When to buy a home and take a mortgage is one hard decision. There is no easy answer except to listen to friends and relatives, real estate agents and bankers. Read housing forcasts and mortgage interest rate forcasts. Pray that luck is on your side.

Real Estate Trends and Forcast

Improved economy, jobs and income growth and a decrease in umemployment rate has kept demand for ownership housing strong in Greater Toronto.

The median housing price in Greater Toronto is $379,000.00 in February 2011, slightly up from $366,000.00 reported for February 2010.

Average selling price of homes in Greater Toronto in February 2011 is $454,423.00, which is more than 5% higher compared to February 2010.

CMHC forcasts bank posted mortgage rates will remain flat for 2011 before increasing moderately in 2012.

Source: Treb & Cmhc

Mortgage-Market

Mortgage-Market in Toronto and across canada and the U.S. is very competitive. This is good news to mortgage seekers because they have a large number of lenders to choose from. It is a borrower's market as far as home financing is concerned.

Negotiate Your Mortgage Rate

It is important that you negotiate with the mortgage lenders when it comes to interest rate because, for example, on a 25-year $100,000.00 fixed rate mortgage, a half percent reduction in interest rate will save you $9,173.82 in interest charges over the life of the loan.

top