Housing Prices Increasing Again
After the slowing of real estate sales due to the unprecedented and unexpected rate increases seen last year, the market is starting to adjust and recover. April housing data showed an average price of homes at $716,000 – an increase of over $100,000 from January.
Bank of Canada Rate Holding Steady
For the 2nd time in a row, the Bank of Canada has held rates steady at 4.5%. The Bank has also indicated that it will be continuing its policy of quantitative easing. According to their Monetary Policy Report, the Bank expects the rate of inflation
Prime Rate Holds Steady for First Time in a Year
As widely expected, the Bank of Canada, in its most recent meeting, held interest rates steady for the first time in the past calendar year, pausing the sharpest increase in interest rates in a generation. Their move was not entirely unexpected as they indicated in
Real Estate Sales slow to start the year
Buyers are sitting this one out as the downward trend of number of sales and prices continued to slide in January. Sales processed on the MLS for January 2023 numbered 626. One has to go back 10 years to January 2013, before finding a month
Ban on Property Purchases for Foreign Buyers
Legislation regarding the ban on property purchases for foreign buyers was introduced into law last June. It was designed to mitigate the rising home prices in desirable areas and discourage foreign investors from buying prime real estate in major metropolises, as has happened within the
Homes still selling relatively quickly
The hot sales and price trend that has been the hallmark of the Fraser Valley for the past five years continues to show signs of a cooling off period. November 2022 ended with sales down almost 7% from October 2022 and new listings slowing by
Higher Rates Lower Prices
With the buying frenzy from last year now over buyers are contemplating whether or not to buy a home with the higher interest rates, higher payments and lower prices. Last year was the opposite of where we are today so you need to take
B Lenders can qualify you for higher mortgages
With the rise in interest rates this year it has become more difficult to qualify for a mortgage as the stress test rates for mortgages are now over 7%. Given this we have seen an increase in clients using B lenders to qualify for
As your Mortgage Advisor we are here to serve you throughout the term and life of your mortgage and not just in obtaining your initial mortgage.
If you currently have a mortgage or are looking for a new one we can help you with the following:
- Change your payment date or frequency
- Increase an existing mortgage
- Make additional payments to your mortgage
- Renew your mortgage
- Add on another mortgage or line of credit to a property
- Borrow unsecured loans or lines of credit
- Purchase another property
- Obtain life or disability insurance
- Obtain term insurance
- Any type of mortgage including purchases, refinances, construction, lines of credit, private mortgages, etc
- Anything else you may need in regards to financing!
In almost ALL cases we are able to obtain the same or BETTER RATES than if you go directly to your lender yourself. This is the power of dealing with us as your mortgage advisor.
Regardless of what you need we are here to help you.
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