Rate Hike: Fear sparks Calgary housing sales
According to recent news "Talk of rising mortgage rates has motivated buyers to take the plunge in March into home ownership, with preliminary data showing MLS sales are up considerably from a year ago -- and average prices are following the upswing."
Article Source: Cagary Herald
"Nothing has really happened in the Calgary real estate market for the past two years and now there's an increase in confidence in the buyer market," said Tamara Pilipchuk, a realtor with Re/ Max House of Real Estate.
"What's driving the Calgary real estate market right now is the aff ordability of the housing market. It doesn't matter what community you're in, first-time homebuyers and move-up buyers are really deciding that now is the time to take advantage of interest rates because it's not going to last."
On Monday, Royal Bank of Canada, Laurentian Bank and TD Canada Trust announced they were raising rates on certain fixed mortgages, including the benchmark five-year closed rate, which jumps 60 basis points to 5.85 per cent, effective today....(Read More)