Millennials spurring Canadian condo boom bet on rates
Qureshi, a senior finance manager at Sun Life Financial Inc., took out a
mortgage this year for a C$360,000 ($323,000) one-bedroom unit plus den in downtown Toronto to live closer to work. Three years ago, he bought a C$320,000 luxury suite before construction started and will begin making payments when it`s finished next year.
`It was worth it because
interest rates didn`t seem too bad -- you have to strike while the iron is hot, right?` Qureshi, 29, said from his car en route to his 12th-floor apartment overlooking
Lake Ontario. `They won`t raise interest rates anytime soon. I know it. People have been saying rates will rise for years and it hasn`t happened.`
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