There is NO CRYSTAL BALL, but predictions are pretty good!
Lots of excitement in the media surrounding the interest rate increases and inflation. Several mortgage lenders/brokers tell me that we can expect another increase on October 26th or Dec 7th of around .75 percentage points or the .75 could be split between those 2 dates. We don’t know if the rates will drop next fall and we cannot predict how much home prices might decrease.
Many of you are excited to purchase, but a lot of you are waiting to see what the market does in October. I think lower prices can be anticipated for the upcoming months however, no one knows for certain. It may still be a good time to purchase, especially if you are buying a holding property or plan to live in your home for 5 years +. If your intention is to flip, you could consider holding off to see what happens. We have just come off of a season of record-breaking sales with extremely low mortgage rates. Now the rates are going up a few points but remember, the price of homes is coming down.
Be reassured, our situations are always changing, and home ownership will continue despite market changes. There are still lots of people looking to buy and sell out there.
Even in the 1980's, when the interest rates skyrocketed to 18%+, people were still out there, buying and selling properties.
I'm seeing the price to rent increase slightly as the demand for rental properties increases. This could be appealing for investors.
Many people are curious about whether they should sell now, rent and then purchase later. It could be a good idea, depending on your circumstance however, the cost to rent could surpass the cost savings you anticipate receiving by purchasing at a lower price. If in doubt, it's always best to speak with your lender and/or financial advisor before making that decision.
I work with a team of fantastic people who can provide the support you need to help you with your home- lenders, lawyers, notaries, tradespeople, insurance companies, cleaners, stagers, landscapers, movers...the list goes on.
(Source: Fraser Valley Real Estate Board & Real Estate Board of Greater Vancouver, August 2022). www.fvreb.bc.ca and www.rebgv.bc.ca
CHECK THIS OUT:
Sales Ratio % Market Type Guide
Sellers Market 21% + | Balanced Market 12 to 20% | Buyers Market up to 11%
When you click below to compare the cities in the Lower Mainland, you need to know what market you are buying and selling in.
Here is the map of the Lower Mainland for Detached Homes: Click here
Here is the map of the Lower Mainland for the Attached Homes: Click here