What to know before you refinance
It's important to calculate how long it will take to break even on the
costs of refinancing your mortgage. But don't overlook other factors that also
influence whether you should refinance and the type of loan to select.
The most fundamental consideration in whether a homeowner
should refinance an existing mortgage is the break-even point, which represents
how soon the cost of the refinance will be recaptured through lower monthly
payments. But while the break-even point is easy enough to calculate, other
factors may also influence your decision and, if it's a go, the type of loan
you'll select.
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Five signs a housing recovery is on the way
Despite July's slight slip in housing starts, economists
point out plenty of reasons for optimism.
1) Housing starts are expected to
rise
While the seasonally adjusted annual rate of housing starts decreased to
132,000 units in July from 137,000 units in June, Canada Mortgage and Housing
Corp. says starts statistics - which mark the actual, shovel-in-the-ground
beginning of construction - are expected to improve throughout 2009.
The reason?
"Over the next several years, housing starts will gradually become more
closely aligned to demographic demand, which is currently estimated at about
175,000 units per year," CMHC said.
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Market News
GTA REALTORS® Report
August Mid-Month Resale Market Figures
In the first two weeks of August,
Greater Toronto REALTORS®
reported
3,832 sales - up 27 per cent compared to the first two weeks of August 2008.
The average price for these transactions was up three per cent year-over-year
to $383,796.
"The results for the first half
of August indicate that many households in the GTA remain confident in their
ability to purchase and pay for a home over the long term," said TREB
President Tom Lebour.
Year-to-date sales, at 54,303 are up
slightly compared to 54,138 in 2008.
Average price, at $385,603 is down by less than
one half of one per cent.
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Quintessential Toronto:
The Canadian National Exhibition
The Ex opened on August 21 and if you haven't visited the CNE for a few years, you may be surprised to know that it's more than corn dogs and Whack-a-mole.
Special events this year include a speech from Bill Clinton on August 29th and a soccer match between Scotland's Celtic FC and Portugal's SL Benfica on September 2nd. They also have a casino (a well-kept secret that keeps the CNE afloat!), a cat show, dog show, air show and more.
The Bathurst streetcar goes right into the Ex, but if you're in the King/Queen west area, you don't have to worry about the TTC or parking - you can walk!
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Sold for 101% of list price!
80 Western Battery Road #418
Wonderful Zip Condos, South East Corner Unit Has Wonderful City Views,
Approx 360 Sq.Ft. Wraparound Terrace, 2 Bedroom Unit Converted To 1
Bedroom Unit Making Way For A Separate Living And Dining Area (See
Photos), Easily Converted Back. Laminate Flooring, Granite Counters,
Windows In Every Room Including Kitchen. Parking. Locker Is Located On
Same Floor A Few Feet Away. Liberty Village Beauty. Papaya Model Is 764
Square Feet As Per Builders Plans.
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Sold above asking!
80 Western Battery Road #1906
Zip Condos, Stunning North East Corner, 2 Bedrooms, 2 Bathrooms,
Parking And Locker, 838 Sq Ft Scarlett Model, 100 Sq Ft Terrace Is
Standalone With North, East(Cn Tower) And South(Lake) Views. Absolutely
Gorgeous Split Bedroom Plan With A View That Will Take Your Breath
Away. Upgrades Include Engineered Espresso Hardwood, Espresso/Glass
Cabinetry, Bathroom Counters, Lighting, Glass Tile Backsplash In
Kitchen, Bathroom Tiles And More. Windows In Every Room. Click here for more  |
The Rental Corner:
Queen's Quay Gem
600 Queen's Quay
Leased for $1450
Beautiful Suite With Large Wrap Around Terrace Approx 200 Sf For Your
Outdoor Enjoyment Overlooking The Lake. Suite Is Bright And Sunfilled
With Lake Views From Living, Dining, And Bedroom. What A Treat And Self
Contained With An Ensuite Washer And Dryer.
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