Yonge And Eglinton Condos For Sale

1
Yonge and Eglinton Condos for sale

• In my review of 2017 sales and price changes for
  Yonge and Eglinton Condos for sale, I saw several
  factors come into play. There was a new
  non-residents home buyers tax and new mortgage
  rules that came into effect in January 2018. The
  new tax create a one-week blip in the buyers
  market but buyers returned quickly. They saw
  that the new tax, being refundable, had little
  impact on the condo market.

2
new mortgage rules

• The new mortgage rules had and will have a huge
  impact on the market. Prices were reaching their
  peak mid-year with Yonge and Eglinton Condos for
  sale hitting 1000 per square foot. That subsided
  some what in the fall but prices continue on the
  rise while inventory shrinks.

3
multiple offers are now common in rental
applications

• The other affect of the new mortgage Stress Test,
  is that those looking to get into the market for
  the first time in 2018, were forced back into the
  rental market - so prices were up by at least
  10, multiple offers are now common in rental
  applications and inventory is at its lowest in
  years.

4
Yonge and Eglinton condos for sale

• Ive included a breakdown of prices in the last
  quarter of 2017 for Yonge and Eglinton condos for
  sale. Note these are averages for the entire
  area.

5
Note these are averages for the entire area

• Size
• District C10
• Studio
• 279,000
• 1 Bedroom
• 521,190
• 1 Bedroom Plus Den
• 540,394
• 2 Bedroom
• 648,970
• 2 Bedroom Plus Den
• 750,494
• 3 Bedroom or larger
• 1,138,125
•  
•  

6
new tax imposed in the 2nd quarter

• It is important to remember that the 2017 price
  and sales numbers reflected here will not likely
  repeat in 2018. Several reasons are contributing
  to this statement. First, there was a change in
  the non-resident buyer with the new tax imposed
  in the 2nd quarter of 2017. The other big
  changes have to do with interest rates.

7
new mortgage on a property

• Not only have interest rates begun to rise, there
  is now a stress test for all buyers securing a
  new mortgage on a property. This stress test
  requires a buyer to qualify for the new mortgage
  at either two percentage points above the Bank of
  Canada prime rate or at the five year fixed
  mortgage rate - whichever is HIGHER.

8
increase of inventory in the marketplace

• The other change that we have seen, which is
  often seasonal, is the increase of inventory in
  the marketplace. Currently Yonge and Eglinton
  condos for sale number at 34 properties. Price
  ranges are from 309K to 1,099,000.

9
strong and steady market

• Price ranges are from 309K to 1,099,000. The
  vast majority of these are listed below the
  million dollar mark and very few have been on the
  market more then 30 days. This is a sign of a
  strong and steady market for Yonge and Eglinton
  condos for sale.

10

• Business NameTimothy Swift- Sales
  RepresentativeStreet Address Royal LePage
  Infinity Realty, Brokerage, 386 Eglinton Ave. W.
  City TorontoState ON Postal Code M5N
  1A2Phone No 1 416-256-0888
• http//swiftsellstoronto.ca/