Rates Remain Unchanged
The Bank of Canada left its rate unchanged this week and noted that the Global economy is stabilizing and they expect our Economic conditions to improve throughout the balance of the year. They are also predicting our population and wages to grow significantly boosting consumer spending. This is good news for the real estate market as it should help improve demand and prices. Many mortgage lenders continue to offer fixed rates under 3% and these rates are also expected to be stable throughout the year. Buyers should note these conditions and consider buying sooner than later.
“Do not wait to strike till the iron is hot; but make it hot by striking.”
William Butler Yeats
Got a mortgage renewing soon? Don’t jump at the first thing the bank offers you. If I can’t help you move to a better deal and lender, I can at least help you achieve a better rate where your mortgage is now. Click here to contact me for your best rate.
Obtaining a prime rate mortgage today for a home purchase can be challenging but nothing will kill your home ownership dreams more than a car loan or lease. Loans and leases for vehicles can appear attractive and are easy to obtain, but they will have a huge impact on the amount of mortgage that borrowers can qualify for. It’s often much better to wait until your mortgage is completed before jumping into a new vehicle loan.
A recent BC Notaries Foundation reported that 90% of first time homebuyers get help from their parents. Primarily this is in the form of helping them with the down payment. But it’s not just mom and dad that can help. The Government introduced a new First Time Buyers program last year and although it comes with many rules and restrictions, it can still help reduce the cost of buying a home and help increase your down payment. If you are considering making a purchase it may be worthwhile to consider it. Click here for information, or if you have more questions click here to contact me.
Real estate inventory levels are beginning to rise and much of this is seasonal adjustments. Many homeowners consider the spring time to list their home for sale but you may not need to wait. Inventory levels are currently at a low level throughout Greater Vancouver and when there’s less homes for sale to compete with it’s usually a good time to consider selling.
The weather so far this month across all of Canada has been harsh. At this time it looks like it may have slowed down the rapid pace of sales and I will share the real impact in a few weeks. Stay tuned.
“Good, better, best. Never let it rest. ‘Til your good is better and your better is best. “
St. Jerome