Condo Market Sees Unprecedented Sales But Declining Prices Amid Rising Interest Rates

Toronto Star – Sep 9, 2023 – The Toronto condo market is experiencing a paradox of increased sales but declining average prices. Mortgage Broker Store’s Ron Alphonso warns that the surge in listings is primarily from investors forced to liquidate due to untenable mortgage costs. “The condo market is hurting right now and as long as interest rates remain high even more condos will come to the market soon.” says Alphonso.

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Toronto area home sales plummet

Global News – Oct 5, 2022 – Home sales in the Greater Toronto Area fell by 44 per cent in September compared to the same time last year. Mortgage broker, Ron Alphonso, warns that people will have more difficulty keeping their homes in the next few months because of rising interest rates.

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Canadians Underwater

Global News – Apr 18, 2018 – Global News journalist, Patrick Cain, details the high mortgage debt levels of Canadians and the potential dangers of the high interest rates associated with them. The story talks about what parts of Canada are at the highest risk and what the impacts of rising interest rates in the future could be.

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What to know if you’re considering a mortgage from an alternative lender

The Globe and Mail – Mar 22, 2018 – Since the Office of Financial Institutions has introduced new mortgage stress tests, fewer Canadians qualify for a bank mortgage. Many people who are turned away by banks turn to private lenders and some of these lenders do not have their client’s best interests in mind. Ron Alphonso describes a bad experience a client had with a private lender and how to make sure your lender is reputable.

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Richmond Hill woman caught in house squeeze

Global News – Nov 1, 2017 – A woman living in Richmond Hill shares her story about getting caught in the real estate market downturn. She purchased two houses, one and Richmond Hill and one in Innisfil with plans on selling one. When real estate prices started to drop, she lost $100,000 in equity on each property for a total of $200,000 in lost home equity.

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Has ‘fixing’ Canada’s mortgage market made it riskier?

Maclean’s – Nov 27, 2017 – The Canadian government has been introducing new mortgage regulations that are causing more people to get turned down by traditional lenders. As a result many people are using the services of alternative lenders. Ron Alphonso is amongst the group of mortgage and real estate professions who share their thoughts on the situation.

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Average GTA home price nears $1 million

Global News – Apr 5, 2017 – Houses in the Greater Toronto Area have been reaching record prices and many Canadians cannot afford to buy a home. Many current homeowners with low-interest mortgages, but Ron explains that he is beginning to see people struggle with the costs of owning a home.

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Failed the mortgage stress test? Alternative lenders await — at a price

Global News – Oct 18, 2016 – Canada’s federal government implemented new rules that aims to limit the number of mortgage applications that qualify for mortgage insurance. These new rules are designed to cool Canada’s red hot real estate market, and prevent a potential market correction’s ability to hurt Canadian banks. Ron Alphonso explains the potential impact these rules will have on the less regulated private lending market.

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