With Fall upon us and a return to a more regular schedule, there’s been numerous Government announcements and policy changes on the mortgage front, all designed to help make housing a little more affordable.  Changes to the mortgage rules are designed to help first time buyers and also current homeowners who’ll be renewing their mortgage in the near future.  Some of the changes include insured Mortgage amounts have been increased up to a $1.5 purchase price from $1Million; the opportunity to take a 30 year amortization; and borrowers no longer have to be stressed tested again if they change mortgage lenders.  In addition mortgage rates are on the decline, so far .75 points lower than last year with more cuts on the way.  Some are predicting a .50 basis point cut this October alone and further cuts in December.  Finally some optimism on the mortgage front!

Buyers are slowly starting to put their toes back into the market, September saw an uptick in sales and there is definitely more showing activity.  Buyers are still a bit hesitant though…it’s going to take time for the market to fully rebound and when it does we expect prices to start increasing….maybe not rapidly and not overnight but some suggest that right now is an ideal time to buy before prices start to creep higher.

The condo buyer definitely has the edge right now, something we haven’t seen in many years – this is where the opportunity lies.  There’s more inventory to choose from and being able to negotiate on price (not always of course but in general – supply vs demand), good deals can be had. 

For the detached market the average house price has not dropped that dramatically (house type, location must be considered when reading this statement as it varies by area, region).  Sellers have been holding tight on their asking prices and believe a more positive market is just around the corner.

There’s a lot to unpack in the current market, it varies dramatically by region and house type.  To learn more and for an more in depth analysis reach out to me for answers to your questions. I have the data, information and insight to assist you.  As always, no pressure or sales tactics, just good solid information.

Realtors must now work under new legislation called TRESA – Trust in Real Estate Services Act.  It’s a consumer protection regulation that governs the conduct of real estate agents and brokerages in Ontario.  The Act brought many changes for Realtors to adopt and many advances and benefits for the consumer as well.   For more information on TRESA please let me know.

More than ever you must have an experienced Realtor working for you!  A Realtor that understands the new rules, the dynamics of the current market and a Realtor that understands the nuances of your neighbourhood and areas of interest.  You need to work with an experienced full time Realtor, one with boots on the ground all day, everyday.  One that has strong analytical, negotiation and communication skills.  One that provides the right Comparative Market Analysis (CMA) on properties in your area, has strong project management and quality marketing, someone who can help navigate the process.

I’ve been a Realtor for 20 years and have worked in all types of markets.  I’ve seen a lot and know a lot and can assist by providing quality insights, strategic thinking and sound knowledge. You should always receive a detailed analysis on whats happening in your neighbourhood and area of interest.  If we need deeper information on an area outside of my core base area I will bring in one of my trusted Realtors from that area utilizing my wide range of contacts throughout the GTA and Ontario. 

I pride myself in taking very good care of my clients.  This is important work and you must have someone you can completely trust with the very best representation with no pressure, only guaranteed reliable professional service.

I would love to speak with you further, please reach out to me and we’ll get the conversation started.

Terri Perras