The five- and 10-year averages for price growth in newer downtown Toronto condos is 15% and 8%, respectively. GTA-wide, the 10-year average is also 8%.
Interest in refinancing is accelerating significantly amid the COVID-19 pandemic, according to comparison site Lowestrates.ca.
“We have seen a huge increase in the number of consumers coming to our site to compare rates and see if they can save money by breaking their current mortgage and renewing early or refinancing,” said Justin Thouin, chief executive of Lowestrates.ca.
The site’s metrics showed that the volume of refinancing inquiries made through the site increased by 326% month-over-month in March, when the coronavirus first took hold of Canadian markets, according to CBC News.
In early June, Statistics Canada said that mortgage borrowing – and overall credit market activity – has grown along with a noticeable decline in debt-servicing costs.
As of the end of Q1, national credit-market debt was at $2.33 trillion, with $1.53 trillion in mortgage balances and $802.1 billion in consumer credit and non-mortgage loans. During the same time frame, the household debt-service ratio (DSR) stood at 14.67%, from the 14.81% in Q4 2019.
“One silver lining in [the latest] report was the decline in debt-servicing costs, with the DSR falling for the first time in more than two years as interest rates fell across a broad range of loans,” said Ksenia Bushmeneva, TD Bank economist. “In addition to lower interest rates, deferrals and other modifications of mortgages and other credit products also helped lower expenses related to debt servicing.”
News of a fixed rate increase might inspire consumers driven by fear of being priced out of the market in Canada.
Even before COVID-19 moved us all to work from home, reevaluations of office space were already underway, but not nearly to the extent they are now.
This consultant and real estate investor said that a third of new construction properties built every year in Ontario have legitimate claims for reimbursement, but they aren't taken advantage of.
New condos going up on King St. E. and Berkeley St. by Lamb Development Corp will be 32-storeys and the new Ontario Line subway route station.
Condominium sales in the City of Toronto surged by 63.2% year-over-year in February to 2,167, according to the latest data from the Toronto Regional Real Estate Board.
According to GTA-based Seth Ferguson, CEO of Multifamily Real Estate Investments Inc., Texas has arguably the most propitious horizon in the Sun Belt.
In 2020 alone, this commercial real estate team did over $60 million in commercial sales in Toronto.
Craig Proctor, top Canadian real estate agent and coach, offers advice on how to dominate during these crazy real estate times. Join his Millionaire Agent-Maker SuperConference March 19-21.
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