Burlington Best Mortgage Rates – Compare Mortgage Rates Mortgage Brokers – RateSupermarket.ca
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Toronto area (including Burlington) Mortgage Rates Will Remain Relatively Flat
The Canadian Mortgage and Housing Corporation (CMHC) has reported in their latest Burlington Housing Association Market Outlook that posted mortgage rates eased by about 50 basis points in the first four months of this year, although rates in late April were 30 to 35 basis points higher than they were 12 months prior. Mortgage rates are expected to trend marginally lower throughout 2008, but will be within 25-50 basis points of their current levels. For 2009, posted mortgage rates will begin to drift up slightly as the year progresses. For 2008 and 2009, the one-year posted mortgage rate is forecast to be in the 6.50- 7.50 per cent range, while three and five-year posted mortgage rates are forecast to be in the 6.75-7.50 per cent range.
Burlington 2008 Housing Outlook
The CMHC reports that Burlington’s housing market has sustained steady growth and continues to attract buyers as it is still a relatively new city. This trend is evident in its population growth which has outpaced the national average. Large, single-detached homes on sizeable lots and a diversity of condominium apartment sizes and types are popular in Burlington and suitable for many households including young professionals, families, empty nesters and retirees. Total starts in Burlington last quarter were up 50 per cent as compared to the same time last year, and single-detached starts increased by almost 83 per cent. The more expensive home markets in Hamilton such as Burlington, Ancaster and Stoney Creek will remain popular among affluent buyers, and in a relatively expensive market such as Burlington, average home prices will rise more quickly. Last quarter, the average price of resale homes in Burlington alone was 28 per cent higher than the average for Hamilton.
CMHC Burlington area housing market & Burlington area mortgage rate forecast
Unfortunately, the CMHC doesn't report on Burlington specifically regarding the housing and mortgage market, however, we've included the closest surrounding areas. Total Housing Starts MLS average price Mortgage rates (1 year) Mortgage rates (5 year)
Census Metropolitan Area
MLS sales
2007 Hamilton 2008 (F)
3,004
13,866
$268,857
7.35%
7.54%
3,040
12,900
$285,000
6.95%
7.01%
2009(F)
2,890
12,100
$296,000
6.83%
6.97%
2007
33,293
95,164
$377,029
7.35%
7.54%
Toronto
2008 (F)
35,000
84,000
$394,000
6.95%
7.01%
2009(F)
33,600
77,000
$404,000
6.83%
6.97%
Source = CMHC MLS = Multiple Listings Service
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