With the beginning of Spring comes the transition into the traditional Spring real estate market as well. This time of year is usually when transactions pick up, due to the warmer weather, and increased desire to move. With more inventory comes more options for buyers. Repeat home sale prices are also down right now, playing an advantage for buyers as well.
And let’s not forget about the ongoing ‘mortgage war’, where banks are competing for the lowest interest rate. The winners are homebuyers in this scenario. But even before this battle of the rates began, we are still dealing with historically low mortgage rates.
The RE/MAX Canada website puts this into great perspective:
“Consider, for example, that in the late 1980s, five-year, fixed rate mortgages were more than 12%, and even in the late 1990s, they were almost 7%. In 2009, you could get the same mortgage for about 4.5%, a five-year variable rate mortgage at 2.25%, and a five-year fixed rate at 3.99%.”
Right now rates are hovering around the 3.00% range (most are lower), so it’s a GREAT time to buy a home. If you have questions about the marketplace or mortgage options, please feel free to contact us.
