Just when you thought interest rates couldn’t get any lower, HSBC shocked with an insured 0.99% variable rate mortgage. Record low rates mean monthly mortgage payments are lower today than they were last year, despite rising prices. But higher prices mean bigger down payments that a lot of first-time buyers can't come up with. Realty’s John Pasalis operates in and analyzes the Greater Toronto Area market. Oakwyn Realty’s Steve Saretsky covers Vancouver. They shared their thoughts on the effect of low rates on prices and how it affects buyer psychology. Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jessysbains.Download the Yahoo Finance app, available for Apple and Android.
Record low interest rates and a strong desire to upgrade living spaces as more people work from home is leading to increased competition among home buyers. Realtors are reporting as many as 65 bids for a single properties, which are often listed at reduced prices to spark bidding wars to fetch a higher sale price. Realty’s John Pasalis operates in and analyzes the Greater Toronto Area market. He tells us why it's best to just sit out bidding wars and how they lead to unnecessary anxiety. Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jessysbains.Download the Yahoo Finance app, available for Apple and Android.
Canadian real estate had its busiest year ever, even though unemployment hit a record high as millions were forced to rely on government benefits like the Canada Emergency Benefit (CERB) and the Canada Recovery Benefit (CRB). Record low interest rates and a desire to upgrade led to 551,392 homes trading hands over MLS according to the Canadian Real Estate Association (CREA), which is 12.6 per cent higher than last year and 2.6 per cent than the previous record set in 2016.