Paul Meredith, a mortgage broker with CityCan Financial, provided me with current information on mortgage rates today, and a great message, and I thought I'd pass it on to you - the buyers taking advantage of this market.

If you are looking for additional mortgage information, feel free to give Paul a call.

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With mortgage rates still falling, and more cuts expected, prospective home buyers are in the drivers seat considering the amount of inventory that is available to them, and the number of motivated sellers.   At this time, there is a window of opportunity for homebuyers to be purchasing and it is important for them to realize that now is the best possible time to be buying a home.  

Will there be further drops in value?   I would say that the answer is yes over the next few months, but I also believe that we have seen the worst of this 'cyclical'  correction and any further correction in home values should be more modest.

It is also important to take note that Canada has a stronger economic foundation than most countries and our banking system is solid ranking among the top systems in the world (I believe we are right at the top).   Unlike our friends in the United States, foreclosures in Canada are very limited, and insufficient to have any impact on our economy.  

Be positive, and don't let the media take control and blow things out of proportion.   You can't control the market, but you can control your outlook on it.  

Don't let it reshape your attitude, as a positive attitude is what is going to get you through a more challenging economic time.  

Do you control the way you feel or does Lou Dobbs on CNN?  The answer is - YOU!    

I am not saying to pretend the slowdown isn't there.  It is.  Recognize it, accept it, then try to improve upon what it is.   There is huge opportunity for anyone looking to purchase real estate and now is the time to get out there and do it.  

We should start seeing the turnaround sometime midpoint this year, but the window of opportunity is open right now.     It is a fantastic opportunity, so let's take advantage of it while the window is still open. 
The next Bank of Canada interest rate announcement is January 20th (wow, time is flying!).  
More rate cuts are expected at that time.   I will keep you posted. 

Today's lowest rates:
1 year fixed  3.89
2 year fixed 4.59
3 year fixed 4.94
4 year fixed 4.85
5 year fixed  4.69
5 year variable  4.10 (prime + 0.6%)


Paul Meredith
CityCan Financial
905-875-1199
cell 416-409-8009
fax 289-878-7969
http://www.citycan.com

'PRIDING MYSELF ON THE BEST CUSTOMER SERVICE IN THE BUSINESS!'

(posted with Paul's permission)

Toronto Real Estate by Sylvie Conde - Broker
Sutton Group-Associates Realty Inc., Brokerage
416-966-0300
sconde@sutton.com
www.sylvieconde.com


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