PRIME RATE dropped again! The variable rate is now as low as 3.6% provided our Banks lower their prime as well. At such historically low rates, and with the drop in prices in the GTA, now is the perfect time for these first time buyers to pay the same amount for rent as they can for a mortgage! This is the opportuity for first-time buyers or apartment dwellers, renters, and other people whose monthly payments hover around $1200-$1500 for rent.

As an example, for every $100,000 to borrow, it will cost our clients $417/month at 3.6% variable, over 35-years amortization.

Using that as an example, a freehold property at $220,000 will cost our clients $918/month plus taxes and utilities,  or $1250 all-in!

Now, let's wait and see what the Banks will do.