Welcoming the Spring Housing Market

The winter is finally over and the real estate spring market is now upon us .The demand for housing is still strong and fears of a bubble seem to be old news now. As mentioned in the Canadian Mortgage and Housing Corporation’s (CMHC) recent National Housing Outlook  “overall, despite the uncertainty surrounding recent oil price declines, economic conditions in Canada are forecast to remain supportive of housing demand”.

Spring time has recently also been the time that the big banks start their “mortgage price wars”. It’s interesting to note that while the big banks are now reducing their rates a little, mortgage brokers have had access to even lower rates over the past several months. We all know that while interest rates are important, not all mortgages are created equal. Now more than ever, it makes more sense to use the services of a mortgage professional not only to ensure you get the best rate for your circumstance but also so you can understand all the features and options that really make the difference.

So while interest rates are still at historical lows and with all the noise made by the big banks over the next while about their products, it would be an ideal time to contact your Mortgage Broker to guide you through the maze of options that are available not only from the banks but also credit unions and the many other mortgage lenders solely used by mortgage brokers.

If you’re thinking of buying your first home or your next home, now is also the best time to get a mortgage pre-approval and lock in that rate for up to 120 days. This way you’ll know exactly what you can afford and have your mortgage ready in hand.