Even a slight increase in mortgage interest rates can offset a significant drop in home prices. There is little to gain and much to loose by waiting to buy in the current Calgary's real estate market where home prices rebound and interest rates are at their historical low. Many clients ask if they should wait or buy now? Consider the following scenario assuming the prices go down (not likely) and interest rates go up (likely):

Buy now scenario: Home price $350,000 Interest rate 3% Monthly payment $1,472.11 (assuming 100% financing)

Wait and buy scenario: Home price $332,500 Interest rate 4% Monthly payment $1,581.10 (assuming 100% financing)

See how even though the price of the home went down by 5% (or $17,500), the monthly payment has increased due to a 1% increase in mortgage interest rate? In reality both the price and the interest rates will increase in Calgary's market. Hence, waiting will cost you money. Call us today! We will find you a home that fits your lifestyle and budget.