Open House - The Real Estate & Mortgage Show: November 26th, 2022

Date Posted: November 29, 2022

As the Bank of Canada keeps increasing rates, it continues to “widdle” down that dream of owning a home. However, if you can stomach the increased rates right now, it is a great time to get into the market. With some townhouses down to the $500,000 range you would be getting a great deal from earlier this year when they were in the $700,000 range.

Although nobody can predict the future, we have seen this year that things can change very quickly. Back in March we were seeing rates around 2-3% whereas now, we are seeing rates have doubled and are sitting around 5-6%. We can only predict that rates will come down as inflation comes down and that is forecasted for 2023/2024.

To listen to the full episode, click here. 

Contact your Mortgage Broker today for trusted advice.