Working as a full time committed Real Estate agent for the past 13 years this seems to be a topic of conversation I've been asked many times over the past 6 or 7 years. Will it ever be a Buyers market again? Being a Buyer in the Toronto market competing with other Buyers for your "dream home" often leads to disappointment and frustration. This happens when the demand (many buyers) exceeds the supply (few sellers) and properties end up with more than 1 person offering on it. But this doesn't necessarily mean it's bad to be a buyer in this market (a Sellers market). With interest rates being at or near the lowest they have been...ever...and with stability in the mortgage lending side of our business, consumer confidence is at an all time high! Take for example a Buyer purchasing a property today priced at $400,000.00. With a 20% down payment and interest rate of 3.9% (fixed 5 year rate) with a 25 year amortization the monthly mortgage cost would be $1675 per month. how much money would you need to carry this much mortgage? $63,600.00 in annual income. Now let's look at what it would cost if interest rates went up to say 8% and you could purchase that same house for $350,000.00. Your monthly cost would soar to $2150 per month and your income needed to qualify for the mortgage would be $81,600.00. Can you see where I'm going with this? Low interest rates, willing and easy access to financing, strong consumer confidence in housing...all point to the fact that it's a great time to be buying your first or next property! Even if you have to deal with the frustration of competing in multiple offers on a property. Of course caution should be exercised (as always) and surrounding yourself with a qualified Real Estate Team (Realtor, Lawyer, Mortgage Broker or Banker) will ensure that your needs in every area of your home purchase are well looked after.