The Financing Factory

Borrowers that are looking to get a mortgage anytime soon better brace themselves for sticker shock because we're about to see another wave of fixed-rate mortgage hikes! The catalyst: rocketing bond yields, which in turn are being fuelled by soaring oil prices. The average uninsured five-year fixed rates are now approaching a 300-basis-point increase compared to last September. Wanna talk about it? book your call: https://hi.switchy.io/8H5F

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Mortgage shoppers beware: Surging oil is pushing five-year rates above 5% Sticker shock is a symptom of the times as oil prices trigger another wave of fixed-rate hikes

The Epic Alliance group of companies shut down its operations at the end of January. Its investors and property partners learned of the collapse in a 16-minute Zoom call. The news of Epic's collapse went off like a bombshell in real estate and business circles. Epic Alliance controlled 504 properties in Saskatoon and North Battleford. The majority of the properties — a combined $115 million worth — are in Saskatoon. The fear in the local real estate community is what might happen should dozens, if not hundreds, of these homes hit the market. https://hi.switchy.io/7hXb

A three-bedroom Toronto home hit the market on Tuesday with an asking price of $1,099,900 and it got scooped up later that same day by a bully offer of $1,625,000 — $525,100 over asking! 😱

According to the listing agent Melanie Wright of Wright Sisters Group “We ran a coming soon campaign knowing there was an appetite for a detached home on a premium lot, just steps from the school.”