I hope you are all doing well and everyone is ready for the upcoming holiday season.
It has been a challenging year for buyers with a limited supply of housing to buy along with a lot of competing buyers. We are still seeing many pockets of the market across the country where buyers are forced into competing with multiple offers and writing offers with no subjects. This is less than ideal. We are hoping the winter months will bring the typical slowdown where buyers will have the opportunity to purchase with more sane conditions in which they can make sound financial decisions.
There has been some upward movement interest rates over the last couple of months. Fixed rates have been heading upwards slowly but now seem to have stabilized in the last couple of weeks. Rates are still under the 3% mark but are definitely higher than they were in the summer months.
On the variable rate side of things interest rates are still low and stable. The Prime rate is still at it’s low of 2.45% with discounts off of prime at 1% or more for the typical mortgage.
I sincerely hope you and your families had a great year especially given everything going on in the world. Merry Christmas to you and your families!
If you need more information regarding mortgages or if you need any advice on your personal situation please contact our office at 604-556-3893 or email at alex.kotai@ymscanada.ca.
For more information on our mortgage products and your preferred Abbotsford Mortgage Broker please visit our website at www.ymscanada.ca