REPORT ON REAL ESTATE
-I have missed chatting with all of you over the summer months.
-What a summer with the hot weather and lots of changes in the market. The Bank of Canada increasing rates several times this year and another one maybe coming on Sept 7
-It was a seller’s market in the first quarter of this year, but the selling prices and listings have dropped slightly because of the Bank of Canada increasing rates several times over the year and maybe another rate increase on Sept 7. This may increase the Banks’ Prime Rate, which is currently at 4.7% and make variable mortgage rates and line of credit more expensive
-5 year fixed insured rates are now available below 4.5% this is largely because increased cash inflows from Europe into North America.
-The big banks are keeping fixed rates steady for now, but some lenders have rates that are lower than the big banks. It pays to shop around.
-Good idea is to get a 120-day rate hold now as rates are likely to be higher in the Fall/Winter.
-The bond market activity is encouraging but inflation is still high because factors that contribute to inflation includes energy costs, labour disruption supply chain bottleneck or lack of production, government printing, and consumer expectations.
-Question? should you lock in? Answer!! "This is the million-dollar question”.
-There are ways to qualify and reduce mortgage payments in this economy: example porting an existing low-rate mortgage. Call us or your mortgage broker for more ways.
I Love Your Referrals
-Call us if any friends or family member would like to buy or sell. We will go above and beyond to help in every possible way. To show our appreciation for any referrals, we offer a generous thank you gift.
Call Peter “Buying or Selling”