Total sales for 2011 amounted to 89,347 – up four per cent in comparison to 2010, reported TREB.
“Low borrowing costs kept buyers confident in their ability to comfortably cover their mortgage payments along with other major housing costs,” said TREB President Richard Silver. “If buyers had not been constrained by a shortage of listings over the past 12 months, we would have been flirting with a new sales record in the Greater Toronto Area.”
The average selling price in December was $451,436 – up four per cent compared to December 2010. The annualized hike is even greater. For all of 2011, the average selling price was $465,412, an increase of eight per cent in comparison to the average of $431,276 in 2010.
“Months of inventory remained below the pre-recession norm in 2011. Very tight market conditions meant substantial competition between buyers and strong upward pressure on selling prices,” said Jason Mercer, TREB’s senior manager of market nalysis.
“TREB’s baseline forecast for 2012 is for an average price of $485,000, representing a more moderate four per cent annual rate of price growth. This baseline view is subject to a heightened degree of risk given the uncertain global economic outlook,” said Mercer.
Showing posts with label to buy a house or condo in Toronto. Show all posts
Showing posts with label to buy a house or condo in Toronto. Show all posts
Monday, January 9, 2012
Monday, June 6, 2011
Toronto real estate. MORTGAGE RATE DROPS
Canada's big banks are marking down many of their rates. It's another tenth of a percentage point drop. That means a five-year fixed-rate will cost you 5.39%, while a one-year closed mortgage will cost 3.5 %. Economists cite a weakening US economy putting downward pressure on general borrowing costs.
If you want to buy a house or condo in Toronto, you should start exploring your financing options and consider per-approval first. While there are many different types of loans available to select from, one of the first things you will need to determine is whether you want to work with a mortgage broker or with a bank.
The greatest benefit to working with a Toronto mortgage broker rather than a bank is the fact that the broker works for you. When you go to a bank to secure a mortgage loan, the bank specialist is solely concerned with the interest of the financial institution. The mortgage broker, on the other hand, is looking out for your best interest as he or she searches for the loan and institution that is best for you.
Each time your credit report is pulled by a lending institution, your credit score may take a hit. When you work with a Toronto mortgage broker, your credit report only needs to be pulled once in order to recommend the best options. If you go to multiple banks, on the other hand, your credit report will be pulled each time you inquire into a loan.
When you go to a bank to inquire about a mortgage loan, the bank specialist is only representing one financial institution. When you work with a mortgage broker, on the other hand, he or she works with a wide variety of different institutions. As a result, you have a broader range of loan options to select from. Not only can this help you get the best rates, but it also increases your chances of obtaining approval even if you have poor credit.
After you have submitted all of the necessary information to your mortgage broker, he or she will pass all of the required information on to those mortgage lenders that might be a good fit for you. As such, you are able to submit your information to multiple lenders while only filling out the necessary paperwork one time.
While bank specialists do not require any formal training or license, the same is not true of mortgage brokers. In fact, most provinces require mortgage brokers to meet a strict set of requirements. Mortgage brokers must be licensed and must complete continuing education courses in order to remain licensed. As such, you can be sure the mortgage broker you work with is current on the latest real estate and mortgage financing rules and events.
If your shopping for a mortgage in Ontario look no further. Mortgage agent Alex Malkhassiants offers fast, friendly and experienced advice.
If you have any questions about Toronto real estate, call Alexandre Malkhassiants, Sales Representative and Mortgage Specialist.
Right at Home Realty Inc., Real Estate Brokerage.
Office: (416) 391-3232.
Cell: (416) 723-9383.
E-mail: amalkhass@rogers.com
Website: Toronto real estate
Website: Ontario real estate
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