Yes, we've all heard every economist, from all corners of the country, come out and say that low rates are here to stay for a long time. However, just because the doors are open, doesn't mean that everyone should be entering. People with large amounts of consumer debt should first be looking at tackling these obligations before succumbing to the inner pressures of building your own equity through home ownership. If you already have a mortgage and have some equity in your home, now may be a good time to consolidate these other debts in to one low payment. Now this would be taking advantage of today's low rates! It is the perfect time for Canadians to be strategizing their financial picture, and ensuring they aren't going crazy in a low rate environment racking up more than they can handle. The latter will only lead you to short term pleasures, and some possible headaches down the road when we may very well find ourselves in a rising interest rate environment. Now is an excellent time to speak with a mortgage broker, even if purchasing a home is not in your immediate plans. A broker will be able to analyze your goals with you and put you on the right track to stabilizing your finances so that you can soon find yourself in a position where it is the right time for home ownership.
Read this article for a further viewpoint.