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9 May

Market Update

General

Posted by: Cory Kline

We saw a small movement upwards in the bonds the last few days.
 
There have been no major changes in interest rates
5 year funds are available in the 2.84-2.99% range, 10 year funds as low as 3.69%. Variable rate mortgages are available as low as 2.60%.
 
Today’s article is from the Toronto Real Estate Board (below). April’s sales numbers showed solid strength in the GTA, coupled with surprisingly high condo sales and prices. This certainly goes against all the forecasts of collapsing GTA prices.
If you have a variable rate of any more than prime +.75 or a fixed rate of 3.75% or more, we should explore the merits of refinancing to a lower rate. It may result in savings of thousands of dollars and a longer term at today’s record low rates.
 

Contact us for a free, no obligation review. Spending a few minutes could save you thousands of dollars.

Bank Prime 3.00%

The next meeting of the Bank of Canada is May 29, 2013.
 
-Cory Kline
(Cory@NDLC.ca or 705-794-1283)                                                                                      Mortgage Planning since 1998
 
P.S. If you, your family, or co-workers require guidance on current market trends, please call us, we are always available to help.
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GTA REALTORS® RELEASE MONTHLY RESALE HOUSING FIGURES
 

News Release

Toronto Real Estate Board

PublishedFriday, May 3, 2013

 

Greater Toronto Area REALTORS® reported 9,811 sales through the TorontoMLS system in April 2013, representing a dip of two per cent in comparison to 10,021 transactions in April 2012. Both new listings during the month and active listings at the end of April were up on a year-over-year basis.

 

“Despite the headwinds we have experienced in the housing market this year, April sales came in quite strong in comparison to last year. As we move through the spring and into the second half of 2013, the demand for home ownership should continue to firm-up relative to last year,” said Toronto Real Estate Board President Ann Hannah.

 

“It has been almost a year since the federal government enacted stricter mortgage lending guidelines. It is realistic to surmise that some households, who originally put their decision to purchase on hold, are once again looking to buy,” continued Ms. Hannah.

 

Click here to read full article