May 31, 2021 / 98 Comments / Current Events

CALGARY – Canadian home buyers took advantage of pandemic interest rates and cashed in to get their homes.

Now with mortgage deferrals starting to lift, and more Canadians getting back to work, a stress test may be coming for first-time buyers to see if they can financially handle interest rate inflation.

Tanya Wttewaall is a mortgage associate and she says don’t get too comfortable with these low-interest rates.

“It’s great that it allowed first-time homebuyers to enter the market but we might be getting too comfortable with expecting low rates to remind this low.”

She says this could affect first-time home buyers the most.

“They don’t have the built-in equity that most homeowning people enjoy right now so first-time homebuyers are the ones who usually put down a 20 per cent down payment.”

First-time buyers can still buy with low-interest rates, but the stress test is made to prepare Canadian home buyers to prepare for rising interest rates.

The post Don’t get used to low interest rates, says mortgage associate appeared first on 660 NEWS.

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