December 3, 2015 -- Toronto Real Estate Board President Mark McLean announced that Greater Toronto Area REALTORS® reported 7,385 home sales through TREB's MLS® System in November 2015 – up by 14 per cent compared to November 2014. This result also represented the best result on record for the month of November. Sales through the first eleven months of 2015 amounted to 96,401.
"Not only did we see a record sales result for November, but with one month left to go in 2015, we have already set a new calendar year record for home sales in the TREB market area, eclipsing the previous record set in 2007. Sales were up on a year-over-year basis for all major home types, both in the City of Toronto and surrounding regions. This suggests that the demand for ownership housing is widespread, from first-time buyers to long-time homeowners across the GTA," said Mr. McLean.
The MLS® Home Price Index (HPI) Composite Benchmark was up by 10.3 per cent year over year in November. The average selling price for all transactions was also up by a similar annual rate of 9.6 per cent to $632,685. Annual rates of average price growth for November and the first eleven months of 2015 were similar, with the strongest rates of increase being reported for low-rise home types, including detached and semi-detached houses and townhouses.
"Demand for ownership housing has remained strong in the GTA throughout 2015, with sales generally increasing at a greater annual rate compared to new listings. This means that competition between buyers has strengthened in many neighbourhoods in the City of Toronto and surrounding regions. The end result has been upward pressure on home prices well above the rate of inflation in most cases," said Jason Mercer, TREB's Director of Market Analysis.
Bill Morneau tightens mortgage rules on homes over $500K
The federal government is boosting the minimum down payment for higher-priced homes in Canada effective in the new year.
Homebuyers are currently required to put down a minimum of five per cent to qualify for Canada Mortgage and Housing Corporation insurance — protection that lenders insist on when providing a mortgage worth more than 80 per cent of the home's value.
Starting in February, CMHC will require a 10 per cent down payment on the portion of any mortgage it insures over $500,000. The five per cent rule remains the same for the portion up to $500,000.
"We recognize that, specifically in the Toronto and Vancouver markets, we have seen house prices that have been elevated," Finance Minister Bill Morneau told reporters on Friday, "and we want to make sure we create an environment that protects the people buying homes so they have sufficient equity in their home."
Once the new rules are implemented in 2016, someone looking to buy a $750,000 home would need to have a minimum down payment of $50,000, which is what you get when you add five per cent of $500,000 and 10 per cent of the remaining $250,000.
Banks are forbidden to provide "high-ratio" mortgages — when the amount being borrowed is more than 80 per cent of the home's purchase price — without taking out insurance for it.
Toronto, Vancouver home prices spiral
The government-backed CMHC is by far the largest provider of mortgage insurance in Canada, and although it is the lender that is protected and pays the premiums, virtually all banks will pass these premiums on to borrowers.
Finance Minister Bill Morneau announced Friday that starting in February, insurance-backed mortgages will require a minimum 10 per cent down payment for the portion over $500,000. (Adrian Wyld/Canadian Press)
Homes priced at more than $1 million by law require a minimum down payment of 20 per cent, and therefore the CMHC guarantee doesn't apply.
Several consecutive years of record-low interest rates have enticed new buyers into the housing market.
According to the Canadian Real Estate Association, average home prices in Toronto are now more than $630,000 — a 7.5 per cent increase over last year. In Vancouver, the average is now close to $1 million — rising by more than 15 per cent in the last year alone.
Morneau denied his government is concerned about a housing bubble.
"We are not fearing anything in particular," he said. "What we are doing is trying make sure we look at areas of the market that present potential risks."
BMO Capital Markets, for one, believes the measure will have a "minimal impact" on house sales and prices.
"Rather than a blunt instrument to cool the market, this is a targeted measure designed to deter a very small segment of buyers from stretching into the market with a very low equity position," said Robert Kavcic, senior economist with BMO.
"The bigger-picture fundamentals driving home price gains in Toronto and Vancouver — restricted detached-home supply, demographic demand, low mortgage rates and inflows of foreign wealth — remain firmly in place," he added.
This Home Is Ready To Move In To. Located In A Family Friendly Neighbourhood. Freshly Painted On Main Level And Hallways. Renovated Kitchen With Pantry, Desk Area & Pot Lights. Walk-Out To Entertainment Size Deck & Fabulous Pool Size Lot With Mature Trees. Lower Level Is Finished. Spacious Family Area With Berber Carpeting & Pot Lights. 2 Pc Bathroom, Large Laundry/Utility Room & Inside Entrance To Garage.
1. Use Warm Colors To Make a Room Cozier
Think the colors of the sun—red, orange and yellow. When using a warm color on the wall, the wall will appear to advance, making a room feel smaller and more intimate. Avoid using warm colors in a room that is already warm - viewing a warm color can actually make you feel warmer. 2. Use Cool Colors to Make a Room Feel Larger
Think soothing shades of the water—blues, green and purple. When using a cool color on a wall, the wall will appear to recede, making a room feel larger and more airy. Cool colors are great in a room that is filled with sunlight, since viewing a cool color can actually make you feel cooler. 3. Use Tans and Whites to Connect Colors
Colors from the tans, beiges, whites and gray family work to connect rooms as well as create a background for more vibrant color combinations in your upholstery and furnishings.
4. Trust Your First Impressions
If you don't like the color of the paint when you open the paint can, you can almost guarantee you won't like it on the walls. Paint colors tend to dry darker than they appear in the can.
5. Sample It!
Before you put that paint color on your walls, paint a poster board with the color you are considering. Put it in various places in the room. Then view them with natural daylight, with lighting, in the evening. Then live with it a bit. Color will look different in each room depending on the degree of light.
Buttered Rosemary Chicken
•2 tablespoons fresh rosemary, chopped, plus extra for garnish
•2 garlic cloves, chopped
•4 tablespoons olive oil
•4 bone-in chicken breast halves, cut in half to make quarters
•1 shallot, chopped
•¾ cup chicken broth
•3 tablespoons cold butter, cut into pieces
•Fresh ground pepper
1.Preheat oven to 400.
2.Mix together rosemary, garlic and 2 tablespoons olive oil and rub all over chicken breasts.
3.Heat remaining 2 tablespoons of oil in a large skillet over medium high heat and sear breasts skin side down until golden, about 5 minutes. Transfer to a baking dish and bake for 20 minutes.
4.While chicken is baking, make sauce: add shallots to the same skillet and cook over medium heat until softened, about 2 minutes.
5.Add chicken broth and simmer for 3 minutes. Whisk in the cold butter until melted.
6.To serve, ladle a little sauce on the plate, place chicken on top, and pour the rest the sauce over. Grind some fresh pepper on top and garnish with fresh rosemary.
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