We're most conscious of the price of a home and secondly of the rate at which we borrow money to pay for it. The jump in rates in Canada certainly took home ownership just a little farther from those depending on the historical low rates we'd been seeing. If you're price aware but interest rate blind it can cost you... a lot. Check out this interesting chart and breakdown of costs at
The KCM Blog although it's for the US market simple math knows no borders.
Ya you are absolutely right my friend, I totally agree with you.
ReplyDeleteI have seen the chart there is a big difference between interest rates.
We have to pay a big amount as our principal amount is bigger.
So beware about interest rate.