Blog Article

Saturday, 15 September 2018

By Leahs Mortgages

Shawn Stillman Quoted on Mortgage Broker News -Toronto has rebounded

“The condo market is still on fire—it never slowed down,” said Mortgage Outlet’s Principal Broker Shawn Stillman. “Even month-over-month, the price per square foot is hitting new highs, and they’ve always been strong. Where the weakness is, however, is in the 905 area. People who bought preconstruction within the last year are being hit hard because of the glut of inventory in the 905.”

Last year, the federal government increased its immigration quota by a third and now welcomes 300,000 newcomers. Stillman estimates 40% of them move to the GTA, and that doesn’t even account for migration from within the country.

“Suddenly you have 30,000 to 40,000 more units that are needed,” he said. “I’ve had a lot of clients who are new to Canada, but from the U.S.—I’ve done five of those deals in the last month—and they moved up to Canada for whatever reason, but they’re buying things. These are educated, skilled people making over $100,000 a year and they’re happy to put money down.”