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Greater Toronto Area real estate markets hit hardest by interest rate hikes

Posted by Steven Greenidge on Dec 03, 2023

In a recent article ByGraeme Frisque Mississauga News we see the breakdown of the local markets and how ...

The man alleged to be behind a high-interest mortgage scam, is living large on social media

Posted by Steven Greenidge on Nov 28, 2023

This man, alleged to be behind a high-interest mortgage scam, is living large on social media Anas Ayyoub, ...

Decoding the Deal

Posted by Steven Greenidge on Nov 28, 2023

Decoding the deal Assess Financial Components The financial components of the offer are the first thing ...

Buying a Pre-Construction Condo

Posted by Steven Greenidge on Nov 12, 2023

Toronto Pre-Con Info

October Stats from the Toronto Region Real Estate Board

Posted by Steven Greenidge on Nov 05, 2023

Hi , The Toronto Region Real Estate Board has released the latest numbers for October. I have created ...

Fall Rental Report from TRREB

Posted by Steven Greenidge on Oct 26, 2023

TRREB: Strong Population Growth Driving Rental Demand in Q3 2023 TORONTO, ONTARIO, October 26, 2023 – ...


Greater Toronto Area real estate markets hit hardest by interest rate hikes

In a recent article Mississauga News we see the breakdown of the local markets and how they have been affected by price changes.

Real estate sales and prices have plummeted across most of the Greater Toronto Area since interest rates started rising in the first quarter of 2022.

The Bank of Canada (BoC) began raising its benchmark interest rate — which commercial banks use to set mortgage rates — in March 2022. Since then, the BoC has raised its overnight lending rate from 0.25 per cent to five per cent.

The average price for all dwelling types combined across the GTA peaked at $1,334,544 in February 2022. Since then, that combined average has fallen 15.6 per cent, coming in at $1,125,928 in October. 

All cities and towns monitored by the Toronto Regional Real Estate Board (TRREB) have seen price declines since the peak. However, the declines have been more pronounced in some markets than others.

Read the whole article click here: https://www.mississauga.com/news/greater-toronto-area-real-estate-markets-hit-hardest-by-interest-rate-hikes/article_d6c4402b-826a-5859-ab25-22e1a01aff38.html


Ontario woman says using 'cash for houses' company was costly mistake

I normally wouldn't post a news report verbatim however with the limitations on sharing news I felt this was a better method to get the word out.  

We are increasingly seeing these kinds of quick fix ideas proliferating.  Unfortunately over the years the real estate industry has from time to time been the focus of negative publicity due to bad actors.  In any industry you will find them I think.  However in our industry we have checks and balances, Broker oversight, Errors and Omissions Insurance, RECO and provincial and federal legislation to control the industry.  Will this prevent bad actors?  Not necessarily however there is client protections in place to mitigate risk.  By far our industry is populated with caring and principled people.  We truly look out for the client's best interest, I certainly do.  The below story is yet another cautionary tale that tells us "If it seems too good to be true it generally is"

Unlicensed real estate entrepreneurs have no professional responsibilities — unlike Realtors

Laurie Thompson admits she needed to sell her townhouse in Smithville, Ont., fast.

The pandemic had done a number on her finances — the bar where she worked had shut down, twice — and rising interest rates meant her monthly mortgage payments of $2,000 were going to almost double last January. Thompson was facing foreclosure.

"I was desperate," she told Go Public. 

Thompson had seen street signs and posters in her neighbourhood — companies offering to pay quick cash for houses. She'd even received what appeared to be a hand-written flyer in the mail, advertising a hassle-free cash sale — no renovating, open houses, or Realtor commissions. 

She hit the internet and found a company with positive reviews and attractive promises called Honest Home Buyers Incorporated (HHBI), based in nearby Hamilton.

"The website said, 'Cash in your hand [quickly],'" said Thompson. 

The website promised other advantages, too  — "more cash" in a seller's pocket, a quick closing date, no Realtor fees and it claimed homeowners sometimes get a cheque "the very same day!"

A screengrab from Honest Home Buyers website. Text on the screen explains in point form how their process works.
The Honest Home Buyers website promises quick 'cash in your hands' — but doesn’t clarify that the cash sellers get up front is just a deposit, not the full sale price of the home. (honesthomebuyers.ca)

Thompson knew this option meant she wouldn't be offered top dollar, but figured it was worth getting the house sold, quickly. 

"You're not going to get fair value from a company that's paying you in 72 hours," she said. "But … I didn't want it to sit on the market for three to four months."

When HHBI owner Mike Chow arrived at Thompson's townhouse for a walkthrough last January, she told him her employment had been sporadic, the mortgage lender wanted her debt paid off immediately and that she was struggling emotionally — a few months earlier, her partner had unexpectedly died from a heart attack.

Chow produced a contract and offered $575,000. Thompson says she peered over his shoulder as he read through it speedily and encouraged her to sign on the spot. 

The whole transaction took about half an hour. Thompson says it likely cost her tens of thousands of dollars in profit, if not more.

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Durham Region Real Estate