Interest Rates and First-Time Buyers

There have been a few modest increases in Canadian borrowing rates since the middle of last year. But the rates for most mortgages are still very low in historical terms.

With the federal election behind us and job numbers looking better, most analysts agree that the rates are likely to climb from their current point. In anticipation of the increase, there has been a rush in most markets by first time buyers looking for lower-priced homes to get into at these great rates. In these same markets things are considered balanced: there are about the same number of sellers and buyers. Nevertheless, in the lower-price tier, properties are getting snapped up very quickly.

If you're thinking of entering the real estate market for the first time, a REALTOR® can be a great source of advice and expertise. As your agent, I also serve as a buffer between you and the often frustrating negotiations that go on to secure a good deal in a good neighborhood. Most importantly though, the ideal agent for a first time buyer will take the time to explain things, provide reassurance, and generally "hold your hand" through the process.