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TD matches RBC’s five-year fixed

It’s a rate war in reverse, with TD following RBC’s decision to set a five-year fixed well above the broker’s best.

Earlier this week, TD brought the rates on both its three- and five-year fixed mortgages in line with RBC, introducing a special on its own five-year equal to RBC’s 3.69 per cent.

The country’s biggest bank made its move on Tuesday, announcing that it has bumped up its five-year-fixed by 20 bps. The decision has been viewed by some industry players as a win for brokers and mono-lines.

“Brokers could use these rate hikes to their advantage for the next two weeks or at least until other lenders decide to raise their rates also,” said Kunal Bhalia, broker with Dominion Lending Centres – Mortgage Village.

Still, none of the other Big Six members appear to have followed suit.

A quick check of the bank’s websites today indicates that CIBC, BMO and National Bank are offering their three-year-fixed at 3.95 per cent and five-year-fixed is 5.24 per cent. However, BMO also offers five-year fixed at a low rate of 3.29 per cent.

Scotia’s three-year-fixed mortgage is 3.99 per cent and its five-year-fixed is 4.99 per cent. The bank has a special offer of 3.99 per cent on its five-year closed-term fixed mortgage.

There are a number of mortgage rates lower than what banks have posted, suggesting brokers increasingly face a hidden rate war – one without the kind of bank advertised rates that encourage fence-sitters into the market. Source: Brokernews

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Condo Prices Grow at Moderate Pace in Q2

Condo Prices Grow at Moderate Pace in Q2

July 18, 2012Greater Toronto REALTORS® reported 6,435 condominium apartment transactions during the second quarter of 2012 – down by 2.6 per cent compared to 6,609 transactions reported in the second quarter of 2011. New listings for condominium apartments were up substantially on a year-over-year basis, climbing by 19 per cent in comparison to 2011.

“The condominium apartment market has been the best-supplied market segment in the GTA this year. Many condominium projects have completed over the past year and this has resulted in a substantial increase in listings and ultimately more choice for buyers,” said Toronto Real Estate Board President Ann Hannah. “The greater degree of choice in the condo market translated into a moderate rate of price growth compared to what was experienced in the low-rise market segment.”

The average price for second quarter condominium apartment sales was $342,212, representing a 3.2 per cent increase over the same period in 2011.

“Sellers seemed to be well-aware of condo market conditions in the second quarter. On average, units were priced in line with buyer expectations, with apartments selling for 98 per cent of the asking price in less than a month’s time,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. 6,435 6,609 Second Quarter 2012 Second Quarter 2011

 

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Strong Sales and Price Growth in May

 TORONTO, June 5, 2012 – Greater Toronto REALTORS® reported 10,850 transactions through the TorontoMLS system in May 2012 – an 11 per cent increase over the 9,766 sales in May 2011. Sales growth was strongest in the ‘905’ regions surrounding the City of Toronto.

“Sales growth in the ‘905’ area code was stronger than growth in the City of Toronto across all major home types. While lower average prices are certainly one factor that has contributed to this trend, recent polling also suggests that the City of Toronto’s land transfer tax has also prompted many households to look outside of the City for their ownership housing needs,” said Toronto Real Estate Board (TREB) President Richard Silver.

 

New listings were up substantially on a year-over-year basis in May – rising by more than 20 per cent to 19,177.

 

The average price for May 2012 sales was $516,787, representing an annual increase of 6.5 per cent compared to $485,362 in May 2011. Price growth continued to be driven by the low-rise market segment.

 

“Strong competition between buyers seeking to purchase low-rise home types drove strong price growth in May. However, if new listings continue to grow at the pace they did in May for the remainder of 2012, the annual rate of price growth should begin to moderate on a sustained basis,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. Source: TREB

 

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