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
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