As your Toronto mortgage brokers of choice, we like to keep on top of all the developments surrounding the real estate markets in and around the GTA. We always have our ears and eyes open so we can report back to our valued clients with the insider’s scoop. That said, here’s why the Toronto real estate market should stay vibrant for the rest of 2013 from your Mortgage brokers Torontospecialists.
Relative affordability
At first glance, that might seem to be a misprint of some kind until you drill down into the statistics and understand that everything is relative. Back in the 1990s, the average home in Toronto cost only half of what it does currently, but the interest rates averaged 12% at the time. Although that house might carry for the same amount today, you’re making bugger dents in what you owe on a home that’s worth more overall.
Interest rates should stay put
There’s been a lot of sabre rattling over the last few months and even years about the fact that interest rates are set to rise at some point in the future. Keep in mind, the U.S. Federal Reserve has said they won’t raise the rates until 2015. Mortgage brokers Torontoexperts see that as asafe indication that we won’t follow suit anytime soon. Although you want to be sure to keep your credit expenditures in balance for the long term, this doesn’t look like the time to shy away from buying some real estate.
Finally, be aware the condo vacancy rates are low at 1.7 per cent. That means there are renters out there looking for that property where the owners are having a hard time carrying the costs. As professional Mortgage brokers Toronto who keep up to date onToronto mortgage rates,we’d be glad to get you started by finding the loan that’s right for you.
