On September 6, the Bank of Canada kept the key policy rate at 5%. What’s next? Are we in the clear yet? We will see what happens at the next announcement on October 25.
Homebuyers are now wondering: Am I still capable of purchasing a home?
True, mortgage rates have increased significantly creating an affordability issue among Canadians. Do you know that there are several actions you can take to make the most of the situation when purchasing a home during a period of high-interest rates?
First, research and compare mortgage options. Explore different mortgage lenders and loan products to find the best interest rates and terms available. Compare offers from multiple lenders to ensure you secure the most favorable rate possible.
Second, negotiate with sellers. In high interest rate situations, sellers might be more motivated to close deals. Negotiate purchase price and other terms to offset the impact of high interest rates.
Finally, focus on long-term benefits. Remember that homeownership offers various advantages beyond interest rates. Building equity, potential tax benefits, and the ability to customize and invest in your property can make home ownership worthwhile, even in a high-rate environment.
It’s essential to consult with mortgage professionals, financial advisors, and real estate agents (Hi!) who can provide guidance tailored to your specific situation and to help you navigate the process and explore strategies to mitigate the impact of high-interest rates on your home purchase.
I would be glad to discuss to see if it might be a good time to start your home search or home selling journey.
If you have questions or would like to discuss how you can start with the home-buying or home-selling process, feel free to reach out to me at 431.335.4285 or send me an email at info@scarletcirio.com. I would love to help you reach your real estate goals!
Scarlet Cirio, Your Winnipeg REALTOR®
431.335.4285 | info@scarletcirio.com
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