Toronto Star reported today that the multiple offer scenarios for homes have returned. In a front page article they discussed recent activity where the Realtor has priced the property low and offers come pouring in. It is interesting as 2 weeks ago they had a story how foreclosures and power of sales had doubled. I believe the press is starting to get a little more positive about the housing outlook. In Oakville over the past month we sold 38% of the approximate 1000 homes on the market. This is very healthy. The other influence on the housing market is that the 5 year fixed mortgage rate is increasing with increases by .1-.2% from many lenders. Increases in interest rates may cause a temporary buying spurt as buyers fear losing the opportunity to afford a home. The other interesting observation is that the adjustable rate is coming down slightly to prime plus .4%. As the fixed rate rises and the variable rate drops there may be more people going variable. This may cause grief when the prime goes up. I remain optimistic on the outlook for housing and believe that now is a great time to buy. The stats over the next few months will tell if others agree.
Cheers..Doug Izon P. Eng. Real Estate Broker, Century21 Dreams 905-599-1265 www.EyesOnOakville.com; Mortgage Broker, Centum Total Mortgage Services Inc. Lic # 10646 www.eyesonoakville.ca
- Hiring a contractor? Here's how to make sure the work is done well. cb1.so/a/ngw8sk https://t.co/rfzSOZh5WAIzonHomeTeam Updates 4 months ago
- Large 2 bedroom plus den, 2 washroom unit in well maintained building. Recently .. cb1.so/a/gq1pl5 https://t.co/9Qt5IixqqPIzonHomeTeam Updates 4 months ago
- The GTA's housing market started the year off on a hot streak. cb1.so/a/bqymb9 https://t.co/ICiH9MUna6IzonHomeTeam Updates 4 months ago
- A modern kitchen can be a key selling point. cb1.so/a/jdqxy9 https://t.co/7xhABsqv9OIzonHomeTeam Updates 4 months ago
- Interest rates hold steady. Here's what that means for you. cb1.so/a/97helf https://t.co/KVZBuN1ltrIzonHomeTeam Updates 5 months ago
- Ocean Club New Suites VIP Sales Event May 29
- Oct 3 Oakville Strong Market
- Sept 1 Oakville Data-Continued Strength
- Toronto Record Sales
- From 8% to 48% in 6 Months WOW
- Multiple Offers, Interest Rates
- "ALL IN ONE" Real Estate Services
- “ALL IN ONE” Real Estate Services
- Contrarian or Go With The Trend?
- 111 Forsythe-Waiting For Sales
- Real Estate Thoughts on Family Day
- Is Print Dead? Long Live The Internet?
- The 8% Challenge
- Continuous Improvement and Training
- Toronto Commercial Real Estate-Get Super Rich Seminar
Top Posts & Pages