Three successive hikes in interest rates that have pushed the five-year, fixed-rate, closed mortgage from 5.25% to 6.25% in less than a month.
It's come up time and time again in the past couple of weeks: interest rates are on the rise, mortgage lending rules are tightening and the HST is looming in Ontario and British Columbia. Now that interest rates are actually on the rise, it seems that it's now time to add fence-sitters into the real estate fray. As if there wasn't a shortage of housing stock to begin with, now the market has potential homebuyers who have 120 days to find the perfect house or else risk losing their low interest rate.
While spring is normally a busy time in the real estate world, this year is something completely different. In fact, overall sales for January and February were up over 44% and specifically sales in the GTA have jumped nearly 70% when compared with 2009, with Vancouver following suit at 20% and Montreal at 45%.
It's might be a wild ride out there for anyone who's procrastinated or waited it out for their home purchase!
How can I help?
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b r i a n m a y e r real estate sales representative
Royal LePage Your Community Realty Brokerage
independently owned and operated
187 King St. East Toronto, ON. M5A 1J5
(416)-637-8000
Helping You is What We Do.
A referral remains the highest compliment I can receive.
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