GTA mortgage interest rate update

Today's current interest rates

TERM	POSTED	OUR RATES*
6 Month	4.60%	3.75%
1 Year	3.75%	2.65%
2 Year	4.05%	2.85%
3 Year	4.65%	3.34%
4 Year	5.14%	3.89%
5 Year	5.85%	4.02%
7 Year	6.80%	5.15%
10 Year	6.90%	5.25%
Variable Rate		2.55%
Prime Rate		2.25%

* Rates may vary and are subject to change without notice OAC.
Rates Last Updated: Thursday, August 27, 2009

I hope this finds you Happy and Healthy!

All the Best!

Mark

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

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com

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GTA Real estate market boom

Hello,

I thought I would share this email with you, positive news and good advice for all from a mortgage broker that I know.

As you are of course aware, July was yet another record month for real estate sales in the GTA with an increase of 28% over July 2008. This hot streak continues into August with sales up 27% to date compared with the first two weeks of August 2008.

The only problem now is the lack of market inventory, however with such a strong sellers market, the time is perfect to present the market facts to potential sellers.

It can be very easy to become busy during a real estate boom, but it is important to keep prospecting. One mistake that many salespeople (and small businesses alike) tend to make is that when things get busy, they become complacent believing that the business will just keep coming in. They cut back on (or even eliminate) their promotional efforts. Busy streaks of course do not last for ever. The best way to keep a busy streak going is to set aside a period of time each day (or even each week) to focus on prospecting and lead generation.


We have seen some decreases in mortgage rates over the past few days, particularly in the 5 year fixed quick close at 4.09%, three year at 3.39% and the ARM has dropped 5 basis points to 2.55%.


Today's lowest rates:


1 year 2.75%
2 year 3.05%
3 year 3.39%
4 year 3.85%
5 year 4.09%
5 year ARM 2.55% (prime + 0.30)

Quote of the week: Do a little more each day than you think you possibly can. Lowell Thomas, author

I hope this finds you Happy and Healthy!

All the Best!

Mark

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

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com

• Thinking of selling your home in the next 3 to 6 months? Would you like a Complimentary & 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 Real Estate Newsletter sign up
• See seasonal housing patterns
• Would you like me to send you a 2009 Calendar?

3,393 sales reported to the Toronto Real Estate Board so far in the first 13 days of August.

We have a very strong number of 3,393 sales reported to the Toronto Real
Estate Board so far in the first 13 days of August.

WE can estimate we'll come in around 7,500 to 8,000 sales for this month
which easily beats last August (6,318) by about 22%. The best August on
record was 2007 with 8,059 so there's a small chance we'll beat that.

I'm confident the sales numbers would be much higher if there were a little
bit more inventory available. Currently we have only 16,400 homes for sale.
This is approx 3,000 or 14% fewer than that crazy August in 2007. Inventory
numbers are critically low.

As we all know the "real inventory" (fairly priced homes in a decent area in
decent condition) is turning over immediately with multiple offers. There
has been no summer lull this year. The fall is going to be very interesting!

Another interesting tidbit: We have 8,600 or 35% fewer homes for sale now
than 2008.

Moral of the story: Better get out there and buy a house!
All the best,
Mark

GTA REALTORS Sales and Sales volumes Report August Mid-Month Resale Market Figures

August is starting out with a surge, prices are up as are sales. Good indication of start of fall market.

GTA REALTORS® Report August Mid-Month Resale Market Figures

TORONTO, August 18, 2009 - In the first two weeks of August, Greater Toronto REALTORS® reported 3,832 sales – up 27 per cent compared to the first two weeks of August 2008. The average price for these transactions was up three per cent year-over-year to $383,796.

"The results for the first half of August indicate that many households in the GTA remain confident in their ability to purchase and pay for a home over the long term," said TREB President Tom Lebour.

Year-to-date sales, at 54,303 are up slightly compared to 54,138 in 2008. Average price, at $385,603 is down by less than one half of one per cent.

"Strong resale housing demand will contribute to broader economic recovery as each transaction results in substantial spin-off benefits to other sectors of the economy," explained Jason Mercer, TREB's Senior Manager of Market Analysis.

The 5 year mortgage interest rate has dropped again - now 4.19%

and we should see more rate drops over the next couple of months.

These are the current

Residential Mortgage Rates

Effective August 11, 2009

Term	6 Month	1 Year	2 Year			5 Year			Variable Rate
Posted Rates	5.10%	4.10%	4.25%			5.85%
Best Rates	4.60%	2.75%	3.05%			4.19%			2.65%

I hope this finds you Happy and Healthy!

All the Best!

Mark

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

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com

• Thinking of selling your home in the next 3 to 6 months? Would you like a Complimentary & 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 Real Estate Newsletter sign up
• See seasonal housing patterns
• Would you like me to send you a 2009 Calendar?

Gen X is flexing their new real estate purchasing muscle

Gen X is flexing their new purchasing muscle

Our internal survey of RE/MAX offices across the country have reported that Generation X purchasers are poised to replace aging baby boomers as the major force in recreational property markets across the country.

This demographic shift was originally noted in our 2009 RE/MAX Recreational Property Report highlighting sales, pricing, trends and developments in 50 Canadian markets. Our report found demand from Gen X (those born between 1965 and 1980) has nearly doubled over one year ago. Seventy-four per cent of markets surveyed this year reported a marked trend toward thirty-something buyers snapping up affordably-priced product, ranging from waterfront cottages to resort condominiums, compared to just 40 per cent in 2008.

I hope this finds you Happy and Healthy!

All the Best!

Mark

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

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com

• Thinking of selling your home in the next 3 to 6 months? Would you like a Complimentary & 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 Real Estate Newsletter sign up
• See seasonal housing patterns
• Would you like me to send you a 2009 Calendar?

Mortgage rate update - Rates drop again

Hello,

The mortgage interest rates just dropped again. Please see below.

1. Limited time: Variable rate @ P+0.25%, with the term less than 3 years.
This is great if you would like to take advantage of low variable rate, but
don't want to lock in 5 years term.
2. 5-year variable rate @ Prime +0.2%
3. 1-year fixed rate @ 2.70%
4. 2-year fixed rate @3.05%
5. 3-year fixed rate @ 3.55%
6. 4-year fixed rate @3.99%
7. 5-year fixed rate @3.89%


Please don't hesitate to contact me if you need any assistance with
mortgage financing .

I hope this finds you Happy and Healthy!

All the Best!

Mark

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

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Mississauga Real Estate Commission Rates and Information Request

Here is a typical question that I receive about commission rates

Dear Mark,

Can you tell me who sets the commission rates for selling residential homes?

Thanks,

DF

Hi D.F.,

There is no set commission, setting commission rates is against the law and the Anti Combines Act and a few other laws in Canada.

There are typical rates and regional variations in rates, but they are never fixed. Commission can be zero to 10% or higher.

I hope this helps.

You can read more about commissions at this page of my site: http://www.mississauga4sale.com/commission.htm

Thank you,

Mark

Toronto and Mississauga Mortgage Rate Update

Hi there,

Hope you are doing well in this hot market. The followings are the
up-to-date rates.

1. Limited time: Variable rate @ P+0.25%, with the term less than 3 years.
This is great if you like to take advantage of low variable rate, but don't
want to lock in 5 years term.
2. 5-year variable rate @ P+0.25%
3. 1-year fixed rate @ 2.70%
4. 2-year fixed rate @3.05%
5. 3-year fixed rate @ 3.55%
6. 4-year fixed rate @3.99%
7. 5-year fixed rate @4.10%

All the best!
Mark