Some lender prime rates are at 2.45%

‘The Bank of Canada today lowered its target for the overnight rate by 50 basis points to ¼ percent. The Bank Rate is correspondingly ½ percent and the deposit rate is ¼ percent.’ – Bank Of Canada

‘Effective March 23, 2020, the Bank of Canada 5-year Benchmark Qualifying Rate is reduced from 5.19% to 5.04%.’ What does that mean? If you were purchasing a home for $700,000 using a $175,000 down payment and the annual household income was $126,000, you can now purchase a home for $708,690 using the same amount of […]

Some lenders are allowing you to deref your mortgage payment for upto six months.

Some lenders have reduced their prime rate from 3.45% to 2.95% For example if your variable rate mortgage was at prime minus 0.80% then the rate lowers from 2.65% to 2.15% For a $300,000 mortgage at 30 years amortization the monthly payment changes from $1,206.60 to $1,130.04 = $76.56 savings

Call now for any help! 647.818.7253 For mortgages insured by Canada Mortgage and Housing Corporation (CMHC), CMHC provides mortgage professionals with tools and the flexibility to make timely decisions when working with you to find a solution to your unique financial situation. These tools include: Converting a variable interest rate mortgage to a fixed interest […]

Summary of TREB MLS® Sales for the GTA and Average Price February 1 to 29, 2020 Sales 7,256 Average Price $910,290 New Listings 10,613

Summary of TREB MLS® Sales for the GTA and Average Price January 1 to 31, 2020 Sales 4,581 Average Price $839,363 New Listings 7,836

Summary of TREB MLS® Sales for the GTA and Average Price December 1 to 31, 2019 Sales 4,399 Average Price $837,788 New Listings 3,531

Summary of TREB MLS® Sales for the GTA and Average Price November 1 to 30, 2019 Sales 7,090 Average Price $843,637 New Listings 8,650