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How Low Mortgage Rates Help The Real Estate Market In Wasaga Beach

“Should I stay or  should I go?” ( The Clash 1983)

Mortgage interest rates are at historically low levels.

Even in these economic times people still need to live somewhere. The real estate market in Wasaga Beach is holding its own and the following is true:

• First time buyers are able to buy a home.

• Existing homeowners are able to buy a more expensive home.

• Home ownership is attractive to real estate investors.

Undoubtedly lenders have tightened up lending criteria but Canadian banks are still loaning money. Prices may drop (although this is not happening with the average price in Wasaga Beach and Collingwood) but any gains made by waiting for a price drop could be wiped out by an increase in interest rates. The current buyers market will not last  especially as potential buyers realise that interest rates will not stay this low. A recent RBC survey found that the number of people intending to buy in the next 2 years has increased since last year.  If you are a first time buyer, or considering a new home or an investor please contact me for more information on how to take advantage of the current situation.

This entry was posted on Saturday, May 23rd, 2009 at 8:31 pm and is filed under The World Of Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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