Toronto Life - The Informer

Insider intel on the politics and personalities shaping the city. Sign up for Preview newsletter for weekly updates

Real Estate

2 Comments

Why the next few years could be very good for first-time home buyers

In today’s Globe and Mail, personal finance columnist Rob Carrick has some good news for those who have been trying without success to get into Toronto’s housing market before prices rise out of their reach. Carrick writes that, with housing markets cooling in several cities, including Toronto, many are forecasting that prices will plateau or even fall. Meanwhile, interest rates are expected to stay at their current very low levels for a while longer. That means first-time buyers can relax and take some time to build up bigger down payments, thereby saving themselves some money on interest payments and mortgage default insurance—and if new buyers do so en masse, it’ll bring housing prices down even further, saving them even more dough. Read the entire story [Globe and Mail] »