Here’s the latest news you need to know from your mortgage broker Toronto team at OMJ Mortgage Capital.
There’s room for optimism when you look at the resale home numbers released by TRREB for the month of September. On the upside, the GTA numbers for resale homes was 11,083 and that’s a 42.3% bump from September of last year.
One Potential Headwind
However, as you may have already suspected, there’s at least one potential headwind we need to report on. Toronto Regional Real Estate Board President Lisa Patel offers something to consider in a recent TRREB press release.
“Further improvements in the economy, including job growth, would support strong home sales moving forward,” she says. “However, it will be important to monitor the trajectory of COVID-19 cases, the related government policy response, and the impact on jobs and consumer confidence.”
Related Mortgage Broker in Toronto News
In related news, there are reports some smaller northern Ontario communities are attracting big city real estate dollars. Recent home sale prices in places like Sudbury and North Bay have increased to an average of $300,000 from $260,000 dollars.
The report indicates most real estate professionals in places like Timmins and Sudbury expect this trend to continue. There’s more than cheaper prices. These cities attract people interested in walkability and public green spaces. However, any gains could be offset by expenses such as higher food costs.
Personal Real Estate Corporations
Finally, realtors in Ontario can form personal real estate corporations now. More changes are expected soon including an update on the code of ethics. This will benefit people looking for the best mortgage rates through a mortgage broker Toronto. New disclosure requirements are also in the works in order to better protect consumers.
