Is Now a Good Time to Buy Real Estate in Victoria? Jul 11th

Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.
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The Latest in Mortgage News: iA Exits the Residential Mortgage Market Sep 18th

After nearly 50 years of providing residential mortgages to Canadians, Industrial Alliance Financial Group announced its exit from the space this month. “This is a result of our decision to focus on investments in key sectors for the Group,” iA spokesperson Pierre Picard told CMT. “.... More »

Latest in Mortgage News: Stress-Test Rate Drops After a Year of No Change Jul 20th

The benchmark posted 5-year fixed rate, which is used for stress-testing Canadian mortgages, fell yesterday in its first move since May 2018. The Bank of Canada announced the mortgage qualifying rate drop to 5.19% from 5.34%. This marks the first reduction in the rate since September 2016. The rate .... More »

Latest in Mortgage News: Why the Fed Cut Rates this Week Aug 4th

The big news of the week was the Federal Reserve’s interest rate cut, the first one since the financial crisis more than 10 years ago. Despite a strong domestic economy, Federal Reserve Chairman Jerome Powell said the cut was a pre-emptive move to brace against “downside risks.” &#.... More »
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Lower Rates Means Less Stress in the “Stress Test” + MORE Jul 23rd

Starting now, Canadian mortgage seekers will find it easier to qualify for more money. That’s because the Bank of Canada has dropped its five year benchmark qualifying rate from 5.34 percent to 5.19 percent. This is the rate banks use to qualify would-be-homebuyers for a mortgage. This is the fir.... More »

Canadians Not Deterred By Homeownership Obstacles Sep 6th

Those dreaming of homeownership face a long list of obstacles: high prices, low supply and ever-changing mortgage rules and qualification requirements, to name a few. But that hasn’t shaken Canadians’ desire to have a place to call their own, according to the latest consumer survey from .... More »
Is Now a Good Time to Buy Real Estate in Victoria?
Thinking about buying real estate in Victoria? While some might suggest waiting a year or two for housing prices to come down, now might be a good time to start looking. The quarterly report on Vancouver’s housing market indicates while prices are starting to come down, inventory is high. So, should buyers test the waters or wait and face stiffer competition?
The Decision to Buy or Wait
Based on the Canada Mortgage and Housing Corporation (CMHC), real estate prices have dropped by about seven to eight percent from last June.
“This housing market assessment is an early warning system for vulnerabilities in the housing market. The degree of imbalance between home prices and the local economy is narrower than it has been at any point in the last several years.” That’s from CMHC market analyst Eric Bond.
There’s Still Some Potential Risk
While house prices are coming down in Vancouver, house affordability hasn’t eased that much. In Victoria, to afford a house priced at $741,000 a potential home buyer would need to make $140,000…

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