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The Real Estate Market in Toronto

Across all of the major markets in Canada (Toronto and Mississauga, Ottawa, Calgary, Edmonton, and Vancouver), real estate in Toronto has proved to be one of the most resilient markets to be a part of. Through various economic cycles and recessions, any period of downturn has largely been temporary and followed by a sharp rebound. Case in point: 2008. In the aftermath of the global financial crisis, freehold properties were selling for around $430,000 on average and condos were being sold for $295,000. Within 10 years, these same markets had touched peaks of $940,000 for stand alone houses in Toronto and $565,000 for Toronto condos. In other words, on a compounded annual growth rate (CAGR) basis, freehold properties grew 8.1% annually over 10 years while the corresponding figure for condos was 6.7%. While these are staggering numbers by any metric, it is worthwhile to explore what they can mean to different types of buyers.

For the first-time homebuyer, it goes to show that for the most part there is no better time than the present to get into the real estate market especially in major cities like Toronto, Mississauga, Vancouver, Calgary, and Ottawa, but the same goes for suburbs surround those cities. Suburbs near the Greater Toronto Area (GTA) such as Maple, Aurora, Woodbridge, Thornhill, Markham, Vaughan, Richmond Hill and other parts of York Region are considered by many to be strong markets to purchase homes and commercial properties in. So are Etobicoke, Mississauga, Brampton, Burlington, Hamilton, Barrie, Scarborough, Pickering Ajax, Durham Region, and more. While careful due diligence is advised on the timing of the entry point, the location, and pricing, the property markets generally are considered to represent a stable way to build equity over time and achieve solid returns.

But what about non-first-time buyers?

As the saying goes, a rising tide lifts all boats. Hence, for a non-first-time homebuyer, a rising housing market represents opportunities that can be taken advantage of. When property values increase, options such as a second mortgage or a full mortgage refinance become more attractive to pursue. A second mortgage, also known as a home equity loan, is essentially a loan that uses the value of the underlying property as collateral. However, the reason it is called a ‘second’ mortgage is because this property would already have a loan taken out against it (i.e. the ‘first’ mortgage that the borrower took out initially to purchase the home). In the worst-case scenario, if the borrower defaults on both the first and the second mortgage, the home is foreclosed upon and the first mortgage is paid off first before the remaining proceeds are used to pay off the second loan.

In the case of a borrower with a healthy financial profile though, the second mortgage is an opportunity to gain extra liquidity by monetizing the equity in the home. By taking out a second mortgage, the lender will provide the borrower a lump sum of cash that is based on the value of the home pledged as collateral. Hence, the higher the value and available equity, the higher the lump sum available. This lump sum can then be used to pay down other debts with higher interest rates such as credit card debt, or for investing, or for a rainy-day emergency fund, or for a plethora of other purposes. The possibilities are truly endless. Before pursuing options like these though, it is important to assess your personal capacity to take on additional debt and/or speak with a financial advisor or other trustworthy financial expert.

Rates:

At Clover Mortgage, we have cultivated relationships with a wide group of institutions and lenders across Toronto that can serve a borrower’s unique needs and constraints. We understand that when it comes to a mortgage, no family’s requirements and profiles are the same. We do not believe in a one-size-fits-all approach either when it comes to presenting mortgage options.

With a seasoned team of customer-centric experts available to help you in person or online at CloverMortgage.ca, prospective borrowers can take advantage of our leading network of relationships to shop the deal that best suits them. Click here to view our range of competitive rate offerings across different loan terms and types (fixed, variable, etc.).

Our Mission

Helping buyers get into their dream home and helping homeowners improve their financial situation is what drives us. The last ten years have catalyzed more change in the real estate and Canadian mortgage industry than any other period before them. With continuous innovations in technology and increases in the adoption of these technologies, we strive to be at the cutting-edge of digital transformation to streamline the homebuyer’s and homeowner’s experience from origination to delivery while upholding high standards of integrity and transparency.

As an all Canadian online mortgage broker with physical locations in Canada, our performance metrics go beyond just the clicks and volumes we generate for our lending partners. We are obsessed with the one thing that has defined success for generations before us: customer satisfaction. To this end, we have assembled a world-class team of brokers that are available to provide reliable advice and insights on the best course of action for your specific situation.

Let us know how we can help today!

Why Work with Us?

• Competitive Rates: At Clover Mortgage, you can rest assured that you are gaining the best rates available on the market. Through a combination of our deep lender relationships and volume discounts that we actively pass on to our customers to reduce costs, our pricing simply cannot be beat. You can find our low mortgage rates on CloverMortgage.ca
• Speedy: Obtaining a mortgage can be a notoriously lengthy process. We understand that. That’s why one of our first goals was to simplify it to afford borrowers some peace of mind in an already hectic time. We provide advice at each step of the way to ensure that you are staying ahead of the curve at all times.
• Credit Issues: Getting rejected by lenders for credit that may be a little less than optimal? Contact our team of brokers today to see what options we can pull for you. We have worked with hundreds of specialized cases and can position you to turn your fortunes around with lenders!
• Self Employed and Business Owners: Over the years it has become more difficult for self-employed individuals and business owners to get approved for a mortgage through their regular banking institutions. At Clover Mortgage, we also specialize in helping Canadian business owners and those who are self employed get great low rates on their mortgage even if the banks have turned them down.

• User-Friendly: Gaining a mortgage can be an exhausting or even stressful experience, especially if your credit is below the threshold for major banks or if you are self-employed or own your own business. We turn this difficult process into a hassle-free journey that leaves you with a quick and easy home refinance, or in the case of a new purchase, the keys to your new home in next to no time!
• Team: In the mortgage industry and the broader real estate sector, there is no substitute for experience and customer service – people who have been there and done that time and time again. That is one of the value propositions that our team offers. From locking in pre-approval rates to helping you understand loan terms to negotiating the lowest rate pricing and the best loan structures with lenders, we have the expertise to get it done, in almost any situation or circumstance. No matter what your challenge might be, we will try our best and work our hardest to help you find a solution that meets your individual needs.

Mortgage Basics

The world of mortgages can often seem like a mix of finance jargon. So below, we have put together a list of loan types that can be used by both first-time joiners of the real estate universe as well as people who have already bought a home.

• Traditional Mortgages: These mortgages have a minimum 20% down payment requirement with the remainder 80% coming from the lender (i.e. the mortgage component).
• High-ratio Mortgages: A high-ratio mortgage involves a borrower putting down less than 20% of the home’s purchase price, but at least 5% in initial equity. In this case, the lender providing the mortgage covers over 80% of the home’s initial purchase price. These high-ratio mortgages pose a great risk to the lender and therefor must be insured by one of the 3 mortgage insurers in Canada, Genworth, CMHC (Canada Mortgage and Housing Corporation), and Canada Guarantee.
• Convertible mortgages: A convertible mortgage is one that enables the borrower to transition from a variable to a fixed rate or extend the loan term at any time without incurring penalty fees.

HELOC: A home equity line of credit is a revolving credit loan secured against the equity in the home. Based on the appraised value of the home and the equity portion of this value, a maximum amount that is governed by the upper limit of the appraisal value is available to be borrowed.

• Reverse Mortgage: These mortgages allow for equity in a home to be converted into cash while still occupying the property.
• First-time Home Buyers Incentive: As the name indicates, this is an incentive program for buyers buying their first ever home. In this program, the government offers a shared equity mortgage which reduces the amount of monthly mortgage payments, but involves sharing a percentage of the increase in the equity value of the home when it is sold (or at the end of the mortgage term of up to 25 years, whichever comes first).

• Refinancing: In this case, a mortgage refinance occurs when an existing mortgage is replaced by a new one to allow the borrower to take advantage of better pricing and lower mortgage interest rates and/or other loan terms, or take out extra cash form the available equity in the home. The first loan is paid off using the proceeds of the second loan, and going forward, the borrower then pays interest and principal as per the stipulations of the new loan. This provides the homeowner with the ability to take pull equity out of their home with adding a mortgage in second position. As a result they can get a great low rate on the newly refinance mortgage amount.
• Renewal: Loans secured by properties (mortgages) normally have a term of five to ten years, but are also available in one, two, three, four, and seven year terms. The term might only be for a few years, but the whole mortgage amount is amortized over a longer period. 25 years to 30 years are the most common mortgage amortization periods, but in some cases a longer amortization period might be available to the borrower. In Canada, the longest loan term possible is ten years. If the loan is not paid off at the end of the five or ten year mark, then it can be renewed and the borrower continues paying the same rate with the same terms as previously negotiated with the lender unless the interest rate has changed. Unlike a refinancing, the renewal cannot be conducted anytime.
• Construction Financing: If a prospective homebuyer wants to build his or her own home instead of buying one that has already been constructed, this is the option for them. Note though that this type of financing typically requires a higher down payment (25% to 35% is common) as well as more effort on the part of the borrower as the lender would need to see documents such as the construction plan and contractual obligations of the construction company that is commissioned with building the custom home.