As you know, I try to keep ahead of all the news as it relates to Canadian real estate and even more so regarding changes that may impact our Toronto market. I thought I would take a few minutes to relay how I see these latest changes.
So far, the biggest impact is going to be on foreign buyers who are fleeing the Vancouver market and will now be held more accountable for abusing the principal residence tax exemption as well as buyers with less than 20% down.
The Bank of Canada Benchmark Rate (currently 4.64%) has been used to stress test variable rate mortgages and fixed rate mortgages with less than a 5-year term, for quite some time. But with this stress test being applied to 5-year fixed mortgages as well, it has been estimated that these changes will affect some clients’ affordability by up to 25% and may eliminate some of the bottom 20% of eligible buyers in Ontario.
Much of what we know at this time is speculative and in no way a guarantee of these changes or of their effect on the Toronto real estate market. I am always available to answer any of your questions and help determine if you are being affect in the purchase or in the sale of your property by these new rule changes.
In the meantime, if you have been pre-approved for a mortgage you should contact your lender so you can find out whether these changes impact your own pre-approved mortgage. The best thing you can do is to stay informed, give me a call and I will be happy to help you.
A clear and simple explanation of these changes can also be found in the Globe and Mail article attached below.
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Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 8,547 home sales through TREB's MLS® System in November 2016. This result represented a 16.5 per cent increase compared to November 2015.
Toronto Real Estate Board President Larry Cerqua announced that TREB Commercial Network Members reported 286,265 combined square feet of industrial, commercial/retail and office space leased through TREB’s MLS® System in November 2016, on a per square foot net basis with pricing disclosed.
The Toronto Real Estate Board is raising concerns over proposed Toronto Land Transfer Tax changes. These proposed changes will increase costs for all Toronto home buyers, but impact first-time buyers the most.
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