Deciding whether to buy now or wait for changes in interest rates depends on various factors, including your personal financial situation, housing market conditions, and long-term goals. Here are some considerations to help you make an informed decision:

Buy Now if:

1. Favorable Market Conditions: If the housing market in your area is currently favorable for buyers, with a good selection of homes and competitive prices, it might be a good time to buy. “We are seeing a relatively calm and balanced market right now,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “Which means buyers have time to shop around and purchase a home without the pressure of a few years ago, and while prices are holding fairly steady across all property types.”

2. Stable Financial Situation: If you have a stable income, sufficient savings for a down payment and closing costs, and a good credit score, you may be well-positioned to buy now.

3. Low Interest Rates: If current interest rates are historically low, locking in a mortgage now could potentially save you money on interest payments over the life of the loan. As of May 21, 2024, the lowest mortgage rate in Vancouver is 4.59% for a 5-Year Fixed mortgage. The predictions range from a decrease of 25 basis points (0.25%) to a total drop of around 100 basis points (1.00%) by year-end. The next Bank of Canada rate announcement is on June 5th, 2024, and could be a turning point. Market expectations lean towards a potential decrease of 25 basis points.

4. Long-Term Plans: If you plan to stay in the home for the long term and are confident in your ability to afford the monthly mortgage payments, buying now could be a wise investment in your future.

Wait if:

1. Interest Rate Trends: If interest rates are expected to decrease further in the near future, waiting could allow you to secure a lower mortgage rate and potentially save money on your monthly payments.

2. Market Uncertainty: If there is uncertainty in the housing market, such as rising home prices or inventory shortages, waiting may give you more options and negotiating leverage when purchasing a home.

3. Financial Preparation: If you need more time to save for a larger down payment, pay off debt, or improve your credit score, waiting could put you in a better financial position to qualify for a mortgage with favorable terms.

4. Life Changes: If you anticipate major life changes in the near future, such as a job relocation, marriage, or starting a family, it may be prudent to wait until your situation stabilizes before committing to a home purchase.

Consult with a Financial Advisor:

Before making a decision, consider consulting with a financial advisor or mortgage professional who can provide personalized advice based on your individual circumstances and the current economic landscape. They can help you assess the pros and cons of buying now versus waiting, taking into account factors such as interest rates, market conditions, and your long-term financial goals.

Ultimately, the decision to buy now or wait depends on your specific needs, preferences, and financial objectives. Take the time to carefully evaluate your options and make a decision that aligns with your overall financial plan and lifestyle goals.

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Why Purchase a home with a mortgage helper?

Renting out part of your home offers significant financial gains, and is encouraged by the Canada Mortgage and Housing Corporation (CMHC), for being an effective contributor to affordable rental housing. For example, the Crown Corporation estimates secondary suites account for one fifth of all rental supply in Vancouver, a city with nearly zero (0.6%) rental vacancies.

“Not only are secondary suites a source of affordable rental housing, they can also provide the needed extra income to first-time buyers for whom that additional income makes housing affordable in high-cost areas,” the CMHC states on its website. In September 2015, it also passed new rules to make it easier for landlord homeowners to qualify for loans and mortgages – 100% of gross rental income can now be included as part of their debt-servicing ratio.

While that’s a big plus for buyers who are looking for the additional help qualifying, the CMHC points out that income suites are also a great option for retirees who may not wish to downsize & leave their family homes. “For older households who no longer need a larger house, the addition of a suite can generate needed income and security, as well as allow them to continue to live in their neighbourhoods and age in place,” it states.

However, you’ll be sharing your home with other people, and that’s not for everyone. Be sure you're willing to tolerate things that go bump in the day and night.  It is important to do your research on what you will need and what to expect as a landlord.

Please reach out for more information.  I would love to be of assistance in helping you reach your real estate goals.

Is buying presale a good investment?

Typically, presale homes are sold at a lower price than their market value would be upon completion, making them an attractive option for investors seeking potential appreciation, as well as first-time homebuyers who wish to enter the market at a lower price point.

When buying a presale home, you're basically putting a deposit down to own the rights to your future home. Though there are usually payment schedules, you will pay as the home progresses, but you won't be asked to pay the full price of the home until it's completed.

Grandview & Morgan Crossing

Experience The best of the South Surrey White Rock lifestyle here.  With everything you need at your door step such as; Great Restaurants, Shopping, Golf Courses, Trails, Parks,Aquatic Centre, Gyms, Yoga, Pilates, and Spin classes, and don't forget the beaches. You don't have to leave, It's all here!

This makes this area very desirable for families and singles in the Grandview Heights/ Morgan Crossing communities. Grandview is formerly a largely agricultural area that has witnessed a remarkable transformation in the past 10 years. 

Growing neighbourhoods with exciting new Condos, detached homes and townhomes in carefully planned communities.  Affordability is drawing new residents to enjoy the amenities, and Urban Lifestyle while living within 10 minutes to White Rock Beach and Crescent Beaches. 5 minutes to the US border crossing and easy access to Hwy 99 will get you into Vancouver in 45 minutes.

                                                           Grandview & Morgan Crossing 

Desirable Urban Style Communities

The best of  South Surrey White Rock lifestyle is all here.  From beaches to several fitness studio's, Gyms, many hiking & biking trails, New Acquatic Centre, New Schools, many Restaurants, outlet stores and shops, Golf Courses are ALL here for families and singles in Grandview Heights & Morgan Crossing to experience.  All right at your doorstep.

Grandview & Morgan crossing is formerly a largely agricultural area that has witnessed a remarkable transformation in the past 15 years.

Location

Close to Hwy 99, which provides easy access to Vancouver,  approx. 45 minute drive.  Only 5 minutes to the US border crossing and 10 minutes to either White Rock or Crescent Beaches.