Hello again. 

The research required to pull this newsletter together is also really beneficial to me! From visiting institutional sites such as a CIBC and finding the insightful article by Benjamin Tal "Flying Blind" written in April. I found out from a published CIBC poll, that:

Supermoon in Madrid!

• 55% of Canadians are taking action to pay down their mortgages faster vs. 68% last year
• 32% accelerated their payment frequency vs. 42% last year
• 28% increased their monthly payment amount vs. 30% last year
• 18% made a prepayment/lump sum vs. 15% last year

We're simply not using the amazing low interest rates to get our mortgages down. See the table to the right for the latest mortgage rates. 

The mortgage, for most of us, is the biggest debt we have. Most of us envision being debt free by the time we retire. Even small changes can shorten the time it takes to pay it off and the amount you pay for interest changes. Click here for the latest rate sheet: 

For example:

• Increase payment amount
• Accelerate payment frequency with bi-weekly payments
• Make pre-payments/lump sum payments.

From and online survey conducted in April using 1,509 randomly selected adults across Canada, in Ontario only 57% expect to be mortgage free. B.C. came in at 66%. Other provinces were more in line with us. B.C. mortgage amounts must be higher even than our own. 

What's going on in the GTA?

Sales are up by 10% compared to the same time last year, prices up 7.5%. This trumps inflation which currently stands at 2.4%. This is usually the bench mark for the amount a landlord can increase the monthly rent. However, that amount has been capped by the government at 1.6% for 2015. 

Here is a snapshot of sales in different areas for the month of July: The homes are all types: detached, semis, attached. This shows a trend in prices, popularity: 

Single Family Freehold Homes:

W06: New Toronto
8 sold. Average sale price: $528,366. Days on market: 8. 105% of asking
W06: Mimico:
10 sold. Average sale price $624,360. Days on market: 13. 100% of asking.
E01: North Riverdale:
7 sold. Average price: $907,886. Days on market: 21. 102% of asking
E02: Woodbine corridor:
12 sold. Average price: $627,583. Days on market: 15. 100% of asking.
E03: Broadview North:
11 sold. Average price: $970,311. Days on market: 10. 106% of asking.
C12: St. Andrews:
11 sold. Average price: $1,664,436. Days on market: 31. 98% of asking.
C10: Mt. Pleasant:
22 sold. Average price: $1,014,645. Days on market: 10. 105% of asking.
C08: Cabbagetown:
6 sold. Average price: $1,111,667. Days on market: 19. 100% of asking.
C04: Bedford Park:
22 sold. Average price: $1,287,041. Days on market: 17. 100% of asking. C02: Wychwood:
10 sold. Average price: $819,906. Days on market: 16. 103% of asking.

Condos hold their own

C01: Bay St. corridor:
62 sold. Average price: $506,249. Days on market: 30. 98% of asking
C02: Yonge/St. Clair:
6 sold. Average price: $651,333. Days on market: 47. 98% of asking.
C04: Bedford Park: 
6 sold. Average price: $604,917. Days on market: 25. 105% of asking.
C07: Willowdale West:
17 sold. Average price: $383,029. Days on market: 34. 98% of asking.
C10: Mt. Pleasant:
34 sold. Average price $488,950. Days on market: 26. 98% of asking.
C14: Willowdale E:
130 sold. Average sale price: $420,440. Days on market: 32. 98% of asking.
York: Crestwood-Springfarm:
18 sold. Average sale price: $377,333. Days on market: 43. 97% of asking.
York. Markham. Thornhill:
4 sold. Average Sale price: $344,700. Days on market: 31. 96% of asking. 

New listings have gone down a bit compared to last month. I'm not seeing extraordinary sold results like we did in the spring. Who knows what the fall will bring...I imagine a slew of new listings, and buyers to match. It will slow down again as we head in to November. 

Jason Mercer, TREB's senior manager for market analyses, believes that until the growth in listings outpaces growth in sales for a sustained period of time, the pace of price growth will continue. 

For additional clarity, click here to take a look at the housing market charts for July with three previous years for comparison. Have you heard of sites such as www.downpaymentdreams.com, www.hatchmyhouse.com,www.featherthenest.com? 

These sites are emerging as a source of down payment money for some first time home buyers. Folk can set up an online registry to which friends and family can donate money towards a down payment for a house. If this appeals, do check with both your mortgage broker and CMHC (click here for access to this great site) regarding any restrictions as to where the down payment money comes from.