- Thrive Mortgage Co.
Mortgage Rates Are On 🔥 & This Is What's Moving In Real Estate!?
The market is HOT right now, so we're going to break down the 3 things you need to know going into the summer real estate market.
At a glimpse they are
#1 - Interest Rates
#2 - What's going on with CMHC
#3 - What's happening with market statistics
Let's start by jumping into interest rates. They are lower than they have ever been and the government is telling us it is going to stay low! it's currently 1% lower than it was a year ago right now. We're looking to save you $50-$75 for every $100,000 you are borrowing. That means more money in your pocket or you can borrow more money.
Let's move on to what's going on with CMHC. July 1st was intended to be a very important date for all Canadian borrowers looking to purchase a home with less than 20% down. The reason being was because CMHC made some significant changes to their guidelines which would negatively impact how much we can qualify for. The good news is that we have two other major insurers in our country, Canada Guaranty and Genworth. Both of these insurers decided to not follow these changes. Because of that decision we've seen little to no impact from these changes altogether.
Getting into some stats, we find ourselves in a very busy real estate market. in the Fraser Valley alone we are already up 800 sales, in July, from last year and we're only 20 days in. As you can see, it's a very hot market which means high values, short subject removal periods, and multiple offers. It's never been more important to be prepared going into the real estate market and a potential purchase.
If you have any questions about financing or are looking to get into the market, give us a call and we'll be happy to help.
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