Canada’s Housing Market: A Mixed Bag
Canada’s housing market is experiencing a significant shift. Nationally, home sales have plunged to levels not seen in decades, signaling a rapid cooldown. In the Lower Mainland, the situation is characterized by rising inventory and declining sales. According to Andrew Lis, GVR’s Director of Economics and Data Analytics,
“From a historical perspective, the slower sales we’re now seeing stand out as unusual, particularly against a backdrop of significantly improved borrowing conditions, which typically helps to boost sales.”
What’s Driving This Change?
The main factors appear to be affordability challenges and ongoing economic uncertainty. However, there are several silver linings:
Falling Borrowing Rates: Rates are expected to decline further.
Improved Affordability: Home prices may become more accessible.
Options for Buyers: A cooling market means more choices.
Rental Opportunities: Renters may benefit from lower rates.
Easier Mortgage Approvals: Criteria for lending are improving.
Competitive Alternative Lending Rates: lower rates and fees.
But a Recession Looms
While there are positive developments, a potential recession in Canada means that patience is crucial—whether you’re buying or selling.
These rates are awesome:
5-Year Fixed: As low as 3.89%.
Variable Rate: Starting at 4.15%.
Private 1st Mortgage: From 6.95%.
Private 2nd Mortgage: From 8.99% (up to 85% of home value).
Why Choose Us?
Fast approvals—under 24 hours.
Cash back is available.
Common-sense lending solutions.
