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8 Friday, September 27, 2024brooklintowncrier.com SALES (905) 721-6599 SERVICE (905) 721-6588 PARTS (905) 721-6577 445 Winchester Road East, Brooklin Check out our Pre-Owned Inventory on our website! Monday - Thursday 9:00am-7:00pm Friday 9:00am-5:30pm Saturday 9:00am-5:00pm Sunday Closed 1201 Dundas St. East, Whitby SALES 905-668-5846 SERVICE 905-668-8871 PARTS 905-668-8853 ON SELECT ELEVATION MODELS 2024 SIERRA 1500 FINANCING MONTHS 0% for up to 72 CONDITIONS APPLY. VIEW OFFER DETAILS. A GMC TRUCK FOR ANY TASK The GMC family of pickups features a diverse line of trucks perfect for whatever task you have in mind. Whether you're camping or tackling a project, our trucks deliver the utility, capability and premium features you expect from GMC. CURRENT SPECIAL OFFERS ON 2024: ELANTRA, SONATA, VENUE, KONA, TUCSON, SANTA FE, PALISADE, SANTA CRUZ, KONA ELECTRIC, IONIQ 5 Direct: 905 655 7236 Office: 905 239 4800 Eleanor KingEleanor King B. N. B. N. RealtorRealtor Maurice KingMaurice King B.E.D.S., B.Arch.B.E.D.S., B.Arch. RealtorRealtor What others are saying... "Trusted advisor!" | "Customer Focused!" | "Local Expert!" | "Professional!" | "Knowledgeable!" "Hard Working!" | "Accessible!" | "Dependable!" | "Patient!" | "Reliable!" "Well Prepared!" | "Honest!" | "Strong Negotiator!" "Superb Service!" Want to know what's happening in the market? Want to Know the Value of your House? Call Us Now! 905.655.7236 There is no cost or obligation! Your Trusted Source to Buy, Sell or Invest! 905.655.7236 view 1000's of Homes for sale at KingHomeTeam.com or KingOfBrooklin.com MARKETING YOUR HOME FOR ALL IT IS WORTH! Townhouse Pre-Construction Sale! **Photo similar to house being built Not intended to solicit those under contract. Making mortgages more affordable The real estate market has been making headlines for several great reasons this month. For starters, the Bank of Canada (BoC) lowered the key interest rate for the third time this year, bringing borrowing costs down to 4.25 per cent from a peak of five per cent. "The BoC's rate cut announced on September 4 will lead to a further improvement in affordability, especially for those using variable rate mortgages," Toronto Regional Real Estate Board (TRREB) President Jennifer Pearce tells us. "First-time buyers are especially sensitive to changes in borrowing costs. As mortgage rates continue to trend lower this year and next, we should experience an uptick in firsttime buying activity, including in the condo market." A fall housing market report says low housing supply continues to impact multiple markets across Ontario, but finds some buyers are gaining more confidence as mortgage rates decrease and are slowly re-entering the market heading into fall, keeping prices relatively stable in comparison to last year. (Home prices in Durham Region are expected to rise a modest one per cent this fall, according to the report, which forecasts average house prices will rise between one and six per cent in most regions across the country.) But perhaps most noteworthy, Deputy Prime Minister and Finance Minister Chrystia Freeland recently announced two substantial new mortgage reforms as part of an effort to make housing more affordable in what the federal government is billing "the boldest mortgage reforms in decades." (www.canada.ca/en/departmentfinance/news/2024/09/ the-boldest-mortgage-reforms-in-decades.html) The government will increase the cap on insured mortgages to $1.5 million from $1 million, effective December 15. The previous $1-million cap dates to 2012, when home prices were significantly lower. The most recent statistics from TRREB and the Central Lakes Association of Realtors (CLAR) shine a light on today's reality. According to TRREB, the average selling price in August was $1,074,435 (down 0.8 per cent compared to August 2023). Here in Durham Region, the average selling price in August was $907,997 (a year-over-year decrease from $930,781), CLAR reports. By bringing the program in line with current housing market realities, the government says it's enabling more Canadians to quality for a mortgage with a down payment that is less than 20 per cent and expanding access to the cost savings and security that comes with mortgage loan insurance. In the second piece of mortgage reform, firsttime homebuyers and those buying a newly-built house will be able to take out loans for a 30-year period. Previously, the three-decade amortization period was limited to first-time homebuyers buying newly built homes. Expanding the criteria for 30-year mortgage amortizations and increasing the insurance cap "will greatly improve first-time homebuyers' access to the housing market," according to RateHub.ca mortgage expert Penelope Graham. The Canadian Home Builders' Association (CHBA) is also applauding the new rules. "These types of changes are exactly what CHBA has been calling for, because we simply can't build homes, be they condos, townhomes or whatever housing form makes sense, if owners can't qualify for mortgages," CEO Kevin Lee says. The combination of reduced interest rates and longer amortization periods will reduce a buyer's monthly payments, allowing them to get into the market. Buyer goals should be to first qualify for the maximum mortgage they can afford, second to get into the market and third to pay down their mortgage, eliminating the need for a longer amortization. Housing prices have been flat for the last 18 to 24 months. Soon buyers who have been on the sidelines will re-enter the market and prices will start to increase. The next six months present a unique opportunity to get into the market. Please contact us today to if you're thinking about buying and/or selling. Visit our website at www.kinghometeam.com for a longer version of this article, including more information about the federal government reforms. Search 1000's of Homes. Find SOLD details in your neighbourhood at search.Look4DurhamHomes.com Gorgeous Townhouse Bungaloft Thinking of Making a Move? Call us for similar results! 905.409.6730 More New Build Bungalows Available! Quality Finishes! Loads of Extras Which do you prefer, a team that sells the most houses or the realtor that sells your home for the most? Call us, 905.409.6730. We will show you how we do it. 2 Left! Great Value! New Construction!