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Showing posts from February, 2009

How Do Mortgage Rates Today Compare to One Year Ago?

From the desk of Carolyn Dunlop , Senior Mortgage Specialist, Dominion Lending Centres Edge Financial... February 26, 2009 . Given recent decreases in activity in the real estate market it may be prudent to examine how falling mortgage rates are affecting potential purchases for clients today. Believe it or not it is actually much more affordale to buy a home now as opposed to one year ago. In February 2008 the best 5 year mortgage rate was 5.79%. For a client with a $250,000 mortgage this translates to a monthly payment of $1,568 based on a 25 year amortization. Over the course of this 5 year term the client would pay interest on this mortgage of $68,026. Compare this to today's best 5 year rate of 4.00%*. The same $250,000 mortgage will now cost the client $1,315 per month based on a 25 year amortization and will result in interest of $46,537 over 5 years. The interest savings to the client over 5 years is $68,026 - $46,537 = $21,489. But that's not all...the cl

TREB President's Column as it appears in the Toronto Sun

Toronto Real Estate Board to Feds: More help to Homebuyers January 23, 2009 -- It was encouraging, and inspiring, to see the optimism surrounding the inauguration of President Barack Obama earlier the week. Considering the importance of the U.S. economy to the world, I, like many, hope that the President will move swiftly and decisively to address his nation’s economic challenges; but while U.S. action is critical for the global economy, action is needed by all governments, including Canada’s. This is why next week’s federal budget announcement in Ottawa is receiving so much attention from all circles, including REALTORS®. The federal budget has one simple mission: take action on the economy. To do so, there are various areas that it can, and should focus on, but there is no question that the housing sector is, always has been, and always will be, one of the most important parts of the economy. A recent study conducted for the Canadian Real Estate Association (CREA) determined that ev

Federal Budget Helps Home Buyers and Owners

Maureen O’Neill TREB PRESIDENT’S COLUMN AS IT APPEARS IN THE TORONTO SUN February 06, 2009 Federal Budget Helps Home Buyers and Owners It is always rewarding when hard work produces results. That’s why REALTORS® are proud of the work they did to make sure that the recently announced Federal Budget recognized the importance of the housing sector to the economy. I’m happy to say that these efforts helped to produce a Budget that puts more money in the pockets of home buyers and owners. One of the most important announcements in the Budget was a change to the Home Buyers’ Plan that REALTORS® have long been calling for. Specifically, the Budget proposes to increase the maximum amount that individuals can withdraw, tax-free, from their RRSP to put towards the down payment on a home, from $20,000 to $25,000. REALTORS® worked hard to ensure that the government understood that, while this program has been extremely successful since it was first implemented in 1992, its usefulness to home buyer

Finding a Needle in a Haystack

There are hundreds of homes on the market in the area where you might choose to live. But very few of those homes will have the features that are on your top 10 list and the price you can afford. Sifting through the pile to narrow down the best choices takes time, experience, and a complete listing of all For Sale homes in the market area. Without the right tools it can be like finding a needle in a haystack. While some folks enjoy the challenge of exploring the real estate market on their own, it never hurts to team up with a network of professionals who know the market inside and out. Finding the right home for you has little to do with luck and everything to do with hard work and perseverance! Choosing me as your real estate professional will provide you with: * The knowledge of an experienced REALTOR to steer you through the twists and turns of real estate transactions. * Straight answers to your toughest questions. * An area-wide multi-list of Homes For Sale. Since more selle