Veteran mortgage broker Ron Butler says that as the Bank of Canada is expected to raise interest rates, some realtors may urge prospective home buyers to act quickly to avoid potentially higher borrowing costs. But Butler advises buyers not to rush, saying there could be further changes in the market.
Butler, who has worked in the industry for over three decades, said rapidly climbing fixed mortgage rates may lead to a small upsurge in activity among buyers who had previously secured rate holds or mortgage pre-approvals. But he said prospective buyers should be wary of real estate agents who suggest they have only a brief window to buy before rates rise further….