Interest Rates - July 2024


Down slightly from 2 weeks ago.
5 year fixed rates - range from 4.59% to 5.09%
3 year fixed rates - range from 4.94% to 5.19%
5 year variable rates - range from 5.90% to 6.05% (my recommendation today)

**Mortgage rates range because they depend on the lender specials, amortization, high ratio vs. conventional, and other product features/clauses 
Comments on Rates:
In June, bond yields went down and then back up.  In July, they are down about 0.25%. With some momentum, we might see the mortgage rates start to drop.
Today, the US announced the inflation number and it was lower than expected.  Google US Inflation and you’ll see headlines talking about more rate cuts by central banks.

CIBC Economics is forecasting that the Prime rate will drop 2.00% in the next 18 months.
Quick math - A 500,000 mortgage with a 5.00% interest rate and 30 year amortization has a P&I payment of $2,908.  For every $100k increment added/decreased, the payment changes by $582.

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Carmel Kidd

Carmel Kidd B.A.


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Buying or selling a home is a big decision - you need an experienced professional to guide you through the process. When you work with me, you can count on personal, attentive, patient service, excellent knowledge of the area, great negotiation skills and expert selling strategies.

Market Watch -

June 2024 home sales in the Greater Toronto Area (GTA) were lower compared to the same month last year, according to the Toronto Regional Real Estate Board (TRREB). Despite the Bank of Canada rate cut at the beginning of last month, many buyers kept their home purchase decisions on hold. The market remained well supplied, resulting in a slight dip in the average selling price compared to June 2023. “The Bank of Canada’s rate cut last month provided some initial relief for homeowners and home buyers. However, the June sales result suggests that most home buyers will require multiple rate cuts before they move off the sidelines. This follows Ipsos polling for TRREB, which suggested that cumulative rate cuts of 100 basis points or more are required to boost home sales by any significant amount,” said TRREB President Jennifer Pearce.

GTA REALTORS® reported 6,213 home sales through TRREB’s MLS® System in June 2024 – a 16.4 per cent decline compared to 7,429 sales reported in June 2023. New listings entered into the MLS® System amounted to 17,964 – up by 12.3 per cent year-over-year. The MLS® Home Price Index Composite benchmark was down by 4.6 per cent on a year-over-year basis in June 2024. The average selling price of $1,162,167 was down by 1.6 per cent over the June 2023 result of $1,181,002. On a seasonally adjusted monthly basis, both the MLS® HPI Composite and the average selling price were up compared to May 2024. “The GTA housing market is currently well-supplied.

Recent home buyers have benefited from substantial choice and therefore negotiating power on price. Moving forward, as sales pick up alongside lower borrowing costs, elevated inventory levels will help mitigate against a quick runup in selling prices,” said TRREB Chief Market Analyst Jason Mercer. “Despite a temporary dip in home sales due to high interest rates, we know that strong population growth is driving long-term demand for ownership and rental housing. Ontario has set the goal of 1.5 million more homes on the ground by 2031. This is only possible if all levels of government ensure actionable solutions with sustained effort, including continuing to remove red tape, avoiding financial barriers to home construction, and minimizing housing taxes and development charges,” said TRREB CEO John DiMichele



Finding the perfect neighborhood

Choosing the right neighborhood is an important part of finding a home. If you love the house but hate the neighbors, or have the perfect kitchen but have an agonizing two-hour commute, you’re never going to feel completely comfortable living there.

Your best bet is to figure out if your neighborhood is a good fit with your family before you start looking for a home there (or certainly before you put in an offer). Spend some time there; take a walk through the streets, visit local shops and restaurants, and pick up a community paper to get a sense of the area’s personality.

Here are few questions that can help you figure out if a neighborhood is right for you:

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For Sellers

Whether you’re moving up or moving on, here are some basic tips from REALTORS® who know what it takes to make a property appeal to prospective buys and sell it fast. More…