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  • Writer's pictureClint Peters

Rates are higher, but now is the time to take advantage of lower real estate prices.

After years of soaring prices, we are finally starting to see real estate prices fall. This comes as a result of the continually rising Bank of Canada interest rates this year due to inflation.

Many homeowners are feeling the financial pinch of inflation, but for a first time homebuyer, this may be the right time for you to seriously consider getting into the market. Although rates are higher, with the lower housing costs we are seeing that you could likely be paying the same (or even less) monthly, but with a lower downpayment and overall mortgage.

Here we take a look at the average cost of a Town House in Chilliwack, B.C. in February of 2022 and the interest rates at that time versus what we see today.

Peak of Market, February 2022



Minimum Down Payment


Mortgage With Insurance


Fixed Rate


Monthly Payment


Variable Rate


Monthly Payment


Today (November, 2022)



Minimum Down Payment


Mortgage with Insurance


Fixed Rate


Monthly Payment


Variable rate


Monthly Payment


This year has seen one of the most aggressive rate-hiking cycles in history, but history also tells us that things should eventually normalize again: Rates will lower and housing costs will rise (they share an inverse relationship)

If you purchase a home now, with the historical proof that property values will rise again, you put yourself in a great position to build equity on your home. Equity can build MUCH faster than you can save liquid cash trying to "wait" out the rates. My recommendation is to purchase what you are able to now, and let the equity help you work your way into your dream home.

My recommendation is to purchase what you are able to now, and let the equity help you work your way into your dream home.

History also tells us that rates will cool off, this means that taking the chance now on a variable rate could benefit you in the future, if rates lower. Every person's situation is different, and I can never recommend ONE type of mortgage over the other, but there are strategic moves we can make to set you up for future success.

Home ownership might be more possible than you think. If you're curious about the options available to you, give me a shout anytime or click the button below to fill out an easy online application to get the process started.


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