As we enter the fall season of 2022, there has been a number of interest hikes by the banks. Current qualification rate sits at 7.49%. and the 5 year fixed mortgage rate is over 5%. That means a family earning $150,000.00 per yr. only qualifies for around $600,000.00 mortgage. This may seem discouraging, but remember the BEST time to buy a home is when the bank qualifies you for a mortgage. Once you live in your new home you can ride out the bad times and profit when the economy improves. This is how most people get ahead and move to a large home. If you keep on waiting chance are you will always be renting. I have dealt with a number of clients that felt that way and they now realize how much better off they would be if only them bought when the banks approved them. I am never too busy to take your calls.
Summer is close approaching with New Rules to benefit the Buyers. We are now seeing bank interest rates having an effect on the market. It has been a number of years since price reductions have shown up as buyers are finding it more difficult to purchase their first and second homes.
This trend however maybe short lived as things settle down with Nafta, Canadian Economy, and Costly lumber prices. Once the governments come to terms , Canadians will hopefully see some relief.
BEST ADVICE I CAN GIVE YOU
No matter what the situation is at the time, the BEST TIME to BUY is when the BANKS APPROVE your MORTGAGE. Remember, the key is to get your foot in the door.
I am NEVER TOO BUSY TO ANSWER YOUR QUESTIONS OR TO BE OF ANY HELP.