The Mystery of the Credit Score (Part 2) Credit history… just as important as your credit score. The Mystery of the Credit Score (Part 1) What are lenders looking for and what happens when they pull your credit report?. Pre-Qualified…or Pre-Approved for a mortgage. Common Real Estate Terms – Commonly used real estate jargon to help you better understand the process. 
50 Fall/Winter Home Maintenance Tips – Preventative maintenance tips to save on energy costs and remain warm and cozy through the winter months. 50 Spring/Summer Home Maintenance Tips – Preventative maintenance tips to help avoid major repairs and reduce energy consumption. Tips for a Smooth Mortgage Process – Do’s and Don’ts to keep your home buying process on the right track. These are tips to make it easier on you and them. Moving with Pets – Moving can be stressful on your furry family members. Guide to Moving – Planning and packing tips and tricks to ensure your moving day is a success. Showing Checklist – Things to help make the most of showing your property to potential buyers. During Your Listing – Ideas for keeping your property in top condition, ensuring it is competitive with others during the selling process. Preparing Your Listing – Tips for getting your property ready to list. “So it’s pushing demand into these different housing types. “People are starting to find a mortgage payment stretches them a little too far for a single-family home,” he says. The additional hike of 50 basis points by the central bank earlier this month will further push the market toward balance while continuing to shift sales activity from single-family homes to typically less pricey segments, Gravelle says. The upside is with more homeowners listing, seeing price gains earlier in the year, there are “more options for buyers who have less purchasing power,” he adds. “This means there are fewer buyers who can purchase a home for the same price (in May) as in February or March,” says local realtor Nathan Mol with Live Real Estate. 
“The pendulum had swung to one side a few years ago, favouring buyers, and then it swung the other way for sellers reaching a peak, and now it’s swinging back to the middle,” he says.Ī cooling factor has been the Bank of Canada increasing its overnight interest rate, which dictates interest rates on mortgages. Gravelle notes the somewhat conflicting numbers likely indicate a market moving from deeply favouring sellers to one with more balance between supply and demand. Meanwhile, row’s price reached about $255,000 up nearly two per cent from April, and more than seven per cent from May last year. Yet sales were off from April this year by nine per cent.ĭuplex/row sales last month followed the pattern of single-family homes up almost six per cent, year over year, while down about 1.4 per cent from April.Ĭondominium apartment’s benchmark price movement was also mixed, reaching nearly $190,000 in May up slightly from April but down slightly from last May. That was in part due to falling sales for single-family homes, year over year, down about three per cent, even though transactions were higher than this past April by nearly two per cent.Ĭondominium sales, in contrast, rose significantly from last May by nearly 29 per cent. The benchmark for single-family homes was up almost 10 per cent, year over year, but down 0.1 per cent from this past April.
The price was flat from April, however, a result of slower demand for single-family detached homes. This advertisement has not loaded yet, but your article continues below.
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