1) Interest Rates: Good time to upgrade and lock in for a longer term. Banks are offering a 10yr fixed rate at 4.69%!
2) Mortgage Qualifications: Since the new mortgage rules were implemented in 2010, Banks have tightened up on their approvals & refinances. To make sure the Canadian economy continues to be healthy, they could tighten their policies even more. Don’t miss your opportunity!
3) Low Market Supply: There is currently a lack of listings for condos under $400K and there are a lot of buyers taking advantage of the historical low interest rates. Low Supply + High Buyer Demand = Happy Seller!!
4) Upgrade Your Condo: The condo market will eventually start to soften as investors & end-users will only pay so much per square foot. Because of affordability and the fact that larger condo units have the housing market as competition, expect condos over $500K to level off first. If you like the condo lifestyle but need a larger property, 2012 might be the year to get top dollar for your current condo and save the most on an upgrade.
5) Move into a House or Upgrade Your House: Historically houses increase in value at a faster rate than condos. This is because residential real estate can be unique in many more ways; location, lot size, landscaping, layout & interior upgrades, which all affect property value. There is still much room for growth for the Toronto housing market. That being said, it would best to do an upgrade before prices get too high and you lose the opportunity to maximize your equity.
Keep in mind that many of the XY generations, like yourself, are settling down and starting families. People are going to start upgrading their home over the next few years. Reap the rewards and do your move before everyone else does.
Please let me know if you have any questions. Also, if you know of anyone else that might benefit from this information, please pass it along. I’m here to help!
Filed under: Market News, Selling | Tagged: ashley lamb, buying, condominiums, houses, real estate, refinancing, selling, upgrade | Leave a Comment »