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JULY 2013 NEWSLETTER
WHERE IS INFLATION? CONTINUED.
I’m here, I’m just invisible!, by Wes Weber
Happy Canada Day and Happy Fourth of July! The first half of 2013 has finally gone down in the history books. You did not have to be smart, you did not have to have a board room full of financial disciples, for that matter you did not have to be awake. You simply had to participate in the great devaluation trade. You had to be in the game. I was humbled to be your Captain for the first half journey of 2013. I could sum up all kinds of metrics about how great the market behaved but you must see a bit of this in your daily lives. People are starting to feel better. This was the best first half since 1999. In fact Mr. Ben Bernake has enabled me to make some positive additions to my own life this year and I am grateful to have been in a position to have recognized it and seized the opportunity thanks equally in part to having the privilege to be your Captain. (more…)
Unfortunately the cost of borrowing is increasing The bond market has spiked above the comfort zone for lenders and hence you’re seeing another round of mortgage rate hikes. Looks like mid 3% will be the norm now as of tomorrow.
A note on pre-approvals: Pre-approvals aren’t worth more than the paper they are written on and in most cases are subject to rate premiums anyways. What that means is that there are very few lenders that will issue pre-approvals at today’s best rates. So today’s low rates should be for your serious buyers only not for those who have been sitting on the fence for months.
RBC Article Toronto – Home resales increased modestly in the first quarter of 2013 from the
fourth quarter of 2012.
Toronto area is a stretch for local homebuyers (the RBC measures for bungalows and two-storey homes are well above their long-term averages); however, condo ownership exerts less financial stress.
Kerri-Lynn McAllister, 27, who works for a Canadian mortgage rate comparison website, discovered the loophole last month when she was told she was facing a $150 a month increase on the 700 square foot condo she is renting near Adelaide St. and University Ave. for $1,625. Maybe Kerri-Lynn should buy the unit and not worry so much about the rent increase on a property that she does not own? see article
“We think the city is backed by a very strong rental market and continued inward migration,” see article Barrick Gold founder backing developer CD Capital in long-term wager on city’s prosperity.
TORONTO CONDO MARKET CONTINUES TO REBALANCE
Sales slow from record-setting pace in early 2012
“The market appears well positioned for an improvement through the rest of 2013. More competitive pricing and the upcoming release of some highly anticipated projects in the second quarter should attract a good amount of attention. (more…)
First Release of Suites!
Westlake Encore a master planned community in the Etobicoke Humber Bay / Lakefront neighbourhood
Westlake Encore a unique Urban Development in Etobicoke’s up-and-coming neighborhood.
Westlake Encore also features townhouses facing Mimico Creek and Ground Floor Retail space.
Westlake Encore will be hard to beat for pricing, design, finishes, and incentives .
Thank you to the sales and admin for honouring me with this prestigious award. Being the number one top selling agent for a developer is an honour in itself, when it is with the 3rd largest developer in the Provence for volume it becomes more than just an honour. Words can hardly explain it, I look forward to working on your future sites and now focus on “Encore” your latest development at Park lawn and Lakeshore in Etobicoke starting from $411 per square foot, including Parking and Locker and $15,000 worth of penthouse upgrades not to mention the extended deposit structure over 2 years and free assignment rights. My clients are already booking their units. (more…)
City Accord Realty Inc., Brokerage of Toronto, Canada and Fair Deal Real Estate of Dubai, UAE invite you to our INVESTOR ONLY Presentation. The world is a Global Economy, have you diversified your REAL ESTATE Portfolio? Attend the presentation and be the FIRST to purchase EXCLUSIVE Real Estate in Downtown Toronto, Canada. Exclusive offer extended for Full Service Property Management for your investment property.
Five-year fixed money is going to an all-time low. If you’re about to buy a condo, get locked in for 120 days in case we see a spike in the near term. Also borrowing amounts may be stretched a little longer with these lower rates as to qualify for a mortgage you may do so in one of two ways: for 5 year money we use the lowest 5 year rate. For any term shorter than 5 years we use the standard posted rate. Clients who want to maximize what they qualify for should lock in a 5 year rate and go with that rate.