May 18, 2007
Posted May 8, 2007 12:00 pm.
This article is more than 5 years old.
MonsterMortgage.ca
Don Bayer from MonsterMortgage.ca answered a viewer question from someone that’s renting but is looking to buy a home in the near future. The caller wanted to know whether it’s worth it to save up for a year and put down a five per cent down payment or if it’s better to wait to put down more money. Bayer said, “My advice to people is to buy now with 100 per cent financing. The difference from an interest rate perspective now is zero. The same rates apply whether you’re 90, 95 or 100 and the insurance premium is only about a quarter or 30 basis points more,” he said. “Why wait a year when interest rates could go up by half a point? If you can afford the payment on a principal interest payment on $270,000, you should look at doing something sooner rather than later.”
Daniel Ellenberg
Daniel Ellenberg talked about whether or not people actively search for homes over long weekends. “I think we’re going to have a lot of people going up north for the first time this year and looking for recreational property. We’re right in the middle of the spring market in Toronto, and the numbers in terms of sales are at an all-time high,” Ellenberg said. “It’s interesting because on long weekends or holidays our numbers will still be very good in terms of traffic and I’ll define traffic as people that are coming into our sales facility to visit us and educate themselves on a product. They’re probably people that are coming in to make a buying decision. We’re going to have a lot of activity on long weekends.”
Tridel
Scott McLellan looked at the growing number of condo sales in the GTA. “Last year, there were approximately 41,000 new homes that were built across the Greater Toronto Area. Seventeen-thousand of those new homes were condominiums. This year there will be somewhere in the neighbourhood of 37,000 new homes and about another 17 to 17,500 new condominiums sold,” he said.
