February 2014

 

TorontoMLS Sales Up in February

March 5, 2014 -- Toronto Real Estate Board President Dianne Usher announced that February 2014 home sales reported by Greater Toronto Area REALTORS® were up by 2.1 per cent compared to the same period last year. Total February sales amounted to 5,731 compared to 5,613 last year.

 

“Despite the continuation of inclement weather in February, we did see a moderate uptick in sales activity last month. The sales increase was largely driven by resale condominium apartments. New listings of resale condominium apartments were up on a year-over-year basis, giving buyers ample choice. This is in contrast to the listings situation for singles, semis and townhomes, where supply continued to be constrained. Some would-be buyers had difficulty finding a home that met their needs,” said Ms. Usher.

“If we see renewed growth in listings for low-rise home types, the pace of sales growth will accelerate as we move through the year,” Ms. Usher continued.

The average selling price for February 2014 sales was up by 8.6 per cent to $553,193, compared to the average of $509,396 reported for February 2013. The MLS® Home Price Index (HPI) Composite Benchmark was up by 7.3 per cent year-over-year.

“While the strong price growth experienced over the last year should prompt an improvement in the supply of listings, sellers’ market conditions will continue to prevail this year. Home prices, on average, will trend upwards at a pace well-above the rate of inflation. The impact of strong price growth on affordability will be mitigated by low borrowing costs,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Market Watch

April 22, 2009

Right At Home Financial Mortgage Rates
April, 2009
 
Current Mortgage Rates
as of April 22, 2009
Mortgage Term
Best Mortgage Rate (as low as...)
1 Year
2.99%
3 Year
3.24%
4 Year
3.79%
5 Year
Fixed - 3.69%
Variable - 2.99% (Prime + 0.74%)
7 Year
4.89%
10 Year
5.25%
Prime Rate
2.25%
0% Down Payment
5.55%
 
Mortgage rates subject to change without notice.
Lowest rate depends on closing date, CMHC or conventional, owner occupied and mortgage amount.
 

 

January 26, 2009
 
Right At Home Financial Rates
January, 2009
 
Current Mortgage Rates
as of January 26, 2009
Mortgage Term
Best Mortgage Rate (as low as...)
1 Year
3.89%
2 Year
4.75%
3 Year
3.75%
4 Year
4.29%
5 Year
Fixed - 4.29%
Variable - 3.70% (prime + 0.70%)
7 Year
6.00%
10 Year
6.35%
Prime Rate
3.00%
Mortgage Rates subject to change without notice.
 
Some conditions apply.  Best Rates for:
  • Applications with offers (vs pre-approvals)
  • Mortgages over $150,000 (vs under $150,000)
  • CMHC Insured (vs non CMHC insured)
  • 30 day closings (vs longer closings)
Best Scenario: 
  • 5% down payment,
  • provable income,
  • provable down payment,
  •  reasonable credit
 
January 28, 2009
 

Effective January 28, 2009 through January 31, 2010, homeowners can claim a tax credit for 15 per cent of renovation expenses between $1,000 and $10,000?

 

TORONTO STAR

 

OTTAWA–Installing a new furnace this year? Building a deck?

 

The proposed federal budget offers a temporary new tax credit for your home renovations – provided you do them soon.

 

Effective today through Jan. 31, 2010, homeowners can claim a tax credit for 15 per cent of renovation expenses between $1,000 and $10,000. The maximum tax credit (on $9,000 in renovations) is worth $1,350.

 

The government estimated the total value of the tax credit at about $3 billion, and expects about 4.6 million families to benefit.

 

The tax credit would apply to a variety of home improvements, such as renovating a kitchen, bathroom or basement, new carpet or hardwood floors, building an addition, deck, or fence, installing a new furnace, painting the inside or outside of a house, or laying new sod.

 

Expenses such as building permits, professional services, and equipment rentals are also eligible. Routine repairs and maintenance will not qualify for the credit. Nor will the cost of purchasing furniture, appliances, electronics, or construction equipment.

 

Houses, cottages and condominium units owned for personal use are eligible.

 

The Toronto Star

 

With the Interest rates at all time lows, along with this tax credit, there really has never been a better time to Home Renovations.

 
 
 
 
December 9, 2008
 

Bank of Canada lowers overnight rate target by 3/4 percentage point to 1 1/2 per cent

OTTAWA – The Bank of Canada today announced that it is lowering its target for the overnight rate by three-quarters of a percentage point to 1 1/2 per cent. The operating band for the overnight rate is correspondingly lowered, and the Bank Rate is now 1 3/4 per cent.

The outlook for the world economy has deteriorated significantly and the global recession will be broader and deeper than previously anticipated. Global financial markets remain severely strained. Measures taken by major governments are beginning to encourage credit flows, although it will take some time before conditions in financial markets normalize. In addition, a series of recently announced monetary and fiscal policy actions will also support global economic growth.

While Canada's economy evolved largely as expected during the summer and early autumn, it is now entering a recession as a result of the weakness in global economic activity. The recent declines in terms of trade, real income growth, and confidence are prompting more cautious behaviour by households and businesses.

All of these factors imply a lower profile for core inflation than had been projected at the time of the last Monetary Policy Report in October.

Several factors are helping to counterbalance the negative drag from the global economic and financial developments. The depreciation of the Canadian dollar will continue to provide an important offset to the effects of weaker global demand and lower commodity prices. As well, money markets and overall credit conditions in Canada are responding to significant and ongoing efforts to provide liquidity to the Canadian financial system.

In light of the weakening outlook for growth and inflation, the Bank of Canada lowered its policy interest rate by a total of 75 basis points in October and by an additional 75 basis points today. These monetary policy actions provide timely and significant support to the Canadian economy.

The Bank will continue to monitor carefully economic and financial developments in judging to what extent further monetary stimulus will be required to achieve the 2 per cent inflation target over the medium term.

Information note:

The Bank of Canada's next scheduled date for announcing the overnight rate target is 20 January 2009.

A full update of the Bank's outlook for the economy and inflation, including risks to the projection, will be published in the Monetary Policy Report Update on 22 January 2009.