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October Residential Sales

Under the umbrella of the KWAR, for the month of October sales were above the previous 5-year October average of 464 sales. So we are seeing good activity but sales fell 16.6%compared to September’s activity.
VALUES
The average price of all residential properties sold last month increased 11.4% to $454,398 compared to October 2016. Detached homes sold for an average price of $541,368, an increase of 13.1% compared to October 2016. The average sale price for an apartment style condominium was $249,993 for an increase of 11%, Townhomes and semis sold for an average of $349,316 up 13.7% and $354,668 – 8% respectively.

MORTGAGE CHANGES
Last month the Office of the Superintendent of Financial Institutions Canada (OSFI) revised it residential mortgage underwriting practices, which come into effect on January 1, 2018. The change will require the minimum qualifying rate for uninsured mortgages to be the greater of the five-year benchmark rate published by the Bank of Canada or the contractual mortgage rate +2%.
Those effected by this change may be first time buyers and the marginally qualified.

For more information or for property valuation contact me, Denis Pellerin at (519) 577-8181 or by email dpellerin@coldwellbankerpbr.com

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Toronto area sees 35 per cent drop in home sales from year ago: real estate board

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.

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Fed announces interest rate decision

As expected, the Federal Reserve held interest rates steady today as they assess where the economy is headed – and the agency intimated that rates might stay low for a good while to come.

Most experts felt the Fed’s policymaking committee would decline to raise rates today as the agency feels out the likely economic effects of the new administration.

What does this mean for Canada? It could be that we will hold also. In so far as Real Estate is concerned, this will mean a status quo on the more affordable rates we have been seeing for some time.

For more details, contact me at (519) 577-8181 – Denis Pellerin, Salesperson, CBPBR