Time to Maximize Your Borrowing Power

In my last post, I talked about how prices continue to rise in the Toronto real estate market (and everywhere else) so the time to get into the market is now - especially before it heats up even more come Springtime.

There is even more incentive to get in now as mortgage rates are set to rise. We’ve been spoiled by a long period of low interest rates, which has also helped fuel the real estate market over the last few years.

However, as inflation continues to rise the Bank of Canada can no longer hold interest rates where they are. We’re also seeing a bit of buyer fatigue in some areas - meaning less competition for some properties currently on the market - making this a good time for qualified buyers to get in.

It also makes it a good time to invest in a second property by taking advantage of the increased equity in your current home. By locking in a rate now, you can save on borrowing costs for the next few years depending on the type and term of mortgage you select.

The condo market is a good place to look right now as housing supply continues to be tight across the GTA. Coming off a strong 2021, Toronto’s condo market is expected to be even stronger this year. Although supply is still an issue, new pre-construction projects should provide some opportunities as over 7,500 new units are anticipated starting next quarter.

For insight into the current market and buying opportunities, give me a call. It’s time to love, live, life in the city!