| Term | Bank Posted | Discount Rates |
| 6 Month | 5.20% | 5.00% |
| 1 Year | 5.00% | 3.25% |
| 2 Year | 5.00% | 3.90% |
| 3 Year | 5.15% | 3.99% |
| 4 Year | 5.45% | 4.14% |
| 5 Year | 5.55% | 4.10% |
| 7 Year | 7.00% | 6.00% |
| 10 Year | 7.35% | 6.35% |
| Variable Rate | 3.25% |
Rate Are Subject to Change Without Notice. Some Conditions Apply.
Rate Are Subject to Change Without Notice. Some Conditions Apply.
Monday, January 19, 2009
Term
Bank Posted
Discount Rates
6 Month
6.35%
5.75%
1 Year
5.30%
4.00%
2 Year
6.55%
4.99%
3 Year
7.04%
4.99%
4 Year
7.04%
4.85%
5 Year
7.20%
4.79%
7 Year
7.65%
5.80%
10 Year
8.30%
5.95%
Variable Rate
4.00%
I will state the obvious, we are experiencing a recession here in Canada. And some people may be questioning whether they will be able to pay their mortgage in the near future. A home with a basement apartment may be the key. If you have a home currently with a second kitchen in the basement, consider renting it out to help cover your mortgage payments. If you are looking to buy a home, maybe consider one with a second kitchen or a duplex or triplex. Their are rules for basement apartments that make it safer and legal, so call me for the details.
If you would like to start receiving listings for these types of homes, drop me a quick e-mail at info@torontosuburbs.ca and I will start sending them today.
Here are some updated statistics on what is happening in the GTA Market as compared to last year.
Average Days on the Market:
The number of days that homes are on the market are definitely increasing. This is allowing buyers more time to consider their choices.
Along with this the number of units sold was down 10% from last September.
With the longer time on the market and less units selling there is downwward pressure on prices which are down 4% from last September.
What does this mean for Sellers? They are going to have to be realistic when pricing their home at or below market value to get the price they want in a short period of time.
What does it mean for Buyers? Sellers may consider offers lower than they would have a year or 2 ago and conditions that they would have rejected not so long ago.
For Buyers entering this market who own a home, list and sell yours first, just so you do not have to bridge finance between two homes. Owning two homes at the same time is a costly proposition and one you don't want to make in tough economic times.
BEST RATES Monday, October 27, 2008 Term Bank Posted Discount Rates
6 Month 6.35% 6.20%
1 Year 6.35% 4.88%
2 Year 6.55% 5.40%
3 Year 7.04% 5.55%
4 Year 7.04% 5.70%
5 Year 7.20% 5.79%
7 Year 7.65% 6.25%
10 Year 8.30% 6.45%
Variable Rate 5.05%
Rate Are Subject to Change Without Notice. Some Conditions Apply.
My client's interest are my top priority. Thinking of buying or selling Real Estate in Toronto/GTA? I can be a part of your team along with mortgage professionals, lawyers and inspectors. Call me!
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