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Zan Molko
ABR, ASP, ASA, Real Estate Broker

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It may be harder to find your pot of gold...

I could not resist this image. Taken with my phone last week after the storm, at the south end of Clanton Park, close to the Wilson Subway station and the Downsview Park. One of the most beautiful rainbows I have ever seen. They say that at the end of every rainbow is a pot of Gold! For the last few years you could say the pot of gold has been low interest rates. Well last week we saw the first upward spike in over 7 months. The discounted 5 year rate is now 3.09% up from 2.89% just two weeks ago. It translates into being a monthly mortgage payment of $478 for every $100,000 you borrow versus $467. As an example, take a $300,000 mortgage over 5 years and it will cost an additional $660.  That is not a big difference, but the larger question remains, will interest rates continue to rise?For every 1% interest rate increase, about 10% fewer people are able to qualify. If you are thinking of buying a house or condo within the next 30-120 days, you should be getting a real mortgage pre-approval and an interest rate locked in at the lowest rate. Our team has access to the lowest rates and best terms available. Just contact me at zan@zanmolko.com to get the ball rolling.

 

FEATURED NEIGHBOURHOOD
Probably Toronto's second best kept secret neighbourhood. Clanton Park, in North York, Toronto is anchored by the Wilson and Downsview subway stations with instant access to the Allen Road and highway 401. This lovely suburban neighbourhood has some of the best values in detached homes and conveniently located entry level condos in North York. With everything from 1 bedroom condos up to large penthouses, and small bungalows on large lots to brand new luxury homes, it is difficult to find better value anywhere in Toronto with similar neighbourhood features. More

 

If you want to have a "Mortgage and Neighbourhood conversation" with me, follow this.

 

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