Mortgage rates have eased
Mortgage rates have eased slightly since the start of the year. The Bank of Canada kept rates on hold at their last meeting citing uncertain times and it’s expected they will do the same when they meet again on March 1st. Many borrowers are unaware that mortgage lending has tightened and it’s more difficult today than ever to access cheap rates, however; great solutions are still available.
To mention a few:
- 35 year amortizations with fixed rates under 3%
- Equity based lending with rates under 6%
- Flexible underwriting for self-employed borrowers with rates under 4%
I continue to recommend variable rate mortgages. Not only does the variable option offer the lowest rate it also provides great flexibility and now can be offered as low as 2.10%.
Need a rate hold of up to 120 days, click here.
Condos are hot
Customers looking to purchase a condo in Metro Vancouver are facing challenging times. Supply remains constrained and many properties that appear to be available are in fact sold or have an accepted offer. Prices continue to rise and buyers are often facing competing offers with no conditions. Preparation is the key to be successful. Ensure your financing, inspection and other requirements are satisfied prior to making an offer. For more information on how we can help you with your purchase…click here.
BC Home Partnership Program is now up and running. The program is designed to help First Time home buyers purchase a home for up to $750,000 by providing up to $37,500 in an interest free loan. For further details on eligibility and processing, click here.
For the latest real estate report, please click here.