Thursday, August 19, 2010

Mortgage Interest Rates in the GTA and Mississauga

The table below shows the current posted and attainable mortgage interest rates in the Mississauga and the GTA

6 Month 4.65%3.95%
1 Year3.70%2.60%
2 Year4.20%3.04%
3 Year4.75%3.42%
4 Year5.44%3.79%
5 Year5.79%3.79%
7 Year6.49%4.74%
10 Year6.80%5.19%
Variable Rate2.10%
Prime Rate2.75%

All the Best!

Wednesday, August 18, 2010

Sales slump or Hype? Mississauga and Toronto Real Estate Sales

Many are thinking and writing about our current real estate market sales slump.
This is a typical summer slowdown, nothing to worry about, see this graph:
The papers and news can really drive markets one way or another, I think that things are very strong here in Ontario and Canada, hence the two bank rate increases of late.
Prices have been escalating so much in the past 18 months that a 3 bedroom townhome in Erin Mills cannot be found for under $300,000
That's only 1.5 years ago and back then there were between 30 to 40 3 bedroom townhomes in Erin Mills between $250 and $300k - I just checked again right now and there is not a single 3 bedroom townhouse in all of Erin Mills under $300k in fact the least expensive townhouse is $307,900.
Townhouses move quickly and sell well and are a very good indicator of the current status of the marketplace. This indicates to me that we have a very healthy market and there is no immediate signs of any weakening.
Prices will go up again in the fall, if they follow the same path as it has for the past 15 years in a row!
This means you should buy now regardless of price, but I too am a little worried that our market is a little overheated, but I've been saying that since 2000!
This is the problem when you are in real estate sales, I worry about the future because I am so close to the market and sometimes I can't see the forest for the trees!
I hope that you have enjoyed the fine weather we've been having this summer, still plenty to go!
All the best

Tuesday, August 10, 2010

Mortgage rate update-Fixed rates lowered

Good news on the mortgage rate front.
The best 5-year fixed rate has been lowered. See below the latest rates.

5 year variable rate at Prime-0.65% (Currently at 2.10%)
5 year fixed rate at 3.80%, or lower
3 year variable rate at Prime-0.75% (Currently at 2.00%) or lower

Note: These rates are subject to lenders' approval.

Under my Blog section, there are some useful articles, which provide some up-to-date news and analysis.

I hope you are enjoying the summer!