Market conditions in the Burlington area continue to be strong. There was concern that a slowing economy in the 2nd half of the year would have a slowing effect on real estate markets. However, low mortgage rates have helped to fuel continuing demand.

First time home buyers are taking full advantage of low interest rates. At today's 5 yr mortgage rate (3.49%) and a 35 yr amortization, a $1,200 rent payment is equivalent to about $290,000 as a mortgage!

Condo owners looking to move up are finding it much easier to qualify for that detached 'dream' home.

Current home owners with variable rate mortgages would be wise to pay attention to market rates over the next few days. Fixed rate mortgages are tied to the Government of Canada Bond Market. Bond yields have increased by about 40 points in the past 10 days (Nov 5th to 15th). It is strongly speculated that mortgage rates will increase anywhere from 30 to 50 points in the coming days.

Buyers sitting on the sidelines looking to buy within the next 120 days would be wise to obtain a written pre-approval.

                             Courtesy of .... Gunther Kaschuba - Mortgage Broker
                                                     Licence Number: M08000503

R.D.M. Financial Consultants - Burlington Branch

3455 Harvester Road, Unit 24, Burlington, Ontario, L7N 3P2

2085 Hurontario Street, Suite 202, Mississauga, Ontario, L5A 4G1

Phone: 905-308-1223

Fax: 905-681-2272

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www.mortgagecentre.com/guntherkaschuba

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