Mortgage Interest Rates

The interest rate gap between variable rate mortgages and fixed rate mortgages is narrowing.

The rate difference is now under 1%, down from 1.50% a month or so ago.

Although the prime rate of 3.00% may not change for a year or so it is now more tempting to lock in a 5 year term fixed rate, especially since it it unlikely that fixed rates will come down much more. So the choice for a new mortgage, on average, is between a 5 year term 2.70% variable rate and a 3.49% fixed rate at most banks.

Stats

Stats for first 2 wks of Sept/2011 (compared to 1st 2wks of 2010)

Unit sales-up 25%
New listings-up 14%
Average price-up 11%

Average price of a Toronto detached home $681,223

Stats

Aug 2011

Units sales up 24% over Aug 2010

Listings at 12,509 are up 20% over aug 2010

Prices are up 10% over Aug 2010 to $452,000

We've Moved!!

It's our pleasure to announce that we are now part of the Harvey Kalles Team of Realtors.
This boutique office is located within our neighborhood of specialty and is better suited to our ever growing clientele.
We're excited for this new change and look forward to hearing from you and serving your real estate needs.