Real estate prices have stabilized across the country and even dropped in some areas of the larger markets. The total amount of sales has also decreased. The Canadian Real Estate Association (CREA) reported that sales were down 13.9% year over year in April and blames the new mortgage stress test that came into effect in the beginning of this year for the drop.
If you are looking to buy your first, next, or rental property, you can use this cooling real estate market to your advantage. There is still a substantial selection of homes on the market without the stress of an overheated housing market like we’ve seen last year.
The first step would be to get a mortgage pre-qualification to find out how much you qualify for. I will explain the process and what you’ll require to get your mortgage approved including how much down payment or equity from your existing home you’ll need, your credit, legal and closing costs, etc. You’ll know exactly what it takes to get you into the next or first dream home.
This year’s spring market sees lenders competing on mortgage product- and interest rates offerings, particularly variable rate mortgages. With this competitive environment, now might be an opportune time to have a look at your own mortgage, especially if you have a variable rate mortgage. The discounts offered can be significantly greater than those offered a few years ago and could save you thousands.
I’m here to assist you. Call or email me.