The strong and upward trend in real estate sales in the GTA continued last month with sales increasing by a hefty 22.0% to 7,825. This reflects the continued and renewed confidence in the market due to lower interest rates and strong employment in the GTA. Discounted five (5) year fixed mortgage rates can be as low as 2.6% right now!
What can a lower mortgage rate mean for you?
First, if you have a mortgage, check out your maturity date. If you are within 120 days of that date, many mortgage lenders will lock in a rate now for your renewal. This will ensure you get the lowest interest rate at your renewal time.
Next, if you have a mortgage rate that is a higher than current rates, it may be advantageous to break your current mortgage or to “blend-and-extend” on a new mortgage.
And finally, if you do not have a mortgage, it may be advantageous to get one for investment purposes – it’s always good to remember that money borrowed for investment purposes is tax deductible in Canada. And this includes real estate investments!
If you are interested in talking to someone about your mortgage or in investing in real estate, call us. We can refer you to an expert mortgage professional and/or can help you to find a real estate opportunity that meets your investment requirements.