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.
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