Right now, we have historic lows for mortgage interest rates, and historic lows for inventory all across Canada (and the US). The question everyone has been asking is, “How long will this last?”

However, this past week, I’ve heard something else other than the value of real estate on the rise; — It’s very possible that mortgage rates will be rising sooner than expected now that Canada’s 5-year bond (which influences fixed mortgage rate) has reached a 10-month high. [1]

Buyers: Lock your lower interest rate now. Make sure you shop around a little bit to find the best borrowing options for your situation.

Sellers: take advantage of this time now while inventory is low and put your property on the market before everyone else does. Increase in mortgage rates and spring market inventory will affect your home value. 

If you look at the grand scheme of things this is good news overall since this is an indication that we are on the road to an economic recovery. 

Toronto Stats this Past week

MLS activity from February 17 to 23 for residential properties:

For Sale:

3,670

↑ Newly Listed:

1,129

↑ Sold:

683

↓For Rent:

10,023

Compare the above to the week before from February 10 to 16 when there were
3,757 for sale, 996 newly listed, 495 sold & 10,321 for rent.

 

Today’s newest listings

TORONTO HOUSES FOR SALE

Under $950k $950k to $1.2M $1.2M to $1.6M
$1.6M to $2M $2M to 3M Over $3M

 

 

TORONTO CONDOS FOR SALE

Under $500k $500k to $600k $600k to $700k
$700k to $800k $800k to $1M Over $1M

 

 

OTHER

GTA Fixer Uppers Ontario Foreclosures Map Search

 

 (Email or call me directly for specific sold or off-market properties) 

If you would like me to look up any other numbers for you, just call or text me 647-804-8601. Let me know how I can help with your (RE)search.