BRAUN: Pace of real estate decline finally slowing Via LizBraunSun
Prices will likely still fall in Toronto, but the decline has begun to slow and expectations are that prices will bottom in the spring.As the Canadian national soccer teams head to their respective FIFA World Cups, Derek Van Diest is on the scene to cover all the action. Expect expert insights and analysis in your inbox daily throughout the tournaments, and weekly on Thursdays for the rest of the season.
For starters, he prefers to keep all the gloom and doom on the down-low. A correction notwithstanding, real estate remains a solid investment. If you’re wondering what the bank will lend you for a mortgage, the expert offered a useful rule of thumb: 4.2 times your salary will tell you what you qualify for.As for figuring out your monthly mortgage payments, calculate $6 per thousand; a $500,000 mortgage will cost $3,000 a month, for example.
“For the first time in my career, I’m not telling people what to do. Instead, I’m telling them their options,” he said.Article contentThe government should have started two years ago and raised rates more slowly, he explained.
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