It’s been a long winter. If you’re like me, you’re looking forward to spring and summer… and all the wonderful things that await us! If you’re watching the real estate market, you’re going to like the record-low interest rates and price reductions. The coming months are looking like a good time for buyers and sellers.
I’m seeing and reading that Canadians are taking the current economy as their opportunity to make a move. The sellers are moving into bigger homes or design-based condos and the buyers are loving the more affordable prices. And why not? The industry experts believe that Canada is the world leader in real estate. That’s right folks! Our great country offers the best quality housing at accessible prices.
To make matters even better, mortgages have never been more affordable. Consider this: in January 2008, a $550,000 loan at 6.25% interest rate would cost you $3,601 monthly. Today, you can get $750,000 – for forty-six dollars more each month! With interest rates at 3.25%, we’re in for a very interesting time!
If you are a first-time buyer, it’s a double-win. You’re paying 10-15% less than a year ago and the prime interest rate is 4 percent lower than December 2007.
Don’t panic over newspaper headlines. Make an informed decision. Run your own numbers, or call me and I’ll help you determine the best move for you.
