One of the many factors that impact real estate in Toronto is mortgages. So we were excited to see that mortgage rates in Canada are the lowest since 2017. Are rate cuts coming? Let’s explore:
Looking at interest rates in greater detail, it’s clear we don’t need to fret about the rates. The key interest rate is currently holding at 1.75%, a decision announced by the Bank of Canada on May 29, 2019. The average since 1935 is approximately 11%. So our current rate is absolutely phenomenal.
Many pundits are also indicating that rate cuts may be coming, as fixed-rate mortgages tend to follow bond yields. The 5-year bond yields remain at 1.75%, and have been trending lower.
What is equally as interesting, is that 5-year fixed mortgage rates being offered are nearly on par with variable rates.
If you have been toying with the idea of investing in Toronto real estate, or getting your foot in the real estate door as a first time home buyer, now is most definitely the time to do so, given these exceptional rates. We have been living real estate for over three decades, and we can honestly say that Toronto real estate is strong and an excellent investment. Now is a great time to buy. Don’t wait to get into the market. Start now, start small, and stay patient. We can help. Call us today to discuss: 416-222-0025.
Interested in buying real estate in Toronto & the GTA, or perhaps investing in Toronto real estate? First time home buyer? Moving to Toronto? Are you part of a Toronto relocation with your employer? Our real estate sister company – MAC Real Estate Services Inc., Brokerage – can help you with all steps of the process, from finding a new home, temporary accommodations in the meantime, destination services, settling in services, move management, and so much more. So many steps of the move can be handled in advance, so when you arrive we can get you settled much faster. When moving to Toronto, we can help with all aspects of the relocation.
We’d love to hear from you, so call us today to book your complimentary private consultation.
Once you are all settled into your new home, let us help you with a relaxing Caribbean get-away with a private luxury villa rental in St Martin/ St Maarten, St Barth’s or Anguilla. Caribbean villa rentals are a cost-effective way to travel. Ask us how!