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Yesterday Canada’s major banks dropped their 5 year fixed rates. This is great news for anyone who needs a mortgage. Why? The 5 year rates affect the qualifying rate for mortgages, and the drop in rates mean the qualifying rate will effectively be lowered. The qualifying rate, also known as the “stress test rate” is used by lenders to determine how much a borrower can qualify to borrow.
If you have a pre-approval in place and are currently shopping for a home, it would be advisable to have us take another look and see if this change will affect your buying power. When you’re dealing with the higher price points we typically see in Victoria and on Vancouver Island, a small drop in the qualifying rate can still have a positive affect on buyers.
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The USA Goes To The Polls. Not to be overly dramatic, but today’s US election really is one of those singular events that could have a huge impact on our Canadian economy, in a variety of ways. I’ve scoured over the Globe and Mail’s long Saturday article describing how the election will effect our economy, […]
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Is Summer Over, Already? Is everyone asking the same question? I’ve been here in Victoria coming on 20 years now. I’m from Calgary, where, other than the freak snowfall that lasts for a day in August (specifically in 1994 from what I remember), or the 3 day Chinook which brought summer weather in February, the […]