Assumed mortgage at ultra-low rate greases condo sale

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Toronto Home Sales News

Done Deal,Real Estate,Nodelphi

Buyer was offered a chance to assume the seller’s existing fixed mortgage at the ultralow rate of 1.94 per cent until April, 2026

The unit has an open kitchen and living room with 17-foot ceilings.Based on fall sales, agent Mikayla Rugala estimated the value of this 920-square-foot suite at $830,000, but she and the seller decided to price it at $750,000 to help it stick out from other high-rise units around Humber Bay Park. Those ideas flew out the window once a neighbouring unit, somewhat smaller but with a similar two-storey layout, sold for less than $600,000.

“Recently, there was a unit with two bedrooms and two baths that sold for $780,000 – and that should have gone over $900,000.” “The buyer of the property made their offer conditional on assuming her mortgage rate, which was a win,” Ms. Rugala said.

 

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