Karanvir Sangha

How has the hike in interest rate effected the housing market you may wonder…

Major financial institutions are already taking note of the central bank’s decision to hike interest rates to 0.5%, an increase of 25 basis points from the rock-bottom lows seen through much of the pandemic.

RBC and TD Bank moved to hike their prime lending rates to 2.7% from 2.45 percent effective March 3 in response to the Bank of Canada’s announcement. Other Canadian banks expected to follow suit.

The average $500,000 mortgage holder will pay an extra $58 per month as a result of the hike, according to experts

If the prospect of additional rate hikes is making paying down the mortgage increasingly worrying, homeowners can look at pivoting to a fixed rate for more security.

The listings price found after those rate hikes there were “very small movements” in the average price, which could be attributed back to seasonality and the new mortgage stress test rather than the rate increase.

Karanvir Sangha Real Estate
📱647-628-8372
📧[email protected]
💻www.karanvirsangha.ca

February Stats are here 📊

GTA REALTORS® reported 9,097 sales through the Toronto TRREB MLS® System in February 2022, which represents a 16.8% decrease in the number of sales compared to February last year.
🔎 TRREB
__________________________________

📱647-628-8372
📧[email protected]
💻www.karanvirsangha.ca

February Stats are here 📊

GTA REALTORS® reported 9,097 sales through the Toronto TRREB MLS® System in February 2022, which represents a 16.8% decrease in the number of sales compared to February last year.
🔎 TRREB
___________________________________

📱647-628-8372
📧[email protected]
💻www.karanvirsangha.ca

You’re starting to think about becoming a homeowner and you likely have lots of questions about how to buy a home in Canada, from the overarching How do you buy a home, to specific queries around financing, home type, and location, to how to make and negotiate an offer. To help simplify what can be a complicated process, we’ve outlined how to buy a home in 9 steps.

Have any questions? Let’s connect!
📱 647-628-8373
📧 [email protected]
💻 www.karanvirsangha.ca

January 2022 Market Stats 📊

There were 5,636 sales reported through the TRREB MLS® System in January 2022 – down by 18.2% compared to 6,888 sales in January 2021. While sales were down substantially compared to last year’s record result, the January 2022 result was the second-best in history for the month.

Are you looking to buy or sell your home or have any real estate questions? You can always reach out via:
📱647-628-8372
📧[email protected]
💻www.karanvirsangha.ca

December 2021 Market Stats have been released 📊

“In December, GTA REALTORS® reported 6,031 sales – a strong result historically, but still down by more than 1,000 transactions (-15.7 per cent) compared to the record of 7,154 set in December 2020. Over the same period, new listings were down by 11.9 per cent to 5,174. The MLS® Home Price Index Composite benchmark was up by 31.1 per cent yearover-year in December. The average selling price was up by 24.2 per cent annually to $1,157,849.”

🔎 TRREB