Today the Toronto Star featured a story about housing in the GTA becoming more affordable due to lower interest rates. Great news indeed!
Housing affordability measures improved for the first time since the second quarter of 2009, when sales and prices of homes started to surge in the Toronto market coming out of the recession.
Many of those sales were buyers rushing in to avoid a new Harmonized Sales Tax and to buy before more stringent mortgage regulations. This led to fears that the market was in an unsustainable bubble.
RBC suspects that the Bank of Canada will hike interest rates in the second quarter of 2011, so, if you're in the position to, buy and lock down that awesome interest rate before May 2011!
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