Jan. 19, 2007
Posted April 30, 2007 12:00 pm.
This article is more than 5 years old.
MonsterMortgage.ca
The continued strength of the real estate market appears to be promoting a wait-and-see attitude for the Bank of Canada. Don Byer of MonsterMortgage.ca says the bank appears to be holding off on making any moves when it comes to interest rates. “We are noting that major bank economists are suggesting later half of this year, some interest-rate relief from the prime rate. We will wait and see,” he said. There was speculation that the bank would slash rates, but now it appears the body may be planning to do the opposite. “I think there is a sense that they will look at raising rates,” he said. “If people continue to spend money and that puts pressures on prices, rates will go the opposite way of what we expect. We saw this week, a five-year fixed rate moved up a bit. All the major banks moved up 5 basis points.”
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Dan Ellenberg
Toronto’s real estate expert! Serving the GTA’s real estate needs since 1989! Housing prices in Toronto have increased dramatically over the last decade – around 50 percent, in fact. But Daniel Ellenberg of Sellwithdan.com says that isn’t the case in every area of the city. “Certain areas of the city have gone up more than that in the last seven, eight years. Others have not gone up as much,” he explained. “You have to look at the number as to where the market has gone as a whole. So all real estate is local. And to get a more exact number you have to look at the area you are looking at.”
Tridel
The three most important words in real estate are location, location and location, and with dramatic housing price increases in some regions of the city, a well-planned investment could pay off some serious dividends. Some real estate experts claim that a condo purchase held for 10 years could make you about $200,000 and Scott McLellan of Tridel says that’s not a far-fetched situation. “It is certainly possible. Based on the location and the project, that’s not uncommon,” he said. “If you go back about to mid 1990s and we have a number of high-end projects . suites selling in and around the million-dollar range, there is no question that there has been a couple thousand dollar appreciation if not more.”
