Tuesday, July 20, 2010

Bank of Canada Increases prime rate again

The Bank of Canada increased their interest rate they charge to banks from .5% to .75%. This is the second in a row of interest rate increases. There is little speculation that there will be further increases but there is considerable speculation as to the amount of increases.

A sample of the range of speculation is as follows; the C.D. Howe Institute forecasts an increase in the prime interest rate to 2% by the end of 2010 and to 3.75% in one year’s time. Bay Street, on the other hand is forecasting two more 0.25% increases for the balance of this year and then for the Bank of Canada to pause for a while to assess the economy.

With the Bank of Canada increasing their overnight lending rate from 0.5% to 0.75% this morning, the prime interest rate at all major banks has also been increased by the same amount. Therefore the prime interest rate charged by most lenders will increase from 2.5% to 2.75% effective today.

What this means is those who have variable rate mortgages will see their periodic payments increase.

See the best rates available here: Best Mortgage Rates

All the best!

Friday, July 09, 2010

Current mortgage interest rates posted and attainable in the GTA

This table shows the Current mortgage interest rates posted and attainable
in the GTA

6 Month 4.85% 3.95%
1 Year 3.90% 2.70%
2 Year 4.40% 3.45%
3 Year 4.95% 3.60%
4 Year 5.64% 4.09%
5 Year 5.99% 3.99%
7 Year 6.59% 5.15%
10 Year 6.90% 5.20%
Variable Rate 1.85%
Prime Rate 2.50%

* Rates are subject to change without notice OAC.
Rates Last Updated: Thursday, July 08, 2010

I hope this finds you Happy and Healthy!

All the Best!


A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

<http://www.mississauga4sale.com/selling-process.htm> Thinking of Selling?
Best Mortgage Rates
<http://www.mississauga4sale.com/mortgage-rates-mark.htm> Current Home
<http://www.mississauga4sale.com/TREBprice.htm> Prices Search MLS
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
* BUS 905-828-3434
* FAX 905-828-2829 *CELL 416-520-1577
* E-MAIL <mailto:mark@mississauga4sale.com?subject=Mississauga Real Estate
Information Request> : mark@mississauga4sale.com
<mailto:mark@mississauga4sale.com?subject=Mississauga Real Estate
Information Request>
Website <http://www.mississauga4sale.com/index.htm> :
<http://www.mississauga4sale.com/index.htm> Mississauga4Sale.com

* Thinking of selling your home in the next 3 to 6 months? Would you
like a Complimentary
<http://www.mississauga4sale.com/internet-evaluation.htm> & Quick
Over-The-Net Home Evaluation ?
* Power of Sales and Foreclosures
* If you have not already signed up to receive my monthly real estate
newsletter, you may do so here: On-Line
<http://www.mississauga4sale.com/popupquestion.htm> Real Estate Newsletter
sign up
* See seasonal housing patterns
* Would you like me to send you a 2010 Calendar
<http://www.mississauga4sale.com/Calendar-Order-Form.htm> ?

Tuesday, July 06, 2010

GTA Real Estate market is steady!

The Toronto Real Estate Board just announced the figures from June of 2010 and they are reporting that we are into a more balanced marketplace.

Market More Balanced in JuneJuly 6, 2010 --

Greater Toronto REALTORS® reported 8,442 sales through the Multiple Listing Service® (MLS®) in June. This represented a 23 per cent decrease compared to the record 10,955 sales reported in June 2009.

Sales for the second quarter of 2010 amounted to 28,810 – up one per cent annually. Year-to-date sales through June were up 23 per cent to 50,455 compared to the first six months of 2009.

"We experienced a record number of existing home sales during the first half of 2010, but these sales were weighted more towards the beginning of the year," said Toronto Real Estate Board President Bill Johnston.

"The pace of home sales has moderated from record levels over the past two months with the prospect of higher mortgage rates."

The average price for June transactions was $435,034 – up eight per cent compared to the average of $403,972 recorded for June 2009.

"With more homes to choose from in the second quarter, many home buyers have been making less-aggressive offers. This has resulted in less upward pressure on the average selling price," said Jason Mercer, TREB's Senior Manager of Market Analysis. "

The annual rate of average price growth in the second half of 2010 will be in the single digits."Median PriceIn June, the median price was $367,750, from the $345,000 recorded during June of 2009.

Toronto Real Estate Board (TREB) Average Prices and GraphFor more information please contact A. Mark ArgentinoA. Mark Argentino, Broker, P.Eng.,Specializing in Residential & Investment Real EstateRE/MAX Realty Specialists Inc., Brokerage2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1BUS. 905-828-3434FAX. 905-828-2829E-MAIL: mark@mississauga4sale.comWebsite: Mississauga4Sale.com