There are some great opportunities in the Toronto Home Market right now. Here is a great thought from my favourite Mortgage Broker, David Smith of Oriana Financial.
“One area where the credit crisis is benefiting people is in the area of home buying. Unlike other markets that were fuelled by speculation, most people buying in Toronto were buying homes to live in them.
That’s why even though listings are up, they are not up to the extent of most other markets.
Combined with cheap interest rates, there is a unique buying opportunity for the courageous motivated buyer.
Last summer, mortgage rates were as high as 5.75%. A $400,000 mortgage would have cost $2500/month. Now we can get you that mortgage for 4.75%. This mortgage would cost you $2270/month. It doesn’t sound like much, but over the five years of that mortgage you would save almost $14,000, and that’s a lot of money” says David.
Of course, if you couple that with motivated sellers, and softer prices for buyers, opportunity knocks and don’t forget Sellers, most of you will be buying up which means you will win whatever you feel you have lost, when you buy! What a great opportunity!!