With real estate in Vancouver and throughout the Lower Mainland seeing more listings and lower house prices, you can now relax a bit and look around when you’re planning to buy a home.
But then you’re in danger of missing out on the current amazingly low mortgage rates. While the Bank of Canada keeps interest rates in the basement, lenders are starting to nudge their mortgage rates up. Both fixed-rate and variable mortgages are on the move at some lenders, and that means others will follow.
If you’re pre-approved, talk to your mortgage broker about a 90- or 120-day rate hold so you can stick with today’s rates while you take advantage of Vancouver’s buyers’ market to look around for the perfect property.