Below is a link to an article published by cbc.ca on December 09 2020. It is important matter concerning real estate and market conditions. Low interests rate has accelerated the demand for housing. Ontario has seen consistent record appreciation rates for the last couple years.
The fragile economic situation around the world during this pandemic has raised economic concerns here in Canada. To offset the risk factors and keep the market energized the Bank of Canada has maintained record low interest rates. These lows interest rates has allowed buyers to assume new mortgages where their monthly payments for buying a home is relatively cheap. The payments are so low that owning is far cheaper than renting. With housing demand and limited quantity has also driven the rental market prices.
Bank of Canada’s pledge to keep the interest rates low till 2023 means housing prices will continue to rise aggressively. The Bank and government of Canada will only increase these rates pending on the economic situation in Canada and abroad.
Due to the pandemic the government of Canada has implemented a number of incentive programs – these programs are meant to help families affected by the pandemic to continue living a reasonable lifestyle.
London Ontario Houses For Sale: Condos For Sale
Certain smaller markets in Ontario are benefiting from this economic situation. For example, record number of people continue to move to London from the Toronto and the surrounding areas. – this is primary the reason why London continues to see record appreciation rates. With the GTA becoming more expensive and crowded- London has become an alternative for many. London Ontario houses for sale has become a common search for Toronto residents. Condos for sale are becoming a hot investment options for the business minded. We look forward to hearing from you and guiding you!
For example on the CBC article on the interest rates: