Andreas and Nectaria creators of Talos & NAI Life 's video: November 2020 Toronto market update and First Time Home Buyers Incentive

Where is this miniature of Greektown, Riverdale, and Leslieville located? Is Rocky shy on video? What's up with that? What happened in Toronto's real estate market in November? Is there a New First Time Home Buyers Incentive? You can watch the video or read the answers below: The miniature is the Holiday Corner at Dundas & Carlaw. It's more than an installation. It's a holiday piece of art at Crow's theater! Check it out if you can! November numbers about real estate have been all over the news. The gist of it is in 11 months of 2020 there were more homes sold and bought than in the whole year of 2019! The prices were higher again but not for all property types. Condos experience the expected softening inside Toronto. The average price was 3% less compared to this time last year and was 4,2% less in November compared to October. Condo buyers have more choices, low-interest rates, and more affordable prices. The First Time Home Buyers Incentive gets the promised revamp to help people buy in Toronto. With a minimum down payment, this will raise the maximum house price for eligible buyers from $505,000 to $722,000. These changes will come into effect in the spring of 2021. With this incentive, buyers get 5% for resale properties but it is no free lunch. Buyers need to examine all aspects since they do have to pay it back. There is an option to pay it back when you sell but at that point, they expect 5% of the sale price.