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For .pdf version, please click here: Milton Monthly – August 2019
Interest rates hold steady in this balanced market
The 207 Milton residential sales in July 2019 represent a significant 19% increase in volume year-over-year. The average sale price of $725,000 is also up a healthy 5.8% when compared to the figure from last July. Both these figures are very much in line with what we have been seeing throughout 2019, as is the current 6 weeks of inventory available in Milton.
July 10th, the Bank of Canada opted to maintain its trend setting interest rate at a steady 1.75%. Banks and mortgage providers have responded by further lowering their long term fixed interest rate offerings. As of this writing, 5 year fixed mortgages can be had for as low as 2.7%, nearly a full percent lower than what was offered in late 2018/early 2019. With such tempting offers and rental rates continuing to rise, investors have made their return to the market.
If you’re thinking it might be time to expand your property portfolio, don’t hesitate to reach out. We always have time to chat real estate!
Your local Real Estate professionals,
Kyle and Jay