If you are a buyer these days do yourself a favor and not listen to the news about real estate in Toronto. Speak to real estate professional like myself about what is actually happening in the market. Different parts of the city produce different results whether planning on buying or selling.
Yesterday's announcement of this 'much anticipated' mortgage hike by the Bank of Canada is nothing to worry about.
A 0.25 point increase in mortgage rates literally means an extra $25 per every $100,000 borrowed.
This is virtually nothing for most property owners! If $25 - $75 extra creates a problem you have been lying to yourself. Variable rates are always subject to change. And people who have variable rate mortgages need to keep an eye on it at all times and plan accordingly.
The Toronto market is very active yet more balanced than it was even a month ago.
Overall, these changes should have little, if any effect on the market.
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