Megann Willson's blog

This is a question I've been hearing a lot lately. Buyers who have been reading the latest news on interest rates, are wondering what the impact will be on the property purchases they are contemplating. Should they still buy? Won't their mortgage cost more? Won't it make prices fall, if interest rates go up?

Prices are up, I’m sure you’ve noticed! Inflation is definitely impacting everyone’s budget. If you’re a homeowner, the plus side of this is that the value of your home is likely on the rise as well. But the downside of that, is that the cost to carry your house, townhouse, or condo is also escalating.

In a tight seller’s market like we’re experiencing now in the GTA, clients are still looking (wishing, hoping) for bargains. And occasionally, there are incredible deals out there. The truth of it is, though, that prices are high, and supply is very limited. That doesn’t mean you should take whatever you can get, but it does mean that smart buying practices are more important than ever.

This post has been adapted and updated from one originally posted in 2020

Ask anyone who has owned a home for a long time, or even multiple properties, and they’ll tell you this is true. Their property never looks the same now as it did when they bought it. Sometimes the changes were necessary, but even with buyers who move into  a brand-new home, this is one thing I know for sure. The minute they are in it, they’ll start making changes.