Open House - The Real Estate and Mortgage Show
Steve, Frank and Paul take all of your real estate and mortgage questions. Will house prices correct themselves in the near future? Listen to Frank's take. Will government cut backs hurt the real estate market?
In this week's Open House - Real Estate and Mortgage Show, Steve Gregory, Frank Napolitano and Paul Rushforth tackle the recent changes to the federal budget and the effects on the current real estate and mortgage market.
The recent negative predictions regarding the current Canadian mortgage market are being quickly quieted. Lenders are continuing to keep lending responsible and under control, and homebuyers are borrowing within their means. March figures are showing the start to a very positive spring, with 1,396 homes sold compared to 1,240 in March of 2011. The average home price has shown an increase of 2.1%. This combined with the increase in sales shows that many Canadians are still in a stable financial position and able to comfortably afford home ownership.
The real estate forecast for April continues to look positive. An increased number of listings will move us towards a buyers' market. Those looking to sell a home should be aware of the impact of their location and price, as the standout homes will be the first to sell.
Finally, Steve, Frank and Paul discuss the fixed versus variable rate choice that faces not only first time buyers, but those looking to renew their mortgages. With rates as low as they currently are, does it make more sense to lock in your mortgage at an attractive rate or stay with the variable? Mortgage rates are predicted to see a slight increase in the upcoming years, so many are taking advantage of low rates while they are available. However, every mortgage situation is unique and it is recommended to speak to a professional Mortgage Broker before making this important choice.
Listen to the full podcast from 580 CFRA here.