15 Dec

Housing activity down nationally for November.

General

Posted by: Anne Martin

Canadian Real Estate


Home Sales Cool in November, While Prices Still Rise as per the Canadian Real Estate Association.  

November produced the largest national monthly decline in activity since 2012.  The number of home resales stands at its lowest level since September 2015. This may be in part because of the new mortgage measures instituted by the federal government starting in October 2016.  They managed to slow many real estate markets down in about two thirds of all local markets including Vancouver and Toronto.  This is unexpected because it was predicted by many that the new rules were more likely to affect smaller markets than those but it seems they took a hit too.  Vancouver was also affected by earlier changes to purchase rules for foreigners.

Real estate is a local phenomena too therefore, you would need to look at your particular city in order to get the local picture.  The Barrie and District Real Estate Board defied the national odds by having an increase in sales by 22 per cent, the best November on record.  The City of Barrie alone saw an increase of 26.4% on a year over year basis with a y-o-y increase of 11.8% in its sorrounding areas.

On the whole sales for the first 11 months of 2015 are up 16.1%.  

Since we are seeing the tightest real estate market in years the average price has increased by 17% over last year with an average price of $436,990 for the association overall.  The City of Barrie average price is $411,239 with an increase of 18.9%.  Sorrounding areas $466,626.  

Overall supply is trending to the lowest near the lowest on record.

These stats are just unbelievable and I wonder if the City of Barrie will maintain its reputation of an affordable community within commuting distance to Toronto.  Perhaps its the Torontonians who are causing these increases as they are no longer able to afford Toronto and are buying up the homes in Barrie.

It wil be interesting to see what 2017 holds!

Get Dr. Sherry Cooper (economist Dominion Lending Centres) take….  http://ow.ly/lEUa307abzA      

Please see the CREA stats for the Barrie and District Real Estate Board  http://creastats.crea.ca/barr/

 

 

 

 

 

 

13 Dec

How Canadians will feel an interest rate rise in the US.

General

Posted by: Anne Martin

Interest rates are expected to rise in the US as they ready to increase bond rates and we are expected to feel it in Canada since we are not insulated from the global markets.  Bond rates affect fixed interest rates and since the majority of mortgages in Canada are fixed rate, we will feel the pinch at renewal time.

If we don’t raise our rates in conjunction, our dollar may also take a further downward hit.  

Although the economy and jobless numbers have improved in the US, Canada is still a little lacklustre in that regard.  We experienced some job growth this year but unfortunately, it was mostly in part time jobs.  This is unlike in the US who has experienced much more resilient employment numbers allowing them to consider an increase in bond rates. 

So, all indications say that we must make careful decisions when borrowing money that could effect future stability.  Basically, don’t bite off more than you can chew.  

A good mortgage agent can help you on that front.  I will not only discuss with you your current housing and credit plans but also consider how the future will affect you.

Give me a call, consultations are free!

Anne Martin 705-791-6683 

Check the following article on CBCnews for further details.

http://ow.ly/aHl73075HTR

2 Dec

Barrie Market Update for November 2016

General

Posted by: Anne Martin

Barrie Mortgage









Barrie, ON Market Update – November 2016

Fierce competition in the Barrie housing market has led to an all-time low in overall supply.

Don’t worry though! There are still enough new listings in Barrie each month for buyers to take advantage of. As your trusted Barrie mortgage broker, it is part of my job to stay up to date on the local real estate market. I use this information to help get my clients the most competitive rates on their Barrie mortgage. I also like to help keep my clients well informed of the real estate market around them.

The number of residential property sales in October of 2016 rose 20.2 per cent over the same month in 2015 to a total of 481 homes sold. While the entire district surrounding Barrie has also increased in total units sold since last year, Barrie unit sales are staggeringly the highest on record for the month of October.

The year-to-date sales for Barrie and the surrounding area has reached 5,372 so far in 2016. This figure is shows a 15.6 per cent increase from the first ten months of 2015.

Residential property sales are not the only impressive numbers for October of 2016. The sale of all property types this year is roughly 25 per cent higher than the same month last year.

As mentioned before, there is no need to worry! While there is a high demand for homes in Barrie that has led to an increase in total sales, this high demand has also lead to an increase in new home construction. The sharp increase in housing starts is expected to continue throughout 2016 and even into 2017. So far in 2016, there have been foundations poured for 1,219 new homes. This is over double the amount of foundations poured for new homes from January to October in 2015.

Barrie has also seen an uptick in new residential listings. The number of listings has grown 11.2 per cent year-over-year for the month of October, reaching 646 in October of 2016.

Mortgage rates are predicted to rise slightly from now through 2018, due to changes in factors such as inflation, so if you are interested in purchasing a Barrie home, now is the time!

As your Barrie mortgage broker, I am happy to offer mortgage related advice or assist with any of your mortgage needs. Please feel free to contact me with any questions you may have!

Source: http://creastats.crea.ca/barr/

Source: https://www.cmhc-schl.gc.ca/odpub/esub/65712/65712_2016_B02.pdf?lang=en