Well it's been an amazingly hot summer for the weather as well as the Toronto real estate market.  Not only did we set temperature records in the number of days above 30 degrees but the Toronto Real Estate Board continued to set records with the number of sales taking place as well as the average hone price which continues to increase, and now sits at $717,530, 15% over December's $622,120 average price.   August's record... [read more]

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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]

SEVEN SAFETY TIPS FOR YOUR NEW HOME   When you first move into your new home it is a good idea to take care of a few small things that can make a big difference when it counts.   1.    Change the locks on all your exterior doors.  Unless your house is brand new you never know how many strangers may have a key to your front door.   2.    Replace the batteries in all the smoke detectors in the house.  Record the date in your... [read more]

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]