Canadian property market has been on a decline since the last quarter of 2008. Canada's financial slump was led, to some extent; by the US sub-prime loan crisis. Followed by, the widespread recession across the world has to some extent frightened the first time homebuyers. Home sales as well as property prices are still on the decline. Indeed, prices are anticipated to fall further by 10 to 15 percent. A lot of individuals are recognizing the opportunities created as a result of lower home costs and lower interest costs combined.

The downward correction in property costs has in fact enhanced affordability, making it more possible for buyers to get what they are in search of at more reasonable costs. The reduction in costs isn't the only aspect contributing to buyers' market; the increased availability of homes meant for sale is giving homebuyers further options. In addition, stimulus packages of various governments across the world and especially of Canadian government as well add to a positive buyers' market. Economic revival will revive the housing market too. Financial experts anticipate Canadian property to revive by mid 2010 when the overall economy perks up. At present, Canadians stand to benefit from low property rates and may well see a considerable rise in the value of the property over the next few years.

On account of more positive environment made possible by lower costs on properties, numbers of Canadians expecting to buy a home over the next two years are on the rise; citing lower housing costs as their major incentive.

At present, mortgage rates in Canada are the lowest since 20 years. At 5.5 % or lower, mortgage rates are the lowest in 30 years. Variable rate mortgages are now as low as 3.3%. A few are even capable of bargaining a lower interest rate than the one quoted. This is further adding fuel to Canada's property market. Despite the fact that the credit crisis has not forced mortgage lenders to change their lending norms, they are strictly following present rules. This has made it difficult for borrowers with low credit score to get approved for the loan; on the other hand borrowers with high credit score are high on demand. Individuals with steady income, excellent credit score and having considerable resources are being wooed by several lenders.

Despite the fact that it might look as if it’s an excellent time to benefit from Canada's property market, there are a lot of aspects to think about that might not have been relevant in the past. If you're taking into consideration to, buy a home mull over the following aspects, employment security and money for large down payment and other expenses. Subsequent to you taking into consideration these as well as other factors, if you still decide that you're an excellent applicant to acquire, you possibly will get an excellent deal. For further information search online for best deals on property as well as on the mortgage rates. In addition you can use online interest rate calculators to calculate the amount you will be saving now from when the markets were at their peak and are expected to get as soon as the recession fades.