The current direction of The Bank of Canada (BoC) to continually raise interest rates to curb record-high inflation has caused a lot of anxiety across Canada as to how to manage not just day-to-day expenses but the cost of home ownership.
Is there a silver lining within this “interest rate storm?”
Even though interest rates are high, this also means that property prices are and continue to be moving lower than peak levels from a year ago. This translates into a great opportunity for Canadians who were priced out during the peak period.
To take advantage of this, the following information for would-be-buyers is key to think about before buying:
1. Secure the rate insurance of a pre-approval. This can save a potential homeowner the heartache of not having one. Securing a mortgage that fits your budget is critical to saving interest costs over a mortgage life span.
2. Remember, choosing a lengthy fixed-rate mortgage to secure a consistent payment schedule over the long term is ultimately...
2. Remember, choosing a lengthy fixed-rate mortgage to secure a consistent payment schedule over the long term is ultimately...
