Wait! Don't close this window if you are already a home owner.
If you are, great! You know the benefits of homeownership and are probably sitting on a nice pile of equity right now.
But you may know someone who is still renting - maybe a friend, a family member. I truly hope you will pass this information on, because the next two articles are for them.
For those of you who are still renting and don't feel like home ownership is in your near future for whatever reason, read on.
There are two articles below, "How Much House Can Your Rent Buy?" and "New Mortgage Products Put Home Buying Within Reach".
And don't forget to check out the February 2007 Market Watch after these articles.
You'll be suprised to see how close home ownership is a possbility for you or someone you know...
Wednesday, March 21, 2007
First Time Home Buyers
Wait! Don't close this window if you are already a home owner.
If you are, great! You know the benefits of homeownership and are probably sitting on a nice pile of equity right now.
But you may know someone who is still renting - maybe a friend, a family member. I truly hope you will pass this information on, because the next two articles are for them.
For those of you who are still renting and don't feel like home ownership is in your near future for whatever reason, read on.
There are two articles below, "How Much House Can Your Rent Buy?" and "New Mortgage Products Put Home Buying Within Reach".
And don't forget to check out the February 2007 Market Watch after these articles.
You'll be suprised to see how close home ownership is a possbility for you or someone you know...
If you are, great! You know the benefits of homeownership and are probably sitting on a nice pile of equity right now.
But you may know someone who is still renting - maybe a friend, a family member. I truly hope you will pass this information on, because the next two articles are for them.
For those of you who are still renting and don't feel like home ownership is in your near future for whatever reason, read on.
There are two articles below, "How Much House Can Your Rent Buy?" and "New Mortgage Products Put Home Buying Within Reach".
And don't forget to check out the February 2007 Market Watch after these articles.
You'll be suprised to see how close home ownership is a possbility for you or someone you know...
How much house can your rent buy?
This month, I'm featuring an article by my mortgage guru, Peter Majthenyi from Mortgage Architects.
This is for all of your renters out there so you can stop building up someone else's home equity and net worth!
If you are a landlord, I apologize. :)
In this article, Peter discusses how new mortgage options can make owning a home a reality...
How much home could your rent buy?
Buying a home is a big financial step, and it’s hard to know when you’re really ready to buy. No wonder that many Canadian renters are still sitting on the white picket fence when it comes to home ownership.
The exciting news is that it could be time to make your move. There’s a few reasons why.
To begin, it’s pretty simple math: if you can afford to rent, chances are that you can afford to buy your own home. Your monthly mortgage payments may be similar to your rent!
That monthly rent cheque doesn’t need to be money out the window; it could be money that’s building you equity in your very own home.
Let’s take a look at how rent and mortgage payments might compare.
If you’re paying $1250 in rent each month, for example, you could be carrying a mortgage of $186,726. If you’re paying $1500, that’s potentially a mortgage of $235,100. Forking over $1750 each month? You could be paying off a mortgage of $283,475!
How are the mortgage payments so affordable?
Firstly, right now you’re benefiting from historically low mortgage rates. Secondly, you now have access to longer-amortization mortgages that lower your monthly mortgage payment. (The examples above were based on that combination: a 5.3% rate and 40-year amortization, plus 3.70% insurance premium, property taxes and heat of $285 per month).
In addition to longer amortization mortgages, interest only mortgages are another option for reducing monthly mortgage payments and maximizing purchasing power.
Think you can’t buy a house because you haven’t saved up a downpayment? Think again.
There are several excellent mortgages available with zero downpayment required. In general, all you need to qualify is a good credit record, and the ability to meet your payments comfortably. Mortgage insurers and innovative lenders believe that Canadians benefit from homeownership – and they’re helping to make it more accessible.
Even if you’ve had past credit problems, new credit repair mortgages can help transition you to a brighter future. That’s more good news for renters!
One more hurdle that some renters worry about is showing enough income to qualify for a mortgage. If you’re self-employed, for example, there are mortgage options available that don’t require you to verify your income. If you have a good credit history and reliable income-earning capacity, then you may qualify for a no income verification mortgage loan.
Still sitting on the fence?
Think about this: every time you sign a rental or lease agreement, you are signing a long lasting contract that has no profit potential whatever – at least, not for you.
When you sign a mortgage loan agreement, not only do you sign onto home ownership, but you also sign up for a great equity-making opportunity too.
Buying a home makes both financial and emotional sense. There are the intangible pleasures that home ownership offers: increased freedom, privacy, and a sense of community, for example.
Then there are the more tangible rewards: for decades, Canadian homeowners have been able to leverage their property purchase into a large financial return.
You’re at a moment of real opportunity right now: this may be the perfect time for you to get on the right side of that picket fence!
If you have been thinking about owning a home, but don't know what is possible, I encourage you to give me or Peter a call to find out. You may be pleasantly suprised!
This is for all of your renters out there so you can stop building up someone else's home equity and net worth!
If you are a landlord, I apologize. :)
In this article, Peter discusses how new mortgage options can make owning a home a reality...
How much home could your rent buy?Buying a home is a big financial step, and it’s hard to know when you’re really ready to buy. No wonder that many Canadian renters are still sitting on the white picket fence when it comes to home ownership.
The exciting news is that it could be time to make your move. There’s a few reasons why.
To begin, it’s pretty simple math: if you can afford to rent, chances are that you can afford to buy your own home. Your monthly mortgage payments may be similar to your rent!
That monthly rent cheque doesn’t need to be money out the window; it could be money that’s building you equity in your very own home.
Let’s take a look at how rent and mortgage payments might compare.
If you’re paying $1250 in rent each month, for example, you could be carrying a mortgage of $186,726. If you’re paying $1500, that’s potentially a mortgage of $235,100. Forking over $1750 each month? You could be paying off a mortgage of $283,475!
How are the mortgage payments so affordable?
Firstly, right now you’re benefiting from historically low mortgage rates. Secondly, you now have access to longer-amortization mortgages that lower your monthly mortgage payment. (The examples above were based on that combination: a 5.3% rate and 40-year amortization, plus 3.70% insurance premium, property taxes and heat of $285 per month).
In addition to longer amortization mortgages, interest only mortgages are another option for reducing monthly mortgage payments and maximizing purchasing power.
Think you can’t buy a house because you haven’t saved up a downpayment? Think again.
There are several excellent mortgages available with zero downpayment required. In general, all you need to qualify is a good credit record, and the ability to meet your payments comfortably. Mortgage insurers and innovative lenders believe that Canadians benefit from homeownership – and they’re helping to make it more accessible.
Even if you’ve had past credit problems, new credit repair mortgages can help transition you to a brighter future. That’s more good news for renters!
One more hurdle that some renters worry about is showing enough income to qualify for a mortgage. If you’re self-employed, for example, there are mortgage options available that don’t require you to verify your income. If you have a good credit history and reliable income-earning capacity, then you may qualify for a no income verification mortgage loan.
Still sitting on the fence?
Think about this: every time you sign a rental or lease agreement, you are signing a long lasting contract that has no profit potential whatever – at least, not for you.
When you sign a mortgage loan agreement, not only do you sign onto home ownership, but you also sign up for a great equity-making opportunity too.
Buying a home makes both financial and emotional sense. There are the intangible pleasures that home ownership offers: increased freedom, privacy, and a sense of community, for example.
Then there are the more tangible rewards: for decades, Canadian homeowners have been able to leverage their property purchase into a large financial return.
You’re at a moment of real opportunity right now: this may be the perfect time for you to get on the right side of that picket fence!
If you have been thinking about owning a home, but don't know what is possible, I encourage you to give me or Peter a call to find out. You may be pleasantly suprised!
How much house can your rent buy?
This month, I'm featuring an article by my mortgage guru, Peter Majthenyi from Mortgage Architects.
This is for all of your renters out there so you can stop building up someone else's home equity and net worth!
If you are a landlord, I apologize. :)
In this article, Peter discusses how new mortgage options can make owning a home a reality...
How much home could your rent buy?
Buying a home is a big financial step, and it’s hard to know when you’re really ready to buy. No wonder that many Canadian renters are still sitting on the white picket fence when it comes to home ownership.
The exciting news is that it could be time to make your move. There’s a few reasons why.
To begin, it’s pretty simple math: if you can afford to rent, chances are that you can afford to buy your own home. Your monthly mortgage payments may be similar to your rent!
That monthly rent cheque doesn’t need to be money out the window; it could be money that’s building you equity in your very own home.
Let’s take a look at how rent and mortgage payments might compare.
If you’re paying $1250 in rent each month, for example, you could be carrying a mortgage of $186,726. If you’re paying $1500, that’s potentially a mortgage of $235,100. Forking over $1750 each month? You could be paying off a mortgage of $283,475!
How are the mortgage payments so affordable?
Firstly, right now you’re benefiting from historically low mortgage rates. Secondly, you now have access to longer-amortization mortgages that lower your monthly mortgage payment. (The examples above were based on that combination: a 5.3% rate and 40-year amortization, plus 3.70% insurance premium, property taxes and heat of $285 per month).
In addition to longer amortization mortgages, interest only mortgages are another option for reducing monthly mortgage payments and maximizing purchasing power.
Think you can’t buy a house because you haven’t saved up a downpayment? Think again.
There are several excellent mortgages available with zero downpayment required. In general, all you need to qualify is a good credit record, and the ability to meet your payments comfortably. Mortgage insurers and innovative lenders believe that Canadians benefit from homeownership – and they’re helping to make it more accessible.
Even if you’ve had past credit problems, new credit repair mortgages can help transition you to a brighter future. That’s more good news for renters!
One more hurdle that some renters worry about is showing enough income to qualify for a mortgage. If you’re self-employed, for example, there are mortgage options available that don’t require you to verify your income. If you have a good credit history and reliable income-earning capacity, then you may qualify for a no income verification mortgage loan.
Still sitting on the fence?
Think about this: every time you sign a rental or lease agreement, you are signing a long lasting contract that has no profit potential whatever – at least, not for you.
When you sign a mortgage loan agreement, not only do you sign onto home ownership, but you also sign up for a great equity-making opportunity too.
Buying a home makes both financial and emotional sense. There are the intangible pleasures that home ownership offers: increased freedom, privacy, and a sense of community, for example.
Then there are the more tangible rewards: for decades, Canadian homeowners have been able to leverage their property purchase into a large financial return.
You’re at a moment of real opportunity right now: this may be the perfect time for you to get on the right side of that picket fence!
If you have been thinking about owning a home, but don't know what is possible, I encourage you to give me or Peter a call to find out. You may be pleasantly suprised!
This is for all of your renters out there so you can stop building up someone else's home equity and net worth!
If you are a landlord, I apologize. :)
In this article, Peter discusses how new mortgage options can make owning a home a reality...
How much home could your rent buy?Buying a home is a big financial step, and it’s hard to know when you’re really ready to buy. No wonder that many Canadian renters are still sitting on the white picket fence when it comes to home ownership.
The exciting news is that it could be time to make your move. There’s a few reasons why.
To begin, it’s pretty simple math: if you can afford to rent, chances are that you can afford to buy your own home. Your monthly mortgage payments may be similar to your rent!
That monthly rent cheque doesn’t need to be money out the window; it could be money that’s building you equity in your very own home.
Let’s take a look at how rent and mortgage payments might compare.
If you’re paying $1250 in rent each month, for example, you could be carrying a mortgage of $186,726. If you’re paying $1500, that’s potentially a mortgage of $235,100. Forking over $1750 each month? You could be paying off a mortgage of $283,475!
How are the mortgage payments so affordable?
Firstly, right now you’re benefiting from historically low mortgage rates. Secondly, you now have access to longer-amortization mortgages that lower your monthly mortgage payment. (The examples above were based on that combination: a 5.3% rate and 40-year amortization, plus 3.70% insurance premium, property taxes and heat of $285 per month).
In addition to longer amortization mortgages, interest only mortgages are another option for reducing monthly mortgage payments and maximizing purchasing power.
Think you can’t buy a house because you haven’t saved up a downpayment? Think again.
There are several excellent mortgages available with zero downpayment required. In general, all you need to qualify is a good credit record, and the ability to meet your payments comfortably. Mortgage insurers and innovative lenders believe that Canadians benefit from homeownership – and they’re helping to make it more accessible.
Even if you’ve had past credit problems, new credit repair mortgages can help transition you to a brighter future. That’s more good news for renters!
One more hurdle that some renters worry about is showing enough income to qualify for a mortgage. If you’re self-employed, for example, there are mortgage options available that don’t require you to verify your income. If you have a good credit history and reliable income-earning capacity, then you may qualify for a no income verification mortgage loan.
Still sitting on the fence?
Think about this: every time you sign a rental or lease agreement, you are signing a long lasting contract that has no profit potential whatever – at least, not for you.
When you sign a mortgage loan agreement, not only do you sign onto home ownership, but you also sign up for a great equity-making opportunity too.
Buying a home makes both financial and emotional sense. There are the intangible pleasures that home ownership offers: increased freedom, privacy, and a sense of community, for example.
Then there are the more tangible rewards: for decades, Canadian homeowners have been able to leverage their property purchase into a large financial return.
You’re at a moment of real opportunity right now: this may be the perfect time for you to get on the right side of that picket fence!
If you have been thinking about owning a home, but don't know what is possible, I encourage you to give me or Peter a call to find out. You may be pleasantly suprised!
New mortgage products put home buying within reach!
Like many first time home buyers, you may be paying a decent amount of rent each month, and may have already figured out the downpayment situation.
But the cost of housing in Toronto may still seem prohibitive and you might not feel like you want to deal with the mortage payment to get into the home or neighbourhood that you want.
Good news. There are a number of new mortage products that offer a solution.
In this article, Peter discusses 30+ Year mortgages that may put home ownership within your reach...
Over 30-year mortages put that first home within reach.
Let's call them John and Julie. Recently married, they're still struggling to pay off student loans and the new car they've just purchased.
John and Julie have moved into a nicer apartment, but are watching their rent money go out the window while their more established friends enjoy the rise in the value of their homes.
Interest rates are enticingly low, but John and Julie still aren't sure they can handle mortgage payments, even though they feel that they're missing out on a great opportunity in today's market, and they do want their own place to decorate and enjoy.
There's good news for John and Julie. Homebuyers can now stretch mortgage amortizations - the length of time calculated to pay off a mortgage - to 30, 35 and even 40 years.
Not too long ago, it was almost impossible to get a mortgage amortization for more than 25 years. In 2005, the Canada Mortgage and Housing Corporation (CMHC) announced that they would insure 30-year mortgages with only 5% down in a special pilot project.
The move was calculated to help Canadians like John and Julie get into their own home. Canadians went house shopping and took advantage of the opportunity, causing CMHC to make the 30-year mortgage part of their ongoing product offering and even extending amortizations to 35 years.
In the spring of 2006, a 40-year amortization mortgage was introduced to the marketplace.
The rationale behind longer amortizations is simple; they help bring down the cost of monthly payments and bring home ownership within reach for young couples, new immigrants, self-employed Canadians, or prospective homebuyers with less-than-perfect credit.
They are also good news for homebuyers who are struggling in an area where real estate prices are rising rapidly, or need a solution to help them through a tough financial period.
What kind of difference can homebuyers expect?
Well, John and Julie hope to take out a mortgage of $250,000. At a rate of 6%, they would need to find $1600 per month to service the mortgage on a 25-year amortization. But they need only $1487 for a 30-year amortization or $1413 for a 35-year: similar to what they are currently paying for rent.
Their mortgage planner can help them factor in any additional costs, but these longer amortization mortgages put mortgage payments within reach.
They do increase the amount of overall interest paid, which is why they shouldn't be considered to simply reduce your monthly payment if you can afford a shorter amortization period.
So why would anyone want to spend over 30 years paying for a home and pay more interest in the long run?
With good mortgage planning, it doesn't have to work out that way. The long amortization period helps new homebuyers get into the housing market at a lower threshold.
As John and Julie finish paying off their loans, and as their income increases, they'll be able to shorten their amortization period and support a larger monthly payment.
But until then, they'll have an early advantage that allows them to enjoy their new home now and begin building home equity; otherwise they'd be watching their monthly rent payment work for their landlord rather than for them.
And that - says John and Julie - is a great beginning.
But the cost of housing in Toronto may still seem prohibitive and you might not feel like you want to deal with the mortage payment to get into the home or neighbourhood that you want.
Good news. There are a number of new mortage products that offer a solution.
In this article, Peter discusses 30+ Year mortgages that may put home ownership within your reach...
Over 30-year mortages put that first home within reach.Let's call them John and Julie. Recently married, they're still struggling to pay off student loans and the new car they've just purchased.
John and Julie have moved into a nicer apartment, but are watching their rent money go out the window while their more established friends enjoy the rise in the value of their homes.
Interest rates are enticingly low, but John and Julie still aren't sure they can handle mortgage payments, even though they feel that they're missing out on a great opportunity in today's market, and they do want their own place to decorate and enjoy.
There's good news for John and Julie. Homebuyers can now stretch mortgage amortizations - the length of time calculated to pay off a mortgage - to 30, 35 and even 40 years.
Not too long ago, it was almost impossible to get a mortgage amortization for more than 25 years. In 2005, the Canada Mortgage and Housing Corporation (CMHC) announced that they would insure 30-year mortgages with only 5% down in a special pilot project.
The move was calculated to help Canadians like John and Julie get into their own home. Canadians went house shopping and took advantage of the opportunity, causing CMHC to make the 30-year mortgage part of their ongoing product offering and even extending amortizations to 35 years.
In the spring of 2006, a 40-year amortization mortgage was introduced to the marketplace.
The rationale behind longer amortizations is simple; they help bring down the cost of monthly payments and bring home ownership within reach for young couples, new immigrants, self-employed Canadians, or prospective homebuyers with less-than-perfect credit.
They are also good news for homebuyers who are struggling in an area where real estate prices are rising rapidly, or need a solution to help them through a tough financial period.
What kind of difference can homebuyers expect?
Well, John and Julie hope to take out a mortgage of $250,000. At a rate of 6%, they would need to find $1600 per month to service the mortgage on a 25-year amortization. But they need only $1487 for a 30-year amortization or $1413 for a 35-year: similar to what they are currently paying for rent.
Their mortgage planner can help them factor in any additional costs, but these longer amortization mortgages put mortgage payments within reach.
They do increase the amount of overall interest paid, which is why they shouldn't be considered to simply reduce your monthly payment if you can afford a shorter amortization period.
So why would anyone want to spend over 30 years paying for a home and pay more interest in the long run?
With good mortgage planning, it doesn't have to work out that way. The long amortization period helps new homebuyers get into the housing market at a lower threshold.
As John and Julie finish paying off their loans, and as their income increases, they'll be able to shorten their amortization period and support a larger monthly payment.
But until then, they'll have an early advantage that allows them to enjoy their new home now and begin building home equity; otherwise they'd be watching their monthly rent payment work for their landlord rather than for them.
And that - says John and Julie - is a great beginning.
For more information about these producst, contact Peter at the number above or visit his website at www.mymortgageplanner.ca
New mortgage products put home buying within reach!
Like many first time home buyers, you may be paying a decent amount of rent each month, and may have already figured out the downpayment situation.
But the cost of housing in Toronto may still seem prohibitive and you might not feel like you want to deal with the mortage payment to get into the home or neighbourhood that you want.
Good news. There are a number of new mortage products that offer a solution.
In this article, Peter discusses 30+ Year mortgages that may put home ownership within your reach...
Over 30-year mortages put that first home within reach.
Let's call them John and Julie. Recently married, they're still struggling to pay off student loans and the new car they've just purchased.
John and Julie have moved into a nicer apartment, but are watching their rent money go out the window while their more established friends enjoy the rise in the value of their homes.
Interest rates are enticingly low, but John and Julie still aren't sure they can handle mortgage payments, even though they feel that they're missing out on a great opportunity in today's market, and they do want their own place to decorate and enjoy.
There's good news for John and Julie. Homebuyers can now stretch mortgage amortizations - the length of time calculated to pay off a mortgage - to 30, 35 and even 40 years.
Not too long ago, it was almost impossible to get a mortgage amortization for more than 25 years. In 2005, the Canada Mortgage and Housing Corporation (CMHC) announced that they would insure 30-year mortgages with only 5% down in a special pilot project.
The move was calculated to help Canadians like John and Julie get into their own home. Canadians went house shopping and took advantage of the opportunity, causing CMHC to make the 30-year mortgage part of their ongoing product offering and even extending amortizations to 35 years.
In the spring of 2006, a 40-year amortization mortgage was introduced to the marketplace.
The rationale behind longer amortizations is simple; they help bring down the cost of monthly payments and bring home ownership within reach for young couples, new immigrants, self-employed Canadians, or prospective homebuyers with less-than-perfect credit.
They are also good news for homebuyers who are struggling in an area where real estate prices are rising rapidly, or need a solution to help them through a tough financial period.
What kind of difference can homebuyers expect?
Well, John and Julie hope to take out a mortgage of $250,000. At a rate of 6%, they would need to find $1600 per month to service the mortgage on a 25-year amortization. But they need only $1487 for a 30-year amortization or $1413 for a 35-year: similar to what they are currently paying for rent.
Their mortgage planner can help them factor in any additional costs, but these longer amortization mortgages put mortgage payments within reach.
They do increase the amount of overall interest paid, which is why they shouldn't be considered to simply reduce your monthly payment if you can afford a shorter amortization period.
So why would anyone want to spend over 30 years paying for a home and pay more interest in the long run?
With good mortgage planning, it doesn't have to work out that way. The long amortization period helps new homebuyers get into the housing market at a lower threshold.
As John and Julie finish paying off their loans, and as their income increases, they'll be able to shorten their amortization period and support a larger monthly payment.
But until then, they'll have an early advantage that allows them to enjoy their new home now and begin building home equity; otherwise they'd be watching their monthly rent payment work for their landlord rather than for them.
And that - says John and Julie - is a great beginning.
But the cost of housing in Toronto may still seem prohibitive and you might not feel like you want to deal with the mortage payment to get into the home or neighbourhood that you want.
Good news. There are a number of new mortage products that offer a solution.
In this article, Peter discusses 30+ Year mortgages that may put home ownership within your reach...
Over 30-year mortages put that first home within reach.Let's call them John and Julie. Recently married, they're still struggling to pay off student loans and the new car they've just purchased.
John and Julie have moved into a nicer apartment, but are watching their rent money go out the window while their more established friends enjoy the rise in the value of their homes.
Interest rates are enticingly low, but John and Julie still aren't sure they can handle mortgage payments, even though they feel that they're missing out on a great opportunity in today's market, and they do want their own place to decorate and enjoy.
There's good news for John and Julie. Homebuyers can now stretch mortgage amortizations - the length of time calculated to pay off a mortgage - to 30, 35 and even 40 years.
Not too long ago, it was almost impossible to get a mortgage amortization for more than 25 years. In 2005, the Canada Mortgage and Housing Corporation (CMHC) announced that they would insure 30-year mortgages with only 5% down in a special pilot project.
The move was calculated to help Canadians like John and Julie get into their own home. Canadians went house shopping and took advantage of the opportunity, causing CMHC to make the 30-year mortgage part of their ongoing product offering and even extending amortizations to 35 years.
In the spring of 2006, a 40-year amortization mortgage was introduced to the marketplace.
The rationale behind longer amortizations is simple; they help bring down the cost of monthly payments and bring home ownership within reach for young couples, new immigrants, self-employed Canadians, or prospective homebuyers with less-than-perfect credit.
They are also good news for homebuyers who are struggling in an area where real estate prices are rising rapidly, or need a solution to help them through a tough financial period.
What kind of difference can homebuyers expect?
Well, John and Julie hope to take out a mortgage of $250,000. At a rate of 6%, they would need to find $1600 per month to service the mortgage on a 25-year amortization. But they need only $1487 for a 30-year amortization or $1413 for a 35-year: similar to what they are currently paying for rent.
Their mortgage planner can help them factor in any additional costs, but these longer amortization mortgages put mortgage payments within reach.
They do increase the amount of overall interest paid, which is why they shouldn't be considered to simply reduce your monthly payment if you can afford a shorter amortization period.
So why would anyone want to spend over 30 years paying for a home and pay more interest in the long run?
With good mortgage planning, it doesn't have to work out that way. The long amortization period helps new homebuyers get into the housing market at a lower threshold.
As John and Julie finish paying off their loans, and as their income increases, they'll be able to shorten their amortization period and support a larger monthly payment.
But until then, they'll have an early advantage that allows them to enjoy their new home now and begin building home equity; otherwise they'd be watching their monthly rent payment work for their landlord rather than for them.
And that - says John and Julie - is a great beginning.
For more information about these producst, contact Peter at the number above or visit his website at www.mymortgageplanner.ca
February 2007 Market Watch
Ok, so we do have some fair-weather home buyers, but the cold snap in February didn't dampen home shopping spirits too much.
February 2007 was the second-best ever for sales activity with 6,772 sales, just higher than 2006's 6,756 sales.
TREB President Dorothy Mason commented, "While the weather last month may have been cold, Toronto's resale housing market remained hot,"
"And while it is too early to make predictions, it is clear from the start of 2007 that the spring season is likely to produce sales numbers at least comparable to those of the past several years, which have been record or near record performances."
Meanwhile, average prices climbed four per cent over the previous month to $368,687 as sales activity accelerated. They were also up four per cent from the February 2006 figure of $353,928. The average time-on-market was a deep freeze of 35 days.
Check out the following areas to see average prices from February 2007 in your neighbourhood.
Neighbourhood Watch...
E02 -The Beach (coxwell, danforth, victoria park)
Detached: $578,038
Semi-detached: $427,005
Condo: $354,838
E03 - Danforth (north)(DVP, victoria park, danforth)
Detached: $426,450
Semi-Detached: $385,194
Condo: $149,926
E01 - Danforth (south) Riverdale (DVP, danforth, coxwell)
Detached: $456,936
Semi-Detached: $396,684
Condo:$289,240
C04 - Bedford West & Lytton Park (allen, 401, yonge, eglinton)
Detached: $896,730
Semi-Detached: $572,000
Condo: $264,703
C09 - Rosedale (yonge, st.clair, bayview, bloor)
Detached: $721,125
Semi-Detached: $579,909
Condo: $315,778
C03 - Forest Hill (allen, eglinton, yonge, st.clair)
Detached: $1,086,605
Semi-Detached: $360,800
Condo: $638,482
C12- Lawrence Park/Bedford East (yonge, 401, leslie, eglinton)
Detached: $1,569,439
Semi-Detached: n/a
Condo: $315,500
Source: Toronto Real Estate Board February 2007 MarketWatch - for the full report, click here.
February 2007 was the second-best ever for sales activity with 6,772 sales, just higher than 2006's 6,756 sales.
TREB President Dorothy Mason commented, "While the weather last month may have been cold, Toronto's resale housing market remained hot,"
"And while it is too early to make predictions, it is clear from the start of 2007 that the spring season is likely to produce sales numbers at least comparable to those of the past several years, which have been record or near record performances."
Meanwhile, average prices climbed four per cent over the previous month to $368,687 as sales activity accelerated. They were also up four per cent from the February 2006 figure of $353,928. The average time-on-market was a deep freeze of 35 days.
Check out the following areas to see average prices from February 2007 in your neighbourhood.
Neighbourhood Watch...
E02 -The Beach (coxwell, danforth, victoria park)
Detached: $578,038
Semi-detached: $427,005
Condo: $354,838
E03 - Danforth (north)(DVP, victoria park, danforth)
Detached: $426,450
Semi-Detached: $385,194
Condo: $149,926
E01 - Danforth (south) Riverdale (DVP, danforth, coxwell)
Detached: $456,936
Semi-Detached: $396,684
Condo:$289,240
C04 - Bedford West & Lytton Park (allen, 401, yonge, eglinton)
Detached: $896,730
Semi-Detached: $572,000
Condo: $264,703
C09 - Rosedale (yonge, st.clair, bayview, bloor)
Detached: $721,125
Semi-Detached: $579,909
Condo: $315,778
C03 - Forest Hill (allen, eglinton, yonge, st.clair)
Detached: $1,086,605
Semi-Detached: $360,800
Condo: $638,482
C12- Lawrence Park/Bedford East (yonge, 401, leslie, eglinton)
Detached: $1,569,439
Semi-Detached: n/a
Condo: $315,500
Source: Toronto Real Estate Board February 2007 MarketWatch - for the full report, click here.
February 2007 Market Watch
Ok, so we do have some fair-weather home buyers, but the cold snap in February didn't dampen home shopping spirits too much.
February 2007 was the second-best ever for sales activity with 6,772 sales, just higher than 2006's 6,756 sales.
TREB President Dorothy Mason commented, "While the weather last month may have been cold, Toronto's resale housing market remained hot,"
"And while it is too early to make predictions, it is clear from the start of 2007 that the spring season is likely to produce sales numbers at least comparable to those of the past several years, which have been record or near record performances."
Meanwhile, average prices climbed four per cent over the previous month to $368,687 as sales activity accelerated. They were also up four per cent from the February 2006 figure of $353,928. The average time-on-market was a deep freeze of 35 days.
Check out the following areas to see average prices from February 2007 in your neighbourhood.
Neighbourhood Watch...
E02 -The Beach (coxwell, danforth, victoria park)
Detached: $578,038
Semi-detached: $427,005
Condo: $354,838
E03 - Danforth (north)(DVP, victoria park, danforth)
Detached: $426,450
Semi-Detached: $385,194
Condo: $149,926
E01 - Danforth (south) Riverdale (DVP, danforth, coxwell)
Detached: $456,936
Semi-Detached: $396,684
Condo:$289,240
C04 - Bedford West & Lytton Park (allen, 401, yonge, eglinton)
Detached: $896,730
Semi-Detached: $572,000
Condo: $264,703
C09 - Rosedale (yonge, st.clair, bayview, bloor)
Detached: $721,125
Semi-Detached: $579,909
Condo: $315,778
C03 - Forest Hill (allen, eglinton, yonge, st.clair)
Detached: $1,086,605
Semi-Detached: $360,800
Condo: $638,482
C12- Lawrence Park/Bedford East (yonge, 401, leslie, eglinton)
Detached: $1,569,439
Semi-Detached: n/a
Condo: $315,500
Source: Toronto Real Estate Board February 2007 MarketWatch - for the full report, click here.
February 2007 was the second-best ever for sales activity with 6,772 sales, just higher than 2006's 6,756 sales.
TREB President Dorothy Mason commented, "While the weather last month may have been cold, Toronto's resale housing market remained hot,"
"And while it is too early to make predictions, it is clear from the start of 2007 that the spring season is likely to produce sales numbers at least comparable to those of the past several years, which have been record or near record performances."
Meanwhile, average prices climbed four per cent over the previous month to $368,687 as sales activity accelerated. They were also up four per cent from the February 2006 figure of $353,928. The average time-on-market was a deep freeze of 35 days.
Check out the following areas to see average prices from February 2007 in your neighbourhood.
Neighbourhood Watch...
E02 -The Beach (coxwell, danforth, victoria park)
Detached: $578,038
Semi-detached: $427,005
Condo: $354,838
E03 - Danforth (north)(DVP, victoria park, danforth)
Detached: $426,450
Semi-Detached: $385,194
Condo: $149,926
E01 - Danforth (south) Riverdale (DVP, danforth, coxwell)
Detached: $456,936
Semi-Detached: $396,684
Condo:$289,240
C04 - Bedford West & Lytton Park (allen, 401, yonge, eglinton)
Detached: $896,730
Semi-Detached: $572,000
Condo: $264,703
C09 - Rosedale (yonge, st.clair, bayview, bloor)
Detached: $721,125
Semi-Detached: $579,909
Condo: $315,778
C03 - Forest Hill (allen, eglinton, yonge, st.clair)
Detached: $1,086,605
Semi-Detached: $360,800
Condo: $638,482
C12- Lawrence Park/Bedford East (yonge, 401, leslie, eglinton)
Detached: $1,569,439
Semi-Detached: n/a
Condo: $315,500
Source: Toronto Real Estate Board February 2007 MarketWatch - for the full report, click here.
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