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Mortgage Rates May Be On The Rise Soon

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Real Estate Sales Representative

Mortgage Rates May Be On The Rise Soon

Two major Canadian Banks have pulled their special 2.99% low rate mortgages earlier than planned.  Yesterday Toronto Dominion pulled their discounted 30 year amortization rate just one day after the Royal Bank pulled theirs. ..... source an article by grant robertson — Globe and Mail

This coupled with a slight rise in the benchmark Government of Canada five year bond yields since the start of February and signs of the beginning of an economic recovery in the U.S. could be the signal for rate increases. Many areas of the U.S. are already seeing a rise in home prices, Joelle Embres of Re/Max Professionals provides details on just a few in her post on Cities With the Highest Rising Home Prices.

To Hot To HandleMeanwhile the HOT Toronto market continues to see sales well over the list price. One recent example detailed in the press was the sale of three properties owned by the Toronto Community Housing Corp (TCHC) that sold for a combined $602,000 over the asking price. One sale in particular caught my eye, a battered and boarded up semi that was listed for $495,000 and sold for $759,000, almost $265,000 over asking. I had looked at a couple of these homes earlier as possibilities for extending the services of a Refugee Center that I am involved with and I can tell you the purchasers will be spending a lot more money on them for needed renovations.

If You are thinking of buying a home this spring talk to your Mortgage broker now to see what opportunities there may be for you to take advantage of today's low rates. (if You need a recomendation for a local uxbridge Mortgage broker give me a call @905-852-6143)

Mortgage Rates May Be On The Rise Soon

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Kathy Clulow  Sales Representative RE/MAX All-Stars Realty Inc..  Brokerage 905.852.6143
Each office independently owned and operated  Not intended to solicit clients already under contract

 

Comments (7)

Mark Delgado
houses for rent, Solano County & Glen Cove - Benicia, CA
Benicia and Vallejo, Property Management, rental h

It sounds as if buying opportunities in the Toronto area are plentiful.  With your knowledge of the market I'm sure that buyers will be wise to look you up.

Feb 08, 2012 06:15 PM
Al & Peggy Cunningham, Brokers
RE/MAX West Realty Inc., Brokerage - Brampton, ON
Our Family Wants To Help Your Family!

Higher prices and higher mortgage rates, thinking this is not a good thing Kathy.

Feb 09, 2012 01:29 AM
Brian Madigan
RE/MAX West Realty Inc., Brokerage (Toronto) - Toronto, ON
LL.B., Broker

The rates have already hit rock bottom and basically have nowhere to go.

Feb 09, 2012 12:53 PM
Kathy Clulow
Uxbridge, ON
Trusted For Experience - Respected For Results

Al and Peggy - I am thinking Toronto is going to have a very hot spring and then ?????

Feb 09, 2012 01:32 PM
Kathy Clulow
Uxbridge, ON
Trusted For Experience - Respected For Results

Brian - only one direction lets hope not to fast

Feb 09, 2012 01:33 PM
FN LN
Toronto, ON

Hi Kathy - The terms on some of the 2.99% 5 year mortgages, such as those from BMO, had some restrictive terms.  I am not expecting dramatic interest rate movement for quite a while since the US fed has indicated it won't move its rates until 2014.

Feb 09, 2012 03:29 PM
Cal Yoder
Keller Williams Elite - Lititz, PA
Homes For Sale in Lancaster PA - 717.413.0744

It does not look like interest rates will change too much down here with what the Fed is saying. But at 2.99 that is a pretty good rate.

Cal

Feb 09, 2012 10:55 PM