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Should Brockville Real Estate Buyers Worry About Rising Interest Rates?

With a change in the interest rates usually comes discussion about the impact the change will have on the local marketplace. But it’s important to look at historical context when reviewing interest rates in the Brockville real estate marketplace. To help guide you in analyzing your costs and determining the impact of a rise in interest rates, we’ll highlight the changes in interest rate in recent years.

A Historical Context

Looking at Brockville real estate interest rates requires you to carefully consider the historical context for the current rates. While it’s true that prices for homes are at their highest in decades, it’s also true that interest rates at lower than ever before. There has never been a time at which interest rates were lower than they are now. This means buyers are experiencing low purchase costs.

Average Pricing Impacts Payments

The price for your home is a far greater indicator of the overall mortgage payments you’ll pay than the current interest rate, particularly in a market environment where interest rates are so low. You’ll find that the Brockville real estate market continues to be one of the more affordable markets in which to purchase property in Ontario. This is certainly the case when you consider the large amount of lakefront property available in the city. The median 4-bedroom home price in Brockville remains only $249,900 when compared with the local Toronto price of just a 2-bedroom home in the GTA is $449,000, you can see how affordable Brockville is compared with other cities. 

A Move to More Affordable Cities

While real estate trends are rarely set in stone, and a new change in government policy can impact the marketplace over a period of a few weeks, there are indicators that highlight the trends as interest rates rise. The data shows that more families are likely to remove themselves from marketplaces such as Toronto and the GTA and seek more affordable homes within a few hours’ drive. Areas such as Brockville, Belleville, and Kingston are set to benefit as interest rates push buyers out of the city and toward a more affordable level of home ownership.

Our team at MINCOM Island City Realty Inc. is here to guide you in choosing local Brockville real estate options. To learn more, call us today!

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