Kevin W Lee
CENTURY 21 Leading Edge Realty Inc., Brokerage*
- 165 Main Street North
Markham, ON L3P 1Y2
Recent Solds And Active Properties
Stouffville Community Stats February 2017
Increasing demand for homes in the Stouffville Community continue to drive prices upward. An average price for a detached home up 45.45% over the same month last year, and an 8% increase over January 2017! With the spring market now here there should be more selection for buyers. If you're thinking of selling, now is the time.
AVERAGE SOLD PRICES
DETACHED $1,098,486 DOM 12, # SOLD 22
SEMI-DETACHED $845,500, DOM 4, # SOLD 2
TOWNHOUSE $760,020, DOM 8, # SOLD 10
NEW MORTGAGE RULES
On Monday, October 3, 2016, Finance Minister Bill Morneau announced changes to eligibility rules for new government-backed insured mortgages that will impact first time buyers as well as owners who are refinancing their homes. Effective October 17, 2016, all insured homebuyers will be qualified against the Bank of Canada’s Benchmark rate, which is currently 4.64%.
The Federal Government has also announced changes for newly insured low-ratio government-backed insured mortgages that will come into effect on November 30, 2016 to help ensure safer forms of lending. The new eligibility criteria will help Canadians continue to service their debts in a higher interest rate environment, should an increase occur.
For more information about these announcements, please read the following publication: http://www.fin.gc.ca/n16/data/16-117_2-eng.asp.
Based on the current regulations, we still have until October 17, 2016 to obtain a mortgage approval for your refinance or purchase, provided that the mortgage is funded by March 1, 2017.
Please feel free to contact me if you have any questions about how these new regulations may affect your investment.
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Market Watch February 2017
BUY FIRST OR SELL FIRST?
- Hunting experience more enjoyable.
- You’ll have time to wait until the right home comes up for sale.
- Less stressful knowing that if your offer is unsuccessful, you can wait for the next opportunity to come up.
- Unable to sell your home fast enough, you will find yourself owning two homes at once.
- Could mean paying two mortgages at the same time, not to mention all the other costs of home ownership.
- Trouble securing a mortgage for the new home.
- As a buyer with an existing home to sell, you can protect yourself by making your offer conditional on the sale of your current home. That means if you’re unable to sell within a specified period of time, you’re able to back out of the transaction.
- Worth pointing out that this condition will likely make your offer less attractive to the seller, especially if you’re buying in an area with a hot market.
- Biggest benefit is that you will know how much money the sale brought in, which will help determine how much you can afford to pay for your next home.
- You'll find yourself in a race aganist the clock with your closing date looming and potentially no home to move into when you move out of your current home.
- You may end up rushing the buying process and settling for a home that isn't ideal for you or pay more than our planned because you fell pressured.
HAVE A CONTIGENCY PLAN
- Have a back-up plan in place in case you are left with two homes, or no home, for a period of time.
- If the sale of your home closes first, you might consider a short term rental or moving in with family or friends. This could be better than settling for a less-than-ideal home because you are rushed.
- If the purchase of your new home closes first, you might need something called “bridge financing” to cover the down payment and other closing costs until the sale of your current home closes.
- No matter which option you choose, it’s important to remember that a registered real estate professional is knowledgeable about market conditions and will offer advice and solutions to guide you through the process
- They will be able to discuss various scenarios to make sure you have realistic expectations about what may happen and help you come up with a plan that works for you and your growing family.