Transcript:
Tom
It's been two years since we've been able to be in the car together and do a Tour Tuesday. For those that don't know, it's the Tuesday that we tour homes, so you don't have to, it's fun.
Tara
I don't know if you can see Joe and Julie back there. I'm not sure how dark it is, but they're hiding in the shadows.
Tara
We have been doing Talko Tuesday, as you know, for the last couple of years. But, oh, my gosh, I'm so thrilled to be out here in the car that I actually have to stay focused while I'm driving now because really, like who's driven for the last year.
Julie
It's so true.
Tara
So that's exciting. Well, we had some interesting feedback today. There's been some changes, and probably the biggest takeaway was the interest rate. Yes, the interest rates are going up again. They're going up half a point probably by next week, and they will probably go up another point by the end of the year. So what does that mean for you? Numbers guy.
Tom
Numbers guy. Well, okay. So you know that we're sitting at around 4% right now. You're going to have to qualify somewhere closer to the 6% because of the stress test. But expect interest rate for a fixed five year to be somewhere around five. What's interesting is the variable rates are staying low. And I don't know what we can gleam from that. I mean, from a business perspective, you have to ask why a bank would be willing to give a variable rate at 1.67, but a fixed rate at 4%, unless if they think at some point in time you're going to have to renew at a higher rate down the road and it might be more profitable for them, we don't know. So I don't know if that gives us some insight into where we think interest rates are going to go in the future. But we do expect them to go up. So just keep that in mind when you're locking in your mortgages and deciding what to do with there, make sure you ask lots of questions. And if you really have any questions and you're not sure who to talk to, give us a call.
Tom
We'll hook you up with a specialist and they'll be able to guide you.
Tara
In the market we are seeing, there are no rhyme or reason which ones, but we can help guide you as to which ones. So basically, homes under 400,000 are still seeing quite a few multiple offers, kind of between that four and I'd say almost $700,000 range. We're starting to see pricing come more in line as to where they should be for pricing and then over that, it's kind of hit and missed, depending on the homes, whether or not what type of multiple offers we're seeing. So it's interesting. It's an interesting shift. It's just you need to talk to us because we have to tell you specifically on your home what's happening. And that shift has just happened over the last week and a half.
Julie
It depends on the home. It depends on the price. Many different factors come into play.
Tara
How many other properties are on that are similar to it that is affecting it. And of course, we have more homes on the market Because it is our spring. So we have three awesome homes this week. Yes, Joe, take it away.
Joe
So we have 67 maitland. It's a beautiful home sitting on an acre lot in the heart of Belleville. It is a five bedroom, four bath, 3800 hundred square foot home. It is zoned for R1 - 3 with special provisions because there's an out building on it so you can run a small business out of that out building. It's secluded, but yet everything and it is a beautiful, fantastic home. Price is 1,999,900
Tara
All right, what's our next house?
Julie
So we've got 4 Sage, which is a middle unit bungalow townhouse, one bedroom on the main level. Nice open concept living kitchen area like a landscaped backyard and deck. And then downstairs, you've got a den and another bedroom and another full bath, then a big room, storage room, main level laundry as well and a single car garage. And the price on that one is.
Speaker 1
That had a question Mark Because we are shifting from what we had priced at low to what we priced at where they want. And that's part of that whole you're seeing homes getting more into the groove of where they should be listed as opposed to maybe being under. That is not the case for all properties. We are just seeing that in some instances and depending on what the seller wants to do right, it's their home, it's their choice. And then we have 113 Cannifton Rd. North. This is just north of the 401. It's an awesome building that you could live in. There's a two bedroom apartment that's had over $30,000 worth of renovations to it. And then it's got a triple Bay garage and an office that you can run your own business out of. There's so many options on that one. Give us a call. Most importantly, it's right along the river. So you have this incredible view that you can sit and enjoy out on the deck or from inside. And there's tons of carbon.
Speaker 2
Big waterfall right on the other side. I think so. Welcome back, everybody.
Speaker 1
Welcome back.