The Globe and Mail today reported that several Canadian financial institutions lowered their residential mortgage rates yesterday, across a broad range of maturities to take effect beginning this week. The reductions on one to five year fixed-rate mortgages, ranged from one-quarter of a percentage point to a full percentage point and varied with financial institutions.
The companies lowering rates included Royal Bank of Canada, Bank of Montreal and Desjardins Securities. The lower rates will hopefully bring some relief for Buyers!
Tuesday, November 18, 2008
Your new assessment notices are in the mail, and I am sure most people are going to see the value of their home rise. This is the first new assessment in 3 years, so many homeowners will be thinking about the tax hike that is on the way. What you should be focusing on is how your property value changed compared to the average, to see if your taxes are going up. We are also hoping that Lambton Shores council changes the mill rate accordingly, so our taxes don't go up and they make this another tax grab!
Monday, November 17, 2008
After a strong September, October real estate sales in the London area dropped by 15%, while sales across Canada dropped by 14%. The number of sales so far in 2008 is down 7.9%, according to the London St. Thomas Association of Realtors, compared to 2007, which was a record year. The average price of a home is $212,034 in the London area, up 5% from last year with the market here returning to a more normal market. The number of listings are up from last month and up 28% over last years numbers. So it seems to be a great time to buy with more selection and better prices...just like there was a sale going on!
Saturday, November 1, 2008
The 7th Annual "Kause for Kids" Motorcycle Parade was held today in the sunshine and 50 degree weather! Over 300 bikes, had to be in the parade with everyone from Santa to the Alhambra band taking part in the activities. Everyone brings a toy for the Kids, dresses warm and cleans the bike for the parade down Main St. and the festivities after. It's like an annual reunion and with the beautiful weather out it was very busy here in town.