Canada in recession, rate cut likely: TD. What the?
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Posted on: 20-07-15 17:36:22
I have a question related to the Real Estate.
While buying a house, and making an offer, how much does the City Assessment value count? Let's say, assessment value of a house is $564k but the house is listed for $600k, how much should the offer be? Should it be the equivalent to what other and similar houses have sold in the neighborhood or the better one would be the assessed value? Considering, there are no existing offers on the property.
I think you should go with the equivalent to the other comparable houses sold recently in the neighborhood. City assessment value has nothing to do with it.
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A Delhite in Toronto
Comparable house sold in the neighbourhood is a good indicator, but based on the situation of the seller you can take advantage.
Have facts ready with you.
If there is no offer on the house, you can start with 20-25K less than what you think is the right price.
And then slowly go up.
This is a website by some Chinese guy..it shows how much the house or condo was actually sold for i.e the final selling price of the house..not just how much it was listed for 
http://www.realmarketwatch.ca/
Its in Chines but not hard to decipher with Google translate ..MLS hides how much the house sold for & doesn't tell you that unless you are a RE agent ..we can only see the asking/listing price, but never get to see the actual price at which the deal closed.
Friends
wanted your thoughts , in today situation where interest rate is low (close to variable ) does 2 year fixed mortage better than 5 year fixed.
I have friend who is finalized the deal , was wondering what CD's take on this?
Quote:
Originally posted by MAK3
Friends
wanted your thoughts , in today situation where interest rate is low (close to variable ) does 2 year fixed mortage better than 5 year fixed.
I have friend who is finalized the deal , was wondering what CD's take on this?
Just go for a 5 year variable rate mtg , its as low as 1.95 % ! The rate is NOT going up anytime soon, due to oil prices and recession .
http://www.mortgagealliance.ca/pramodchopra/default_Agent.asp?ContentTypeID=&PageID=10
You can always lock into a fixed rate MTG from the variable rate MTG without any penalties, if you feel the rate is creeping up
For the next 2 years atleast the rates are NOT going anywhere, either they will be steady or will even go down further by 0.25 % .
Thx AT
if rates are not going up or nor going down, atleast it would be better to lock it for less stress. My understanding is that you can lock into fixed rate MTG from Variable , the new rates would be based on the prevailing rates which could be up or down depending on that time.
I suggested 2 year fixed now since the variable is also in same boat. maybe 5 yr fixed is an option as he is first time home buyer
MAK
