The dream of home ownership is becoming closer to reality for Aron Stark and his wife.
Shrinking mortgage rates are helping with the transition from renters to owners.
"It's definitely encouraging. Keep more money in my pocket than give to the back so it's encouraging to start looking for a new home," says Stark.
The Starks are among thousands who took in this year's edition of the Lifestyle Home Show, where much of the talk has been about the latest cut to mortgage rates.
Following a rate cut by the Bank of Canada, the country's biggest banks dropped their prime lending rates this week to 2.85 from 3%.
Fixed rate mortgages have started to come down as well.
Realtor Sandra Pineda says it bodes well for an already active market.
"We have been very busy which means that we're going to get maybe busier when the spring season starts. So far it's been a really good winter so i expect it's going to be more active," says Pineda.
An opportune time for those looking to buy could become more attractive for those who wait.
Analysts say mortgage rates are poised to go down even further in the spring.
Investment adviser Gerry Chedari says both variable and fixed rates should come down further as the spring housing market gets into full swing.
"It's going to be a good time for people to either renegotiate refinance renew or buy a new home. So it's an excellent excellent market time," says Chedari.
There can also be too much of a good thing, with fears that lower interest rates could prompt already indebted consumers to borrow more and get in over their heads.
