Wow! With a 9% housing price increase over last year, Toronto is now Canada's first $1 million housing city (at least for detached homes). What does this mean for Torontonians?
Interestingly…This means that most first time home buyers and experienced home buyers in Toronto will have to have $200,000 in savings or gift funds to be able buy a Toronto home. Under the new Government rules homebuyers are required to put a 20% down payment on Million Dollar properties.
What this also means…
Click here to see the 680 News post.
Cory Kline, AMP
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