New mortgage stress test rule has to be blamed for high price growth in GTA condo apartment market, Says Ali Salarian, VP. Pay Per Service Realty.
Thornhill, ON 05/04/2017
Real estate broker & V.P. of Pay Per Service Realty and former corporate banker, Ali Salarian has predicted in October 18, 2016 a high growth in condo apartment prices following new mortgage rate stress test rules. A recent report released by Toronto Real Estate Board on April 27, 2017 indicates the growth in the last three months of 2017 has been reached to 21.7% compare to the same period in 2016
Oct 18, 2016 4:00pm
No one got it till now. As per of my reading between the lines. The new mortgage rules just makes the condo apartment market hot in GTA, since we have no rentals available in the market due to lack of supply issue. It’s the time for first time buyers and low income buyers to buy a condo apartments instead of having status quo and watching the prices goes up. We need at least 3-5 years of supply in condo market in order to meet the rental demands. Its good opportunity for condo apartment investors as well if they want to enjoy higher yield at the moment till the market supply increase. However its long term investment, no short term gain like houses at all. REMEMBER NO PRICE DECREASE IN HOUSES IN ONTARIO AT ALL.
About Pay Per Service Realty
Pay Per Service Realty is a modern brokerage with a different approach to real estate practice. Serving the GTA area with an experienced team of in-house associates and external partners, it maintains a strong online presence and a focus on customer convenience and process streamlining. For more information about Pay Per Service Realty, please contact Ali Salarian at 905-209-7400, or email firstname.lastname@example.org. Alternatively, you can visit https://ppsrealty.ca/