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December 5, 2024
November 2024 Housing Stats CLAR®
Central Lakes Association of REALTORS® Report November 2024 Housing Statistics
In November 2024, Durham Region recorded 739 sales, a notable 39% increase from the 532 sales reported in November 2023. The average home price in the region rose slightly, from $880,089 to $904,226 during the same period.
Hastings County experienced a 13% increase in sales, with 128 transactions compared to 113 in November 2023. While sales grew, the average price saw a modest decline, dropping from $542,897 to $527,354.
In Kawartha Lakes, sales saw significant growth, with 101 transactions in November 2024 compared to 57 the previous year. The average price in the area also rose, increasing from $678,009 to $715,196.
Northumberland County reported a 56% rise in sales, with 106 transactions in November 2024 compared to 68 the previous year. The average price experienced a slight dip, moving from the November 2023 average price of $753,273 to $741,262.
The Peterborough region saw a 25% increase in sales, with 125 homes sold compared to 100 in November 2023. The average price decreased by 7%, from $668,674 to $622,002.
Prince Edward County experienced a 65% increase in sales, rising from 20 in November 2023 to 33 in November 2024. At the same time, the average price decreased from $874,993 to $720,367.
CLAR Chief Executive Officer, Wendy Giroux, highlighted the organization’s commitment to supporting local communities during the holiday season. “As the holidays draw near, Central Lakes Association of
REALTORS® is proud to give back through our annual Charity Auction fundraising events. This year, we are honoured to support four local Habitat for Humanity organizations, each with active builds in our regions and community food banks. At CLAR, we believe that everyone deserves access to safe and affordable housing, and we are dedicated to making a meaningful difference by contributing to these
essential shelter-related causes.”
For more information or to book an interview, please contact:
Uncategorized •
December 5, 2024
New Mortgage Rules December 15 = More Affordability for Buyers
Big Affordability Change for Buyers
What is the new amount of mortgage down payment needed to purchase a home starting December 15 2024? Instead of $300,000 it is now possibly just $150,000 if the home price is $1.5m The value of the eligible residential property against which the loan is secured must be less than $1.5 million, and the downpayment required is:
5% on the portion of a purchase price up to $500,000 and
10% on the portion of a purchase price between $500,000 and $1.5 million.
So 5% on the first $500,000 = $25,000
Remainder portion if home is $1.5 = $100,000
Downpayment on a $1.5 m home December 15 2024 = $125,000
* for those who qualify and are eligible. Of course always speak to a mortgage provider for more info – this is just a general exercise to illustrate the new Mortgage rules…which are relaxing downpayment demands on homes up to $1.5m homes.
Increasing the $1 million price cap for insured mortgages to $1.5 million
“This measure would apply to all borrowers requiring high loan to value mortgage insurance in Canada and must satisfy the following requirements:
The total loan to value is greater than 80 per cent;
The value of the eligible residential property against which the loan is secured must be less than $1.5 million; and,
The down payment requirements for the loan are as follows:
5 per cent on the portion of a purchase price up to $500,000.
10 per cent on the portion of a purchase price between $500,000 and $1.5 million.
Other Parameters
Effective date: These measures will be available for mortgage insurance applications that lenders submit to mortgage insurers on or after December 15, 2024.
These measures will only apply to high loan to value mortgages on properties occupied by the borrower or a close relative.
All other eligibility criteria for government-guaranteed mortgage insurance will continue to apply.”
More New Mortgage Criteria and Rules such as the 30 Year Amortization are at the Government
More details on Mortgage Rule changes here at this Government Site Link:
