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Patricia Hodge-Rendall

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Alton Village, Burlington Market Watch

Latest 6 Month Recap of Solds

March 1, 2013 - August 31, 2013

Type # Sold Average Price High Price Days on Market
2 Bedroom 1 $585,000 $585,000 73
3 Bedroom 12 $599,558 $679,900 48
4 Bedroom 62 $647,990 $832,500 43
5 Bedroom 1 $818,000 $818,000 56
3 Bedroom 16 $463,344 $555,000 26
4 Bedroom 9 $469,700 $562,500 27
4 Bedroom 1 $465,500 $465,500 21
3 Bedroom 14 $396,821 $465,000 29
Total 116 39

Burlington Real Estate Listings in Alton Village, click here

Message from Patricia Hodge Rendall . . .

The variable rate alternative

With fixed mortgage rates moving upwards over the past month, many will be tempted to lock in their rate. But if you want a low rate and are willing to "roll the dice", you may want to consider a variable-rate mortgage. Currently a variable rate mortgage, which is tied to the prime lending rate, can be had for as little as 2.55% while the comparable five-year fixed closed rate is 3.49%.

Let's compare a $500,000 mortgage with a 25-year amortization at 2.55% versus 3.49%. Over five years, the variable rate product would cost you $58,753 in interest. The locked in rate would cost $80,943 in interest. That's one expensive insurance policy!

Finally, the Bank of Canada's key lending rate (which is what the prime rate is tied to) hasn't budged in three years and most economists say it won't be moving until at least 2015. Food for thought . . .

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