{"id":19295,"date":"2022-06-22T09:12:51","date_gmt":"2022-06-22T13:12:51","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=19295"},"modified":"2022-07-06T14:39:45","modified_gmt":"2022-07-06T18:39:45","slug":"sale-prices-vs-interest-rates","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/sale-prices-vs-interest-rates\/","title":{"rendered":"Sale Prices are Dipping but Interest Rates are Rising: Read About the Impact to Monthly Mortgage Payments (REPORT)"},"content":{"rendered":"\n<p>The market is entering more balanced territory, meaning that <a rel=\"noreferrer noopener\" href=\"https:\/\/www.zoocasa.com\/blog\/trreb-negotiating-power-for-buyers\/\" target=\"_blank\"><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">buyers have negotiating power<\/span><\/strong><\/a> for the first time in almost two years. However, as mortgage rates continue to rise, many buyers are still on the fence about what they can really afford. To help prospective buyers understand what their monthly payments may look like if they bought today versus what they would\u2019ve been before the interest rate hikes; Zoocasa has compared the most current, available data (today\u2019s interest rates and May average prices) to February 2022 home prices and interest rates.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Read: <a href=\"https:\/\/www.zoocasa.com\/blog\/boc-tips-for-buying\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">Four Tips for Buying a Home Following Bank of Canada\u2019s Interest Rate Increase<\/span><\/a><\/strong><\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>February 2022 Monthly Payments Versus May 2022 Monthly Payments<\/strong><\/h2>\n\n\n\n<p>In February 2022, the supply of <a href=\"https:\/\/www.zoocasa.com\/blog\/trreb-february-2022\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">active listings in the Toronto Region<\/span><\/strong><\/a> were low and prices were at an all-time high for the year thus far, leading buyers to compete in bidding wars regularly. But with two rate hikes from the Bank of Canada in the past 6 months affecting lending rates, many buyers are now apprehensive, even with <a href=\"https:\/\/www.zoocasa.com\/blog\/crea-may-2022\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">inventories improving and prices softening<\/span><\/strong><\/a> in the GTA and across Ontario. Using the available May average prices and today\u2019s average interest rate, we compared monthly payments to what they would\u2019ve been if you purchased a home in February.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"853\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/06\/Sale-Prices-are-Dipping-but-Interest-Rates-are-Rising-What-to-Expect-for-Monthly-Mortgage-Payments-REPORT-634-\u00d7-519-px-2-1024x853.png\" alt=\"\" class=\"wp-image-19501\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/06\/Sale-Prices-are-Dipping-but-Interest-Rates-are-Rising-What-to-Expect-for-Monthly-Mortgage-Payments-REPORT-634-\u00d7-519-px-2-1024x853.png 1024w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/06\/Sale-Prices-are-Dipping-but-Interest-Rates-are-Rising-What-to-Expect-for-Monthly-Mortgage-Payments-REPORT-634-\u00d7-519-px-2-300x250.png 300w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/06\/Sale-Prices-are-Dipping-but-Interest-Rates-are-Rising-What-to-Expect-for-Monthly-Mortgage-Payments-REPORT-634-\u00d7-519-px-2-768x640.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/06\/Sale-Prices-are-Dipping-but-Interest-Rates-are-Rising-What-to-Expect-for-Monthly-Mortgage-Payments-REPORT-634-\u00d7-519-px-2-750x625.png 750w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/06\/Sale-Prices-are-Dipping-but-Interest-Rates-are-Rising-What-to-Expect-for-Monthly-Mortgage-Payments-REPORT-634-\u00d7-519-px-2-1140x950.png 1140w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/06\/Sale-Prices-are-Dipping-but-Interest-Rates-are-Rising-What-to-Expect-for-Monthly-Mortgage-Payments-REPORT-634-\u00d7-519-px-2.png 600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Payments are also coming down depending on home type. Consider this scenario, in February 2022, the average fixed-rate mortgage rate was 3.02%. According to the Toronto Regional Real Estate Board, the average price of a townhouse home in the Greater Toronto Area (GTA) was $1,119,026. For a sale price of over $1,000,000, the minimum down payment required is 20%. Along with an amortization period of 25 years, the monthly mortgage payment would be $4,246.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Read: <a href=\"https:\/\/www.zoocasa.com\/blog\/impact-of-raising-interest-rates-toronto-real-estate\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">What Happened Last Time Interest Rates Rose: REPORT<\/span><\/a><\/strong><\/li><\/ul>\n\n\n\n<p>In May 2022, the average price of a townhouse in the GTA was $958,558. The average fixed rate in June is 4.81%. If the buyer was to put down 20% in May, the monthly payments would be $3,560. Many buyers might be surprised to learn that even with higher interest rates, their monthly payments are going to be lower now versus the start of the year.&nbsp; Even at a 10% down payment, monthly payments would be $4,129 which is lower than what it was in February.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The Stress Test Will Determine How Much You Can Borrow<\/strong><\/h2>\n\n\n\n<p>When considering affordability, it\u2019s important to take into account that homebuyers applying for a mortgage will also be stress tested. James Laird, Co-CEO of Ratehub.ca and President of CanWise mortgage lender, explains: \u201cCurrently, fixed-rate mortgages are harder to qualify for than variable-rate mortgages. The homebuyer is stress tested using an additional two per cent above the actual fixed rate they get from the lender. The higher their contract rate, the higher the stress test will be.\u201d&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Read: <a href=\"https:\/\/www.zoocasa.com\/blog\/impact-of-new-stress-test-on-homebuyers\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">INFOGRAPHIC: How The New Stress Test Will Impact Home Buyer Affordability Across Canada<\/span><\/a><\/strong><\/li><\/ul>\n\n\n\n<p>It\u2019s currently easier to qualify for a variable-rate mortgage as the stress test rate is lower. This gives homebuyers some flexibility to qualify for more than what they would with a fixed-rate mortgage. Laird continued, \u201cfor homebuyers who want a fixed-rate mortgage but want to qualify for the maximum amount, they can start with a variable-rate mortgage to utilize the lower stress test rate and then choose to convert to a fixed rate (with the same lender) after closing without having to pass the higher fixed rate stress test. There is no penalty for doing this.\u201d<\/p>\n\n\n\n<p>Buyers can meet with a mortgage agent at any time to qualify for a mortgage and <a href=\"https:\/\/www.zoocasa.com\/blog\/interest-rates-rising-april-2022\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">lock in that rate for up to 120 days<\/span><\/strong><\/a>, leading to time to shop around while potentially not being impacted by another Bank of Canada rate hike. The best way to determine what you can afford and what your monthly payments will be is to <a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">connect with a real estate agent<\/span><\/strong><\/a>. They will walk you through the most current available data as well as comparables in the area you are interested in so you can plan accordingly.&nbsp;<\/p>\n\n\n<div class=\"cta\">\n<div class=\"cta-left\">\n<div class=\"cta-title\">Considering Getting Into The Market This Summer?<\/div>\n<div class=\"cta-body\">Sign Up for a Free Buyer Consultation<\/div>\n<\/div>\n<div class=\"cta-right\"><a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\"><button class=\"cta-button\">Talk To Our Experts<\/button><\/a><\/div>\n<\/div>\n\n\n\n<p>&#8211;<\/p>\n\n\n\n<p>Methodology: Average prices were sourced from the Toronto Regional Real Estate Board and the Canadian Real Estate Association. Average 5-year fixed mortgage rates were sourced from Ratehub.ca and mortgage payments were calculated using Ratehub.ca\u2019s <a href=\"https:\/\/www.ratehub.ca\/mortgage-payment-calculator\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">mortgage payment calculator.<\/span><\/strong><\/a>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The market is entering more balanced territory, meaning that buyers have negotiating power for the first time in almost two years. However, as mortgage rates continue to rise, many buyers are still on the fence about what they can really afford. To help prospective buyers understand what their monthly payments may look like if they [&hellip;]<\/p>\n","protected":false},"author":121,"featured_media":19297,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override":[{"single_blog_custom":"","sidebar":"","second_sidebar":"","share_position":"","share_float_style":"","post_date_format":"","post_date_format_custom":"","post_reading_time_wpm":"","zoom_button_out_step":"1","zoom_button_in_step":"1","number_popup_post":"1"}],"image_override":[{"single_post_thumbnail_size":"","single_post_gallery_size":""}],"trending_post_position":"","trending_post_label":"","sponsored_post_label":"","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo":"","sponsored_post_desc":""},"jnews_primary_category":{"id":""},"footnotes":""},"categories":[58,196,76,468,181],"tags":[],"class_list":["post-19295","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability","category-bank-of-canada","category-buying-a-home","category-mortgages-2","category-toronto-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sale Prices are Dipping but Interest Rates are Rising: Read About the Impact to Monthly Mortgage Payments (REPORT) | Zoocasa Blog<\/title>\n<meta name=\"description\" content=\"The market is entering more balanced territory, meaning that buyers have negotiating power for the first time in almost two years. However, as mortgage\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zoocasa.com\/blog\/sale-prices-vs-interest-rates\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sale Prices are Dipping but Interest Rates are Rising: Read About the Impact to Monthly Mortgage Payments (REPORT) | Zoocasa Blog\" \/>\n<meta property=\"og:description\" content=\"The market is entering more balanced territory, meaning that buyers have negotiating power for the first time in almost two years. However, as mortgage\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zoocasa.com\/blog\/sale-prices-vs-interest-rates\/\" \/>\n<meta property=\"og:site_name\" content=\"Zoocasa Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Zoocasa\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-22T13:12:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-06T18:39:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/06\/Sale-Prices-are-Dipping-but-Interest-Rates-are-Rising-Read-the-Impact-to-Monthly-Mortgage-Payments-REPORT-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"338\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Patti Cosgarea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:site\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Patti Cosgarea\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/sale-prices-vs-interest-rates\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/sale-prices-vs-interest-rates\/\"},\"author\":{\"name\":\"Patti Cosgarea\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/58db069b6f1e63e7b8dc3da91b554892\"},\"headline\":\"Sale Prices are Dipping but Interest Rates are Rising: Read About the Impact to Monthly Mortgage Payments (REPORT)\",\"datePublished\":\"2022-06-22T13:12:51+00:00\",\"dateModified\":\"2022-07-06T18:39:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/sale-prices-vs-interest-rates\/\"},\"wordCount\":740,\"publisher\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#organization\"},\"articleSection\":[\"Affordability\",\"Bank of Canada\",\"Buying a Home\",\"Mortgages\",\"Toronto Real Estate\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/sale-prices-vs-interest-rates\/\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/sale-prices-vs-interest-rates\/\",\"name\":\"Sale Prices are Dipping but Interest Rates are Rising: Read About the Impact to Monthly Mortgage Payments (REPORT) | Zoocasa Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#website\"},\"datePublished\":\"2022-06-22T13:12:51+00:00\",\"dateModified\":\"2022-07-06T18:39:45+00:00\",\"description\":\"The market is entering more balanced territory, meaning that buyers have negotiating power for the first time in almost two years. 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