Condos-Lofts

GTA REALTORS® RELEASE MONTHLY RESALE MARKET FIGURES

Greater Toronto REALTORS

GTA REALTORS® Report Mid-Month Resale Housing Market Figures

Greater Toronto REALTORS

GTA REALTORS® Report Monthly Resale Housing Market Figures

Greater Toronto REALTORS

Home affordability uncertain for many with even small rate hike: report

An interest rate hike of 2 per cent would leave four-in-10 Canadians unsure about whether they could afford their homes, according to a new study from the Bank of Montreal.

The survey, compiled for BMO by Leger Marketing and released Wednesday, found 43 per cent believe an interest hike would either hamper their ability to pay or leave them on unsure footing.

One-in-five Canadians surveyed said a 2 per cent rise would hurt their ability to make mortgage payments, while 23 per cent said they were unsure if a rise would affect them.

The report also found 57 per cent of respondents believe they could still afford their home if interest rates spiked two per cent.

What Have I Done?

Last month, Anthony Wright sold his Mississauga townhouse for more than asking. He still feels badly about it.

Mr. Wright’s agent, Lynne Tham, listed his house on a Monday and accepted offers one week later. Six real estate agents came in and made an impassioned plea for their clients. Mr. Wright, a single father of three girls who deals with stressful sales situations in his professional life, was overwhelmed.

Most of the agents followed protocol and came alone. Except one, who had figured out that his client, a single mother of three, had some things in common with Mr. Wright.

“He actually brought the client in with him, which was so unusual,” says Ms. Tham. He hoped that his client might be able to persuade Mr. Wright to choose her offer.

GTA REALTORS® Report Mid-Month Resale Housing Market Figures

During the first 14 days of March, Greater Toronto REALTORS