Is Now The Time To Buy Or Refinance Your Mortgage?
Mortgage rates are expected to fall again next week as the Bank of Canada is getting ready to announce rates on Oct 23 and are expected to drop the rate by 50 basis points. This will have the biggest impact on Variable mortgage rates, and we should see these rates under 5% very soon.
The Greater Vancouver Real Estate market has been a soft market for the past months, but this may all be changing. Sales of Detached homes appear to be accelerating this month. This may be the ideal opportunity for people to buy at the bottom before prices rise. Remember; don’t wait to buy but rather buy and wait. Fraser Valley and other areas of the Province continue to be soft, but this may also change as we get into next year.
Did you know: BC’s Property Transfer Tax was launched in 1987 as a “luxury tax” and intended to apply to only five per cent of real estate transactions. This tax has changed significantly over the decades and is now a viable source of Government revenue.
The 5-year fixed rate for Insured mortgages is now being offered under 4%! . Contact Tony to learn more.
