Ten Tips to Consider Before Buying a Home
hgtv.ca
You are about to invest in your most valuable
asset. Many home buying steps are standard yet there might be slight
variations depending on the real estate laws and regulations where you
live. Here are our top ten recommendations to make you more confident
as you embark on your home buying journey. 1. YOUR CREDIT RATING Getting
your finances in order is probably the most important step you should
take. Your credit reports are an ongoing look at how you manage your
finances. You must know exactly what your credit reports say about your
financial history before you apply for a mortgage, because the reports
play an important role in the mortgage approval process and in
determining the interest rate and other loan terms that a lender offers
you.
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Long-term mortgage rates on the rise 
RITA TRICHUR, Toronto Star
Soaring bond yields have set the stage for a second round of interest rate hikes on residential mortgages in about a week.
After
nudging rates higher on longer-term mortgages last Wednesday,
Toronto-Dominion Bank yesterday raised borrowing costs on its
five-year, fixed-rate loan by 40 basis points to 5.85 per cent,
effective today.
Last week, TD and the other banks increased rates on five-year, fixed-rate mortgages by 20 basis points to 5.45 per cent.
While
no major competitor had followed TD's move by late yesterday, experts
suggested higher rates are likely inevitable because banks are facing
higher borrowing costs on the bond market. Banks tap the bond market to
finance mortgages because they lend out more money than they attract
through deposits.
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Toronto Events:
The Fringe Festival + Taste of Little Italy
Toronto's Fringe Festival takes place this year from July 1 to July 12 and there are always some gems to be found. The full schedule is now available online and it may be your chance to see the next big thing. The Taste of Little Italy takes place from June 19 to June 21 on College Street between Bathurst and Shaw. There will be live music on a number of street corners as well as all sorts of tastings available.
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Market News
GTA May Resale Housing Sales Higher Than Last Year
In May 2009, Greater Toronto REALTORS® reported 9,589 sales, up almost two per cent from May 2008 - the first annual increase since December 2007. The seasonally adjusted annual rate of sales in May was 81,3001.
"The resale housing market in the GTA has remained resilient in the face of challenging times globally," according to TREB President Maureen O'Neill. "Many home buyers have taken advantage of extremely low mortgage rates."
The average price for May transactions was $395,609 - down less than one per cent compared to the same month last year.
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For Sale: Great 1 Bedroom!
555 Wilson Heights Blvd. #207
Wonderful Low-Rise Building in a great location. Short walk to
Downsview Subway Station, schools and shopping. Shows like a model
suite. New engineered Black Walnut hardwood floors in all main rooms,
mirrored closet doors with closet organizers, extra large balcony
offers wonderful sunset views, very bright and spacious, dining area
fits a formal diningroom set, white galley style kitchen has many
cupboards (new doors and hardware). Parking and locker are included.
Call today for a viewing.
Click here for the full listing  |
Sold: Great 2 Bedroom at DNA One
Breathtaking CN Tower/City Views From This Great Unit In DNA Phase One.
Northeast Corner, Very Bright, 2 Bedrooms, 2 Full Bathrooms, Parking
And Locker. 9 Ft Ceilings Are Exposed Concrete, Tinted Concrete Floors
Throughout, Wonderful Spa Like Bathrooms, Granite Counters, Stainless
Steel Appliances, 3 Sliding Barn-Type Doors, Spacious Balcony Has Gas
Bbq Hookup, Modern Decor. Click here for more |
The Rental Corner: Queen West Beauty
76 Crawford St. Leased for $3000 Wonderful, Quiet Street In Queen West, Newly Renovated, 2
Levels, 2 Bedrooms, 2 Spa-Like Washrooms, Extra Large Terrace From
Livingroom, Large Private Sundeck From Master Bedroom, Separate
Diningroom And Family Room, Separate Entrance. Walk To Trinity
Bellwoods Park, Queen West Boutiques, Galleries, Bistros, Cafe's And
More. Ttc To Downtown Or Subway Less Than 1 Block Away. Click here for the full listing |
The Rental Corner: One Bedroom w/great Balcony
140 Simcoe Street Leased for $1400 University Plaza, Downtown Living At Its Finest. In The Heart Of The
Financial And Entertainment Districts. Attractive One Bedroom Unit With
North Facing Balcony. Locker Included. Laminate Flooring Throughout.
Modern Kitchen Has Stainless Steel/Black Appliances And Granite
Countertop. Click here for the full listing |
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