Some Interesting Real Estate InfoBits

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Did you know…..

 * A record was set in October 2010 for new condo sales in the GTA. Seven out of every 10 new homes sold in October was a high-rise condo suite, up 27% over October 2009 and running 52.6% over the January-October 2009 period.

 * Anecdotal evidence suggests that public schools in the GTA that offer the elite International Baccalaureate program are behind bidding wars erupting in the GTA. This academically elite program is being offered through some public schools and the homes in neighbourhoods surrounding the schools are experiencing the benefits. Houses in areas with IB schools are selling faster and for more money.

* As of Nov.22 some of the major banks increased their fixed term mortgage rates by as much as 1/4 of a percentage point. The bond market played a key role in the rise in mortgage rates as 5-yr mortgage rates are closely tied to rates of return in the bond market. Banks borrow in the bond market in order to lend to customers.

* According to the Re/Max Condominium Report condos now represent one in every three homes sold in the GTA. Affordability continues to fuel the condo market . For a copy of this informative report click here. * Do you know anybody who has been involved in a moving scam? Read this article and pass it on.

* Many of the concerns about the Canadian housing market are motivated by the recent U.S. experiences. Jim MacGee, an associate professor of economics at the University of Western Ontario suggests that there is little likelihood of a U.S. style surge in foreclosures or a collapse in house prices as seen in the U.S.

 * Understanding each step of the mortgage process is key to ensuring the biggest investment of your life is the right one for you. Be prepared and get the facts . Know your credit score, learn key mortgage terminology, save for your down payment, know your personal budget and talk to a mortgage professional.

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