40 Million and Growing
The Canadian population hit the 40-million-mark last week and the Real Estate crash many were expected has so far this year has been avoided. Economists predict that Canada will need 3.5 million additional housing units by 2030 to restore affordability. While the housing growth has not kept pace the high interest rates have had an unexpected affect on Real Estate. New listings across the Country have been falling; reducing the supply. It has been said that the high mortgage rates have been a deterrent to homeowners’ listing their homes for sale. This combined with increased demand has driven prices higher, which of course has worsened affordability. This doesn’t mean selling in today’s market is easy. Homes that are well priced and well marketed are selling successfully. Being in the industry for as long as I have, I’ve seen it all – the good and the bad. It's not the glitz that gets home sold successfully, but rather smart practices and good advice.
Mortgage rates stay elevated. If your mortgage is up for renewal, you will likely be surprised by the rates being offered and the increase of the new payment. In some cases, borrowers could see an increase of up to 80%. Many economists worry about the impact to borrowers especially by 2025 when many borrowers will have their mortgage due for renewal from the time they locked into very low rates during covid. Don’t wait to be shocked. Act now and explore your options by contacting me.
Fixed rates vary from 4.90% to 6.05%.
Variable rates range from 6.20% to 6.80%
The prime lending rate is 6.95%
Don’t be stuck for money. Private lenders are looking to get you money and often you can access up to 85% of the equity in your home.