Don't Give up Home on Purchasing your First Home - It is still possible ...

Don’t give up hope, even with this strong real estate market, people are purchasing homes. It has been a few years in which we have had low interest rates and lots of inventory, so purchasers got use to things being a bit easier. We seem to be just going back to the way it was when I started as a professional Realtor, where it was a huge goal to purchase a home, and in which it meant that you had to work hard and make adjustments to get there.  I am still seeing many people purchase the first home. But it might just be that you don’t live exactly in your desired neighbourhood, it might be that you do have to pick up more hours at work or a weekend job, or it might be that you keep your expenses extremely low to build up your downpayment. But it is possible to have your own home and have one of the best investments in your life.  Contact me with any questions or to review possibilities. Your AMIGO in Real Estate. #RealEstate #Realtor #FirstTimeBuyer #OwningYourOwnHome #Homes #Housing #Mortgages #SellingHomes #CasasEnToronto #RealEstateAgent #DurhamRegionRealEstate #TorontoHomes

New Mortgage Rules for January 2018

People have been asking me about the mortgage changes coming January 2018. Basically means the bank will qualify you for less,  about $100,000 to $175,000 less  based on your income. This will probably start MID DECEMBER. Now is the time to purchase or sell, if you're concerned

My update on the 2017 Real Estate Market

Mortgages / Real Estate Changes and Outlook for the future real estate market

We have had a very heated real estate market over the last couple of years. We have been seeing year over year increases of over 20% in most areas and across most market types.   The government has been introducing a number of different measures to curtail the rapid increase.  As many of you were aware there were some changes, introduced by the government, that took affect October 17^th. .The number one of these changes was the way buyers with less than 20% would qualify for their mortgage at the current posted rate compared to the discounted rate. The way it works is that, years ago when you wanted a mortgage you would have to negotiate from the rate on the window (posted rate) or now the web site to a discounted rate, the bank depending on the business you were bringing to them would decide how much they would negotiate. Lately most banks offer you the discounted rate right from the start and you would qualify at the rate that they offered you. As of October 17^th, if you are putting down less than 20%, you will still get a discounted rate but will have to qualify at the posted rate. What that means is most people will now qualify for over $100,000 less on what they could have purchased before. There were some other changes, but they will not have as much affect. 

Since then we are seeing banks increasing and decreasing mortgage rates, discounts and even prime rates, as TD did recently. Which means rates are all over the map. This is also further fueled by some restrictions on some non-chartered banks, coming into effect on November 30^th, which will limit some of the choices people have on purchases over a million, investments properties and more.

As of November 15^th, government also stated that they would be increase the land transfer tax rebate that was being offered to first time buyer from $2000 to $4000 as of January 1, 2017.

I recently came back from a conference in which one of the most important and respected major bank Chief Financial Officer spoke and explained what he believed was the forecast for the upcoming real estate market.  First of he agreed with the move that the government was doing in, basically making it much more difficult for people with less than 20% to purchase a home or at least the same valued home that they were able to purchase before October 17^th.  He stated that if there ever was a change in interest rates or other market changes, these people would be able to absorb it now that they had to qualify at a higher interest rate. He mentioned that it seemed that the new outlook for the government was that it was ok to rent and that not everyone had to own their own home. He stated that interest rates would not be going up or changing much, since most other developed countries around the world had interest rates still lower than us.  Since our economy was not doing as well as the government would like, we might even see further drops. Then in regards to foreign investors, he stated that this would also continue because other countries might devalue their currencies further to stimulate their manufacturing sector, thus causing funds to flow out, into a secure and profitable area – Canada.

As you can see there are lots of changes that are happening, and it looks like things will stay steady and we will continue with a fairly strong real estate market.

Quick Real Estate Changes

5% real estate buyers must firm up before Oct 17.

Refinance your Property Now, is what my bankers are saying

Oshawa Real Estate Still Booming

Multiple offers and over asking sales, look  like will be the norm in Oshawa. There seems to be a huge pent up demand, waiting for what ever comes on the market. This will only get stronger as we get closer to the Spring Real Estate market. Most markets are very active but the Oshawa Market seems to be standing out. 

FREE DOWNPAYMENTS in Peel Region

FREE DOWNPAYMENT: The Region of Peel might once again be offering free downpayments to qualified applicants for 2015.

What is the Home in Peel Affordable Ownership Program?

The Home in Peel Affordable Ownership Program is designed to provide low-to-moderate income residents who are currently renting a unit in the Region of Peel (Brampton, Caledon or Mississauga) the opportunity to qualify for down payment loan assistance to buy a home in Peel Region.

This program will assist eligible applicants who have a total gross (pre-tax) household income of $80,000 or less to purchase a resale home in the Region of Peel that does not exceed a purchase price of $295,000.

Participant Eligibility

Applicants must be 18 years of age or older
Applicants must be a Canadian citizen or have permanent resident status
Applicants must not own or have an interest in another residential property in Canada or elsewhere
The home must be the sole and principal residence of the purchaser
The applicant must currently be renting in Peel and looking to buy a sole and principal residence
The applicant must have a total gross (pre-tax) household income not exceeding $80,000
The applicant must be able to obtain a mortgage pre-approval from a bank/lender that is approved and insured by a mortgage default insurer such as Canada Mortgage and Housing Corporation (CMHC) and must submit it with their application
Participants may not include anticipated rental income from a portion of the property in order to obtain a mortgage
The applicant must be able to pay all additional closing costs
The applicant must supply all necessary documentation to the Region of Peel within the required timeframe

http://www.peelregion.ca/housing/home-in-peel/apply/qualifications.htm

*** Currently the region is waiting for confirmation of funding to confirm that it will be available for 2015, They are expecting a response around March, it is on a first come first served basis, so interested parties need to be constantly looking at the web site.

Home Buyers Plan for first time buyers

http://youtu.be/Z5JDUSbfMqE

Great information to purchase a home with government programs

The FEEL of the house

I tell clients the FEEL of the property is the most important part of the home buying experience. Over the years I have seen how often the right home seems to carry the right atmosphere for the owners. Many times when things are not going right, for some strange reason many times changing the home and giving everything a shake up, seems to put new positive life and energy into everything. There are lots of superstitions out there that at first seemed to be very odd, but after reviewing a bit further at the history of properties it makes you wonder. Feeling happy in the house is the most important thing.

Jim Flaherty is changing mortgage insurance once again

It looks like the government is looking on ways to hold back the market, and it will be putting up the cost of high ratio insurance in the new year.
Full report from The National Post

Hottest Real Estate Areas for August

Hottest areas for the month of August are: Leaside in Toronto, Followed by Georgina and Clarington outside Toronto. Hottest Region was Durham Region with average increase from last year of 5.88%.