BridgeHouse Mortgage
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X At BridgeHouse Mortgage, our goal is to find you the right mortgage at the lowest possible rate.
We aim to educate clients on the process so they’re comfortable with every step of their journey to home ownership. We always put the client first, so you know your interests are being looked after. Our team of dedicated brokers is committed to upholding the highest ethical, operational and client-service standards in everything we do. And that’s not just idle talk – we live and breathe our values
04/13/2021
Tighter mortgage rules won’t impact skyrocketing Canadian home prices: Capital Economics One economist estimates that the impact of homebuyers’ purchasing power will be under two percent, barely enough to make a dent in the rate that prices are rising annually in many Canadian cities.
From my very good friend and colleague
Buy Low Sell High
MLS data shows that as prices increase so does the number of MLS listings which is an indicator that we buy high and sell high.
To get ahead of the curve you need to identify when the market is low and purchase before prices increase. Advanced economies (such as ours), exhibit sustained growth over time, but that doesn’t mean that there aren’t periods of decline. David Jones of Homelife Glenayre Realty in Abbotsford BC reports that sales for Fraser Valley are down 50.3% for April last year. Sales nationwide (for the month April) have dropped 56% to the lowest level since 1984. The average 5 year fixed mortgage rate in Apr 1984 was 13.51%. Today we see typical 5 year rates in the area of 2.54%.
Given the current conditions, one might think that it’s a good time to squeeze the trigger on making an investment in the real estate market. We’ve seen in the past, that lulls in the real estate market lead can lead to pent up demand, sometimes resulting in a buying frenzy, multiple competing bids and higher prices. It would however, be remiss not to consider the uncertainty of how our economy will bounce back and how long it will take. Are we even at the low end of downward trend of the real estate market yet? No one can tell us that with any certainty, but to quote General McArthur “There is no security on this earth; there is only opportunity”.
Buy low, Sell High.
For more market insights or free advice you can contact me at [email protected] or 778 891-8165. Dave Jones can be reached at [email protected] or 604 218-6580
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