Archive for January, 2011

Federal Government Changes Mortgage Rules, Again

 Federal Government Changes Mortgage Rules, Again Photo

     It’s been almost a year since the Feds last tightened lending rules (you can read my BLOG post from last February here).  Last week, Jim Flaherty and the Government of Canada announced three further changes to the standards involved in Government backed mortgages:

  • The maximum amortization period will be reduced from 35 years down to 30 years.
  • The maximum amount Canadians can borrow in refinancing their mortgages will be reduced from 90% of the value of their home down to 85% of the value of their home.
  • Government insurance backing on lines of credit that are secured by homes (eg. a home equity line of credit) will be withdrawn.

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Toronto Real Estate Market Report: January 2011 Mid-Month Statistics

 Toronto Real Estate Market Report: January 2011 Mid-Month Statistics Photo

     Following is TREB’s market report for mid-January 2011: Greater Toronto REALTORS® reported 1,563 sales during the first two weeks of January 2011 – an 11 per cent decrease compared to the first two weeks of January 2010. 

“While off the record pace experienced last January, sales remain high from a historic perspective and market conditions remain tight enough to support a sustainable rate of price growth,” said Toronto Real Estate Board (TREB) President Bill Johnston. 

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Spotlight: “New Times Square” In The St Lawrence Market Area

New Times Square In The St Lawrence Market Area Photo

     Every great neighbourhood has at least one major intersection that sits at what might be called the “heart” of the neighbourhood.  These crossroads are known to locals and visitors alike, and they function as a sort of landmark or hub.  Some neighbourhoods are lucky enough to have a few remarkable intersections.  Case in point, the St Lawrence Market area in downtown Toronto. 

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Toronto Real Estate Market Report: December 2010 Statistics

 

     Following is TREB’s market report for December 2010:  Greater Toronto REALTORS® reported 4,395 existing home sales for the month of December, bringing the 2010 total to 86,170 – down by one per cent compared to 2009. 

“Market conditions were anything but uniform in 2010. We went from super-charged sales activity during the first four months of the year, to a marked drop-off in transactions in the summer and then in the fall saw sales climb back to levels that are sustainable over the longer term,” said TREB President Bill Johnston.

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