What does the average first-time homebuyer look like? Who are they? What do they have saved and what will they spend? We profile the average first-time homebuyer by the numbers.If you are looking forward to one day being a first-time homebuyer, chances are you are starting to plan for that purchase today. Purchasing your first home is one of the most exciting experiences you will have in your life, and is one of the largest purchases you will ever make. The act of homebuying involves considerable sacrifice in order to save up … (0 comments)
mortgages: Offers Accepted on Date XYZ or Seller Reserves ... Diane Plant
- 05/24/15 05:19 AM
Holding Back Offers or Pre-emptive Bully Offers Holding back offers until a specific date has become the norm-usually a week after the listing appears on MLS. This hold back date is posted on the listing in the brokerage remarks. Holding back offers have merits for both buyers and sellers: More buyers can view the property The listing agent can hold weekend open houses Buyers can get in their own home inspector Buyers can get pre-approved as opposed to pre-qualified. There might be a greater chance to get multiple offers=a higher price than asking. The downside: Another property comes out that is … (1 comments)
Buyers are frustrated and so are their real estate agents. I have been a Broker in Toronto for 26 years and I have witnessed many market changes and trends. Bidding wars are everyday occurances now in the negotiating process. Pricing a home was always based on fair market value. How was this established? Recent sales of similar homes, on streets surrounding the property to be listed gave the agent a reasonable price at which to offer the home for sale.
Today, homes in the "hot pockets" of Toronto are often priced $100,000.00 under the fair market value. If in week one a home is priced at $749,000.00 and … (4 comments)
mortgages: Great News-Bank of Canada holds rate at 1%
- 10/19/10 06:36 AM
Governor Mark Carney says domestic recovery will be more gradual than projected, and global turnaround 'entering a new phase' JEREMY TOROBIN OTTAWA- Globe and Mail Update Tuesday, Oct. 19, 2010 09:10AM EDT Bank of Canada governor Mark Carney kept his benchmark interest rate at 1 per cent Tuesday after three consecutive increases, saying the domestic recovery will be more gradual than projected, and the global turnaround is "entering a new phase." In explaining his decision, Mr. Carney said while private demand in advanced economies will become "sufficiently entrenched" to sustain the recovery, a combination of high unemployment and efforts by governments … (0 comments)
mortgages: Bank of Canada raised key rate by a quarter point today-Diane Plant Remax Realtron
- 06/01/10 10:49 AM
The Bank of Canada raised its key interest rate by a quarter point today,and most lending institutions are expected to respond by increasing theirprime lending rates by a quarter point. This marks the first rate increaseby the Bank since 2007. In its statement the Bank noted that "the economy grew by a robust 6.1 percent in the first quarter, led by housing and consumer spending. Employmentgrowth has resumed. Going forward, household spending is expected todecelerate to a pace more consistent with income growth. The anticipatedpickup in business investment will be important for a more balancedrecovery." Today's announcement means an increase in … (2 comments)
mortgages: Toronto Real Estate-Diane Plant-Mortgage rules to change April 19
- 02/16/10 08:56 AM
The Federal Finance Minster Jim Flaherty announced three new rule changesconnected to government-backed insured mortgages, saying the government is"taking proactive, prudent and cautious steps" to prevent a housing bubble. 1. The biggest change is the requirement that all borrowers bequalified at a five-year fixed mortgage rate even if they choose ashorter-term, lower-interest product. 2. The government also lowered the maximum amount Canadians canwithdraw in refinancing their mortgages from 95% to 90%. 3. Introduced a minimum down payment of 20% on non-owner occupiedproperties purchased "for speculation". The rule changes are set to come into effect on April 19th.
************************************************************************************* I proudly … (1 comments)
mortgages: Around Toronto: Yorkville ICE FEST February 20 to 21st.
- 02/07/10 03:17 AM
Dates: Saturday Feb 20, 2010 noon to Sunday February 21 5:00 PM Locations: Village of Yorkville Park on Cumberland St. between Bellair and Old York Lane Toronto View Map OH Canada!! The Bloor-Yorkville neighbourhood will celebrate winter's creative side with its 5TH Annual IceFest. This year's theme is CANADIANA. Come celebrate all the things that make our country great! Beavers, moose, geese and bears will all be reproduced in ice carvings during this very special event. The Bloor-Yorkville IceFest will be held on February 20th-21st, in and around the Village of Yorkville Park, as well as throughout the Bloor-Yorkville area.Fundraising proceeds … (4 comments)
mortgages: Toronto & GTA post higher SOLD prices and volume
- 02/01/10 08:07 AM
************************************************************************************* I proudly server buyers and sellers in the Toronto Neighbourhoods of: Forest Hill, Cedarvale, North York, North Toronto, Summit Heights, Wilson Height, Bathurst Manor, Leaside, Bayview, Thornhill, Richmond Hill and all surrounding areas. Whether you're buying or selling and looking for a Toronto Realtor or feel free to e-mail or phone us and we will be happy to guide you through your real estate experience. I’m never too busy for any of your referrals Diane Plant, Broker Re/Max Realtron Realty Inc, Brokerage (416) 782-8882 TORONTO REAL ESTATE WEBSITE
BUYING SELLING FREE REPORTS
… (2 comments)
mortgages: GTA Sales ending January 29
- 02/01/10 12:36 AM
The greater Toronto market continues to have strong sales volume in units but selling prices dropped reporting of January 25. These figures are in comparison to those ending January 25, 2010 The GTA saw vastly increased volume in the past week by 26%, prices were higher overall by 4% in the West division In the east prices decreased 3%, Central decreased 9%, and the North decreased 5%. The overall decrease in price average was 2%
************************************************************************************* I proudly server buyers and sellers in the Toronto Neighbourhoods of: Forest Hill, Cedarvale, North York, North Toronto, Summit Heights, Wilson Height, Bathurst Manor, Leaside, Bayview, … (1 comments)
mortgages: Greater Toronto Average Price 2009 rose 4%
- 01/26/10 05:37 AM
GTA Resale Market Resilient in 2009January 6, 2010 -- Greater Toronto REALTORS® reported 87,308 MLS® transactions in 2009 - a 17 per cent increase over 2008. This result included 5,541 sales in December. The 2009 result was in line with the healthy levels of sales experienced between 2004 and 2006, but lower than the record of 93,193 set in 2007."After a slow start to the year, existing home sales rebounded during the second half of 2009," said TREB President Tom Lebour. "As consumer confidence improved, many households moved to take advantage of affordable home ownership opportunities in the GTA. The … (1 comments)
NOTE: Please note these are preliminary figures. Minor adjustments may be required at month's end. I proudly server buyers and sellers in the Toronto Neighbourhoods -Toronto Neighbourhood Maps of: Forest Hill, Cedarvale, North York, North Toronto, Summit Heights, Wilson Height, Bathurst Manor, Leaside, Bayview, Thornhill, Richmond Hill and all surrounding areas. Whether you're buying or selling and looking for a Toronto Realtor or feel free to e-mail or phone us and we will be happy to guide you through your real estate experience. I am never too busy for any of your referrals Diane Plant, Broker Re/Max Realtron … (3 comments)
mortgages: GTA Homes sales first two weeks of December up 50% over December 2008
- 12/21/09 12:27 PM
GTA REALTORS® Report December Mid-Month Resale Housing Market Figures TORONTO, December 17, 2009. Greater Toronto REALTORS reported 3,079 existing home transactions in the first two weeks of December compared to 1,487 in 2008. The strong growth represents both increased home ownership demand and the fact that we are comparing the recovery phase of the sales cycle this December with the contraction phase experienced last winter. Year-to-date sales, at 84,888, were up 16 per cent compared to the same period last year and have moved in line with the healthy levels experienced in the 2004 through 2006 period. "We experienced a very … (2 comments)
mortgages: Great news! Prime rate remains unchanged
- 12/08/09 08:20 AM
Bank of Canada Holds Key Rate Steady As expected by most economists, the Bank of Canada announced this morningthat it will leave its key interest rate unchanged at its all-time low. TheBank also reiterated its commitment to hold its key rate at the currentlevel until the end of the second quarter of 2010, conditional on theoutlook for inflation. In its statement the Bank noted that "Whilesignificant fragilities remain, global economic developments have beenslightly more positive and the global outlook has improved modestly." Lenders are expected to keep their prime lending rate steady. Variable-ratemortgages, variable-rate credit cards, and home equity lines of … (3 comments)
mortgages: Ontario Housing to Stabilize says CMHC
- 10/08/09 01:40 AM
Queen's Park October Ontario housing conditions will stabilize Stable economic conditions across the province will help stabilize housing demand in 2010 according to the 2009 Third Quarter CMHC Housing Market Outlook - Canada Edition. Highlights of the Ontario forecast include: • The Ontario economy will stabilize at year end before gradually recovering in 2010 • Ontario resale volumes will stabilize and range between 160,000 and 190,000 unit sales this year and next - reaching 174,000 units in 2009, and 166,750 units in 2010. • Resale volumes will be down from the peak in 2007 but will be in line with volumes … (4 comments)
mortgages: Strong Sales in Toronto in September ReMax Diane Plant
- 10/05/09 10:03 AM
Strong Sales Increases Continue in September GTA Housing Market Rebound Continues in SeptemberOctober 5, 2009 -- In September 2009, Greater Toronto REALTORS® reported 8,196 sales, up 28 per cent from September 2008. The average price for September transactions was $406,877 - up by 10 per cent compared to the same month last year."We have experienced an increasing rate of existing home price growth in the GTA as sales have continued outpace 2008 results," said TREB President Tom Lebour. "Consumers have remained confident in ownership housing as a long-term investment." Year-to-date sales, at 66,437 were up 4.5 per cent compared to the … (0 comments)
mortgages: Mortgages for recent immigrants to Canada
- 09/17/09 10:04 AM
Recent Immigrant to Canada? Discover Mortgage Products Designed for You It's a common myth that if you are not a Canadian citizen or landed immigrant, you do not qualify for a mortgage. The good news is that various lenders offer mortgage products specifically tailored to the needs of non-landed immigrants. While most financial institutions traditionally have insisted that new immigrants provide a down payment of at least 20% to 35%, there are now lenders who offer qualifying new immigrants (or those who have been transferred to Canada by an employer) mortgages which feature a much lower down payment. Call me with … (4 comments)
mortgages: Canadian Key interest rate to hold to steady until.......
- 09/14/09 10:36 AM
The Bank of Canada announced this morning that it will leave its key interest rate unchanged and restated its commitment to holding this rate steady until mid-2010, conditional on the outlook for inflation. In its statement the Bank declared that “recent indicators point to the start of recovery in major economies, supported by aggressive policy stimulus and the stabilization of global financial markets.” Lenders are expected to keep their prime lending rate steady. Variable-rate mortgages, variable-rate credit cards, and home equity lines of credit are typically linked to a lender’s prime rate. However, in recent weeks the pricing of new variable-rate … (2 comments)
mortgages: Homes Sold in GTA ending July 9
- 07/10/09 04:41 AM
The dollar value of homes sold in the past week in the East is up approximately 4%, the North is 1% and the Central area is up 5% and the West is up 2% over the week ending June 25. The average price of all homes has increased approximately 1%. The numbers of homes sold have increased in the East 4%, West up 1%, Central down 1% and North is up 3%. The increase in total 1%.
NOTE: Please note these are preliminary figures. Minor adjustments may be required at month's end. ********************************************************************************** I proudly server buyers and sellers in the Toronto Neighbourhoods … (0 comments)
mortgages: Canadian Banks Almost Giving Away Free Mortgages
- 04/22/09 05:54 AM
Bank of Canada reduced the overnight rate to 0.25%, therefore Banks are lowering Prime rate to 2.25%. The change will be seen in line of credit lending rates as of April 22nd, and will be reflected in variable rate mortgages as of May 1st, 2009. The Bank of Canada's next scheduled overnight rate announcement is June 4th, 2009. This Bank of Canada reduction by a quarter of a point today is at the lowest level ever. In its announcement the Bank of Canada also stated that it expects to hold this policy rate at its current level until the end of the … (0 comments)
mortgages: Looking for a down payment on a home? Check your RRSPs (for Canadians)
- 02/11/09 08:24 AM
New rules enhance the Home Buyer’s Plan program If you’re a first-time home buyer, with the federal Home Buyer’s Plan you may be eligible to withdraw funds from your registered retirement savings plan (RRSP) for a down payment when buying or building a qualifying home. Under the program you can now withdraw up to $25,000 without tax penalties, according to measures announced recently in the 2009 Federal Budget. Here is a basic overview of some of the rules: You must be considered a first time home buyer, i.e. you cannot have owned an owner occupied home in the previous five years. … (0 comments)
Related Links:
Diane Plant
Broker, TorontoHomeSearch: Forest Hill Real Estate
I proudly server buyers and sellers in the Greater Toronto neighbourhoods of: Forest Hill, Cedarvale, North York, North Toronto, Summit Heights, Wilson Height, Bathurst Manor, Leaside, Bayview, Thornhill, Richmond Hill and all surrounding areas.
This is a study conducted by Genworth Canada in 2014.
;)
;)
;)
