3.00% Lowest variable mortgage rate currently available
3.69% Lowest five year fixed mortgage rate currently available
With interest rates at the lowest they've been in more than 50 years and with home and condo prices in decline for the first time since 1996, many potential first time buyers are viewing this as thier best chance to buy into an otherrwise unaffordable market.
The decision to buy depends on your personal circumstances-that includes your personal needs and how secure you are in your job situation. Ask yourself: is your ability (to pay down a mortgage) going to be the same in a few years time?
Industry Canada's office of consumer affairs has a calculator at http://tinyurl.com/csjzt9 that helps you determine whether you should rent or buy.
Brett Popplewell/ Toronto Star April 27,2009