Toronto mortgage rates and housing forecast 2008
Canadian Mortgage and housing Corporation (CMHC) reported in their latest Great Toronto housing market outlook, which accounted for mortgage rates eased through approximately 50 basis points in the first four months of the year, although rates in late April were higher than they were 12 months earlier basis points 30-35. Interest mortgage loans are expected to trend marginally lower throughout 2008, but will be within 25-50 basis points from their current level.
2009 The posted mortgage rates will begin a slight deviation of the year progresses. 2008 and 2009, annual percentage rate mortgage is forecast booked to be in the range 6,50-7,50 per cent while three-and five-year posted mortgage rates are forecast in the range 6,75-7,50 percent.
Interestingly CMHC also believes that the first time buyers Saw huge growth in 2007, as almost 60% of the purchasers of origin were upgrading from letting accomdation, those buyers will abandon
throughout 2008 and 2009. Be the first one continues to find difficult to obtain the property ladder until 2009, will also see a continuous trend of the Canadian mortgage market towards new products, such as the depreciation period 40 years and in some cases 100% mortgages, coupled with a less expensive housing types such as compilation of numerous new condos in downtown base.
City, the total residential MLS sales MLS average price runs mortgage lending rate mortgage (1 year) (5 years)
Toronto 2007 33.293 95.164 $ 377.029 7.35% 7.54%
2008 (F) 35 000 84.000 $ 394.000 6.95% 7.01%
2009 (F) 33.600 77.000 $ 404.000 6.83% 6.97%
Source = CMHC MLS = many services Listings
forecasts mortgage rates are particularly interesting as the current Canadian mortgage rates
0 comments:
Post a Comment