Interest rates going up got you down?

Recently interest rates have been going up. The housing market has seen the effects.

The average home in the Greater Toronto Area sold for $732,292 in August, a 20.5 % drop from the market’s peak in April, when prices for all types of homes averaged $920,791 according to the Toronto Real Estate Board.

The downturn began in May after the provincial government announced new measures in April to cool the overheated market in the region, including the introduction of a 15% foreign-buyers tax. But the impact has continued for months as buyers have moved to the sidelines to wait for signs that prices have bottomed in the region.

So far, they have not rushed back. The total number of homes sold fell 34.8 % to 6,357 in August compared with a year earlier.

But experts believe buyer interest should return this fall, which could help stabilize prices if new listings remain moderate.

Click on the link below to read an article with 3 tips to save thousands as interest rates rise, courtesy of  

3 tips on how to save thousands on your mortgage

Information gathered from:
Global News online
The Globe and Mail online

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