A short and easy to read summary of the CHMC study on the 2016/2017 CHMC housing market outlook can be found on this page and a link to the entire downloadable report can be found at the bottom of this post.
At any time, if you wish, you can request a one on one meeting or conversation to learn details of this educational study by phone or text dialing 416-262-7139
Mortgage rates may stay steady for the next 1 or 2 years
Home buying affordability may decrease
Toronto is the most expensive city
Supply will keep the resale market balanced
30,000 condos in GTA
2017 prices will go up 2%
Price growth to slow
Pace of construction to ease
Condos to dominate construction increase
Low inventory has led to higher prices
Low-rise sales trending higher
Unemployment and earnings growth is low
Bank of Canada lowers target rate
Price growth outpacing income growth
Price growth reflects sales of expensive homes
More transactions are in the expensive house market
Condo inventory above historical level
Growing long-term investor activity
Most condo inventories are bought to rent
Condo investors are there for a long run
Slower price appreciation for new condos
This study may be very useful for all those who are engaged in one way or another in the
May I help you with your mortgage?
housing market in the Greater Toronto Area; Whether you are seeking to purchase a home or condo in the coming 2 years or you already own a real estate property, this insight may help you to take a wise decision.
Mortgageis a registered agreement in a land titles office where security interest in a specific real property is held by a lender as a security for debt repayment by the borrower, a debt pledge
Each mortgage is a claim against the property; should the property be sold or foreclosed each claim is satisfied in order
What kind of mortgage can I help you with?
First mortgage: is the first loan registered in the title against the property
Second Mortgage: Is the loan that is registered second in time in the title against the property, is normally used to trade high credit card debts that carry high-interest rates for a low mortgage rate that eventually will reduce the cost of borrowing making it easier to eliminate that debt
A Mortgage can be conventional or high ratio Conventional mortgage: Usually when a borrower contributes a 20+% of the value of the property High ratio mortgage: Usually when a borrower contributes less than a 20% of the value of the property
A Mortgage can be open or closed:
Open: Allows the borrower to repay all or part of the principal at any time without penalties
Closed: Does not allow any prepayments or early repayments of the mortgage
There are different types of mortgage loans because they try to satisfy different needs according to the borrower’s lifestyles and affordability.