Recently, I attended a real estate conference in Toronto where I had the chance to connect with top producing realtors nationwide.We had the opportunity to learn about best practices, technology and economics. Benjamin Tal, Deputy Chief Economist at CIBC, shared a 45-minute overview of the current market. Here's a quick summary in four key points...
The Relationship Between Interest Rates and Mortgage Payments:
The monthly payment remains fixed for variable-rate mortgage holders even as interest rates rise. However, as the payment's interest portion increases, less money is allocated toward paying off the principal amount. Eventually, a point is reached where the entire payment goes towards cov...