Busy Condo Market Boosts Toronto Home Sales
With fewer homes in the detached category available in Toronto,
new home buyers seem to be opting for new condos, with sales heading forward at
a rocket pace last month. Sales of Existing Homes in the Toronto area moved up
by a whopping 2.1% in February 2014, and that is compared to the same time
period last year. That was mainly due to a 12.5% increase in the sales of
condos within the city so stated by the Toronto Real Estate Board. That will
contrasts with the sales declines that occurred in townhomes, detached and
semi-detached housing during the month, which was mainly due to a constrained
supply of those housing types.
The Canadian Home Mortage Corporation (CMHC) set to alter Mortgage
Insurance Rates
The federal agency which regulates mortgage insurance in Canada is
set to alter the rates which is charges new home buyers to insure their
mortgages against the risk of default. These premiums which new
homeowners must pay to get CMHC insurance may also impact the ability of
homebuyers to purchase their homes. The federal government has been trying for
quite some time to reign in the Toronto and Vancouver Housing markets where the
average cost of a single family detached home has now reached over $1 million
dollars.
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