMIGO in Real Estate"

35 Year CHMC approved mortgage is OVER

As March 18 comes along the 35 year amortization mortgage is now over.  Will the market slow down, will be people stop buying? Probably NOT, it will probably continue to be a strong spring real estate market.  Call me to review all of your financing options.

Only $159,900

Wow a renovated 3 bedroom house with a finished basement.