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.
Meanwhile 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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