WHAT ABOUT INTEREST RATES?
Real Estate in Toronto is a hot commodity. With a growing population, low interest rates, and a steady economy, the prospects for growth seem unlimited. Many buyers, especially first time buyers are concerned about interest rates and where they may go. While it is true that rates are at record or near record lows, and that they may increase, this should not be viewed as an overwhelming concern. For example, in the late 1980's, mortgage rates were in the 12-13% range. Today they are in the low 4% range over a five year term.
Should rates increase, they would only do so at small increments, barring any unforeseen developments. Effectively, this would only add marginally to a monthly mortgage payment, and for most people, these payments would still be very affordable. This bodes well for future appreciation in residential properties.
By taking advantage of these historic rate opportunities, you can own your own home and pay off the mortgage in record time with smart planning.
For more information on how to buy and take advantage of these many opportunities the market place offers, feel free to use our buyers form or contact me at your convenience.
