Adam GTA

Last night in Santa Fe

https://my.matterport.com/show/?m=RxxQUJba314&mls=1

I have brought to market this lovely 3 bedroom semi in High Park North. I am hosting a fun neighbours swing by for a drink and some tasty snacks, this Friday from 4 to 8 at 8 Webb Avenue. If you know someone looking to buy a home, tell them about it, or if you want to see how my tasty snack making skills have improved since the last time, swing by for a chat!

Explore 8 Webb Ave in 3D Matterport 3D Showcase.

As a realtor, I get to participate in many offer nights. Where a property is holding back on Receiving offers until a particular day. In today's market this is happening with condos and houses all across the GTA. This pushes the agents representing their clients to remove conditions, and with so few properties for sale, it also pushes the prices to the bleeding point of possible, where the bank, your mom and dad, the borrowing from rrsp's are all maxed out in an effort to get a home, that next month will be worth 2 percent more than last month. In general, these offer nights have 10 to 15 offers as a minimum number, but by the second round of bidding there are only 3 or 4 that are really serious, and in general these top offers are within 50 000 from the top of the range to the bottom. Good realtors know where the line is, and how far you can even unreasonably push that line, but What's happening now, more and more often, is the last offer to show up, the Winning offer, has a buyer who is not even in the country. They have a local agent, and that agent just comes in with 100 to 200 000 more than the next highest offer and says, "is this enough?". This is great news for sellers, but in the current low inventory high pressure drama of a market place we are in , it is a disaster for buyers. Most of the time these off shore buyers today are from Asia. Toronto has always had foreign money in the marketplace, but never like this, this market is unprecedented. The homes are purchased by offshore buyers, not to be lived in, but as a vehicle to hide money, to give access to local business markets, educational facilities, and a bolt hole in case of political turmoil in their home countries. I would do the same if I was them and had the money. To be blunt, Toronto cannot afford for these homes to disappear, to become vacant homes, with nothing but money living inside. We have no more houses, there is no more room for houses, we build smaller and smaller condos each year, with no facilities for actual living, daycares, schools ,clinics, condos just have gyms and pools and party rooms. Well, the party is coming to a close, and without some sort of action, we are going to evacuate the future prosperity of the city for a few easy commissions . We need young people, we need innovators , we need these people to be able to afford to live here. We need a change in plan. I can still help people find homes, I now specialize in finding homes that do not appeal to offshore buyers, so they JUST face crazy domestic competition instead. Call me if you are still trying, maybe I can help you.

I swear, real estate market is stalled as buyers and sellers are waiting for USA Election to finish , with worldwide markets shooting up and down depending on who is in the lead, I am really starting to believe that the Real Estate Market, in certain sectors, is just sitting still until its over

For borrowers to qualify for mortgage insurance, their debt-servicing ratios must be no higher than the maximum allowable levels when calculated using the greater of the contract rate and the Bank of Canada posted rate. Lenders and mortgage insurers assess two key debt-servicing ratios to determine if a homebuyer qualifies for an insured mortgage:

Gross Debt Service (GDS) ratio—the carrying costs of the home, including the mortgage payment and taxes and heating costs, relative to the homebuyer’s income;
Total Debt Service (TDS) ratio—the carrying costs of the home and all other debt payments relative to the homebuyer’s income.
To qualify for mortgage insurance, a homebuyer must have a GDS ratio no greater than 39% and a TDS ratio no greater than 44%. Qualifying for a mortgage by applying the typically higher Bank of Canada posted rate when calculating a borrower’s GDS and TDS ratios serves as a “stress test” for homebuyers, providing new homebuyers a buffer to be able to continue servicing their debts even in a higher interest rate environment, or if faced with a reduction in household income.

The announced measure will apply to new mortgage insurance applications received on October 17, 2016 or later.

Effective November 30, 2016, mortgage loans that lenders insure using portfolio insurance and other discretionary low loan-to-value ratio mortgage insurance must meet the eligibility criteria that previously only applied to high-ratio insured mortgages. New criteria for low-ratio mortgages to be insured will include the following requirements:

A loan whose purpose includes the purchase of a property or subsequent renewal of such a loan;
A maximum amortization length of 25 years;
A maximum property purchase price below $1,000,000 at the time the loan is approved;
For variable-rate loans that allow fluctuations in the amortization period, loan payments that are recalculated at least once every five years to conform to the original amortization schedule;
A minimum credit score of 600 at the time the loan is approved;
A maximum Gross Debt Service ratio of 39 per cent and a maximum Total Debt Service ratio of 44 per cent at the time the loan is approved, calculated by applying the greater of the mortgage contract rate or the Bank of Canada conventional five-year fixed posted rate; and,
A property that will be owner-occupied.
These tighter mortgage insurance regulations will reduce the supply of mortgages and/or increase their cost to the borrower.

http://tours.propertyspaces.ca/525-wilson-avenue-634?o=p

525 Wilson Avenue 634, - Toronto, ON M3H 0A7

http://toursler.com/3665-flamewood-dr-27

3665 Flamewood Dr #27 - Mississauga, ON L4Y 3P5

http://toursler.com/29-battersea

29 Battersea Crescent - Toronto, ON M6L 1G7