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A word from Melissa Cescon:

I have noticed two interesting trends in the (local) real estate market of late. The first trend is that the housing inventory overall is low, relative to the demand. In other words, there are buyers who are ready to purchase, but with a slim selection, they are either waiting for the next new listing, paying close to asking price, or paying over asking as is still the case with the surprising number of competitive offers.

The second trend is related to the mortgage rates. The five and ten year fixed mortgage rates have climbed over 80 points since July, meaning that the once impressive 2.89% rate is now a distant memory. The current norm is 3.69% and this could affect your mortgage payments considerably – maybe enough to regrettably delay a purchase on a home you love! I’m a solutions provider, so I asked myself and my industry colleagues the question ..... how CAN a buyer purchase in these times with a low inventory and rising interest rates? Well, something surprising has come out of this fixed interest rate climb. The 5-year Variable mortgage has come back into vogue. If you are a qualified buyer and working with an experienced mortgage broker, you may be able to secure a variable mortgage at the prime bank rate minus .50. That’s a rate of 2.50% as opposed to 3.69%, and the advantage is that you can lock in at any time.

Need more encouragement? In October, the Economics Department of a major Canadian bank predicted that the trend-setting Bank of Canada Rate will not go up until the mid of 2016. That’s a nice ride for 2 more years and if the current 5-year fixed rate drops back into the low 3% range, you have the option of locking in at that time. These are all positives, and definitely worth considering as you weigh your buying decision. I can help clarify your questions about this market, so drop me a line or call me!
 

As we approach “Back To School”, we often take time to reflect on our summer
 
and how well the weather co-operated for us.  Although the weather was at times 
 
unpredictable, for the most part Mother Nature was good to us with our fair share of 
 
sunshine.  This is an appropriately synergistic analogy to the Real Estate market at the 
 
present time.  In fact, I want to share some encouraging data with you as you go into 
 
the Fall Season.  
 
According to CMHC’s latest publication of its Third Quarter Housing Outlook in late 
 
August, we have much to smile about. Despite a slowdown in housing starts over the 
 
first part of 2013, CMHC forecasts that starts will be stable for the rest of the year 
 
and will start to grow again in 2014. The forecast is similar for re-sales, with average 
 
housing prices expecting to keep pace with the rate of inflation. 
 
In July – the peak of our summer, the Teranet House Price Index hit an impressive alltime high, growing by 1.9% in the past year. Hamilton, Ontario and Calgary showed 
 
off the strongest price growth among the markets covered by the index. That was not 
 
surprising to me at all, since I have seen first-hand the popularity that Hamilton is 
 
gaining for many of my Buyers due to affordable house prices and its proximity to the 
 
GTA, while Calgary is becoming a “hip hub” for new university graduates and singles 
 
who are ready to commit to an out-of-province experience and ready to buy.
 
Here’s the best news of all.....just when we are questioning how stable our market is 
 
and how much it can sustain, The Canadian Real Estate Association published its July 
 
sales stats ......on a national scale, housing sales overall are up more than 9% from 
 
twelve months ago, while average prices are up more than 8%.  
 
No one can make a decision for you on when the time is right to buy or sell, but 
 
there is plenty to be hopeful for when you are considering your options during a 
 
relatively positive Real Estate market.  And, here in Oakville, Burlington, Milton and 
 
Mississauga, our real estate market is enjoying the best of it.  If you want to talk 
 
about the possibilities, as always, my door is open to intelligent discussion and I invite 
 
you to call me at any time.

Yours in Real Estate,
Melissa


 

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