House prices are soaring with no signs of abating. That’s the condition that’s seen in all fronts of Canada’s housing market. Whether it’s about detached, semi detached, residential, rental or condo housing units, prices are going up and buyers are showing no signs of hesitance to purchase.

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New Policies to Dampen Strong Demand

 

Housing is rosy, but the government is biting its nails over it. A bubble burst is expected to take place any time soon. New rules had to be put in place to curb strong demand. The government was able to come up with some which they announced in April. Specific goals for implementing these rules include:

 

  • Protect renters and buyers from agents selling and reselling properties for multiple gains.
  • Weaken foreigner buying. New taxes were imposed for non-Canadian buyers. This will also increase government coffers that can be used to build more houses to increase supply.
  • Level the playing field by charging private rental housing units the same taxes that residential units pay. Prior to this, no taxes were imposed on private rental housing.
  • Slow down purchases in the Greater Golden Horseshoe. A 15-% tax was introduced for properties sold in this area.

 

As soon as the government made the announcement, prices started dipping. Can the immediate response be sustained? The housing market condition prior to the announcement was extremely strong. Here’s a quick look on how strong it was in March and in the months before it.

GTA Prices

Prices were, as anybody would describe them, staggering and setting new record highs.

In January, detached houses sold in GTA averaged $1.07 million. About one and a half months later, it soared to $1.21 million. The climb was 32.5 percent compared to the price set a year earlier.

It was far higher in areas within the city of Toronto. The average price for detached houses within the city limits was placed at $1.57 million prior to the announcement. In November last year, that was only $1.35 million. Everybody was saying those figures only reflect a market that is by far not normal.

In suburban Toronto, prices were also recording new highs. Just before the announcement was made, a new high of $1.1 million for detached houses in the area was set. It was the first time that detached house prices there went over the $1 million threshold.

What Is Pushing the Prices Up?

Low supply inventory for detached homes is the culprit. This year, there were only 233 detached houses up for grabs. Compare that to the 11,802 that were available to buyers 10 years ago – a 98% drop.

The government is allocating $125 million for building new home units to accommodate increasing demand and to cool

Where in the GTA?

Any mortgage broker who wants to make quick money knows the places to avoid. He must avoid these places if his client is looking for a detached home in the GTA. In some of these places, detached home prices increased by 40 or even 80 percent over the past year.

For example, in Barrie, where selling prices are averaging around $605,000, the increase over a year ago was put at 42%.

Specific districts in Barrie recorded different percentages. Essa Township saw a 49% increase compared to last year’s prices. Innisfil residents recorded a 55% increase. In Oro-Medonte, detached homes sold for $812,200 in March this year, an 80% increase from prices set in March last year.

OUR CUSTOMERS LOVE US

My wife and I recently purchased our first place, so we started to look for a mortgage broker. Neither of us really knew what we were doing, so it was important to us that we could find someone who could guide us through the whole process. After some searching we finally stumbled upon the guys at certified mortgage broker We worked with leon and his team, got a great rate and they took their time to explain and guide us through the whole process. Great rates and great service. Would absolutely recommend.
Linderman Beadles
Linderman Beadles
06:16 26 Feb 18
Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.
Gina Carroll
Gina Carroll
05:06 28 Feb 18
Was looking for a new mortgage broker, my old one moved so had to find someone else to work with. Didn't really know how to go about it so just started googling. After some searching and talking, decided to go with the guys at certified mortgage broker. No one could match their rates, plus their customer service is honestly some of the best i’ve seen.
Deane Laflamme
Deane Laflamme
04:40 27 Feb 18
My wife and I recently purchased our first place, so we started to look for a mortgage broker. Neither of us really knew what we were doing, so it was important to us that we could find someone who could guide us through the whole process. After some searching we finally stumbled upon the guys at certified mortgage broker We worked with leon and his team, got a great rate and they took their time to explain and guide us through the whole process. Great rates and great service. Would absolutely recommend.
Stephnie Boyles
Stephnie Boyles
13:59 15 Nov 17
Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.
Billye Peralta
Billye Peralta
13:38 19 Nov 17
Was looking for a new mortgage broker, my old one moved so had to find someone else to work with. Didn't really know how to go about it so just started googling. After some searching and talking, decided to go with the guys at certified mortgage broker. No one could match their rates, plus their customer service is honestly some of the best i’ve seen.
Moore Hoover
Moore Hoover
02:25 16 Nov 17
We worked with Leon and he provided a thorough and a professional process in re-financing our mortgage. Communication was consistent, he was easy to reach and documents were processed quickly. Most importantly, we got a great rate that has us savings hundreds of dollars per month on our home. These guys really know what they're doing.
Melissa Brown
Melissa Brown
00:12 18 Jul 17
As third time home buyers we couldn't be happier with the service we got from Certified mortgage broker. The team did a great job working on our loan. Everything was fast, easy and transparent. Probably the best mortgage experience i’ve ever had.
Riley Clements
Riley Clements
15:27 20 Jul 17

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