CURRENT MORTGAGE RATES
January 21, 2009
Prime Rate 3.00%
Variable Rates:
Fully Open Variable 4.00% (Prime rate + 1.00%)
Variable Closed 3.80% (Prime rate + 0.80%)
Fixed Rates:
1 year closed 3.99% 3 year closed 4.75%
4 year closed 4.39% 5 year closed 4.49%
7 year closed 5.50% 10 year closed 6.35%
*Quick close preferred rates available
**No down payment? Cash back mortgages available
CINDY MASON
Mortgage Agent Lic. No. M08004144
TEL. 1-800-441-5425 EXT.1
FAX: 905-852-1379
CELL: 1-800-441-5425 EXT.2
CMASON@MORCAN.CA
Friday, January 23, 2009
Monday, January 19, 2009
Start of 2009
The Toronto Real Estate Board releases statistics for the first half of 2009.
Greater Toronto REALTORS® reported 888 sales during the first
half of January compared to 1,776 in the first 15 days of 2008. “According to Statistics Canada
the economic situation throughout Canada changed noticeably over the past year with job losses
in the fourth quarter of 2008. Toronto is not immune to this, the GTA housing market has been
impacted,” according to TREB President Maureen O’Neill.
Prices have been affected, as expected. Condos and homes are still selling, but it is increasingly important to price accurately, stage professionally and hire the right agent to aggressively market the property.
This is good news for anyone moving up in real estate now. Although, you will accept less money for your current home, if you are buying up, you are likely to buy lower. I'm recommending now as a great time to buy investment properties or move up to that larger home you have been dreaming about. Many people, if moving from a small condo, are considering keeping their condo as an investment property. I highly recommend this option if you are in a financial position to do so and only if the condo can carry itself (the rent can cover all expenses). There are obviously risks involved when investing in real estate and it is important to educate yourself with the advice of a professional realtor, lawyer and accountant.
In every market, there are people who see the negative only and there are people who see the opportunities.
Greater Toronto REALTORS® reported 888 sales during the first
half of January compared to 1,776 in the first 15 days of 2008. “According to Statistics Canada
the economic situation throughout Canada changed noticeably over the past year with job losses
in the fourth quarter of 2008. Toronto is not immune to this, the GTA housing market has been
impacted,” according to TREB President Maureen O’Neill.
Prices have been affected, as expected. Condos and homes are still selling, but it is increasingly important to price accurately, stage professionally and hire the right agent to aggressively market the property.
This is good news for anyone moving up in real estate now. Although, you will accept less money for your current home, if you are buying up, you are likely to buy lower. I'm recommending now as a great time to buy investment properties or move up to that larger home you have been dreaming about. Many people, if moving from a small condo, are considering keeping their condo as an investment property. I highly recommend this option if you are in a financial position to do so and only if the condo can carry itself (the rent can cover all expenses). There are obviously risks involved when investing in real estate and it is important to educate yourself with the advice of a professional realtor, lawyer and accountant.
In every market, there are people who see the negative only and there are people who see the opportunities.
Wednesday, October 22, 2008
Interest Rate Drop
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.
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.
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
Tuesday, September 23, 2008
Welcome!
Good Day!
As this is my first post, I'll start my introducing myself.
My name is Rachel O'Hearn and I am a realtor with Re/Max All-Stars Realty Inc. I live in a condo in the Distillery District and I love real estate especially in Toronto and especially condos! I grew up in the Toronto Area and lived in a downtown condo for four years. I have sold real estate for the last four and a half years. Another passion of mine is writing, so I figured that blogging about real estate would be a great place to spend some of my time.
Thank you for dropping by and come back often for more information about Distillery District, Condos in Toronto, Houses, the Real Estate Market and whatever else I feel like posting!
Rachel O'Hearn
As this is my first post, I'll start my introducing myself.
My name is Rachel O'Hearn and I am a realtor with Re/Max All-Stars Realty Inc. I live in a condo in the Distillery District and I love real estate especially in Toronto and especially condos! I grew up in the Toronto Area and lived in a downtown condo for four years. I have sold real estate for the last four and a half years. Another passion of mine is writing, so I figured that blogging about real estate would be a great place to spend some of my time.
Thank you for dropping by and come back often for more information about Distillery District, Condos in Toronto, Houses, the Real Estate Market and whatever else I feel like posting!
Rachel O'Hearn
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