October 2, 2008

Hello Everyone,

This is my first monthly newsletter. Hopefully you will find it to be helpful and informative. Each letter will contain a section on my thoughts about what it happening in the real estate market based on what I see and hear working in the industry, attending conferences, and discussions with mortgage consultants and real estate brokers.  I also have access to homes sales statistics. I will also include information on some of the different mortgage programs you may be interested in as well as tips on everything from home maintenance to home staging.

Uncertainty is the best way to describe the current real estate market. I am finding that many buyers are either apprehensive to purchase or want $50,000 off of the asking price.   Current statistics show that over the last few months home selling prices are stable, and asking prices and inventory are rising. The volume of sales is dropping. In the near future I believe you will see inventory drop and selling prices level off.

Due to financial uncertainty mortgage programs are currently in transition. In most cases credit has to be stronger to qualify now than for the same mortgage product a month ago. You can get 100% financing until Oct.15th and buy an investment property with 5 % down. First time buyers currently receive a government rebate for land transfer tax, cutting their closing costs by more than 50%. I have become a member of the Sutton Member Program, which allows me to offer you the best mortgage rates in Canada (currently 4.75% for a 5 year fixed).  If you are interested in buying, selling or refinancing, just give me a call or e-mail and I can give you some suggestions.

I hope everyone is well. E-mail me or give me a call if you have any questions or comments.

All the best,

Napoleon

905-332-4111

nwilson@sutton.com