Friday, January 13, 2012

Bank of Montreal has lowered the rate on a five-year-fixed rate mortgage to 2.99%.

Promotion only for 2 weeks (until January 25, 2012). More info here: BMO News

TD Canada Trust announces special 2.99% fixed rate mortgage offer

TD Canada Trust announces a four-year special 2.99% fixed rate mortgage offer, effective January 14, 2012. This is in addition to the six- and seven-year special fixed rate mortgage offers announced yesterday.

"We are announcing an additional affordable special for Canadians considering their available mortgage financing options," says Farhaneh Haque, Director, Mortgage Advice. "Our special rates have flexible options and full prepayment privileges available to them, so homeowners do not have to give up features and flexibility to get a great rate".

"Rates are important, but flexibility can also be an important a consideration for home buyers."

This rate is a discount off of posted rate and is only available on new mortgage applications made until February 29th, 2012. Mortgage must be funded by April 30th, 2012. Other terms and conditions may apply.

Friday, January 6, 2012

MONTHLY RESALE MARKET FIGURES

Greater Toronto REALTORS® reported 4,718 transactions through the TorontoMLS® system in December 2011. The December result capped off the second-best year on record under the current Toronto Real Estate Board (TREB) boundaries. Total sales for 2011 amounted to 89,347 – up four per cent in comparison to 2010.

“Low borrowing costs kept Buyers confident in their ability to comfortably cover their mortgage payments along with other major housing costs,” said TREB President Richard Silver. “If Buyers had not been constrained by a shortage of listings over the past 12 months, we would have been flirting with a new sales record in the Greater Toronto Area,” added Silver.

The average selling price in December was $451,436 – up four per cent compared to December 2010. For all of 2011, the average selling price was $465,412, an increase of eight per cent in comparison to the average of $431,276 in 2010.

“Months of inventory remained below the pre-recession norm in 2011. Very tight market conditions meant substantial competition between Buyers and strong upward pressure on selling prices,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

“TREB’s baseline forecast for 2012 is for an average price of $485,000, representing a more moderate four per cent annual rate of price growth. This baseline view is subject to a heightened degree of risk given the uncertain global economic outlook,” continued Mercer.

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