Despite the implementation of new mortgage rules, Toronto’s housing market is still soaring. The federal initiative to increase the minimum down payment on a home has not slowed the market. According to the Toronto Real Estate Board, there were 7,621 transactions in the Greater Toronto Area in February alone which is an increase of 21.1 per cent from 2015. The Board also states that new listings in February were up 8.2 per cent from last year. Prices in the city are also up, TREB states they are also up, at 11.3 per cent higher than in 2015. Toronto’s market continues to prosper and it is, therefore, evident that the new mortgage rules have not hindered the market in anyway.
Have you sold your home, and now can use an advance on your equity before closing day, perhaps you need money for renovations? Tembo Financial can help! Tembo offers this unique service to homeowners in Ontario and the GTA. You could receive your money in as little as 48 hours with no credit check and no appraisal* for expenses that matter to you. Don’t wait, start today!
*Subject to qualification.