It's Time to Buy |
 |
Interest rates are on the rise
On Monday, March 29th, three big Canadian banks signaled the end of historically low lending rates by raising their mortgage rates by more than half a point. Most industry experts agree that this is the beginning of a series of hikes that will ultimately cost Canadians more to finance their home purchases.
For Example: (based on a 25-year amortization)
Today
A $250,000 mortgage at the newly posted rate of 5.85% = $1,577 per month
Last Friday
A $250,000 mortgage at the newly posted rate of 5.25% = $1,489 per month
The Difference
This equals a rate hike of $88 per month. This can really start to add up and can quickly change the landscape of what kind of home you can afford to purchase.
Whether you're considering refinancing your mortgage, moving to a new home or becoming a homeowner for the first time - the message is loud and clear - the time to buy is now.
The message
More than anything else, it signals that if you've been considering buying a house, it's time to get a move on. Here's how:
Get pre-approved today
To avoid further interest rate hikes, get your purchase process going today by getting your mortgage pre-approved. This will help you to ensure that your payments and debt load are comfortable before interest rates rise further. We can help you connect with a mortgage broker if you're not too sure where to start. Just fill out the form above and we'll get in touch with you right away.
Start looking today
We have a large inventory of affordable homes to choose from. To ensure you have as much choice as possible, in the communities that appeal to you, contact us. We're here to help you become a homeowner.