Edmonton home buyers and sellers have recently been confronted with the new reality of higher Mortgage interest rates after many years of historic lows.  When the federal government instituted the mortgage stress test last year, I predicted that mortgage rates would be going up. And in a hurry. They have increased even higher than the 4.5 that was set with the stress test.  So far, it looks like my predictions is coming to fruition. Now having said that, Canadians have enjoyed very low interest rates for many years now.  This has allowed people to borrow higher amounts for the same payment that they would be paying for less money back in the early 2000s. So what does this mean for somebody who is wanting to buy an Edmonton home this summer?  Well, basically it means you will be paying more for less.  More of your monthly mortgage payment will be going to interest and less to your principal balance. If you are considering putting a house for sale in Edmonton this summer, these interest rates will also affect you. Due to the interest Rate increases, you will most likely get offers much less than your sale price of your house compared to last summer.  How much less, you ask?  Well you can expect anywhere between $10,000 and $25,000 less. However, as with all changes in the market, this interest rate increase is beneficial for certain sectors of the real estate market in Edmonton.  If you are looking to upgrade your home from the one you are currently in to a new one, and you have little or no mortgage balance on your current property, you will be able to take advantage of the lower house prices.  While I know there are only a small percentage of people who are in this position, it will be to their advantage none the less. I am excited to let you guys know, I will soon be releasing Edmonton Home Buyers and Edmonton Home Sellers guides for the summer of 2018, which will be a free ebook guide on how to maximize the current market and some of the mortgage options currently available.  Please contact me if youre interested in getting this free, no obligation information.