Rising Interest Rates Shouldn't Discourage Homebuyers

Posted on Friday, March 2, 2018 17:55 PM

Tougher rules and rising interest rates may have some homebuyers across Canada worried about jumping into the market right now.

Heather Elliott with the Mortgage Centre says rates may be on the way up but are still at historically low levels.

"A variable rate is still going to get you in at your lower interest rate.  So there is no reason not to buy.  But there are those with the frame of mind that this will stop people from buying," she notes.

Elliott says when you compare double-digit interest rates in the 1980s and 1990s, today's rates seem like a real bargain.

She does add though that homeowners who have to renew their mortgages this year will notice differences from five years ago.