Comments on: A closer look at the Saskatoon real estate statistics for November 2009 http://teamfisher.com/a-closer-look-at-the-saskatoon-real-estate-statistics-for-november-2009/ We're bringing Saskatoon real estate to life Sun, 20 May 2012 19:45:13 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Norm Fisher http://teamfisher.com/a-closer-look-at-the-saskatoon-real-estate-statistics-for-november-2009/#comment-3628 Norm Fisher Tue, 08 Dec 2009 12:41:45 +0000 http://www.teamfisher.com/?p=5559#comment-3628 Ginger, Sorry to hear that you've been hit with another rent increase. Five percent is a minimum down payment requirement and one would be wise to budget 1-1.5% for other closing costs (legal fees, inspection, etc.). You can find current rates on any financial institution or mortgage brokerage website. TMG's rates are here. http://mortgagegrp.com/site/SK/rates.asp Nearly everyone seems to be in agreement that rates will rise. The question is when, and that's all speculative. Of course, the Bank of Canada made a conditional commitment to kep them low through Q2 of 2010. I think they'll probably start to rise after that. They should easily return to historical norms, perhaps higher. There are some pretty attractive longer term mortgages available now though. TMG's five-year rate is below 4%. A $250,000 mortgage at 3.9% will set you back about $1300 a month on a 25-year amortization. Of course taxes would be extra, and so would condo fees if you were to choose to continue living in an apartment. Ginger,

Sorry to hear that you’ve been hit with another rent increase.

Five percent is a minimum down payment requirement and one would be wise to budget 1-1.5% for other closing costs (legal fees, inspection, etc.).

You can find current rates on any financial institution or mortgage brokerage website. TMG’s rates are here. http://mortgagegrp.com/site/SK/rates.asp

Nearly everyone seems to be in agreement that rates will rise. The question is when, and that’s all speculative. Of course, the Bank of Canada made a conditional commitment to kep them low through Q2 of 2010. I think they’ll probably start to rise after that. They should easily return to historical norms, perhaps higher. There are some pretty attractive longer term mortgages available now though. TMG’s five-year rate is below 4%.

A $250,000 mortgage at 3.9% will set you back about $1300 a month on a 25-year amortization. Of course taxes would be extra, and so would condo fees if you were to choose to continue living in an apartment.

]]> By: Evan http://teamfisher.com/a-closer-look-at-the-saskatoon-real-estate-statistics-for-november-2009/#comment-3627 Evan Tue, 08 Dec 2009 04:18:10 +0000 http://www.teamfisher.com/?p=5559#comment-3627 Ginger, I feel your pain. Having recently moved from Calgary, I am not sure it is any cheaper to rent in Saskatoon than it was in Calgary. Over stated job prospects and earning potential added to over priced rent and no real great options have me wondering if I should've made the move in the first place. I am seriously considering moving back to Calgary in a year when my initial obligation ends. Ginger, I feel your pain. Having recently moved from Calgary, I am not sure it is any cheaper to rent in Saskatoon than it was in Calgary. Over stated job prospects and earning potential added to over priced rent and no real great options have me wondering if I should’ve made the move in the first place. I am seriously considering moving back to Calgary in a year when my initial obligation ends.

]]> By: Ginger http://teamfisher.com/a-closer-look-at-the-saskatoon-real-estate-statistics-for-november-2009/#comment-3626 Ginger Tue, 08 Dec 2009 02:16:25 +0000 http://www.teamfisher.com/?p=5559#comment-3626 Advice please! We are a professional couple living downtown who have just been given notice, yet again, that we are having our rent increased. We moved to the province in the summer of 2007 and nearly bought in the summer of 2008; however, ran into the over bidding madness, CMHC saying we were over paying on the house (which we were to be honest), and in the end we lost the house. The entire experience soured it immensely for my husband, but at this point we have had our rent raised so many times (with each lease end) that we either are going to buy or we need to leave the city because this is outrageous. It kills me that there are no rent controls in this city. Why is that by the way? We are currently paying $1400 for a big apartment with a killer view, with no underground parking (just covered), no washer and dryer and it hasn't been reno'd ... I'd say judging by our mustard yellow bathroom ... ever, plus electricity. This was the building where we learned last year wasn't up to code when it was on the cover of the newspaper - sure weren't told about that when we moved in. Can someone tell me how a first time home owner's mortgage goes? I think it's 5% down? How much are mortgage rates these days and how long until they take a big jump? Thanks in advance. Advice please!
We are a professional couple living downtown who have just been given notice, yet again, that we are having our rent increased.

We moved to the province in the summer of 2007 and nearly bought in the summer of 2008; however, ran into the over bidding madness, CMHC saying we were over paying on the house (which we were to be honest), and in the end we lost the house. The entire experience soured it immensely for my husband, but at this point we have had our rent raised so many times (with each lease end) that we either are going to buy or we need to leave the city because this is outrageous.

It kills me that there are no rent controls in this city. Why is that by the way?

We are currently paying $1400 for a big apartment with a killer view, with no underground parking (just covered), no washer and dryer and it hasn’t been reno’d … I’d say judging by our mustard yellow bathroom … ever, plus electricity. This was the building where we learned last year wasn’t up to code when it was on the cover of the newspaper – sure weren’t told about that when we moved in.

Can someone tell me how a first time home owner’s mortgage goes? I think it’s 5% down? How much are mortgage rates these days and how long until they take a big jump?

Thanks in advance.

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