Mortgage Rates in Toronto

Interest rates appear to be rising a little bit. In my last post I expected the Bank of Canada's status quo rate announcement to be neutral, it has actually sppoked the bond market a bit. There is no further expectation of lower rates for the forseable future and so slightly higher rates is the current outlook.

Mortgage providers are informing me of their new higher rate schedules. If you are shopping for a home during the next few months, getting pre-approved for financing will help you lock in today's lower rates.

Contact me for a referral to a great mortgage broker.

Bank of Canada Announcement on Interest Rates

Today was an adjustment point for the Bank of Canada to change Interest rates for Canadians. They announced no change and held the rate steady at 3 1/4%. With a message of concern for lower economic growth along with higher inflation to possibly 3%.

The impact on mortgage rates will be neutral, with rates expected to remain steady.

Next scheduled rate announcement from the Bank of Canada will be July 15, 2008.

RE/MAX Recreational Property Report

It's a sure sign of spring and a reminder that cottage season is with us once again! RE/MAX Ontario Atlantic released it's annual report on investing in recreational properties across Canada.

It reviews a number of places in Ontario, including Collingwood, Muskoka, Parry-Sound, Bancroft, Port-Elgin, Temagami and so on.

Buying a summer cottage requires some specialized local knowledge plus knowledge of septic tanks, wells, local water quality and local cottage association rules. Now, I'm a residential real estate agent in Toronto and I would not do a good job for you representing you in one of these areas. But if someone was interested, I can make a referral to a local trustworthy RE/MAX agent in whatever area you were considering.

Read the RE/MAX Report Here

Toronto Real Estate Values - Hold Steady

The Toronto Real Estate Board (TREB) released the monthly statistics for the Toronto market today. They reported that the average sales price for May was $398,148 across the whole GTA. Volume of sales was 9,411.

Prices held steady with just a 0.1% decline from the month before. The number of sales has risen every month this year and May was no exception, however the monthly number is still below last year's record pace of sales.

Here is the chart I produce each month to assist my clients in better understanding the market forces

The whole report is avaliable here

New public website to replace mls.ca

The world of public access to real estate listings in Canada is about to change.

Starting on June 30, 2008, people looking to search for properties for sale on mls will need to go to a new website. The Canadian Real Estate Association (CREA) is replacing the familiar www.mls.ca with www.realtor.ca .

Its going to feature a whole new look, some new search capabilities and better mapping.

If you go to the old site, it will redirect you to the new one automatically.