Rates are high! Should I wait to buy?
Recently you may have noticed either on the news, or on social media that interest rates for mortgages in Canada have been on the rise, and that we are now seeing them back to their pre-pandemic levels. This can stir up a lot of questions, concern or worry for anyone looking to buy a new home or get into the housing market.
So should you hold off on purchasing a home until rates come back down?
There's no one right answer, but the good news is there's no need to panic, higher rates tend to trigger lower real estate prices. If you play the waiting game with rates, chances are you will end up paying more for the property.
Consider a situation of stocks in the stock market; when a desirable stock drops in value, the pros will take their opportunity to get in a good price.
There is a constant inverse relationship between the two, and both sides need to be considered to make an informed decision.
You don't need to be an expert on the rates and the market status before purchasing a home. You can trust in a mortgage broker to help you figure out what plan best suits you. We're mortgage experts and I've personally helped many people navigate the confusing mortgage landscape and find themselves in a home at no extra cost to them.
For more in-depth information about the current rates and what's forecasted to come you can visit the BCREA Mortgage Rate Forecast .