Please reach out. I am very passionate about what I do, and I would love to help make your real estate dreams a reality! Let's connect.
Yes, you should buy a house now if you’re financially ready. Mortgage interest rates are high right now, but we don’t know for sure when they’ll go back down—the next bank of Canada interest rate announcement will be on January 24th, 2024. Most predictions indicate that it will be held at 5.00%
We do know, though, that housing prices will keep going up (like they always have). So, your best bet is to buy now and lock in your home’s price before housing costs increase even more. Then, if interest rates do go down in a year, you can refinance to a lower rate.
Plus, because interest rates are high right now, fewer people are buying, which means you won’t have as much competition when you make offers.
However, you should only buy a house if you’re prepared financially and have done the due diligence in getting pre-approved.
Please reach out. I am very passionate about what I do, and I would love to help make your real estate dreams a reality! Let's connect.
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.
Choose the right time of year to look for a new home.
January is the best time to make an offer on a home. Not many buyers want to brave the cold to shop for a home, so prices are the lowest. Properties also take longer to sell. This means sellers are more likely to accept a lower offer.
Please go to the link below and see the quick search links for detached homes under 1.3K, or attached homes under 800K in White Rock South Surrey Neighbourhoods. Or feel free to create your own customized search!
https://whiterockviews.ca/home-buyer-search.html
I look forward to being of assistance.
The latest housing assessment figures in British Columbia show residential property markets softening across the province, but analysts say it may not bode well for affordability in the coming year.
The concerns stem largely from the potential drop in interest rates later this year, which may spur homebuying activity while housing supply remains limited, driving up prices.
“There are a lot of buyers on the sideline right now,” said Central 1 Credit Union chief economist Bryan Yu.
“Once that certainty arises that rates are stabilized or are falling, we do expect to see that more buyers are going to come back and look into purchasing.”
If you have not recieved your assessment, or have questions please reach out. I would love to be of assistance.
View affordable homes available right now in South Surrey/ White Rock Communities.
Sure, you could drop $5-10 million on an oceanfront dream home. But you can also get into a Condo for less than $500,000. Providing plenty of buying opportunities for those just starting to work their way up the property ladder.
Check out the link below and let me know if you have any questions.
https://whiterockviews.ca/home-buyer-search.html
I am here to guide and help. I am very passionate about getting homes ready to sell, and offering my clients the best opportunity to sell quickly and for top dollar. This is what I love to do. Give me a call and I can give you a free consulation on what it will take you to get your home ready to sell for more!