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GTA Holds its Breath as Fed’s Policy Changes Take Effect
| Market Update
It may have been a last minute rush to buy before the Federal Government’s “stress test” came into effect. Or it could have been business as usual – but both GTA home sales and prices soared in October.
The Toronto Real Estate Board (TREB) reported another record month for sales: 9,768 up 11.5% from October, 2015 results. Condo sales grew fastest last month with increases of 19.8% in the City of Toronto and 28.3% in the rest of the GTA.
The average selling price rose 21.1% to $762,975, driven by detached and semi-detached properties in both 416 and 905, but affecting all major home types. The average price of a detached property across TREB’s market area is now $1,034,077. New listings increased by a scant 0.9% – a positive, but not yet significant, sign.
The changes announced by the Federal Government, designed primarily to dampen activity in Canada’s two hottest housing markets – Toronto and Vancouver – took effect October 17. First time homebuyers in particular are expected to be impacted by “stress tests,” intended to ensure they can handle their mortgage payments should rates increase or personal circumstances change.
Market watchers and insiders alike have expressed concern. Says TREB president Larry Cerqua: “As we move through November and December, we will be watching the sales and listings trends closely, in light of recent policy changes announced by the Federal Minister of Finance.”
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My work schedule involves traveling often so I needed someone to handle the sale of my rental condo smoothly. Christine was the perfect choice. Christine took care of all the details, including ongoing communication with the tenants to ensure showings went off without a hitch, and kept me informed the whole way. I am very pleased with the sale (we received multiple offers and sold the unit for over the asking price in less than a week) and will be recommending Christine to everyone! Thank You Christine!
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We’ve worked with Christine on three transactions in the last couple of years and found Christine to be responsive, personable and very proficient at getting the job done in our best interest. What really impresses us is that even after the transactions are over (couple of years later), she’s still very responsive to any questions […]
Meeting Christine was like a breath of fresh air for us when we were looking for our first home 6 years ago. Christine was very professional, always on time and she would pay close attention to all our requests. We loved working with her. We definitely recommend buying or selling your house with her team […]
Chad was our wonderful agent. He knew the market well, was happy to answer our numerous silly questions at all sorts of hours (sometimes responding to us as early as sunrise to late into the evening), and he was always punctual despite Toronto traffic which really adds to his professionalism.
Tara has been so great to us over the past few years offering advice, hours of searching/showings and doing everything possible in the dreaded buyers bidding war! Looking forward to working with the whole team again!
Tara, with the entire Christine Cowern Team, made our long-distance purchase of our downtown condo as painless as possible. We ran into a number of bumps on the road but Tara and the team ensured that we made it all the way through viewing, offers and possession by, for example, finding us a new lawyer when […]
Great experience from start to finish with the Christine Cowern Team. I would highly recommend their services to anyone selling their home. The staging consultation and rearrangement of my home decor I believe was key in getting a higher return on my investment. I was concerned that being overseas during the listing of my condo […]
The Christine Cowern Team is the best real estate team in the GTA! Catherine was exceptional from her response time, to experience in closing our deal. We would highly recommend this team to all our family and friends! Their network of resources and knowledge in the industry create a stress free experience.
It was such a fun, exciting and stress-free experience working with Christine and Chad! From beginning to end, they were so great as they took the time to understand our needs so they could make great recommendations since we were new to the city. We were also incredibly impressed with entire support team, including Lori […]
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I’ve met Christine several years ago as I rented her condo. I quickly realized then that she was very professional, organized and committed to making it right – It just made sense to work her when we decided to buy our own place. Since then we completed 7 real estate transactions with Christine and her Team – buying, selling and leasing and the process is always flawless. From prep to list to referrals and after deal services, we couldn’t ask for a better Team to work with. Thank you!!
Catherine is the best person you could ever have when looking for a property. To date she has found me a place to live not once but twice. Both times I was completely happy with what she found for me. She worked tirelessly to find my perfect home & would always be honest when showing any property. She […]
Brilliant. Honest. Efficient. It was like handing over the keys of our house, and then having Christine take over and run the show for us. Communicated late into the night (because we asked for it), through text, IMs, emails, phone…Follows the simple principle of over-communicating, so that over-zealous sellers like us are kept happy!! In […]
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If you want the best in the business, get The Christine Cowern Team. Christine’s knowledge, natural charm and professionalism got me the results I was looking for in the process of buying and selling my property(s). Her expertise and dedication sets her apart from the rest. When my questions and concerns were immediately answered, I […]
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We were beyond happy with our selling and buying experience with the Christine Cowern Team! Both Christine and Tanya are so knowledgeable, organized, and responsive to any questions or concerns you might have about the process. You really feel like you’re getting a team service when you list and buy with them. They will try […]
Christine and her team were amazing. We worked with another agent before we found her, and sat biting our fingernails through four months of inaction. Then Christine came in, and within 8 days of listing, we signed back an offer that was eventually to sell our home by day 13. But beyond the great work […]
We are very happy we chose to work with the Christine Cowern Team! We still can’t believe we were able to purchase our dream home in this crazy Toronto market. Although the process of purchasing a home in such a market can definitely be a daunting task, Christine and her team were there for us every step of the way and listened to our needs.
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