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Reflections on a Turbulent Year
2023 is now a closed chapter in Real Estate history books. It was quite the year. If we ponder where we were a year ago, homes selling with conditions returned, the average home in Oshawa, Whitby and Clarington sold for asking price and in January, 260 homes in total sold. Detached homes in Oshawa started…
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Can you Buy a Home Making $90,000/year?
Sometimes it happens to the best of Realtors. I hosted an open house 45 minutes from my office on the weekend and when I got home, I realized I had the key in my pocket. Early this morning you would have found me zipping up north to put the key back into the lockbox. On…
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Have Higher Rates Slowed the Market?
Homes are hanging around a bit longer than they have for the last few months before we see sold signs placed in the yards. Prices are softening a little and the number of home Buyers touring is dropping. Is this the effect of the mortgage rates going up last week? Having worked the past 37 summers selling…
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Are there any Benefits to Mortgage Rates Rising?
The Bank of Canada is expected to increase rates again in the next week. Currently, 5-year mortgage rates are between 5 – 6%. The variation is based on if the downpayment is below or above 20%. In Ontario, with less than 20% down and CMHC mortgage insurance, the rates are lower than if more than…
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Is Real Estate still a sound investment?
The average Canadian family income is around $80,000/year. Let’s assume a family can save 10% of their income yearly, they would have a nest egg of about $80,000 in a decade of savings. Now let’s assume they averaged a 5% return over that time. Their investment would have grown to somewhere between $84,000 and $100,000. …
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Deposits: Go big to get the home
If you were looking for advice about a medical issue, you would ask a doctor. With questions about taxes, you would go to an accountant and for issues with your car, you would no doubt ask a car mechanic. (Only after asking Ms. Google for her input.) Stick with me, I am going somewhere with…
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Musings of a Durham Region Mortgage Broker
I had lunch with the mortgage broker I have known for years this past Friday understanding that when people think of business lunches, visions of swanky restaurants, multiple martinis and expense accounts are easy to conjure up. Alas, when you are self-employed, these lunches tend to be all about business and packed with loads of…
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When Variable Rate Mortgages are as Popular as Kale in Salad
My variable rate mortgage has increased so high I am having difficulties managing the payment.Are you here… meaning, are you dealing with a variable rate mortgage where your payment has skyrocketed? If you have a $400,000 variable rate mortgage, a year ago the rate would have been about 1.45%. The monthly payment is around $1,987. This for…
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Things to Avoid after a Bank gives you a Mortgage Commitment
I had the opportunity to chat with a realtor friend over the holiday. She mentioned a Buyer she was working with and how their situation changed course after they were pre-approved by a lender. They were pre-approved and had a guaranteed low mortgage rate commitment however as they were looking for homes with their broker, on a…
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