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Mortgage rate outlook: Why experts say the next move could be lower + MORE Feb 19th
Sales up, prices down in GTA housing market
– moneysense.ca
The Toronto Regional Real Estate Board said the 5,592 homes sold last month was up 8.5% from September of last year, and up 2% on a seasonally adjusted basis from August. The rise in sales came as the average selling price was down 4.7% from last year to $1,059,377, and the composite benchmark price was down 5.5% in September. Compared with August, the average selling price ticked up 0.2%.
“The Bank of Canada’s September interest rate cut was welcome news for homebuyers,” said TRREB president Elechia Barry-Sproule in a press release. “With lower borrowing costs, more households are now able to afford monthly mortgage payments on a home that meets their needs.”
The central bank cut its benchmark rate by a quarter-percentage point to 2.5% on Sept. 17, breaking a streak of three consecutive holds since March…
Opinion: Think twice before handing your mortgage to a bank adviser
– canadianmortgagetrends.com
Every now and then, something happens in this business that really drives home an important lesson, and this time, it’s about how trusting the wrong person with your mortgage file can cost you a great deal.
