Archive for October, 2017

Under Pressure: Will Some Sellers Benefit From The New Mortgage Stress-Test?

Will Some Sellers Benefit From The New Mortgage Stress-Test? Photo

Ever since the new mortgage rules were announced almost 2 weeks ago, I’ve been monitoring the Toronto MLS to see how many new listings hit the market and try to take advantage of the upcoming changes.

I found a few listings that explicitly highlight the impending rule changes in the “extras” section of the property description. Take a look at the screenshots below:

Under Pressure: Will Some Sellers Benefit From The New Mortgage Stress-Test? Photo

Under Pressure: Will Some Sellers Benefit From The New Mortgage Stress-Test? Photo

Whether or not prospective buyers will actually feel the pressure to make a move on either of these particular properties remains to be seen, but no doubt there are sellers out there who see a potential opportunity here.

I’ve already heard from a few seller clients of my own who are seriously considering bumping up their plans to list.

Instead of waiting until spring 2018 as previously planned, November 2017 has become a very attractive alternative.

While not every buyer needs to stress about the new stress-test (as I outlined in my blog post from last week), some will certainly be affected by the new rules. Specifically those who need to push their mortgage amount to the maximum.

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Our Real Estate Fave Of The Week: 775 King St W #424

Can you say location, location, location? Hello King West!

This 1 bedroom + den condo is spread out over two floors, and features a floor-to-ceiling wall of windows. Living room walk-out to a large balcony overlooking prime King West excitement.

What’s our favourite feature?

The warm, homey feel that the wood staircase adds. 

More Features:

  • Open concept main floor
  • Separation of living space over two floors
  • Large windows
  • Well reputed Minto building, with concierge
  • Reasonable condo fees, with amenities including party/media rooms, a gym, and guest suites
  • Parking & locker!

Price: $560,000

Taxes: $2,405/2017

Size: 600-699 sq ft

Condo Fees: $299.66

Would you like a private tour of this home?  Give us a shout and we’ll make it happen!

Take a gander at all these gorgeous pics:

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Who’s Actually Going To Be Affected By The New Mortgage Stress-Test?

Who's Actually Going To Be Affected By The New Mortgage Stress-Test? Photo

Since last week’s announcement by the Office of the Superintendent of Financial Institutions (OSFI) about the upcoming changes to the Canadian mortgage rules, I’ve seen plenty of buyers fret that their budgets are going to be reduced by as much as 20%.

This isn’t necessarily the case though, and not every buyer needs to stress about the new stress test. Let’s recap what sort of changes are coming once the new rules are implemented on January 1st, 2018.

The Biggest Change

Once the new rules come into play no-one will be able to qualify at less than the benchmark rate (which today is set at 4.89%). And in fact, borrowers with a down payment of more than 20% will have to qualify at either the benchmark rate or their contract rate + 2%, whichever is greater. So it’s quite possible that some borrowers will have to qualify at a rate that is greater than the current benchmark rate of 4.89%!

To give you some perspective: Since the last round of mortgage rule changes came into effect last year, only default-insured borrowers (these borrowers typically have a down payment of less than 20%) have had to qualify at the benchmark rate.

Borrowers with a down payment of more than 20% (and not default-insured) have had the benefit of only needing to qualify at their contract rate (which is typically less than the benchmark rate).

Come January 1st 2018 though, all borrowers, regardless of their down payment amount and regardless of whether or not their mortgage is default-insured, will have to qualify at the benchmark rate (or possibly higher).

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Our Real Estate Fave Of The Week: 82 Hertle Ave

Nestled in between cool Lesliville and the beautiful Beaches!

This semi-detached, 2-storey home has 3 bedrooms and 2 bathrooms. It’s been opened-up into a modern open concept layout, with a good size lot (23 X 122 feet) and plenty of room to grow in the future.

What are our favourite features?

The gorgeous Ella quartz kitchen island and the finished basement (complete with modern bathroom!) which adds 500 sq ft of extra usable space to the home.

More Features:

  • Open concept main floor w/ pot lights
  • Gorgeous hardwood flooring throughout
  • Renovated kitchen with stainless steel appliances
  • Wide, large porch with plenty of room to lounge
  • Room for 2 car parking

Price: $1,049,000

Taxes: $3,701.97/2017

Lot Size: 23.08 x 122 feet

Would you like a private tour of this home?  Give us a shout and we’ll make it happen!

Take a gander at all these gorgeous pics:

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Auberge On The Park Condos

Auberge On The Park Photo

Auberge On The Park Condos

Surrounded by indulgent views of lush greenery, city skyline and Sunnybrook Park, Auberge offers condominium luxury in nature. Coming soon to coveted Leslie and Eglinton.

Features of this Project:

  • 3 luxury towers, built by long-trusted & award winning builder, Tridel
  • Phase 1 will be 45 storeys
  • An opportunity to enter into the prestigious Eglinton & Leslie neighbourhood, with its excellent schools and amenities
  • Family friendly layouts, which go up to just over 2000 sq ft
  • No micro units (thoughtful design throughout all 3 towers)
  • Condos, lofts and townhouses – all available to suit individual needs and tastes
  • Less than a 5 minute walk to the future 2021 Eglinton Crosstown LRT station, which will connect to 25 stations
  • Easy access to the Don Valley Parkway, Bayview extension, the 404 and the TTC
  • Walking distance to a network of large parklands, including Sunnybrook Park

Breakdown of unit sizes:

  • 1 bedroom from 538 sq ft to 645 sq ft
  • 1 bedroom plus den from 592 sq ft to 719 sq ft
  • 2 bedroom from 890 sq ft to 1,352 sq ft
  • Signature suites from 1,550 sq ft to 2,070 sq ft
  • Terraces from 1,333 sq ft to 2,079 sq ft
  • 2 storey suites from 1,300 sq ft to 1,930 sq ft

View more images & renderings below!

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Our Real Estate Fave Of The Week: 294 Euclid Ave

Tantalizing Turnkey in Trinity Bellwoods!

This semi-detached, 2-storey home is on a wide 20 X 129 ft lot and has 3 + 1 bedrooms, 3 baths, PLUS a detached 2 car garage.

What are our favourite features?

The large, spa like master bathroom (dig those skylights!). The backyard is seriously green, and how much stuff could you store in that huge garage!?

More Features:

  • Open concept main floor with fireplace, powder room, and built-in sound system
  • Beautiful french doors that open up onto the backyard
  • White and bright large main floor (889 sq ft) with skylights, windows, and pot lights throughout
  • 2nd floor laundry
  • Great Location

Price: $1,399,000

Taxes: $6,178.12/2017

Lot Size: 20 x 129 feet

Would you like a private tour of this home? Give us a shout and we’ll make it happen!

Take a gander at all these gorgeous pics:

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September 2017 Market Stats: Infographic & Report

September 2017 Market Stats: Infographic & Report Photo

September 2017 market stats are here!

The average sale price for the month was $775,546, up 2.6% over September 2016.

Here’s a breakdown of the average sale prices & year-over-year increases for the 416 area code:

  • Detached = $1,355,234 (+4.4%)
  • Semi-Detached = $935,467 (+5.2%)
  • Townhouse = $685,016 (+4.8%)
  • Condo Apartment = $554,069 (+24.0%)

And here’s TREB’s official market report for the month September 2017:

Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 6,379 sales through TREB’s MLS® System in September 2017. This result was down by 35 per cent compared to September 2016.

The number of new listings entered into TREB’s MLS® System amounted to 16,469 in September – up by 9.4 per cent year-over-year.

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Our Real Estate Fave Of The Week: 165 Glendale Ave

Welcome to the leafy green streets of beautiful Roncesvalles!

This semi-detached, 3-storey home is renovated top-to-bottom and has 4 + 1 bedrooms & 4 bathrooms.

What’s our favourite feature?

The 3rd floor master suite (seriously, take a look at the pics below). It’s got a 5-piece ensuite (with freestanding tub!), a huge walk-in closet, and walk-out to a private rooftop patio.

More Features:

  • Open concept main floor w/ motion sensor pot lights
  • Gorgeous hardwood flooring throughout
  • Kitchen w/ unique granite “fusion” waterfall island and stainless steel appliances
  • Built-in closets in every bedroom
  • 6 skylights
  • 2nd floor laundry
  • Basement apartment w/ private entrance

Price: $1,790,000

Taxes: $5,056.60/2016

Lot Size: 19.58 x 120 feet

Would you like a private tour of this home?  Give us a shout and we’ll make it happen!

Take a gander at all these gorgeous pics:

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