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Archive for the 'Your Next Move … Up-Sizing / Down-Sizing' Category

James Metcalfe’s Real Estate Update October 2012…In Our Home Toronto

Here is our October 2012 Real Estate Update in Our Home Toronto. September saw strong price growth versus 2011. The average price of a resale home in the GTA in September was $503,662 a +9% increase from 2011. We also saw strong growth in single detached homes (+8%), semi-detached homes (+12%), townhomes (+6%) and apartment condos (+6%). This month we also provide some ideas for decorating for the fall season including tips on rugs, lights, plants and backdrops. This month in Legally Speaking we discuss the legalities of the home inspection clause with a case from the Ontario Court of Appeal. We also provide you some tips on how to strengthen home inspection clauses from the seller’s point of view. Finally this month we provide you with some heat saving tips and the ever popular Pearls of Wisdom….here is a preview “Behind every great man is a woman rolling her eyes”- Jim Carrey

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James Metcalfe’s Real Estate Update September 2012…In Our Home Toronto

Here is our September Real Estate Update for Our Home Toronto. The average price of a resale home in the GTA in August was $479,095 a +6% increase versus the August 2011 average of $450,323. Meanwhile, the apartment condo market saw a -2% decline on a year to year basis. This month also features an article on the importance of a good home inspection…learn the six most important items to look out for during a home inspection. Also, this month…know your rights as a condo owner and the responsibilities of the condo corporation…an interesting case out of Langley BC. Once again we also return with Pearls of Wisdom…here’s a quick preview ” I am fond of pigs. Dogs look up to us. Cats look down on us. Pigs treat us as equals.”- Winston Churchill.

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Exquisite Ravine Home with Pool Oasis

100 Applefield Dr is an exquisite home that offers truly unbelievable value. The home features a gourmet chef’s kitchen with 7 premium appliances as well as a spectacular pool oasis with direct access to Birkdale Park. This 2,296 sq. foot home also features an amazing wood burning fireplace,pepper maple hardwood floors a heated salt-water pool, and 5 patio areas with perennial gardens. Visit OurHomeToronto.com for many more fabulous home listings or contact me directly at 416-931-4161.

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Spectacular Views, Floor Plan, Building, Location

3209-219 Fort York Blvd in Water Park City offers phenomenal views and spacious floor plan that allows residents to take full advantage of living in the sky. Featuring two West view bedrooms, two full baths, floor to ceiling windows and bamboo style floors; this exquisite suite offers remarkable quality of life in a premium location. Visit www.OurHomeToronto.com for many more great condo listings for sale or contact me directly at 416-931-4161.

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James Metcalfe’s Real Estate Update August 2012…In Our Home Toronto

Although a bit delayed here is our August 2012 Real Estate Update in Our Home Toronto. It is important to note that the average price of a resale home in the GTA in July was $476,947 which was a +4% increase from the average price of $458,646 in July 2011. Also, this month we feature an interesting article on Basement Apartment Legalities and the five areas that must be considered to establish a legal basement apartment. And finally, an important article on mold…what it is, where you can find it and how to combat it. Pearls of wisdom also returns… here’s a preview…”A vegetarian is a person who won’t eat anything that can have children.”-David Brenner

James Metcalfe’s Real Estate Update August 2012 from James Metcalfe

Urgent Mortgage Update

Dear friends, clients and interested home purchasers;

The Federal Government Finance Minister announced today there will be some significant changes made to mortgage regulations and these changes will start being enforced as of July 9th.

1. The maximum amortization for government insured mortgages will be lowered to 25 years from 30 years. There might still be some lenders offering higher amortizations on non-insured mortgages.

2. The maximum loan to value allowed for insured mortgages will now be 80% and not 85%. Again, there might be some lenders who will go to the higher loan to value and not insure the mortgage, but you will be paying a higher interest rate for this privilege.

3. The maximum mortgage amount that can be insured is now set at $1,000,000. Currently there is no limit put in place by the government. but some lenders already have their own rules on the maximum size of mortgage they will lend.

4. Maximum Gross Debt Service Ratio (GDS) will be set at 39% and the Total Debt Servicing ratio (TDS) will be set at a max of 44% for insured mortgages. The TDS is basically unchanged, but some lenders currently allow a GDS of 44% as well.

These new regulations are meant to curb Canadians borrowing and force them to build more equity in their homes. Gone are the days of no money down and 40 year amortizations which made it very difficult for Canadians to build equity in their homes and lead to irresponsible borrowing.

If you are anybody you know is considering purchasing a new home or refinancing their mortgage, these regulations could impact them. Although the official date these regulations will come into effect is July 9th, lenders and CMHC may start to enforce them unofficially earlier.

If you have any questions please do not hesitate to contact me!

Many thanks;

James @

… OurHomeToronto.com


Direct: 416-931-4161


Thank you also to Brad Compton – Mortgage Agent / Invis Mortgages

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