There’s always the story behind the story and no one knows that better than the professionals that are keeping an eye on things like your mortgage brokers in Toronto. Sure, there was some concern when the rules for getting a mortgage tightened up some time ago and the length of the amortization shortened, but there is still substantial competition between buyers according to recent reports from The Toronto Real Estate Board (TREB).
Take a look at these statistics. The Toronto MLS system reported 5,879 dealings in September 2012 with an average selling price of $503,662. Those two numbers put together represent an increase of more than 8.5 percent over 2011 as far as the average selling price goes, but that’s not the whole story. Remember to keep an eye on the fundamentals when you’re house shopping and letting qualified experts look for the best Toronto mortgage rates for you and your family. That means staying the right size and looking for places in your price range. Factor in some numbers you might not have thought of at first glance like lawyer’s fees and other disbursements including land transfer tax, and you can expect these to run roughly 2% of the cost of the property you want to buy.
Now back to the monthly resale housing figures from TREB. It should be noted the September stats do show a decline in the number of sales, but the initial drop of 21% from September 2011 has a few mitigating factors. There were fewer working days in September and that’s one of the reasons for the decline. Considering this factor, sales were down 12.5% year-over-year.
So you can see that taking the plunge and buying your first home or relocating is a great idea when you use mortgage brokers in Toronto that know the landscape. Why not get in touch with us today?
