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Canada’s banking regulator has published the final changes to its guidelines for residential mortgage underwriting, including a financial stress test for buyers who don’t need mortgage insurance.
The Office of the Superintendent of Financial Institutions said Tuesday the changes will come into force by Jan. 1, 2018.
Even homebuyers who don’t require mortgage insurance because they have a down payment of 20 per cent or more will have to prove they can continue to make payments if interest rates rise.
Other changes include restrictions on co-lending, or bundled mortgages, aimed at ensuring financial institutions do not circumvent rules that limit how much they can lend.
The final guidelines are generally similar to what OSFI had proposed in July, when the regulator put out a draft for public consultation.
The proposed changes, however, have been criticized for including potentially increasing costs and limiting access to mortgages for some home buyers.
“These revisions to Guideline B-20 reinforce a strong and prudent regulatory regime for residential mortgage underwriting in Canada,” said Superintendent Jeremy Rudin in a statement on Tuesday.
The Canadian Press
Home sales in the Greater Toronto Area were down 35 per cent in September compared with the same month last year, although prices generally continued to increase.
The Toronto Real Estate Board says sales of all major types of residential property were down but the biggest decline was a 40.4 per cent drop in sales of detached homes.
The average selling price for all types of property sold in September was up 2.6 per cent from a year ago, rising to $775,546.
The board says high-priced detached homes accounted for a smaller share of sales than in September 2016 and that the average price for that market segment was flat.
Meanwhile the average price for condos was up 23.2 per cent to $520,411 and average prices for semi-detached houses was up 7.4 per cent at $752,379.
TREB’s benchmark price index, which adjusts for different property types, was up 12.2 per cent from the same time last year.
The Canadian Press
How will this effect KW, stay posted in the next few days you’ll get a better picture.
Don’t miss the opportunities during this Fall real estate season! Your calls and emails regarding the local real estate market are always welcome.
And, if anyone you know is ready to buy, sell or refinance, your referrals mean more than you know.
Denis Pellerin, (519) 577-8181, dPellerin@coldwellBankerPbr.com
Residential sales for the month of August experienced a year-to-date total of 4,876 units, an increase of 3.7 per cent compared to 2016.
There is an indicator that stability is returning to the market. I did not like the way the market had been going with record setting sales and prices that seemed unsustainable and created an unfavorable real estate market.
In August 2017, comparing August 2016, 286 detached homes were traded, down 18.8 per cent and 105 condominium units down 30.9 per cent which includes all properties regardless of style such as semis, townhomes, apartment, detached and so on.
The good news is that values were not lost. The average sales price of all residential sales increased 10.1 per cent to $441,992 year over year. Detached homes sold for an average price of $519,910 for an increase of 5.9 per cent, while the average sale price for an apartment style condominium was $294,787 for an increase of 26.5 per cent. Townhomes and semis sold for an average of $338,191 up 13.4% and $351,233 a 17.3%.
With a continuing low two-month inventory that benefits the seller, the signs seem to be trending to a more balanced market.
The savvy have said and continue to tell us that there is no best time to get involved. It’s always a good time keeping in mind that with the upwards pricing trends now seems to be the best time to shop for a home or an investment property.
Wishing more info or wish to shop, contact Denis at (519) 577-8181, email@example.com. Want to see “Hot New Listings” for nearly all of Ontario, visit http://denispellerin.ca/property-listings
THE KW MARKET has undergone such changes as in the GTA in the last few months. Are we moving away from a sellers market to our normal balanced market? Many believe so as I do. Now as the fall market begins to heat-up is a great time to begin your search. – dP
Not everyone agrees that Toronto has been in a housing bubble but BMO’s chief economist is in no doubt.
“By any traditional definition, we were in the grips of a full-on bubble earlier this year,” Doug Porter told CBC’s Metro Morning on Friday. He backed that up with stats on house prices rising 40% in around 15 months, a situation last seen in the late 1980s which was widely accepted as a bubble.
Porter continued that the Ontario government’s measures to cool the market helped burst the bubble.
Although prices remain elevated in the GTA, there has been a 13% drop in four months and Porter expects softening to continue with a “full-blown buyer’s market ahead.”
He believes that further interest rate rises will continue to affect affordability even as prices ease, with first-time buyers still facing challenges to home-ownership.
Canada’s hottest housing markets are heading towards a severe downturn according to Capital Economics’ David Madini.
The economist warns that the rise in sales in Vancouver is a temporary jump while the slowdown in Toronto’s larger market is indicative of a price correction.
Madini says that the impact is likely to be felt outside the housing market with a drag on second-quarter GDP, perhaps taking it to just 1 per cent; but if not then the longer-term outlook “appears to be worsening.”
There could be a reduction in housing investment, lower consumer consumption and financial stability could even be impacted.
KITCHENER-WATERLOO, ON (May 3, 2017) ––It was another record setting month for home sales as 766 residential transactions were recorded through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR), an increase of 14.3 percent compared to April 2016.
Residential sales in April included 492 detached homes (up 14.7 percent compared to April 2016), 161 condominium units (down 1.2 percent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 52 semi-detached homes (up 30 percent) and 53 freehold townhouses (up 60.6 percent).
The average sales price of all residential sales increased 39.7 percent to $512,656 compared to April 2016. Detached homes sold for an average price of $594,453 an increase of 40.1 percent, while the average sale price for an apartment style condominium was $267,455, an increase of 18.3 percent. Townhomes and semis sold for an average of $377,531 (up 39.3 percent) and $415,709 (up 47.7 percent) respectively.
Vigorous demand for homes in Waterloo region meant homes were snapped up quickly. The average days on market in April were 10, compared to 33 days a year ago. On a month to month basis, it took four fewer days from list to sale date in April compared to March.
The KWAR cautions that average sale price information can be useful in establishing long term trends, but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Those requiring specific information on property values should contact a local REALTOR®, Denis Pellerin who has his fingers on the pulse of the market. denisPellerin.REALTOR, (519) 577-8181 or firstname.lastname@example.org.
“This is the first time we’ve seen residential sales come anywhere close to the 700-unit mark so early in the year,” says James Craig, President of the KWAR. “These are exceptionally strong numbers, in fact’ we’ve only surpassed 700 units in a single month three other times: May 2007, and then not again until May and June of last year.”
During the first quarter of 2017, there were 1,532 home sales, 13.4 percent above last year’s result for the same period and 30 percent above the previous 5‐year quarterly average. On a monthly basis, home sales were 41 percent above the previous 5‐year average for the month of March.
The average sale price of all residential sales increased 32.3 percent to $493,226 compared to March 2016. Detached homes sold for an average price of $583,144 an increase of 35.6 percent, while the average sale price for an apartment style condominium was $265,524, an increase of 25.4 percent. Townhomes and semis sold for an average of $368,554 (up 29.9 percent) and $412,226 (up 49.1 percent) respectively.
Once again in their latest monthly news release, the Canadian Real Estate Association called the disparity between limited housing supply and robust demand in Ontario’s Greater Golden Horseshoe “without precedent”. In Kitchener‐Waterloo, the number of months of inventory has stood at or below one month for eight consecutive months.
The KWAR cautions that average sale price information can be useful in establishing long term trends, but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Those requiring specific information on property values should contact your local REALTOR® Denis Pellerin at (519) 577-8181 or email@example.com.