Written by Omid Jalili
When you’ve been working with Toronto mortgage rates for as long as we have, you learn there’s really no need to get too excited about what might appear at first to be bad news. Taking a wait-and-see approach is often the best course of action as Mortgage brokers Toronto, and the latest reports from The Toronto Real Estate Board (TREB) seems to verify that position.
They report 1,469 sales through the TorontoMLS system for the beginning of January 2013, an increase over the same period from last year. Still, you might be wondering about the recent cooling off period in sales after the Federal government imposed stricter lending regulations and the line of thought that felt the housing bubble had burst and prices were soon to fall. Well, TREB seems to think those Doomsdayers were jumping the gun without looking at all the facts rationally.
“The New Year started off on a positive note with residential sales slightly above last year’s levels,” said Toronto Real Estate Board (TREB) President Ann Hannah in a recent news release. “I am cautiously optimistic about this result. It will be important to watch sales trends closely as we move through the first quarter to see if some of the households who moved to the sidelines as a result of stricter lending guidelines are starting to renew their decision to purchase a home.”
Good news? More than likely for the majority of people who want to get involved in or play a new hand at the real estate game. However, we all still need to keep in mind the reasons the Feds brought in the new regulations in the first place. Canadians are taking too many liberties with historically low interest rates and ignoring the fact that, sooner or later, those same rates will go up again.
