Thoughts From Judy Stacee-Cleaver
You Do The Math!
Seems like Durham and Toronto prices are inching upward while the number of sales are still dragging.
Bank of Canada had threatened to raise the rate in July and did so last week. Nothing can be gained by waiting for the prices to go down.
Did you know that in December, 2017, the 5-year fixed rate was 3.14%; in January, 2018, it went to 3.49%; February, 3.64%; May, 3.74%; and expect another increase by the end of summer.
Buyers who waited for prices to go down will now need a larger down payment, or pay a higher monthly mortgage payment. What a waste. One step forward, two steps back.