Navigating the Nova Scotia Downpayment Assistance ProgramHave you ever felt like buying a home was as daunting as climbing Mount Everest? You're not alone. The monetary challenges may seem to be too
Rates Increasing, But Hopeful for the Future
Dated: February 18 2023
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The Bank of Canada recently announced a 0.5% increase in interest rates. This news has led many people to worry about the state of the real estate market, and there has been some speculation about the potential for a recession.
However, it is important to note that for every $100,000 borrowed, the monthly cost is only expected to increase by about $30. While it is true that interest rates are going up, it is still a good time for buyers to take advantage of the market, as competition is not as fierce as it once was.
The Bank of Canada has also changed its approach to rate increases, opting for a more data-driven approach that takes into account more information when deciding whether to increase rates to stem inflation. While there is no crystal ball to predict the future, this change in approach is certainly encouraging.
So, if you're thinking about buying a property in Halifax, now is still a good time to do so. There are still plenty of great deals available, so don't let rising interest rates deter you.
Chris Crowell
- Bachelor of Commerce, Major in Marketing - Saint Mary's University 2007-2011 - Over ten years sales experience - Former district manager for Unilever Canada Atlantic territory (9yrs) - Using my prio....
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