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Best mortgage rates Toronto
If you've found the www.mississauga4sale.com site you're probably looking for a house in the Toronto or Missisauga area and are in the market for a Toronto mortgage. But how do you find the best mortgage rates in Toronto?
Luckily you've come to the right place as www.mississauga4sale.com has partnered with rates, Canada's mortgage rate comparison site, where you can compare over 500 of the best mortgage rates in Toronto from the top lenders such as RBC, TD Canada Trust, BMO, ING DIRECT, credit unions such as DUCA Financial Services and Comtech, specialist mortgage lenders such as FirstLine ResMor Trust and mortgage brokers who have access to over 60 lenders and offer a free service to help you find the best detail for your situation.
With all the turbulence in the Canadian economy over the past few months, mortgage rates have been changing very quickly, sometimes even many times a day! As a result, you have to keep on top of these changes especially if you're going to buy a new house and are going to be looking for Toronto mortgage rates.
In the latest Canadian Mortgage and Housing Corporation (CMHC) housing market outlook report for the Greater Toronto Area (GTA) stated that new home sales will continue to decline in 2009 and will reach 22,500, which is down 24% when compared to 2008. Not surprisingly high rise sales or condos have accounted for much of the growth with more than 50% of the total shares of sales since 2007. They believe that the tough economic environment and the overpriced Toronto market despite the recent drop off, will push the demain for home ownership lower. So if you're looking to sell your home as well, then make sure to plan and leave plenty of time to get a sale closed as it may take longer than usual. One of the main drivers of the increased high rise demand is the continuing immigration to the GTA. Shrinking average household size and more empty nesters are also contributing to this trend as they "trade down" to smaller accomodations as their children leave home.
New home sales are also expected to decline over the next 2 years into 2010 from the record highs in 2007. They estimate that 2008 home sales will edge down to 82K units which is down 17% from 2007 and 2009 new home sales will decrease by another 8.5% to 75K.
Toronto mortgage rates have dropped significantly over the past few weeks as the Bank of Canada's interest rate cuts have resulted in the big banks lowering their prime rates to their current 3% level, and this has resulted in Toronto variable mortgage rates dropping significantly. This is also due to inter bank lending increasing again after it all but dried up prior to Christmas 2008. That was when the central bank cut their main interest rate but the banks couldn't follow suit because their cost of borrowing didn't go down as they weren't lending to each other.
Fixed mortgage rates in Toronto have also come down significantly over the past few weeks as this is affected by the bond market, and with all the confusion the equity markets, there has been a flight to safety as more investors move their money into bonds, which has driven up bond prices, therby decreasing yields. Fixed mortgage rates affected by government of Canada’s longer term bond prices, such as the 5 year, and when the prices increase, yields decline, typically lowering the 5 year cost of borrowing lenders who then pass these savings on with lower 5 year fixed mortgage rates. So if you're in the market for a longer term deal it may be something to consider.
Regardless of where you're looking to buy property in the GTA, it always makes sense to compare Toronto mortgage rates and make sure you're getting the best deal possible
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