Interest rates have NO change, as per Bank of Canada. Great! Buy or sell your house in Toronto!
Interest rates are to remain at 0.5%, announced the Bank of Canada on Wednesday, April 13, 2016.
“In January, Canada’s gross domestic product grew by its biggest amount in more than two years, official data showed last month. That helps explain the new cautiously optimistic outlook from the central bank’s decision-makers.”
What does this mean for you, as a buyer or seller, in Toronto? In our professional opinion, it is still a great time to sell and to buy in Toronto. Great mortgage rates are to be had for fixed or variable mortgages and lenders are lending.
Having a good down payment of 20+% means?
Ideal is having a good down payment so you can take advantage of the rates by putting down a bigger chunk on a property and financing less, at the lower rates. You can then pay off your mortgage faster and be debt free that much quicker.
Have a down payment of less than 20%?
With low interest rates, having a lower down payment will still work for you. The lower rates will keep your interest to be paid at a lower amount, while you work on paying your mortgage. Always ask a mortgage professional for what the best mortgage is for you.
Bottom-line, get into the Toronto real estate market if you can!
We’ve been seeing housing prices in key areas of the GTA increase steadily since 2009. Our market is not the crazy increases of Vancouver, but many neighborhoods are in the double-digits. (Ask Sandy or Rayissa for how your neighborhood is doing.) Housing and condo prices have been steadily increasing from one quarter to the next. If you have been contemplating buying a property, jump in and do it. We believe it’s a great investment for you and your future. So, even if you have to start small, it will be worth it! This could be your first step to your dream home!
If you’d like to ask specific questions about your neighborhood or about buying or selling a property, please contact Rayissa at 416-400-0805 or rayissa@homes4 toronto.com or Sandy at 416-697-7093 or firstname.lastname@example.org