In the early 1980s, mortgages were heartbreakingly expensive. Rates spiked above 20 per cent. Some people simply walked away from their homes. Those that didn’t likely ended up paying the asking price several times over by the time their mortgages matured. Happily, the market has changed. Compared to the bad old days, mortgages today are almost ridiculously cheap. In fact, this month (Jan. 2013) BMO announced an historic low: 2.99 per cent for five years. While its competitors are expected to follow in what appears to be a race to the bottom, Amy Wilson (Business – Marketing ’99) cautions would-be homebuyers against complacency.
Click here to read more of what previous generations of homebuyers might consider an enviable opportunity. (Source Amy Wilson - Techlife Magazine, NAIT)