Is now a good time to buy a house in Ontario? The impact of COVID
As more and more people have been working from home due to COVID-19, there has been a definite trend of people moving towards Toronto’s periphery, but we have not seen an influx of people buying homes in remote areas, where prices are extremely low. When the pandemic stabilizes or ends, many people will definitely return to work downtown again, so while both rents and sale prices for condos in downtown Toronto will probably slowdown somewhat in the future, they will nevertheless continue to rise.
Is now a good time to buy a house in Ontario? The interest rates
In terms of interest rates, again, affected by COVID-19, and the economic downturn, people’s ability to pay off debt remains at a very low level. People can’t afford to pay their debts, so government interest rate hikes are highly unlikely. The forecast is that it will take about 2-3 years for the current interest rates to return to 2019 levels, and so, in the near future, real estate investors should not be too worried about banks raising interest rates, making now a great time to buy a home in Toronto.
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