How Important Is Building Up A Credit History?

building  a credit history

One of the critical steps towards financial responsibility is understanding your credit history.  Did you know that as a consumer you are able get a copy of your credit report, and have the right to correct any errors in the report?  It is not uncommon to see various mistakes on the report, old accounts shown as open or accounts you forgot about showing balances owing.  There may even be issues with identity fraud, so it is prudent to complete the review.  When you request your own copy, it does not affect your credit score, unlike if a lender pulled your report. 

Resolving these issues may take time, especially if means you have to rebuild some history to correct past credit issues.  You do not want to be doing this when you are under a tight timeline with request for financing approval.  Also, it is very helpful to share your credit history with a mortgage broker upfront during the planning stages.  This avoids any surprises or disappointments with financing, and paints you as a more prepared and responsible applicant because your broker is able to explain any issues in the report readily if the lender asks.

Start building up a credit history as soon as possible 

Lending rules are constantly becoming more stringent, not only because of debt management concerns, but also because of fraud, money-laundering and terrorism concerns. Sometimes applicants are unable to qualify due to limited or no credit history. For the most part, in order to count income to qualify, lenders need to see a credit history. Previously it was not so much a problem applying for a mortgage. 

A specific example is a spouse pair, where one person manages the finances and holds all the credit cards and loans.  In the past, the spouse co-applicant with limited history may have been approved, but now lenders are expecting individual histories.  Even joint credit cards and lines of credit are not enough history, lenders want to see ability to handle credit individually. 

Another common example is individuals who live on a cash diet.  Ironically, these people could be one of the most financially responsible people you know, as they limit their spending to what they actually have in savings.  However, cash does not have a paper trail and there no documented history of repayment, which lenders need to see to make their decision whether you are able to repay them. Often this is seen with older individuals, who  have lived during times where approaches to debt and getting approved of a loan were different.

Lastly, individuals new to the country understandably would have no credit history. They should make it a priority to start as soon as possible to building up the credit.

Correcting or building up the credit history takes time. You need to have a plan and an understanding how credit works. A mortgage broker could provide insights and recommendations specific to your situation and discuss with you lender specific solutions that may be available in your current situation. 

There are two main credit report providers in Canada. Equifax is the biggest one. You can get an instant report, which shows an instant score and explains the report in clear language, for under $25 or you can get free Equifax report by mail, which presents the information in less comprehensive format (and no score). Transunion is the other vendor, similar reporting structure, instant report online with payment or free report request by mail.

Are you planning to buy a house? Shopping for a mortgage can be confusing, the product features vary significantly. Having sold real estate in Whitby and the Durham Region for over 25 years, I can help you with the buying process. If you wish, I can refer you to a mortgage specialist that can explain the products and help you choose the right mortgage product. Visit my website or contact me today!

Randy Miller
Broker of Record
Royal Heritage Realty Ltd.
Offices in Pickering and in Whitby
905-430-1800
randy@randymiller.ca
www.randymiller.ca

Randy Miller, Royal Heritage Realty, Whitby Homes for Sale

Just Listed! Beautiful All Brick Townhouse in Ajax

Ajax Townhouse for Sale

$ 379,900

Description

  • Large, All Brick End Unit Townhouse
  • Approx 1780 S/F (-Per Seller)
  • Large Eat-In Kitchen With A Walk-Out To A Deck
  • Huge Family Room
  • Laundry On The Second Level
  • Three Good Sized Bedrooms
  • Plus An Unfinished Basement
  • Indoor Access To The Garage

Highlights

  • Great Location, Steps To Shops And Transportation.
  • All Window Coverings, All Light Fixtures, Fridge, Stove, Washer, Dryer, Built-In Dishwasher.
  • Flexible Closing Available.

Ajax Townhouse for Sale Townhouse in Ajax for Sale Townhouse in Ajax for Sale Ajax Townhouse for Sale Ajax Townhouse for Sale

For more information or to come and view call me!

Randy Miller
Broker of Record
Royal Heritage Realty Ltd.
Offices in Pickering and in Whitby

905-430-1800
randy@randymiller.ca
www.randymiller.ca

Randy Miller, Royal Heritage Realty, Whitby Homes for Sale

Highway 407 Project News in Durham Region – Highway will reach Clarington by 2020

Highway 407 east extension

Once complete, the Highway 407 East project will help relieve congestion and support the efficient movement of people and goods through the eastern Greater Toronto Area and beyond. It will create opportunities for business, accommodate population and employment growth and provide emergency detour routes for Durham Region.

Hwy. 407 being extended across Durham Region

Provincial Transportation Minister Steven Del Duca, right, was in Oshawa on Tuesday, April 7 along with Durham Regional Chairman Roger Anderson, left, to announce the government has signed a $1.2-billion contract to extend Hwy. 407 easterly from Harmony Road to Hwys. 35/115 in Clarington. Work on the extension will begin in December of this year and be completed by 2020

Construction on extending the 407 from Brock Road in Pickering to Harmony is underway and is slated to be completed by the end of this year.   

Phase 2 will start in December of this year and will reach a north-south eastern link near Holt Road in Clarington, connecting Hwy. 401 and Hwy. 407, by December 2017. The remainder of Hwy. 407 east to Hwy. 35/115 will be open in 2020.   

In an interview Mr. Del Duca said he thinks this is an extraordinary opportunity and people and commercial goods will flow more smoothly.  

The 407 east from Brock Road in Pickering will remain in public hands and will be a toll road, he added.     Mr. Anderson praised the Province for moving forward with the extension east of Harmony.   

Mr. Anderson noted there are thousands of acres of land zoned commercial and industrial along the 407 that can be developed once the highway is in place.   

Mr. Del Duca said having the highway will create business and accommodate the growing population.    

He added the way the contract with Blackbird is structured, the company will cover any costs if the project goes over budget or the timeline isn’t met.   

Toronto is one of the only cities that doesn’t have a bypass, Mayor Henry said, and Hwy. 407 will give people (commuters) a different avenue to and from the city which will save people lots of time.

 The eastern link between the 401 and 407, running along Holt Road, will be called Hwy. 418.

Highway 407 East – Overview

The Highway 407 East project is comprised of three highways; these are Highway 407, Highway 412 (formerly known as the West Durham Link) and Highway 418 (formerly known as the East Durham Link).

Construction has started and will continue until 2020, when Highway 407 is open to traffic at Highway 35/115 in Clarington and the two connecting highways from Highway 407 to Highway 401 are completed. As announced, there is a seamless plan to extend Highway 407 from Brock Road in Pickering to Highway 35/115 with the following key dates:

By late 2015 – Phase 1 from Brock Road in Pickering to Harmony Road in Oshawa (22 kilometres), and Highway 412 (a 10 kilometre north-south highway that connects Highway 407 to Highway 401) will be open to traffic;

By 2017 – the initial portion of Phase 2 from Harmony Road to Taunton Road/Highway 418 will be open to traffic; and,

By 2020 – the remainder of Highway 407 (from Highway 418 to Highway 35/115) and Highway 418 (a 10 kilometre north-south highway from Taunton Road to Highway 401) are scheduled to open to traffic, completing the project.

Highway 407 is a separate entity owned and operated by the Province, connected to the existing 407 ETR. Initial tolls on Highway 407 will be lower than on 407 ETR.

Sources: – durhamregion.com, – http://www.highway407east.com/

Search Whitby Homes for Sale

Randy Miller
Broker of Record
Royal Heritage Realty Ltd.
Offices in Pickering and in Whitby
905-430-1800
randy@randymiller.ca
www.randymiller.ca

Randy Miller, Royal Heritage Realty, Whitby Homes for Sale

CMHC to Increase Mortgage Insurance Premiums for high-risk home buyers

Mortgage Insurance Premiums going up again

As a result of its annual review of its insurance products and capital requirements Canada’s federal housing agency is raising its mortgage insurance premiums.

Canada Mortgage and Housing Corp. said it is raising premiums on the highest-risk mortgages – borrowers who have down payments of less than 10 per cent – by 15 per cent starting June 1.

The changes come as part of a broader plan by the agency, announced last August, to boost its target capital reserves to 220 per cent above the minimum set by the Office of the Superintendent of Financial Institutions, up from 200 per cent previously.

The increases only apply to new mortgages for borrowers with small down payments. Those who put down more than 10 per cent of the purchase price aren’t affected. Premiums will also remain unchanged on CMHC’s portfolio insurance, which lenders take out on bundles of uninsured mortgages so they can securitize them, as well as the agency’s insurance for apartment buildings.

The effects will be modest for affected borrowers. An average Canadian borrower who can afford to pay the only the minimum 5-per-cent down payment typically takes out a mortgage of $252,000, CMHC said. Premiums for those borrowers would rise $5 a month, or about $1,500 more over the course of a 25-year mortgage.

CMHC predicted the changes would “not have a material impact on housing markets,” suggesting the agency isn’t looking to cool the housing market. Senior vice-president Steven Mennill stressed in a call with reporters that the changes were a “business decision” related to higher capital requirements and “not in any way related to a change in policy or approach.”

One thing is clear: By limiting increases only to borrowers with less than 10-per-cent down payments, the federal corporation is concerned that it was underpricing the risk on the most indebted borrowers.

Mortgages with lower levels of equity are typically more vulnerable to a housing shock and require higher levels of capital reserves to account for potential losses, which means higher premiums for riskier borrowers.

“As we continue to enhance our modelling capabilities, we continue to be more refined in our decision making around that relationship,” said CMHC chief financial officer Brian Naish.

“If the purpose was to ensure that there were adequate reserves against future losses, then this makes sense because their biggest losses will be at the end of the continuum with small amounts of down payment and that’s exactly the category where they increased the premium.” said Ian Lee, a professor with the Sprott School of Business at Carleton University.

It is the second time the organization has boosted insurance premiums. It raised them across the board last May after nearly a decade of silence on the issue. At the time, CMHC promised to review its insurance premiums once a year, which is what sparked the most recent changes.

Source: by TAMSIN MCMAHON,The Globe and Mail, CMHC to boost premiums for high-risk home buyers

If you are planning to buy a house in Whitby, Brooklin or other areas within Durham Region, contact me. I can help you with the buying process and refer you to a mortgage specialist that can explain the products and help you choose the right mortgage product.

Search Whitby Homes for Sale

Randy Miller
Broker of Record
Royal Heritage Realty Ltd.
Offices in Pickering and in Whitby

905-430-1800
randy@randymiller.ca
www.randymiller.ca

Randy Miller, Royal Heritage Realty, Whitby Homes for Sale

Housing Market Watch: GTA and Durham Region – March 2015

Sales and Price Up Year-Over-Year in March 2015

April 7, 2015. Toronto Real Estate Board President Paul Etherington announced that Greater Toronto Area REALTORS® reported 8,940 sales in March 2015. This result represented an 11 per cent increase compared to March 2014. Sales were up for most major home types, both in the City of Toronto and the surrounding regions. New listings were also up, but by a lesser 5.5 per cent, indicating tighter market conditions.

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“Home sales increased compared to last year as the cost of home ownership remained affordable, with lower interest rates going a long way to mitigate the effect of rising home prices. However, a substantial amount of pent-up demand remains in place, especially as it relates to low-rise market segments. This suggests that strong competition between buyers, which has fuelled strong price growth so far this year, will continue to be experienced throughout the spring,” said Mr. Etherington.

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In March, the average selling price for all reported transactions was $613,933 – up 10 per cent year-over-year. The MLS® HPI Composite Index, which tracks benchmark homes with the same attributes from one period to the next, was up by 7.9 per cent. Average price growth was strongest for detached homes in the City of Toronto, at 15.9 per cent. Over the same period the detached MLS® HPI in the ‘416’ area code increased 7.8 per cent.

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The MLS® HPI provides a clear indication of price growth due to market forces – the relationship between demand and supply. Comparing MLS® HPI growth to average price growth provides a sense of the changing mix of home types sold from one period to the next.

“It is clear that seller’s market conditions in many parts of the GTA are driving price growth. However, looking at the detached market segment in the City of Toronto in particular, growth in the average selling price outstripped growth in the MLS® HPI. This points to the fact that the mix of detached homes sold this year compared to last has shifted towards more expensive properties,” said Jason Mercer, TREB’s Director of Market Analysis.

Increased Average Home Prices in Durham Region

Durham Region Association of REALTORS® (DRAR) President Sandra O’Donohue reported 1,086 residential transactions in March 2015.

This resulted in an increase of 14.7 per cent from 947 in March of last year. “The number of sales increased significantly year-over-year, however, we are still seeing less inventory compared to the same period last year” reported O’Donohue. Durham saw 1,527 new listings enter the market in March 2015 compared to 1,553 in March 2014. “This makes for competition between buyers and drives home prices up” explained O’Donohue.

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The average selling price in the Durham Region reached $430,291 in March 2015. In March 2014, the average price of a home in the Durham Region was $380,267. “Low interest rates are keeping home ownership affordable even with the rise in home prices” explained O’Donohue. Average price growth was strongest for townhouses in the Durham Region, at 15.3 per cent compared to the same period last year.

Competition between buyers has also had an effect on the sale price over list price percentage. “We have seen homes sell for an average of 101 per cent of the asking price. This is a factor that is driving prices up across the Durham Region, and is an indicator of a strong seller’s market,” explained O’Donohue. In March of last year, the average home sold for 99 per cent of its asking price.

“Durham is still experiencing a seller’s market. However, low borrowing rates are keeping home ownership affordable” explained O’Donohue. “Buyers continue to view home ownership within the Durham Region as a great long-term investment”.

If you are looking for a house in Durham Region or are already a homeowner and wish to move to a new house in Pickering, Ajax, Whitby, Brooklin, Oshawa, Courtice or Bowmanville, please contact me for more information.

Having sold real estate in Whitby and the Durham Region for over 20 years, I can help you with both – the buying and selling process. 

Homes for Sale in Durham Region

Randy Miller
Broker of Record
Royal Heritage Realty Ltd.
Offices in Pickering and in Whitby
905-430-1800
randy@randymiller.ca
www.randymiller.ca

Randy Miller, Royal Heritage Realty, Whitby Homes for Sale

2015 Easter Weekend Events in Whitby and Durham Region

Easter Egg Hunt Durham Region 

Are you ready for the Easter Bunny? Check out the following events to join in. 

Easter Egg Hunt in Whitby

When: Saturday, April 4th, 2015, 10:00am-11:00am
Where: Whitburn Park. (Beside Jack Miner Public School, 2 minutes southwest of Brock and Taunton, Whitburn Street, Whitby)
Cost: Free

Free Easter Egg Hunt. Saturday April 4th, 2015 at 10:00 am. Whitburn Park in Whitby. Free for children up to grade 5. Over 500 Eggs and Chocolates! Treats for parents too!

Brooklin Scouting Easter Egg & Scavenger Hunt

When:  Saturday, April 4th, 2015, 9:30 am to 3:30 pm
Where: Brooklin Kinsmen Park (Behind the Library at 8 Vipond St)
Cost: $5 per participant

The Scouts from 1 st and 2nd Brooklin are hosting an Easter Egg and Scavenger Hunt. For boys and girls aged 7 and younger, eggs will be hidden in the grass. Look for the specially marked ones for instant win prizes or gather the most number of eggs for one of the bigger prizes. For youth aged 8 to 13, test your keen eye sight and knowledge about the Environment, Nature, current story characters, Scouting and Brooklin by joining the Scavenger Hunt! Everyone is welcome! Bring your family, friends and neighbours! You can come with a group or by yourself. Loot bags for all participants and prizes for top scavengers and most eggs collected Crests for all Scouting / Guiding members.

For more information visit http://www.whitbyscouts.org/programs/pack/2015-easter-hunt.pdf.

Easter Parade in Pickering

When: Saturday, April 4th, 2015, 10:00 am to 12:00 pm
Where: Venue: Parade Route: East on Annland St. at Liverpool Rd. to Krosno Blvd. and along Krosno to Bayly St. in Pickering.
Cost: Free

The R.C.L, Branch 606 & the Ladies Auxiliary proudly present the Annual Easter Parade. Put on your best Easter bonnet, decorate your bike, wagon or doll carriage to win great prizes! Free lunch and activities at the Legion after.

Community Easter Egg Hunt in Ajax

When: Saturday, April 4th, 2015, 10:00 AM
Where: 1201 Ravenscroft Rd., Ajax
Cost: FREE

Join us for our annual Community Easter Egg Hunt. For children ages 2-12. There will also be singing, skits, and snacks. Preregister online by March 29. The younger children must be accompanied by an adult. Free.

The Downtown Cobourg Easter Egg Hunt

When: Saturday, April 4th, 2015, 10:00 am – 12:00 pm
Where: Downtown Cobourg
Cost: Free

Grab your Easter Basket and head Downtown to find goodies in your favourite participating shops! Little bunnykins can try to spot the Easter Bunny for an extra treat! Don’t miss in-store promotions, prizes and more!
Visit website

6th Annual Easter Egg-stravaganza in Oshawa

When:  Sunday, April 5th, 2015, noon – 3pm
Where:  Oshawa Municipal Airport1200 Airport Blvd2 lights west of Simcoe St. off of Taunton Rd.
Cost: $10 per family (food, drinks, pony rides & face painting are extra)

The Oshawa Airport Lions Club is pleased to host the Oshawa Airport Lions Club. Join us for a fun-filled afternoon hunting candy-filled Easter Egg, visiting with the Easter Bunny, and playing games. Easter Bunny arrives by airplane at 1pm.

homes for sale Durham Region

Randy Miller
Broker of Record
Royal Heritage Realty Ltd.
Offices in Pickering and in Whitby
905-430-1800
randy@randymiller.ca
www.randymiller.ca

Randy Miller, Royal Heritage Realty

Buying a first home: How can you use your RRSP?

Buying a first home

The truth is, home ownership is one of the cornerstones of financial security, and if you’re thinking of buying a place don’t forget to consider your registered retirement savings plan (RRSP) as a source of some funds for a downpayment. The Home Buyer’s Plan (HBP) in our tax law makes it easy to use RRSP assets to help with a home purchase. Here’s a primer.

Eligibility

In order to use funds from your RRSP to help in a home purchase, you’ll have to be a first-time home buyer. This means that you may not have owned a home in the past five calendar years. More specifically, you’ll be out of luck if you owned a home during the window of time that starts Jan. 1 of the fourth calendar year before the year in which you make a withdrawal under the HPB, and ending 31 days before the date of the withdrawal. (If you have a disability or are buying a home for a related person with a disability, or are helping such a person to buy a home, the five-year condition may not apply)

If you’re married, each spouse can make a withdrawal under the HPB provided that neither of you has owned a home in the five-year period I’ve described, and you’re buying the home jointly. Even if your spouse has owned a home in the last five years, you can still make a withdrawal under the HBP as long as your spouse’s home was not your principal residence while you’ve been married or living common-law.

By the way, simply being pre-approved for a mortgage isn’t enough; you’ll have to actually enter into a purchase agreement to be eligible for a withdrawal under the HBP, and it has to be your intention to move into the home as your principal residence no later than one year after buying or building it. So, you can’t use the HPB to buy a rental property.

Withdrawals

You, and your spouse if he’s eligible, can each withdraw up to $25,000 from your RRSPs under the HBP. You have to be resident in Canada at the time you make the withdrawal, and you have to withdraw all the funds in the same calendar year. You can only make withdrawals from your own RRSP (that is, an RRSP under which you’re the annuitant), and not a plan under which your spouse is the annuitant.

Also, you can’t generally make withdrawals from a locked-in RRSP or a group RRSP under the HBP, and any RRSP contributions that you make must stay in your RRSP for at least 90 days before you can withdraw those funds under the HBP, otherwise you won’t get a tax deduction for those contributions.

You’ll have to close your home purchase by Oct. 1 of the year following the year of withdrawal (the taxman calls this the “completion date”). For example, if you make a withdrawal under the HBP in 2015, you’ll have to take possession of your new home no later than Oct. 1, 2016. Be aware that you can extend the completion date by one year if certain conditions are met.

Finally, you or your spouse cannot own the home for more than 30 days before you make a withdrawal under the HBP. So it’s best to make the withdrawal before the closing date if you can.

Repayments

You’ll have to repay the amounts borrowed from your RRSP under the HBP in equal instalments over 15 years, and your repayments will have to start in the second calendar year after the year of withdrawal (that is, in 2017 for withdrawals made in 2015). If you fail to repay the amounts, the shortfall is taxable to you in the year you missed the repayment. Also, be aware that you can’t claim a deduction for amounts repaid to your RRSP under the HBP. If you want more information on the HBP, check out the taxman’s booklet RC4135, Home Buyer’s Plan, which you’ll find at www.cra.gc.ca.

Source:  Buying a home can be easier with the help of your RRSP by TIM CESTNICK. The Globe and Mail.

Whitby Brooklin Homes for Sale

Randy Miller
Broker of Record
Royal Heritage Realty Ltd.
Offices in Pickering and in Whitby

905-430-1800
randy@randymiller.ca
www.randymiller.ca

Key Highlights from TD’s Quarterly Economic Forecast

Quarterly Economic Forecast 2015

Here are the key highlights from the quarterly forecast:

-We continue to see the impact of lower oil prices play out in the Canadian economy. Lower gas prices expected to save Canadians households up to $800 in 2015

-$600 of that will be absorbed by the higher cost of imported consumer goods

-unemployment rate could reach 7% by the end of this year

-BOC expected to hold rates until the end of 2016- this will continue to drive a strong housing market!

-crude oil could hit a new low of $40US a barrel before landing in around $65US on average in 2016

-core inflations expected to be just shy of BOC’s 2% target through 2015 and into 2016

Click on the link below to read the full TD Quarterly Forecast:

http://www.td.com/document/PDF/economics/qef/qefmar2015_canada.pdf 

To learn more about local real estate market conditions in Whitby, Brooklin, Ajax, Pickering, Oshawa, Courtice and Bowmanville, please contact me.

Homes for Sale in Durham Region

Randy Miller
Broker of Record

Royal Heritage Realty Ltd.
Offices in Pickering and in Whitby

905-430-1800
randy@randymiller.ca
www.randymiller.ca

Randy Miller, Royal Heritage Realty

Toronto’s record house prices to rise further by 2017 say experts

Rising house prices

Housing markets across much of province could be boosted by slumping oil and improving U.S. economy, economist predicts.

Toronto’s record house prices could soar a further 17 per cent by the end of 2017 as the lack of supply in the face of unrelenting demand continues to drive prices far beyond the rate of inflation, says the chief economist of Central 1 credit union.

Long-time housing watcher Helmut Pastrick says those who caution that Toronto’s market is in bubble territory and about to burst are based on “inadequate models” that ignore some key basics.

“The principal drivers of home prices are market demand and supply fundamentals. Toronto’s population is growing and supply is limited. Prices will keep rising until the next economic recession, whenever that is.”

Barring any unforeseen global crises, that’s at least two years off, predicts Pastrick, who’s studied the housing market for 40 years, 18 years as chief economist with Credit 1, the umbrella organization for about 130 credit unions in Ontario and B.C.

Ontario housing markets, with the exception of Toronto, have largely underperformed since 2001. But that’s now likely to change in the face of the “economic seismic shift” of slumping oil prices that may be a drag on the Canadian economy but a boon for Ontario exporters and manufacturers, says the economic forecast being released Thursday.

He anticipates that Toronto home prices, which averaged $573,183 in 2014 could soar to $670,000 by the end of 2017. Ontario house prices, which averaged $430,984 in 2014, could hit $496,000 during the same time.

Southwestern Ontario, and especially communities with a strong manufacturing base such as Windsor and Sarnia, are likely to see an uptick in jobs and economic growth which could play out in strong house sales and above-inflation price increases to the end of 2017, he adds.

Regional markets around the GTA — such as Kitchener-Waterloo, Barrie, Hamilton and the Niagara Peninsula — could also see a surge in sales partly as a result of Toronto’s tight market. That could translate into house price gains in the 16 per cent range over the next three years, says Pastrick.

The Canadian Real Estate Association recently predicted that low oil prices could result in a 1.1 per cent decline in national home sales through 2015, but a 2 per cent increase in average prices.

Read the full article: http://www.thestar.com/business/2015/03/25/torontos-record-house-prices-to-rise-further-by-2017.html By: Susan Pigg Business Reporter, Published on Wed Mar 25 2015

To learn more about local real estate market conditions in Whitby, Brooklin, Ajax, Pickering, Oshawa, Courtice and Bowmanville, please contact me.

homes for sale Durham Region

Randy Miller
Broker of Record

Royal Heritage Realty Ltd.
Offices in Pickering and in Whitby

905-430-1800
randy@randymiller.ca
www.randymiller.ca

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Housing Market Watch – GTA & Durham Region (February 2015)

March 4, 2015. Greater Toronto Area REALTORS® reported 6,338 home sales in February 2015, that’s a substantial 11.3 per cent year-over-year increase compared to February 2014.  Large annual increases in transactions were noted for most major home types, in the City of Toronto and surrounding GTA regions.


Toronto MLSsales.jpg

Mr. Paul Etherington, TREB President, said that even with the record low temperatures last month, there was still an increase in the number of people purchasing homes in the GTA.  This speaks to the importance households place on home ownership and the fact that buyers continue to view ownership housing as a quality long-term investment in which they can live.

Toronto MLSNewListings.jpg

The overall supply of homes for sale was down by 8.7 per cent compared to the same count in February 2014.  This means that market conditions became tighter, leading to more competition between buyers.

AvResaleHomePrice.jpg

The overall average selling price for February 2015 home sales was $596,163 – up by 7.8 per cent compared to the average for February 2014. In the City of Toronto, the average detached selling price moved above $1 million dollars for the first time in a calendar month.

MLSSalesTrendline.jpg

NewListingsTrendline.jpg
AvPriceTrendline.jpg

Affordability.jpg

“The strong year-over-year price growth we experienced in February points to the robust demand for ownership housing in the GTA, coupled with a constrained supply of homes for sale in some market segments, especially where low-rise home types like singles, semis and townhouses are concerned,” said Jason Mercer, TREB’s Director of Market Analysis. 

Buyers continue to see home ownership as a great investment

Sandra O’Donohue, President of Durham Region Association of  REALTORS®,  reported 728 residential transactions in February 2015. This result is up 13.9 per cent from 639 in February of last year. Inventory remained almost the same year-over-year with 1,085 new listings entering the market compared to 1,073 in February of last year.

DurhamHousingMarket.jpg

The average selling price in the Durham Region reached $420,718 in February 2015. O’Donahue said that the average home price has continued to rise into 2015, representing a 12.8 per cent increase from February 2014. “The driving force behind the higher sale prices is the shortage of inventory compared to the demand of buyers. This trend is what we call a seller’s market” explained O’Donohue. Another indicator of a seller’s market is the amount of time a home spends on the market before it is sold. Homes are selling in an average of 17 days in the Durham Region, which is significantly faster than last year with an average of 23 days on the market.

Even with the robust price growth, there is strong demand for home ownership in the Durham Region which is demonstrated by the higher number of sales and the climbing sale prices. So buyers continue to view home ownership within the Durham Region as a great long-term investment.

If you are looking for a house in Durham Region or are already a homeowner and wish to move to a new house in Pickering, Ajax, Whitby, Brooklin, Oshawa, Courtice or Bowmanville, please contact me for more information.

Randy Miller
Broker of Record

Royal Heritage Realty Ltd.
Offices in Pickering and in Whitby

905-430-1800
randy@randymiller.ca
www.randymiller.ca