This week’s top real estate news in Ontario and how your real estate business could be affected.
GTA house goes for $400,000 over asking: ‘It was like a rock concert’
Despite its dated condition, the estate sale property, which sold on Monday for $1.1 million, attracted about 800 visitors over the course of three open houses — and 50 offers ahead of the designated offer presentation time.
Sale of the Week: The $770,000 house that shows the possible consequences of tighter mortgage rules
The federal government’s new, more restrictive mortgage rules came into effect just days after the house was listed, which may have made for a bumpy sale. There were 17 showings and three open houses, but just one offer. Although it was $8,000 under asking, the sellers liked the potential buyers enough to accept.
B.C. is desperate to keep its housing bubble aloft. It won’t work
British Columbia Premier Christy Clark has defied economic wisdom, announcing on December 15 that her government will offer first-time homebuyers concessional loans of as much as $37,500 to help them enter the country’s most expensive housing market.
Average Of Detached Homes In Toronto Up Over $320k From Last Year
The average benchmark price for detached homes are up again across the Greater Toronto Area (GTA). The average of the whole GTA was up 2.3% to $1,058,273, which is more than 27% from last year at this time. While the whole region performed better than industry average, the City of Toronto outperformed the average of the rest of the TREB region. The 416 saw the detached benchmark average price rise to $1,345,962, a 3% increase over the past year. That works out to an increase of 32.3%, or $327,341 from the year prior. The 905 saw an average detatched go for $957,517 – a 25.5% increase over the past 12 months.
Home buyers optimistic about GTA real estate market, research finds
High prices and tighter lending conditions aren’t dampening consumers’ optimism and enthusiasm for real estate in the Toronto region, where half of homebuyers still expect to purchase that most expensive and elusive asset, a detached home. Even as the price of the average Toronto area detached home climbed to about $1 million this fall ($1.3 million in Toronto), half of buyers in the region say that’s the kind of house they expect to purchase, according to the Ontario Real Estate Association (OREA) Ontario Home Ownership Index being released last Tuesday.
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