The Cup is Overflowing!

 

 Take a Look at the Interest Rates!

If you were thinking of buying something, would you prefer to do it with money that you had to borrow at 3% interest or at 11% interest?  You are going to say, of course, the 3%.  That in a nutshell is the reason why the real estate market is still going very well, despite what anyone says.

Yes, there were reasons to be apprehensive:  the advent of the HST, adding more taxes  here and there caused a frisson of worry.  Tightening up mortgage qualification rules along with some hints that rates might rise contributed some fearful moments.  BUT rates did not go up and sales in Toronto continue to be strong.

Example:  A mid-town condo was recently listed at a decent price, something the owner would have been happy to accept.  SOLD! In five days, thousands of dollars over asking. That happy owner had to line up to buy another condominium too.  Why the activity?  Because the opportunity to borrow money at such great rates is just too good to pass up!  Money is cheap right now!

So the glass is still more than half full, and in lots of cases it’s overflowing!  Sales are strong, it’s a great time to sell and a good time to buy.  Here we come for a record breaking year!