The hot real estate market that we’ve seen in Toronto and surrounding GTA cities this past summer seems to be continuing its streak well into the fall. The record low mortgage rates that home buyers have been able to take advantage of over the past couple of years continues to be a fuelling factor in home sales across the GTA, as has the increasing population.
Home Sales Continue to Stay Strong
Real estate experts are expecting November and December to see home selling rates equivalent to those we’ve been seeing the past few years. There most likely won’t be much of a downturn in home sales unless the mortgage rates start to rise. However, a slight rise in rates probably won’t have much of an impact on home sales. Rather, a sustained upward trend will have to take place in order for a significant dent to be made on the real estate market in the GTA.
Mortgage Rates Still Sitting at Lows
As the mortgage rates rose slightly, many buyers were afraid that the rates would climb even higher, signifying an uptrend in these rates. As such, many home buyers quickly jumped in the market and locked into a mortgage rate before they could be affected by a potential rise. So far, this uptrend has not occurred.
When a rise in mortgage rates does occur, it will most likely happen in a scripted manner, without any surprise hike. However, it’s important to be able to keep an educated eye on these rates before they start to rise, especially for marginal home buyers who may find themselves unable to keep up with the mortgage at higher rates.
Working With a Seasoned Mortgage Specialist is Your Best Bet
It’s for this reason why home buyers need to ensure that they’re working with an experienced mortgage expert who understands the ins and outs of the mortgage process, and has their finger on the pulse on mortgage rates as far as when and how they’ll rise or fall in the near future.
Marcelle Tiqui has been in the banking and mortgage business for over 20 years. She works with first time home buyers, new to Ontario residents, self employed, bad credit and hard to place mortgages. She will sit down with you to examine your finances, goals and preferences to help you get the best loan with the best terms for your situation. She can show you how to improve your mortgage score, consider all the home closing and carrying costs and understand how you can become mortgage free faster.
If you are looking to buy a home, don’t go to the banks for a loan – they can only offer you their limited loans and will have their own strict guidelines for approval. Marcelle works with banks, credit unions, finance companies and other lenders across Canada – so you fill out one mortgage and she shops it across all the lenders for the best deal. Best of all – she can save you thousands but her service doesn’t cost you anything! Set up your personal and confidential appointment by calling the best Oakville, Burlington, Milton mortgage agent at (905) 208-7070 or visiting her website at: www.marcelletiqui.com.