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Greetings!
We hope you are having a great summer! We love Toronto in the summer time and we hope you are taking advantage of the great weather with many of the outdoor activities and festivals planned for the city this month. Toronto real estate sales continues to be strong through the early part of the summer due to the delayed start to the spring market. Condominiums and entry-level freehold properties are the most sought after segment with purchasers at the moment. Active listings were very similar to last year’s figures and our expectation is that the market will continue to be active heading into the fall.
With the introduction of the 2019 Budget this past spring, our Federal Government announced the Shared Equity Mortgage Provider Fund which is scheduled to launch on September 2nd, 2019. This fund will allow First Time Home Buyers to apply to finance up to 5% of the purchase price through a form of a shared equity mortgage with the Government of Canada. There is no interest paid or monthly repayment required on this equity mortgage, however the Government of Canada takes a 5% equity stake in your property and is invested in the upside in value of your home. This incentive must be repaid within 25 years or when the property is sold. Unfortunately the incentive only applies to properties priced at $500,000 or below and the borrowers must have an income of at least $120,000 to qualify. We feel that this incentive will have little effect on the Toronto real estate market given the price cap, but will help those in the outskirts of the GTA where real estate prices are more modest.
Also, this month be sure to enter our draw to win a $100 gift certificate to one of Oliver & Bonacini's Restaurant, review the monthly market statistics, and much more.
Alex and Elaine
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| | "The new President of the Toronto Real Estate Board, Michael Collins, announced that Greater Toronto Area REALTORS® reported 8,860 sales through TREB's MLS® System in June 2019, representing a 10.4 per cent increase compared to June 2018. Over the same time period, total new listings remained at a similar level for the month of June and active listings at month-end were down by 5.7 per cent." |
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| | | | | | | | Is the First-Time Home Buyer Incentive a good deal for homebuyers? |
| | "Under the First-Time Home Buyer Incentive (FTHBI) program, which was first announced in the federal budget in March, the government is offering an interest-free loan to help homebuyers take out a smaller mortgage and keep monthly repayments lower. The question for any Canadian struggling to afford their first home is: is it a good deal?"
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| | | 5Great Ideas From Popular Living Rooms and Family Rooms
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| | "These trending photos show how designers create living spaces with style, storage and comfortable seating" |
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| | | | | Stunning 2-Level Open Concept Loft On Prime Downtown Harbourfront
Property Type: Condo Loft Size: 1000-1199 Sq Ft # of Bedrooms: 1+1 # of Bathrooms: 2
Neighborhood: C01 Waterfront Communities |
| | Renovated Penthouse 1 Bed + Den On Prime Downtown Harbourfront
Property Type: Condo Apartment Size: 700-799 Sq Ft # of Bedrooms: 1+1 # of Bathrooms: 1
Neighborhood: C01 Waterfront Communities |
| | Renovated 1 Bedroom Open Concept Unit @ Yonge and Front
Property Type: Condo Apartment Size: 600-699 Sq Ft # of Bedrooms: 1 # of Bathrooms: 1
Neighborhood: C08 Waterfront Communities |
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ThinkTorontoHomes, Royal LePage Terrequity Platinum Realty
293 Eglinton Ave. East, Toronto, Ontario M4P 1L3 Canada www.thinktorontohomes.com | info@thinktorontohomes.com |
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