Marry The House, Date The Rate

Did you know there are detached houses in Toronto listed for less than a million dollars right now?

Something that’s been rare over the last few years. Although interest rates are still high.

Think of marrying the house and dating the rate.

What does that mean exactly? Real estate prices are lower than they have been in the past few years so a house currently price at $900,000, could have sold for over a $1 million over a year ago.

A buyer could buy a house for approximately $900K and save themselves $100K, that’s what I mean by marrying the house.

Then, on the rate side, interest rates are temporarily high but that will change as rates will most likely come down next year.

Any rate you have right now can be temporary, kind of like you are dating.

So… Date the Rate & Marry The House.

I explained this concept on BNN Bloomberg this week. Check out the segment on The Close.