Well there you have it my friends !! Anyone who bought in 2006 is in a good position as far as real estate. The increase is 264% increase... Talk about crazy !
So can this continue into 2017... we will have to wait and see but TD Bank has increased their mortgage rates and I am sure more will follow. Something has to slow this down.. if you are thinking of selling, now is the time.. but also consider where will you buy? That is a key factor... and in a market where everything is selling within days, I would recommend buying first and then listing your home unless you have alternate living arrangements.
Also a good time for anyone looking to borrow, instead of paying 19.9% on balances on credit cards, consider using the new equity in your home for a PLOC registered against your property and that way you will pay Prime + which is a lot lower than 19%.. unless you can pay your balances off on your credit card in full every month.. which is what I highly recommend.
For those who would like to check their credit score .. you can go to www.borrowell.com and get a free Equifax credit score and it won't affect your credit score either. I highly recommend everyone keep an eye on what their score is as it affects your borrowing power and the interest rates you will get.
I also want to take this time to wish you all a very Happy Holiday Season and I look forward to working with you, now or in the future and if you have any real estate questions, don't be afraid to ask !
Cheers my real estate friends ! Let's hope 2017 is a fantastic year for all of us with continued good health and happiness.
If you have friends or family looking for make a move in a New Year, please don't hesitate to pass along my name, I would be only to happy to help !
HAPPY HOLIDAYS !
