News - Caledon, & Orangeville Real Estate Listings

Strong Sales/Price Growth Continue in 2012 (Peel & Dufferin Market Update)

Peel & Dufferin Region Market Update February 2012

February 3, 2012 — Greater Toronto REALTORS® reported 4,567 sales through the TorontoMLS® system in January 2012. This number was 8.8 per cent higher than the 4,199 sales reported in January 2011. Sales growth was strongest for low-rise home types in the regions surrounding the City of Toronto.

Caledon, Orangeville, Brampton, Mississauga Market Stats

Click to View PDF of Peel & Dufferin Market Stats

“A favourable affordability picture bolstered by very low posted fixed mortgage rates has kept home buyers confident in their ability to achieve the Canadian goal of home ownership,” said Toronto Real Estate Board President Richard Silver.

“The buyer pool remains diverse in the GTA with strong interest in home types across the pricing spectrum,” continued Silver.

The average selling price for January 2012 transactions was $463,534 – up by almost nine per cent compared to January 2011.

“Low inventory levels have kept competition between buyers strong, resulting in robust annual rates of price growth over the last year. Strong price growth is expected to attract more listings. A better supplied market should result in a slower rate of price growth, especially in the second half of 2012,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.

– Information Courtesy of the Toronto Real Estate Board

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Federal Government Changes Mortgage Financing Rules

January 17, 2011 — The federal government has announced changes to mortgage financing rules for government-backed (insured) mortgages (less than 20 per cent down payment), which will affect maximum amortization periods, mortgage refinancing, and home equity lines of credit. These rules will be effective March 2011.

Details

The changes announced by the federal government include:

Reducing maximum amortization period to 30 years, from 35 years.
Lower the maximum amount Canadians can borrow in refinancing their mortgages to 85 percent, from 90 percent, of the value of their homes.
Withdraw government insurance backing on lines of credit secured by homes, such as home equity lines of credit. This change would apply to Home Equity Lines of Credit that do not amortize over time (i.e. borrowers are not required to make regular payments on the principal amount of the loan). However, with established scheduled principal and interest payments, a loan will continue to be eligible for government-backed insurance, provided it meets the underwriting standards set by the mortgage insurer.

The changes to amortization periods and refinancing rules will come into force on March 18, 2011. The withdrawal of government insurance backing on home equity lines of credit will come into force on April 18, 2011. Exceptions would be allowed after the new measures come into force where they are needed to satisfy a binding purchase and sale, financing or refinancing agreement entered into before the corresponding coming into force dates.

For More Information, visit http://www.fin.gc.ca/n11/11-003-eng.asp

Source: Toronto Real Estate Board

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