Everyone knows that the Bank of Canada will raise the prime rate in the first quarter of next year. The key questions are when and how much! I do not see the powers that be going out of control as this could spell disaster for exporting our marketable goods south of the border. It will also cause a significant dent in the amount a home buyer may be able to purchase as they may not qualify for a mortgage at a higher rate. With the new mortgage laws of April 2010 and the first time buyer having to quailify for the posted bank rate, this is a large hurdle for some buyers. To be able to get into the market is the first stumbling block and this is a very, very good time to buy. Going into winter with low mortgage rates and prices down! What are we waiting for? Investers are coming from offshore area's as they see the potential in purchasing these homes at low prices and low mortgage rates. Don't be the person that say's I should have bought back in the fall of 2010! Go and get pre approved, it costs you nothing and is the first step to finding out how much you will be able to spend on a home.