Well... It seems that every cloud has its silver lining. While the real estate market, may be slowing, what a great time to buy as interest rates are lowered yet again.
Bank of Canada reduced the overnight rate to 2.25%, therefore TD Prime rate is now 4.00%. The change will be seen in line of credit lending rates as of October 22nd, and will be reflected in variable rate mortgages as of November 1, 2008.
Bank of Canada's next scheduled overnight rate announcement: December 9, 2008.
As always, I remain available to answer any real estate questions you have.
Wednesday, October 22, 2008
Friday, October 17, 2008
Distillery: Rising Prices in a Cooling Real Estate Market
Despite media reports of a struggling economy and doom and gloom for the real estate market, prices have been strong and properties are still selling in our fine Distillery District!
As of the end of September this year, average prices in our Toronto Real Estate Board’s district C08 are actually up, on average, by approximately $20,000. On October 17th, the Toronto Real Estate Board reported that “Downtown East (C08) experienced a 16 per cent overall increase in activity compared to mid-October 2007 primarily as a result of condominium apartment sales.”
Now is a great time to sell if you are considering a move in the near future. If not, now is a great time to hold on to your property for the long run. Even if properties decrease in value in the coming months, real estate has historically been a sound investment over the long term. Buyers tend to buy in a high market because as the market rises, they become fearful of being priced out of the market and missing out on a property. This amazes me. A down market, like the one we are experiencing now, is actually a great time to buy! Everyone has heard the sell high, buy low motto. Unlike last year, when prices were rising faster than buyers could sign offers, buyers have a lot of choices and more flexibility negotiating today.
Even in a declining real estate market, does Distillery District have enough to rise to the top? What an opportunity for our developing area to gain ground during this time. With all the new construction on board, Distillery is gaining public awareness at a fast rate. Where can you live in this City with so much character as Distillery has to offer? As other areas may be commoditized, a condo in Distillery is much more than a concrete box in the sky. Distillery is a lifestyle, with a community neighbourhood association, fundraisers, socials, volunteer gardening and spirit.
Especially in such economic and political uncertainty, great neighbours and community spirit are what we need to flourish and set ourselves apart from other areas of Toronto.
I remain yours and here to answer any questions about our local real estate market and to offer information or advice upon request.
Rachel O’Hearn, Salesperson
Re/Max All-Stars Realty Inc., Brokerage
416.597.0077
As of the end of September this year, average prices in our Toronto Real Estate Board’s district C08 are actually up, on average, by approximately $20,000. On October 17th, the Toronto Real Estate Board reported that “Downtown East (C08) experienced a 16 per cent overall increase in activity compared to mid-October 2007 primarily as a result of condominium apartment sales.”
Now is a great time to sell if you are considering a move in the near future. If not, now is a great time to hold on to your property for the long run. Even if properties decrease in value in the coming months, real estate has historically been a sound investment over the long term. Buyers tend to buy in a high market because as the market rises, they become fearful of being priced out of the market and missing out on a property. This amazes me. A down market, like the one we are experiencing now, is actually a great time to buy! Everyone has heard the sell high, buy low motto. Unlike last year, when prices were rising faster than buyers could sign offers, buyers have a lot of choices and more flexibility negotiating today.
Even in a declining real estate market, does Distillery District have enough to rise to the top? What an opportunity for our developing area to gain ground during this time. With all the new construction on board, Distillery is gaining public awareness at a fast rate. Where can you live in this City with so much character as Distillery has to offer? As other areas may be commoditized, a condo in Distillery is much more than a concrete box in the sky. Distillery is a lifestyle, with a community neighbourhood association, fundraisers, socials, volunteer gardening and spirit.
Especially in such economic and political uncertainty, great neighbours and community spirit are what we need to flourish and set ourselves apart from other areas of Toronto.
I remain yours and here to answer any questions about our local real estate market and to offer information or advice upon request.
Rachel O’Hearn, Salesperson
Re/Max All-Stars Realty Inc., Brokerage
416.597.0077
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