While some purchasers jumped into the Oakville housing markets to find a property before the new OSFI stress test took effect, the majority of prospective homeowners elected to wait on the sidelines in order to gauge the impact of the new policies. This however did not translate into a large reduction in pricing, as inventory remained low across the regions. Existing residents are now also holding off on listing their homes, believing that pricing may be rekindled once new market conditions are absorbed. During the quarter the aggregate price of a home in Oakville increased by  14.2 per cent year-over-year to $1,105,412. 

“Aggregate" means a mixture of all home types (detached, townhomes, condo’s).  Big influences on price are the high demand and the low inventory (available homes on the market), and the new mortgage rules.  In addition, Millennials are increasing adding to the demand for homes.  

Full report here: http://markets.businessinsider.com/news/stocks/The-Greater-Toronto-Area-s-Housing-Market-Sees-Double-digit-Year-over-year-Price-Gains-in-the-Fourth-Quarter-of-2017-Despite-Softness-in-Quarterly-Trends-1012803221

Implications for buyers:  

As demand intensifies, compromise becomes more important.  Reconsider locations and style of dwelling to fit your budget and lifestyle goals, so that you get into the market and benefit from the next few years of price growth. Its a relatively balanced market, so there will be an advantage to acting quickly and that means get yourself well educated on your financing position and on the market, so you can make a quick decision when a good property becomes available.

Implications for sellers:  

There are lots of buyers out there but in this balanced market, they’ll have some level of choice, relative to the Spring of 2017.  Prices peaked in the buying frenzy as of April 2017.  Year over year, prices are well up so its been a great 12 months for capital appreciation.  The market will value your home based on comparable sales.  Properly priced homes are selling. Ensure that if you accept a conditional offer, try to ensure the buyers are well qualified (recently) relative to their financing plans. 

#LindaMaguire #LindaMaguireRE #Oakville

The Linda Maguire Team earns the Royal LePage Chairman's Award for the top 1% of Realtors in Canada

Many thanks to our terrific clients and team members for propelling us to the top 1% of Royal LePage Realtors in Canada in 2017

National Chairman's Club is awarded to the top one percent of the Royal LePage residential sales force of a designated period based on gross closed and collected commissions GCI) and starting in 2017, including closed units sold. 

#LindaMaguireRE #BurlON #RoyalLePage

Here we are at the beginning of December 2017, and time for another market update video 

 The market has been balanced but a bit unsettled.

• We saw home prices peak in March/April, after a 35% year-over-year, growth which was then followed by a drop in prices over the early summer.  Things quickly switched from a Seller’s market to a Buyer’s market.
• In July August, prices bottomed out at about 15% down from the peak and buyers started to purchase again in September October.
• So while prices are still up roughly 20% from last December, the market is unsettled.
  • The biggest factor affecting the market is the new mortgage qualification rules. 
  • Roughly 10% of buyers will see a reduction in their buying power as of January 1.
  • Some buyers are getting in before the new mortgage rules apply, while others are waiting to see if the new rules cause a further drop in prices.
  • In the current market
    • Buyers have an opportunity to purchase a home without being in competition. 
    • Seller’s are typically now getting within 5% of their asking price, for properly priced homes
    • So its what we call a Balanced Market.
• What will 2018 bring?
  • We expect Burlington Oakville and Hamilton to continue to be among the best cities for real estate investment in Canada.  Its unlikely that we’ll see 35% price growth again any time soon, but with the flow of people moving from the Toronto market, real estate here should continue to be a great investment in 2018 and beyond.
• We’re happy to help with advice, ideas, or just a conversation about everyone’s favorite topic – real estate.  

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Buyers are returning to the market.... its a good time to sell

Buyers are back so it’s a good time to sell.  Prices have settled through the summer and enough purchases have occurred that there are plenty of comparable sold properties on which buyers can base a purchase price.  In addition, the biggest impetus for buyers is that the federal government announced in mid October a new stress test on mortgages, set for implementation January 1 2018.  This new mortgage qualification rule is motivation for many buyers to jump in to the housing market.  The new rule will reduce buying power by 15% on average, depending of the home price. The new mortgage qualification rule does not apply to purchase agreements that are accepted on paper prior to January 1, 2018 (regardless of closing date) will be exempt from this impending rule.   Since the rule was announced last week, we’re already seeing listings getting far more showings and good acceptable offers. Read more

Why should Home Owners act now?

Well. In a few months (January 1 2018), the majority of buyers will see their buying power reduced.  That will shrink the size of the buyer market for each level of home.  Reduced market size usually translates into reduced prices.

We can help

We can help you to get your property staged, ready and listed to take advantage of this sudden surge in buyers, and avoid the negative impact of the January 2018 mortgage qualification rules. Call us to get started.

Linda Maguire

Sales Representative

905-220-7993 

The OFSI (the governing body in Canada for financial services) has just announced a MAJOR new change to mortgage qualification rules, which will become effective January 1 2018! The main change is a 2% increase in the “qualifying stress test” for all uninsured mortgages.  The result is that buyers’ purchasing power will drop significantly. 

What does this mean for YOU as a BUYER?

It means you will be required to qualify for your mortgage based on a rate 2% higher than the actual mortgage rate you would be obtaining from your lender.

So, if the actual mortgage rate you have obtained today for a mortgage were 2.99%, then after January 1 2018, if you were to restart the mortgage qualification process, you would have to qualify for that same mortgage based on a rate of 4.99% (2.99% + 2% for qualifying rule = 4.99%).  If approved, you still would make payments based on the 2.99% but you would not be able to get the mortgage unless your financial position allowed you to make payments based on 4.99%.

This higher qualifying rate would reduce the amount of mortgage you could afford and therefore reduce the purchase price of homes you would qualify to purchase!

On average this would reduce your buying power by approximately 14%, depending on the value of the home you are purchasing.  

Here is an example of the reduced buying power:

- The buyers plan to buy a new home
- The buyers have a down payment of $180,000 (they plan to put at least 20% down)

If the Buyers purchase BEFORE January 1 2018

• 2.99%, 30-year amortization
• Max Purchase Price = $900,000
• Down payment = $180K
• Max mortgage = $720K

In the Buyers purchase AFTER January 1 2018

• The buyers would have to qualify at 4.99% (30 year amortization)
• They would still get a mortgage rate of 2.99% (30-year amortization)
• MAX PURCHASE PRICE NOW FALLS TO $800,000
• Down payment $180,000
• Max mortgage amount reduced to $620,000

In this scenario, the buyers lose 11% in buying power.

What will happen to the market?

Its quite likely that buyers who have recently been considering a purchase will be motivated to move forward quickly, to lock in a mortgage before the new rules come into effect in January 2018, which should result in an immediate boost in buyer demand.  Sellers should also recognize that they have a short window to attract 2017 buyers.  In January, we’ll likely see a drop in buyer demand, as buyers adjust to the realities of their lowered buying power. 

We can help

More than ever, its critical that buyers enlist a mortgage professional to assist in the finances for buying a home. We can refer you to an expert to help with your lending needs.  We can also keep you on top of the shifting market.  Call us to get started.

Linda Maguire

Sales Representative

905-220-7993

Royal LePage, BurlOak, Burlington, ON

Source for this blog post: Tribe Financial | Sep 12, 2017

#LindaMaguireRE

#BurlON 

3226 Berkshire Lane, Burlington $1,224,999 

Prestigious Headon Forest gem with 4 bedrooms, 3.5 baths, fully finished and updated inside and out, on popular sought after quiet street. This 2603 sq.ft family home features an open concept beautifully appointed kitchen/family roo m bathed with natural light and overlooking private spacious back yard with picturesque pool and patios. Gourmet kitchen features custom cabinetry, centre island, granite counter tops, stainless steel appliances, pot lights and more.

READ MORE

#LindaMaguireRE #BurlON 

Totally renovated top to bottom in Downtown Burlington on large private lot! Impressive 3 + 1 bedroom

$1,149,000

3.5 baths open concept family home with top of the line finishes including hardwood floors throughout, custom eat-in kitchen with centre island, quartz counter, stainless steel appliances, slate fireplace surround, built-ins, potlights, upgraded lighting, custom blinds, crown moulding, iron spindle staircase & more. Separate dining room and living room/offic e/playroom and laundry on main level. Beautifully appointed bathrooms, ensuite with heated floors and glass shower. Fully finished basement featuring large windows, cozy bedroom, 3 piece bathroom and large recreation room perfect area for kids and friends. Sliding doors from kitchen/Family room to large deck overlooking spacious backyard with plenty of room for pool, entertainment and play areas. Renovated in 2013/2014 entire new interior plus windows, s iding, roof, soffit, fascia, deck, garage door, porch and more. Pristine, shows 10+++ !

$1,199,000

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Listing details here:

Immaculate!
In the heart of downtown Burlington on prestigious court location! Renovated three bedroom 2.5 bathroom character home on beautifully manicured yard 75 x 120 ft.

3D Virtual tour here:

Detailed Listing here:

#HouseForSaleBurlington #LindaMaguireRE #BurlON 

Welcome to this very unique home offering your own private getaway right in the city. Just under one acre, this spectacular property offers tranquility and peace. With private stream and 20 ft X 47 ft inground pool there is ample room to enjoy and relax.

2335 Somerset Dr. $1,699,999

The home offers 1790 square feet on the main level, 4 bedrooms, 2 baths and 2 decks overlooking the property. The basement is fully finished with 9 ft ceilings, two walkouts, two wood burning fireplaces, and wet bar, perfect for entertaining. The attached garage with breezeway has it's own heat and A/C. Plenty of storage room and parking for 4 cars. Some recent upgrades include, windows, furnace, A/C, broadloom. This property is really exceptional and must be seen to be fully appreciated, close to all major amenities and highways makes this house the perfect cottage without the commute.

Read more here

#LindaMaguireRE #BurlON #BurlingtonON #HouseForSaleBurlingtonON

Large bungalow on huge premium mature 100' X 120' lot, nestled on a quiet street in the heart of Aldershot (Birdland).Sunroom patio doors lead to very private, treed back yard. 1527 sq. ft. on main floor with similar sized unfinished, high ceiling basement. Bright home with very large windows throughout.

336 CARDINAL Avenue BURLINGTON $1,089,000

Well cared for by original owner - all original condition inside, including oak hardwood floors under living and bedroom carpet. Three bedroom's, 1.5 bath with attached garage, easy access to highways and Go Train and a short walk to the beauty of the Burlington Golf and Country Club. Close to schools and all amenities, this is an amazing place to live and raise a family. Parking for 6 cars.

See full listing here

http://lindamaguire.ca/mylistings.html/details-66440618

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This gorgeous, one level condo, offers a well designed open concept floor plan offers close to 1000 sq. ft., 2 generous size bedrooms and 2 full bathrooms. There are 9 ft ceilings, laminate flooring in the living/dining areas & tiles in the kitchen, baths and front entrance. 

5-02 - 2420 BARONWOOD Drive OAKVILLE L6N0X6 $454,900

There is plenty of cupboard space in the kitchen with the extended cabinets as well as a breakfast bar for your morning coffee. You have the convenience of the complex with gas bbq hoo k up -no back neighbours! This home is conveniently located in the desirable Westoak Trails neighbourhood, close to HWYS, GO, walking trails, new hospital & amenities. Perfect for first time Buyers, investors or those downsizing .

Call for your private showing; Linda Maguire 905-979-9939

#LindaMaguire #LindaMaguireRE #CondoforsaleOakville #OakvilleON 

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Stunning contemporary house in downtown Burlington, 4 +1 bedrooms, 4.5 baths including main floor master suite and inlaw master bedroom/ensuite. Very high quality construction and finishes. Finished basement, detached double car garage. Short walk to downtown and all emenities. Move in - early August 2017. Call la for details.Brian Maguire 905-220-7993.All renderings, colours, landscaping and layout subject to change. Measurements are inexact and to be verified by buyer/buyer agent. Portions of the foundation are original

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 $1,649,000