Bosley Real Estate Market Insight - March 22nd, 2019 - Bosley Real Estate Ltd. Brokerage - Homes and houses for sale in Toronto including Cabbagetown, The Annex, Danforth Village, Lawrence Park and Riverdale

Bosley Real Estate Market Insight - March 22nd, 2019

22 March 2019
Bosley Real Estate

Is buying a home a dream for first time buyers? In the new budget out this week the centrepiece of Ottawa’s housing plan is to help first time buyers with their new zero-interest loans on the following terms:

• CMHC will offer mortgage loans up to 10% of the purchase price of newly built homes and 5% of the value for existing homes. This incentive is in addition to the buyer’s own down payment. Your household income must be $120,000 or less. The overall value of the mortgage and CMHC loan won’t be allowed to exceed four times the household income. With that cap of $480,000 ($120,000 X 4) the highest-value home that could be purchased under the plan would be about $500,000. (Not much help for buyers in Toronto with average prices for homes and condos exceeding that amount.)

• Your household income must be $120,000 or less. • The deadline to repay the loan wasn’t specified but it was designed to be a long-term measure. The loans will be available starting in September.

• Also, first time buyers will now be permitted to borrow up to $35,000 from their RRSP’s, up from $25,000, the limit set 10 years ago.

This program might be good for small cities across Canada, but from a market perspective it will not be a game changer for the housing market in the GTA. The freehold market continues to tighten with a further drop of 34% in available listings since the previous week because of the spring break. Given fewer listings, we weren’t surprised that the number of sales slipped by 24%. There is no surprise that of those properties sold, 45% sold at or above the asking price. The number of new condo listings saw no change from the previous week, but sales were up slightly by 3% and of those sold, 51% sold at or above the asking price. We are gearing up for what we believe to be an active spring market with plenty of qualified buyers waiting to find their dream home..

Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto, Niagara-on-the-Lake, Port Hope and Cambridge Ontario since 1928. We have four centrally located offices and over 250 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized internationally thanks to our unique affiliation with Leading Real Estate Companies of the World. Our sales teams meet weekly to discuss market conditions, trending topics, and anecdotes that more accurately reflect the true temperature of the real estate market.

Here Are The Top Five Trending Stories Of The Week:



Dirty money is driving up Toronto real estate prices, report says

Dirty money is driving up Toronto real estate prices, report says




Federal budget includes new loans to help first-time homebuyers

“In their 2019 budget, the Liberals have unveiled a “shared equity” mortgage plan, including interest-free loans that would go towards increasing a buyer’s down payment.”



Laneway housing begins to take shape under Toronto’s new rules

“When Leslie Doyle and her husband, Jackson Stone, set out to design what will be one of the first newly permitted laneway houses in Toronto, they knew they wanted it to be green and somewhat absorbent, particularly the roof.”




Once-hot housing markets Toronto and Vancouver's luxury home sales are falling. But they’re up in Montreal

Luxury home sales fell in the two formerly hot housing markets of Vancouver and Toronto, as well as Calgary, in the first couple months of the new year, according to data released Wednesday by Sotheby’s International Realty Canada.”



China Has 58% of World’s Real Estate Billionaires, Leaving U.S. Far Behind

“With 139 of the world’s 239 real estate billionaires, China accounted for a whopping 58% of the world’s total, leaving other countries far behind, according to the Hurun Global Real Estate Rich List released Thursday. The runner-up, the U.S. has 26 real estate billionaires, followed by the U.K., with 17.”