How do the interest rates effect the housing market? #shorts

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How high will interest rates go and will home prices fall further ????????????????

Interest rates are going higher because the Bank of Canada needs to tame inflation. Until inflation has peaked we may see interest rates continue to climb.

Higher interest rates reduces potential home buyers spending power and would affect the budget of their home purchase.

We believe that lower demand neighbourhoods could have potential to come down in price. However higher demand areas where seller’s don't have to sell will continue to hold strong on their price expectations.

So what is one to do when looking to buy a home in this environment? Well, if you are buying a home to live in. Your time of purchase should be dependent on your capability to carry the mortgage rather than timing the right moment to buy.

Real estate will always have some volatility in the short term but long term it has always proven to appreciate higher. As a purchaser for personal use the important consideration is your ability to afford the home.

Focus on time in the market not trying to time the market!

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