by Scott Westlake
Mobile Mortgage Specialist – Royal Bank of Canada
June is becoming a very exiting month for real estate in Toronto/GTA. It seems like everyone has been waiting to see where the market is going in terms of interest rates, which I comment on below, how HST will affect the average home buyer. How government changes will affect clients purchasing real estate and lastly how the market will react to the above noted changes.
June has finally brought some answers. The seemingly “never ending” interest changes in the fixed market has slowed down, and in fact, on some terms slightly decreased since the initial hike on all fixed products.
The seemly unsettling feeling for all variable clients was at least for the time being put at ease with only a 25bps interest rate increase. HST publications are everywhere and a simple internet search will easily provide more than enough information to understand the potential impacts on the real estate industry.
The government changes have not seemed to impact the average client and/or slow down those purchasing real estate. The new standards have just seemed, at least initially, to ensure Canadians are purchasing within their means and ideally this will lead to a more solid real estate market, keeping prices in line and creating a better economic landscape protecting all of our investments.
This month I read a bunch of articles as always to keep myself informed and have attached two that I find a good read. Please see, “Canadians purchasing recreational properties,” which I find a good read. This really shows the strength of Canadian real estate and how we are reacting to adversity.
Purchasing recreational properties tends to be something you only do in a “great market,” or when times are perfect. Despite some set backs in our market, Canadians are purchasing real estate for recreational use. The second article is a market update from CMHC. Please visit their website for additional information, http://www.cmhc-schl.gc.ca/en/
As always, I am here to help all my clients, contacts and friends alike. If you or anyone you know is looking for the right advise and help either getting into their dream home, investment property or even is looking to switch their mortgage, please email or call me anytime! Scott.firstname.lastname@example.org
Sincerely and happy home buying,
W. Scott Westlake
RBC Mortgage Specialist