Here we are April 2015; Winter is retreating slowly, and Spring is in the air... It's shaping up to be a wonderful year of growth and change for Toronto. For those looking to jump into the real estate market and find a new home this Spring, this is the best time in a long time to go for it!
A few days ago, we learned that mortgage rates have fallen significantly in recent months, a welcome repreive for home buyers. Mortgage rates had been slowly declining throughout the latter part of 2014, and fell to as low as 3.80%(1) in December 2014. Naturally, many economists anticipated that this would mean a spike in rates come Spring time, but this was not the case.
“The average 30-year fixed mortgage rate fell to 3.69% this week following a decline in 10-year Treasury yields," explains Freddie Mac, from the Primary Mortgage Market survey(2). This is exciting news, as it greatly increases home buyer affordability - but it will not last! Most major banks are offering these limited-time rates on mortgage products only until mid-summer. RBC Royal Bank of Canada, the country's largest mortgage lender, began offering a mortgage rate campaign that enables mortgage applicants to participate in the same low rate that RBC employees receive - but only until July 3rd, 2015! "At 2.69 per cent, RBC’s current employee rate for a five-year fixed mortgage would make it the lowest among the rates advertised by any major bank," comments Tamsin McMahon of the Globe & Mail(3). Buying a home now, while these promotions are active, could save home buyers thousands of dollars in the long run.
This couldn't come at a better time for those interested in Harmony Village, because we are currently offering fantastic pre-construction pricing on some of our most popular suites. For example, our beautiful Blossom units are 628 sq. ft. and include one and a half bath and a den, all for $260,900! And that's including parking(4)! For Investors looking to make a profit, we are also offering a 2-year guaranteed leaseback, with an annual return on investment of 18%! And of course, living at Harmony Village means you get to take advantage of the convenient location, on-site retail and medical offices, a 35,000 sq. ft. amenity space, an extensive list of activities and services... And so much more.
However, just like the banks' super low mortgage rates, prices at Harmony Village will not stay at the current prices for long and will likely increase when we commence geothermal drilling and construction in late Spring 2015!Visit our showroom and gorgeous model suite today as 3260 Sheppard Ave. East, in Scarborough, to learn more about what makes Harmony Village so awesome and desirable. And at these prices (and mortgage rates!) what is not to love??
1 - for a 30-year fixed mortgage rate
2 - Reference: http://www.freddiemac.com/finance/
3 - Reference: http://www.theglobeandmail.com/report-on-business/economy/housing/rbc-bank-of-nova-scotia-shift-focus-from-mortgage-rates-to-features/article23678824/
4 - Please Note: not all suites include a free parking spot, only certain East Side units that are currently on promotion
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