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For .pdf version, please click here: Newsletter – July 2019
Mortgage rates going down and high-rises going up
The average sale price of $716,600 is up 4% when compared to the figure from a year ago. The 228 sales in June 2019 also represent a 13.4% increase over that period of time. It seems like the market has reached an equilibrium. Inventory is at a healthy level and people are taking advantage of continued mortgage rate drops. As of this writing, we have had clients secure 5 year fixed rates as low as 2.84% with major banks (something none of us thought we would see again for a long time just a year ago).
Milton town council has recently approved an unprecedented type of development at the SE corner of Derry and highway 25. Three towers are slated to be 16, 20 and 25 stories connected by a 3 storey podium. An assortment of townhomes are also slated to be built at the same location. There are also other similar proposals currently being evaluated for different sites around town. Looks like we are going to be growing veritcally!
If you have any questions about the new developments, mortgage rates or anything else real estate related we’re never too busy to chat.
Your neighbourhood Real Estate experts,
Kyle and Jay