Home Prices Heat Up Despite High Interest Rates + MORE May 1st

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Home Prices Heat Up Despite High Interest RatesSome weird stuff is happening in the world of real estate. As you likely know, the Bank of Canada has steadily raised interest rates over the past year in hopes of cooling inflation. This was also supposed to cool the housing market. Conventional wisdom dictates that higher rates would result in more mortgage defaults, more housing supply, and lower home prices. Oddly enough, none of that is happening. 

What’s Going On?

Despite the astronomical spike in interest rates, there are far fewer real estate transactions compared to this time last year. The number of new mortgages being registered has dropped significantly. The rental market has ramped up (a basement apartment in Toronto now goes for $2k – $3k/month, which is ludicrous). And most importantly, real estate prices have skyrocketed. Bidding wars are back in full swing, which is almost the exact opposite of what we expected to see from a rate environment like the one we’re in. 

Why Is This Happening?

There are a few factors at play here…

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How many years can I get a fixed-rate mortgage for in Canada?While some Canadian lenders do offer fixed-rate terms for as long as 25 years, a five-year term is far more common in Canada.

Continue Reading On thestar.com »

Health-care workers Annie and Ben, 33, can afford a bigger house. But is now the time as they look to grow their family?The couple has a combined annual income of $260,000, a modest mortgage, and is wondering how best to invest their savings.

Continue Reading On thestar.com »

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