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Interest rates have increased slightly and with the threat of them increasing even more, many Canadians are jumping in and buying homes while they can afford it. Sales in September were up 18.2% compared with last year according to CREA. The average home price was $385,900 which is an 8.8% increase over 2012. So how much are rate increases going to affect buyers? Consider this, if you buy a home today and get a $300,000 mortgage, the payment for a 5 year term at 3.59% is $1512 per month. If interest rates increase to 4.59%, that payment jumps to $1675 per month or $163 per month more. If you feel that now is the time to begin exploring buying a home, call me today. I can secure rates for you and help guide you through the process.