Compiled below are the Housing Sale Numbers for April and May 2017 for Mimico Traditionally, the spring market in Etobicoke and in Mimico moves pretty fast, with the highest sold home prices of the year usually occurring in May. 2017 has proven to be a little bit different so far. April 2017 came in with a bang and a frenzy. Fewer houses were for sale than the year before. Multiple offers were the norm with 8 or 10 or even 12 offers for many properties. Houses were selling for 20-50% over asking, some even higher. Some houses were not appraising. Buyers were feeling fatigue and felt the need to scramble to just buy something. Then the Ontario government announced some changes in late April to help “slow” the market down. . . .
News Flash: Changes to Canada’s Housing Rules Announced. Will this affect your upcoming mortgage renewal or your next home purchase? On Monday, October 3rd, Finance Minister Bill Morneau announced four major changes to Canada’s housing rules. If you are buying or selling this fall or upcoming winter or have a mortgage up for renewal, this could affect you. Stress Test Will be Required For ALL Insured Mortgages: As of October 17, 2016, “a stress test for approving high-ratio mortgages will be applied to all new insured mortgages - including those where the buyer has more than 20% for a down payment,” writes Bill Curry, Globe and Mail. Current rules define a high ratio mortgage as one where the buyer has between 5-20% down payment . . .
Only 9 Homes in Sunnylea in the month of April 2016, based on the statistics I compiled from TREB. Listed below are the averages for the homes that sold in Sunnylea during that month. BUNGALOW: 1 Sold. 18 Days on the Market. Listed average $829,900. Sold average $805,000. 97% of asking price. 1 1/2 STOREY: 4 Sold. 6 Days on the Market. Listed average $963,000. Sold average $1,105,750. 115% over asking price. (Multiple offers for most.) 2 STOREY: 4 Sold. 8 Days on the Market. Listed average $1,271,500. Sold average $1,343,500. 106% over asking price. (Multiple offers for most.) This falls right in line with the new average home sale price in Toronto, that TREB (Toronto Real Estate Board) recently released, of $1.2M in . . .