The Canadian economy appears to be in a neutral position with little inflationary pressure and as a result
interest rates are expected to remain low. This is good news for helping with housing affordability. Monthly payments for $100,000 borrowed can be as low as $275. Our high home values are helping many of us reduce our borrowing costs or to expand our real holdings. Many attractive refinance solutions are available but self-employed borrowers continue to face difficulty in qualifying for the low rates. Usually this is caused by not declaring taxable income and no matter how financially prudent it is to minimize taxes; the consequence can be higher borrowing rates.
It’s hard to imagine real estate prices rising any higher but the MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver increased 25.3% compared to April last year. Inventory levels continue to support a ‘sellers’ market and many buyers are finding it very difficult to purchase often losing to multiple offers. Did you know: One of the best ways to help qualify for financing of a detached home is with a rental suite(s). Some lenders allow up to 70% offset which has a huge impact in helping to qualify.
All of our agents are dually licensed realtors and mortgage brokers. We make all your real estate needs easier and more convenient.
Interest rates that matter:
- Best 5 year fixed – 2.39%
- Best Variable – 2.25%
- Line of Credit – 3.30%
- Prime – 2.70%