February 23 2024 - Latest Market Update

Inflation Rate Falls

Last month’s rate of inflation surprised the markets with a decrease from the month earlier and it now sits in the Bank of Canada’s target range.  This is providing added support for the Bank of Canada to begin lowering interest rates by late Spring.   Mortgage payment relief for many is now in sight. 

The inflation rate wasn’t the only thing that fell.   Alternate lending mortgage rates also have declined and are down on average 50 basis points.   Prime rate mortgage rates have been stable and there are some very good deals now being offered with a 5-year fixed rate below 5%; however, most borrowers should expect between 5% and 5.60% depending on the lender and the type of deal. 

All of this is boding well for a very good Spring real estate market.  Month-to-date sale volumes are looking strong, new listings are moderate and prices continue to push higher. 

Need financing and the bank says no; then contact me.  I have a solution to every financial challenge. 

ALTERNATIVE LENDING DEALS:  APPROVAL WITHIN HOURS

• 1st mortgages up to 75% financing with rates as low as 9.95%.  Fully open.

• 1st mortgages up to 50% financing with rates as low as 7.99%.  Fixed term rate.

• 1st mortgages up to 75% financing with rates as low as 9.95%.  Fully open.

• 1st mortgages up to 50% financing with rates as low as 7.99%.  Fixed term rate.

PRIME LENDING DEALS: APPROVAL WITHIN 24 HOURS

1st mortgage up to 80%:

• 3-year fixed as low as 5.49%

• 1-year fixed as low as 6.99%

• 5-year fixed as low as 5.29%

• 2-year fixed as low as 6.39%

IT’S EASY AND QUICK TO APPLY

January 30 2024 - Latest Market Update

Is Now the Time to Refinance Your Mortgage?

If you’re struggling with too many monthly payments and have multiple debts that you would like to consolidate under a single interest rate, refinancing your mortgage or accessing your home equity may be a good option to consider. And it couldn’t be easier.

FAST, SIMPLE, TRUTHFUL

Our experts at Mortgage Matters closely monitor the latest market trends and economic conditions that impact interest rates and the housing sector. The Bank of Canada maintained it’s interest rate at 5% last week and is forecasting weaker Economic growth over the next few years.  With growth slowing and inflation gradually easing, we stay up-to-date on how these trends may present opportunities for refinancing or adjusting your mortgage strategy.

In our current environment, many banks are enticing clients to refinance under terms that may not be ideal. Our market expertise allows us to present you with the best options tailored to your financial goals and the current economic landscape.

At Mortgage Matters we pride ourselves on advice that’s simple and practical, making the process easy for you to understand. With years of experience and partnerships across the mortgage sector, we can help determine if now is the right time for you to refinance or adjust your approach.

• APPROVAL in less than 24 hours

• QUICK Funding

• REDUCED fees

• 2nd mortgages up to 85%

To determine your best mortgage refinancing options, contact us today.

Did you know: That the population of Surrey is expected to surpass Vancouver within 5 years?

January 2024 - Latest Market Update

Great news to start the New Year

Mortgage rates have recently eased, and the interest rates overall are expected to fall throughout 2024.  This is comforting news for the mortgage borrowers facing a renewal later in the year.  Easing mortgage rates may be good news for homeowners, but not so much for those looking to make a home purchase.  

“Metro Vancouver’s housing market closed out 2023 with balanced market conditions, but the year-end totals mask a story of surprising resilience in the face of the highest borrowing costs seen in over a decade. ”

— From the latest REBGV stats

It has been many months since a 5-year fixed rate mortgage has been under 5%.  Lower mortgage rates will likely push real estate prices higher and not improve affordability.    Beyond the season changes, Inventory levels of available homes for sale are also falling.  It’s one of the primary reasons we escaped a market correction last year.  Bottom line; if you are considering buying a home, do it quickly.  

Need to get access to some of your home’s equity and you don’t want it to affect the great rate on your existing mortgage, then consider a 2nd mortgage.  You can be approved in less than 24 hours and many lenders are offering special incentives and quick funding options.  

November 2023 - Latest Market Update

Is It Downhill For Mortgage Rates?

The decades of high-interest rates have done the job. The impact of the higher rates is finally working to ease inflation.  The US, UK, and Canada to name a few are reporting easing inflation numbers and are now starting to be challenged with economic growth.   The consensus view of the Economists surveyed by Bloomberg last month predicts that rates in general will be 40% lower by no later than mid-2025.  

These economists also highlight concern over Canada’s looming wall of mortgage renewals upcoming over the next years.  There will be hundreds of billions in mortgages renewing at much higher interest rates which will, without any doubt have an impact on the Canadian economy.

Is your mortgage maturing soon?  Contact me before you lock into a high rate.

DID YOU KNOW?

The BC government has come out with new legislation intended to improve the zoning rules and allow townhomes, triplexes and laneway homes, on single-family lots – effective June 2024. In municipalities with more than 5,000 people, the new rules will allow for the following:

• Three units on single- or two-family lots less than 280 square metres (about 3,010 square feet)

• Four units on single- or two-family lots greater than 280 sq. m.

• Six units on lots greater than 280 sq. m. near “transit stops with frequent service”

Century 21 In Town Realty has announce a partnership with:

Our clients can now receive complimentary junk removal with every listing.

Click her for more details.

IMPROVED MORTGAGE SOLUTIONS: 

• Common sense approvals with lenders that think outside the box and can get you prime rates. 

• A ‘No monthly payment’ options. 

• You can access your home equity of up to 85% of appraised value. 

• Quick approval – often within a few hours.

• Improved rates and fees.

October 2023 - Latest Market Update

High Interest rates make for a balanced market.

The high interest rates are having an impact, and the housing market is feeling it.  From the latest REBGV monthly stats: “The month-over-month price gains seen earlier this year abated in the Metro Vancouver housing market in September due to a seasonal decline in sales and a modest increase in inventory levels across the region.”

Locally, home prices have remained quite resilient but as long as rates remain high, there will be downward pressure on prices.  These interest rate pressures were very apparent in two Canadian Cities last month.  Sales in Toronto were down very significantly but compared to Calgary their sales were at record highs. Vancouver has avoided a downturn and there are now indications that interest rates may have reached their peak – can you imagine what happens to housing values when rates start easing! There’s a saying I like: ‘buy when everyone is selling and sell when everyone is buying’. 

Banks have also felt the impact of higher rates.  Mortgage volumes are down significantly and many of the banks are already beginning to explore ways to make up for the falling revenue.  I’m not sure if there has ever been a more challenging time to borrow money from a bank. 

We can help and here are some NEW solutions:

• Common sense approvals with lenders that think outside the box and can get you prime rates. 

• A ‘No monthly payment’ options.

• You can access your home equity of up to 85% of appraised value.

• Quick approval – often within a few hours.

• Improved rates and fees.

Did You Know?

In BC: About 3,000 eligible homeowners will be offered forgivable loans of up to $40,000 to help pay for construction costs for basement suites, garden suites or laneway homes on their property.   We have plenty of lenders that can help you finance this type of project. 

Want to learn more? Contact Tony today.