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Toronto Home Prices In June Exceed Pre Covid Levels

We like to keep our finger on the pulse of what is happening in the GTA so that we can be prepared for when those trends filter north and all the way to Georgian Bay.

The Toronto Region housing market recovered considerably in June following a significant slowdown due to COVID-19. As cases started to decline across the province and the economy began to open up, more buyers and sellers jumped off the sidelines and returned to the market, kickstarting sales recovery. Similarly, average home prices continued on a steady upward trajectory, lapping February 2020 levels. This is significant as February was the last full month before COVID-19 health and safety measures were introduced. 

TREB noted there were 8,701 home sales across the Toronto Region in June – representing a striking 89% increase since May. Compared to February 2020, home sales across the Toronto Region grew 20%. New listings picked up across the region in June and exceeded June 2019 levels by 2%. New listing growth was significant on a m-o-m basis as well, with a 77% increase, and grew 52% since February.

So what does this mean for you? Based on the recent traction we are seeing in the market, although demand is not quite at pre-emergency levels, it certainly feels as though we are heading back in that direction. Inventory is growing again in the Southern Georgian Bay region and the demand for property is growly at a daily rate, especially as those looking to move north are selling their GTA properties.

Your best bet at staying informed is always to reach out to Adam, Eric or Kelly.

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Changes To Insurance Criteria, Starting July 1st

On Thursday, June 4 2020, Canada Mortgage and Housing Corporation (CMHC) announced new, tighter mortgage borrowing criteria that will apply to all insurance applications beginning July 1, 2020. CMHC is Canada’s largest mortgage insurer and offers mortgage default insurance to property buyers to ensure lenders are protected in the event that borrowers fail to pay their mortgages. Mortgage default insurance is mandatory for high ratio mortgages, which are mortgages where the down payment is between 5% and 19.99%.  

CMHC cited the impact of COVID on several sectors of the economy and its recent 12 month forecast on home price declines as the key factors in its decision to change its underwriting criteria. According to CMHC President and CEO, Evan Siddall, these changes will “protect home buyers, reduce government and taxpayer risk and support the stability of housing markets while curtailing excessive demand and unsustainable house price growth.” 

So what does this mean for you? It means that an applicant must now have Higher Credit Scores, Lower Debt Service Ratios, and Limit Down Payments from Non-Traditional Sources.

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Today is a very happy day for us and we couldn’t be more excited to have you along for the ride! Eric Beutler, Adam Edge and Kelly Earle come together with decades of Experience and a fresh approach to the Real Estate Market. With deep routed connections in all of our communities, we couldn’t be happier to serve Midland, Barrie, Penetanguishene, Tiny, Tay and all the surrounding areas of Georgian Bay.

Our mission at is to empower our communities with information to help them make smart Real Estate decisions. Eric, Adam and Kelly are dedicated to helping homeowners, buyers, sellers, renters, commercial prospects and other agents find and share information about homes, real estate and our community.

Adam Edge, Kelly Earle and Eric Beutler