Real Estate and Mortgage Market Update!
- Elizabeth Young
- Nov 15, 2015
- 3 min read
Hello and Good Day!
The cold season is upon us! Hope everyone is bundling up and staying warm! If you haven't already, now is a good time to keep these winter home maintenance reminders in mind!
REAL ESTATE MARKET UPDATE: Toronto Real Estate Board Members reported 3,616 sales through the TREB MLS® System during the first 14 days of November 2015. This result represented a 9.4 per cent increase compared to November 2014. Year-over-year sales growth was strong for all major market segments, with the annual rate of sales growth strongest for semi-detached houses in the TREB market area as a whole. With fewer listings being entered into TREB mls, this suggests that market conditions remained quite tight, with inventory levels remaining low, especially for low-rise home types like detached and semi-detached houses and townhouses.
MORTGAGE UPDATE:
Manulife One Coming Soon!
"The launch is expected to happen early in the new year, in time for the all-important spring market. The move gives brokers access to the popular Manulife One (M1) product as well as Manulife Select mortgages (only high-ratio Manulife Select mortgages for now). If you or someone you know has an interest in using this service, or would like more information! Please respond to this email with your inquiry and your phone number and I'll be happy to help!"
"With these kinds of forces working against mortgage discounts, it’s almost a wonder that five-year fixed rates are still just 0.05 percentage points from the record low. Those of us hoping for lower rates need to remember that. For five-year fixed mortgages to get meaningfully cheaper, five-year government yields would need to hit a new record low and hold below 0.50 per cent. That would likely result from economic weakness and/or global turmoil, neither of which we want to root for.
I’ve often predicted we’ll see 1.99-per-cent five-year fixed mortgages in our lifetime. But yields on the Canadian five-year bond might have to approach zero first, like Germany’s. That could take several months, or years. We just don’t know."
With a conventional charge, only the amount of the actual mortgage loan is registered against your home. If you borrow $250,000, the lender will register a $250,000 amount as a liability on your property.
With a collateral charge, an amount higher than the actual mortgage loan may be registered against your home. If you borrow $250,000, the lender can choose to register a $300,000 or $400,000 amount.
This allows you to get an extra $50,000 to $100,000 at a later date, secured by the mortgage, without having to discharge the loan and go through a costly refinancing. However, you must meet certain conditions in order to borrow more money.
Don't let Wynne Spread Land Transfer Taxes! Click here to view Financial Post Article! Go to donttaxmydream.ca in order to sign the petition started by OREA in the interest of home buyers and home owners in Ontario.
Feel free to drop me a line to discuss! Elizabeth Young If you or anyone you may know have questions regarding mortgages or real estate, please call me at 647-389-7288 Direct, or my office at 905-604-7200 and have them page me 24/7! Lets determine whether buying a home is the next step for you!
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