Thursday, 04 July 2024
By Leahs Mortgages
Leah Zlatkin quoted by BNN Bloomberg: “Buyers finding opportunities in Toronto’s housing market amid high mortgage rates: broker”
Leah Zlatkin, licensed mortgage broker and COO of Mortgage Outlet, said that after the Bank of Canada lowered its policy rate in June by 25 basis points, “we saw a flood of new listings enter the market.”
“But persistently high mortgage rates mean buyers are biding their time and aren’t in a hurry to purchase. As a result, we’re seeing the balance tip in favour of buyers for the first time in recent memory,” Zlatkin said.
“While rates remain high, those that can afford a mortgage at these rates will find more opportunity to purchase than in the recent past.” Zlatkin also noted that while mortgage rates are currently higher than they would be following additional rate cuts, home prices are likely to be lower now than they will be going forward.
