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OSFI Unveils New Stress-Test Rules

Wednesday Oct 25th, 2017

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Canada’s banking regulator today unveiled the final changes to its mortgage underwriting standards—Guideline B-20—that will further tighten lending standards and affect borrowers and lenders alike. The most wide-reaching change announced by the Office of the Superintendent of Financial Institutions (OSFI) is the establishment of a new minimum qualifying rate, or “stress test,” for borrowers making a down payment of more than 20% of the home’s... [read more]

Rashida's Corner - December Market Update

Sunday Dec 10th, 2017

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Well, though I hate to admit it, I was wrong!  I predicted 6,500 homes sold in November when in fact there were 7,374, making November 2017 one of the best Novembers in HISTORY!!  The reason for this is simple, the government announced changes to the mortgage qualifying rules commencing January 1 2018, and a lot of buyers jumped into the market to make sure that they qualified under the old criteria.  This resulted in stronger than usual sales and that trend will continue in... [read more]

Rashida's Corner - March Market Update

Thursday Mar 14th, 2019

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  No real surprises in the market, approximately the same number of sales as last February, 5,025, with approximately the same number of listings, 13,284, which is less than 3 listings for every sale, making it an overall “sellers” market as buyers have few choices when purchasing a home. While this is an average number, the reality is that homes over $1,000,000 are experiencing a balanced or even a buyer’s market depending on location. A balanced market is... [read more]

A record month for the GTA!

Thursday Oct 8th, 2020

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A record month for the GTA! 11,083 homes sold in September, 42.3 % more than a year ago. As of the end of September, despite Covid,  sales were up 1% compared to the same period last year. Proof of the desire for home ownership in Toronto! Here are two factors that brought many more buyers into the marketplace. The Canadian government gave out 53 billion dollars in aid to Canadians, while at the same time Canadians  lost 23 billion dollars in wages. That difference resulted in an... [read more]

Rashida's Corner | 2020 Market Update | 2021 RD Forecast | Another Record Breaking Year for GTA!

Friday Jan 8th, 2021

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Despite an unprecedented year due to COVID-19, including necessary public health restrictions and uncertainty surrounding the economy, Greater Toronto Area REALTORS® reported over 95,000 home sales in 2020 – the third-best result on record. The average selling price reached a new record of almost $930,000. “The Greater Toronto Area housing market followed an unfamiliar path in 2020. Following the steep COVID-induced drop-off in demand during the spring, home sales roared... [read more]

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