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نوروز ۱۴۰۱ بر شما مبارک
Happy Noorouz 1401
Happy First Day of Spring!
Happy Noorouz 1401
Happy First Day of Spring!
Average Canadian Home Price Passes $800K for First Time on Record
The average Canadian home price has hit yet another new record, broaching the $800,000-mark for the first time in February. Home buyers across the nation can now expect to shell out $816,720 — up 20.6% from the same time last year, according to the latest data from the Canadian Real Estate Association.
That’s a 3.5% uptick from January, and reflects a record 29.2% year-over-year increase in the Home Price Index benchmark. Of course, that’s heavily influenced by the nation’s largest markets; stripping Toronto and Vancouver out of the equation would reduce the average by $178,000, to $638,720.
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The average Canadian home price has hit yet another new record, broaching the $800,000-mark for the first time in February. Home buyers across the nation can now expect to shell out $816,720 — up 20.6% from the same time last year, according to the latest data from the Canadian Real Estate Association.
That’s a 3.5% uptick from January, and reflects a record 29.2% year-over-year increase in the Home Price Index benchmark. Of course, that’s heavily influenced by the nation’s largest markets; stripping Toronto and Vancouver out of the equation would reduce the average by $178,000, to $638,720.
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Could Steep New Mortgage Rules Be On the Way for Real Estate Investors?
Speculative real estate activity has long been vilified as a leading contributor to skyrocketing home prices and lack of supply in Canada’s biggest markets; could new restrictions, that will actually effectively curb investor demand, be coming down the pipe?
Recent chatter in the mortgage space posits Canada’s finance policy makers could be mulling over significant changes for borrowing criteria on investment properties:
- A minimum down payment of 35% (up from the current 20% for non-owner occupied properties)
- Banning the use of a Home Equity Line of Credit as a down payment source, in addition to borrowed or gifted funds, on an investment property
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Speculative real estate activity has long been vilified as a leading contributor to skyrocketing home prices and lack of supply in Canada’s biggest markets; could new restrictions, that will actually effectively curb investor demand, be coming down the pipe?
Recent chatter in the mortgage space posits Canada’s finance policy makers could be mulling over significant changes for borrowing criteria on investment properties:
- A minimum down payment of 35% (up from the current 20% for non-owner occupied properties)
- Banning the use of a Home Equity Line of Credit as a down payment source, in addition to borrowed or gifted funds, on an investment property
.
Yes, Canada Has a Housing Affordability Crisis. Is It the Federal Government’s Fault?
It would be accurate to call Canadians’ struggles with housing an outright crisis. Never before in Canada’s history has housing been as far out of reach for so many people as it is today. And while there are many contributing factors, how much is federal leadership, and their policies, to blame?
Elected in 2015 with a majority mandate, the Liberal Party has since survived two elections to form minority governments. During last summer’s election campaign, housing was front and centre and each party released comprehensive platforms intended to curb runaway home prices — but it seemed previous failures to prioritize new supply and to curb rapid price appreciation were overlooked.
Since then, the affordability crisis has arguably worsened.
.
It would be accurate to call Canadians’ struggles with housing an outright crisis. Never before in Canada’s history has housing been as far out of reach for so many people as it is today. And while there are many contributing factors, how much is federal leadership, and their policies, to blame?
Elected in 2015 with a majority mandate, the Liberal Party has since survived two elections to form minority governments. During last summer’s election campaign, housing was front and centre and each party released comprehensive platforms intended to curb runaway home prices — but it seemed previous failures to prioritize new supply and to curb rapid price appreciation were overlooked.
Since then, the affordability crisis has arguably worsened.
.
Ontario To Raise Penalties for Profiteering Developers Cancelling Pre-Con Sales
The Government of Ontario will crack down on house and condominium developers unjustifiably cancelling or increasing the price of pre-construction sales agreements, Minister of Government and Consumer Services Ross Romano confirmed on Thursday.
Developers found to be breaching these ethics rules will face heftier fines than are currently in place, as well as the possibility of a suspended license.
“Last November, Premier Ford vowed to protect condo buyers from developers trying to make extra money off the backs of hard-working people,” Romano said. “Our government is following through on that promise to crack down on bad actors and defend future homeowners from the unethical and egregious practice of unfairly cancelling pre-construction projects.”
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The Government of Ontario will crack down on house and condominium developers unjustifiably cancelling or increasing the price of pre-construction sales agreements, Minister of Government and Consumer Services Ross Romano confirmed on Thursday.
Developers found to be breaching these ethics rules will face heftier fines than are currently in place, as well as the possibility of a suspended license.
“Last November, Premier Ford vowed to protect condo buyers from developers trying to make extra money off the backs of hard-working people,” Romano said. “Our government is following through on that promise to crack down on bad actors and defend future homeowners from the unethical and egregious practice of unfairly cancelling pre-construction projects.”
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Detached
For Sale Listed for: $2,380,000
4+2 Bedrooms
6 Bathrooms
2 Garage
1 + 1 Kitchens
Tax: $7,118.88/2021
Property Type: Detached, 2-Storey
Building Age: -
Size: 3,000 - 3,500 feet²
Lot Size: 48.79 × 125.15 feet
Total Parking Spaces: 6, Attached 2 Garage, 4 parking
Basement: Finished
Description:
The Beautiful Bright Home Located in Westbrook Top School Zone! Gorgeous Modern Open Concept, Hard Wood Floors at Main Floor and 2nd Floor. Featuring Large Eat-In Kitchen W/Granite Counter, Fin Basement W/3Pc Washroom & Large Walk-In Closet. Mins drive to top Ranking School Richmond H.S. And St. Theresa H.S.
For Booking please call:
Hojjatollah Izady
Realtor
HomeLife/Cimerman Real Estate Ltd., Brokerage
647-772-9502
hoizady@yahoo.com
.
For Sale Listed for: $2,380,000
4+2 Bedrooms
6 Bathrooms
2 Garage
1 + 1 Kitchens
Tax: $7,118.88/2021
Property Type: Detached, 2-Storey
Building Age: -
Size: 3,000 - 3,500 feet²
Lot Size: 48.79 × 125.15 feet
Total Parking Spaces: 6, Attached 2 Garage, 4 parking
Basement: Finished
Description:
The Beautiful Bright Home Located in Westbrook Top School Zone! Gorgeous Modern Open Concept, Hard Wood Floors at Main Floor and 2nd Floor. Featuring Large Eat-In Kitchen W/Granite Counter, Fin Basement W/3Pc Washroom & Large Walk-In Closet. Mins drive to top Ranking School Richmond H.S. And St. Theresa H.S.
For Booking please call:
Hojjatollah Izady
Realtor
HomeLife/Cimerman Real Estate Ltd., Brokerage
647-772-9502
hoizady@yahoo.com
.