Helpful Toronto Information
Toronto is the biggest city in Canada population-wise with a population of 2,615,060. The capital of Ontario, Toronto is also the centre of the most populous metropolitan area in the country, the Greater Toronto Area (GTA), with 5,583,064 people.
Toronto is identified as one of the most diverse cities in the entire world with over 200 unique ethnic origins living in the city and 50% of the residents having been born outside of Canada.
It is also a major international hotspot for arts, culture, business and finance.
Toronto Mortgages and Real Estate
With the historically low mortgage rates we are experiencing these days, the Toronto housing market is currently booming. Although there has been some talk of mortgage rates increasing by next year, it is still expected that we’ll be experiencing low mortgage rates foreseeable future.
It is a fantastic time to buy a house in Toronto.
The average selling price for a home in the GTA in March 2016 was $688,181, a 12% increase from the same month one year ago and significantly higher than what was predicted for 2016. Interestingly enough, homes available for sale in March 2016 were 26% lower than they were in March 2015. The prices are getting higher while the availability of homes continues to drop.
The Canadian Mortgage and Housing Corporation predicted that the average price for a home on the resale market would be $636,500 in 2016 and even higher at $650,000 in 2017. With the average selling price in the GTA in March 2016 at nearly $690,000, it can be assumed these original predictions are rather low.
While home prices rise, the availability of homes on the market is expected to decrease by 7.6% from 2015 to 2016 alone. Over the next year this number is anticipated to drop another 3.8%.
When it comes to homes on the new home market, price trends are consistent with those on the resale market. The average price for a single-detached home on the new home market is expected to be $940,000 in 2016, a 5.3% hike from the previous year. A 2.1% increase to $960,000 is predicted the following year, in 2017.
Here is a great article on the recent high demand for houses in the GTA as we head into the spring of 2016: http://www.thestar.com/business/2016/04/23/spring-housing-market-a-whole-other-level-of-insanity.html
The City of Toronto
Toronto is famously recognized as one of the most cosmopolitan and multicultural cities on the planet. There are over 150 languages spoken in the city today, though English is the primary one spoken.
The city is home to many major music, theatre, broadcasting and media headquarters as well as cultural institutions and famous landmarks. The Canadian Broadcasting Corporation’s (CBC) headquarters are based in downtown Toronto while the CN Tower, the tallest free-standing structure in the Western Hemisphere, looks over the city.
Canada’s five largest banks also call Toronto home, operating out of the Toronto Stock Exchange. Toronto is also home to many festivals year-round, beautiful lake-side trails and gorgeous parks.
A large number of professional and amateur sports teams play out of Toronto as well. The National Basketball Association’s Toronto Raptors, the National Hockey League’s Toronto Maple Leafs and the National Lacrosse League’s Toronto Rock play out of the Air Canada Centre while Major League Baseball’s Toronto Blue Jays compete out of the Rogers Centre.
Major League Soccer’s Toronto FC and the Canadian Football League’s Toronto Argonauts call BMO Field home, giving Torontonians and visitors plenty of entertainment options year-round.
The Blue Jays’ schedule can be found here!
Why a Mortgage Broker in Toronto?
Obtaining a mortgage can be a complex process. As a Toronto mortgage broker, I’m here to make it as easy and smooth as possible.
One major benefit to working with a Toronto mortgage broker is the fact that I work for you, not the banks or any other financial institutions. This means that I operate in your best interests and work to satisfy your needs for whatever your specific situation may be.
Another benefit is that because I don’t work for any banks, I have access to many lenders who will all compete for your mortgage. Because these lenders compete with one another, I will be able to get lower Toronto mortgage rates that you are suited for.
Additionally, you don’t have to deal with a number of different people. Everything you need is done by me. Whether it’s finding the right mortgage plan or negotiating with lenders to get the lowest rate, you can rest easy knowing you are in good hands.
Here’s a great article from The Globe and Mail on why you should use a mortgage broker in Toronto: http://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/why-use-a-mortgage-broker/article619111/
Whether you’re buying that exciting first new home, a second home or refinancing, I will work for you to get you the best deal.
If you’re ready for the next step and want to be treated with respect and receive informed advice during your mortgage process, get in touch with me today!