As your Mortgage broker Toronto, we’re always interested in supplying our readers and clients with with the latest news. Here’s a few of the most important tidbits we found recently.
Finding a rental here in the Toronto condo rental market is hard, and some new reports are saying it just got even tougher to pay for it. According to numbers recently published, the average monthly rent here just jumped 10.7% YoY. That means renting here in HogTown will set you back an average of $2,206 dollars a month.
Unless you’ve been hiding under a rock somewhere, you’ve also noticed that sales have slowed recently in the Toronto real estate market. We’re optimistic of course that things are going to be picking up soon. If you take a look at the numbers from our friends in the home construction industry, you’ll see why we’re positive.
Mortgage Broker Toronto Vote of Confidence
Canadian construction has spiked according to some numbers published last month. In fact, the CMHC reported on April 10 that the builders across the country begun work on 225, 213 units. This kind of bump in construction surprised policymakers and everyone is looking at the data as a thumbs up to the real estate market and vote of confidence.
Finally, here’s some news for you people who are interested in the best mortgage rates. A new report says that almost half of the existing mortgages in Canada will need to be renewed this year. The CIBC reports in a typical year 25 to 35% of mortgages out there in the marketplace need to be renewed at the same time.
Those Same Mortgages
This year financing will need to take place on 47% of those same mortgages. Reports say it’s an unintended consequence from the changes that have been made to the mortgage environment in the last few years. If you’re looking for renewal, or maybe to get into that first house, remember we are the Mortgage Broker Toronto specialists who are on your side.
