Where are prices going? What are interest rates doing?

HOME SALES SPIRAL DOWNWARDS, INTEREST RATES GOING NOWHERE!
Generally speaking, the Vancouver real estate market is a buyer’s market. The numbers say so. Activity is down and prices are slipping. BUT, when we talk with buyers they’re not having much luck.  It seems what is happening at the moment is that seller’s who are not selling their homes are doing one of two things: 1) nothing or 2) pulling their homes off the market. Time will tell how this unfolds. From a mortgage perspective, rates aren’t going up anytime soon. The economy remains sluggish and inflation is benign. However, from a qualifying perspective it is harder out there. Insurers and lenders alike have tightened up to curb borrowing. This is the first time in the last 4 years where we really saw the rule & policy changes have a material effect on the market. Deals are, of course, still getting done but the structure has changed. Now more than ever, it is important that your broker or advisor understands the landscape and knows how to package the deal and where to send it to get approved.

We look forward to continuing to help you, your friends, and family.  Please don’t hesitate to call/email us anytime to address any concerns regarding existing mortgages you have or ones you wish to apply for in the future.

Leave a Reply