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In the past, recessions have had a significant impact on the housing market in British Columbia. During economic downturns, there is typically a decrease in demand for housing, leading to a decrease in home prices and an increase in inventory. Additionally, unemployment rates tend to rise during recessions, making it more difficult for individuals to secure mortgages and purchase homes. Despite this, in past recessions, the housing market in B.C. has generally been less affected than other markets in Canada, due to factors such as population growth and a diversified economy. However, the recent COVID-19 pandemic has created a unique and uncertain situation and it is too early to tell the long-term impact on B.C. Housing market.

See article here--------------> https://bit.ly/3XBjiNU

The current mortgage interest rate projection for January 2023 is only one example of the many changes that have occurred in the Canadian housing market in recent years. The Bank of Canada is expected by the market to raise mortgage interest rates as of January 1, 2023, and several experts have revised their previous projections upward. While variable mortgage rates are forecast to slightly rise, fixed mortgage rates are expected to remain unchanged.

Despite the fact that home prices have been rising, a decline is now predicted for 2023. Rapid rate increases by the Bank of Canada are likely to lead to a recession in the short-to-medium term. As a result of inflation being stickier than anticipated, the Bank of Canada may not change course in 2023.

Mortgage rates are still low in the current environment, but they have been rising and are anticipated to keep climbing. By obtaining a pre-approval for a mortgage four months before completing a purchase, prospective homeowners can benefit from this effect.

If variable rates continue to rise, it would be worthwhile to pay more for the fixed-rate service when locking in a 5-year fixed rate. Although variable rates presently exceed fixed rates, they are predicted to stay below 4% until 2023.

On the other side, locking in now can be the best option if you want the security of a locked-in rate. However, fixed-rates have cancellation penalties, so be aware that this could be expensive if you want to move or sell in the coming years.

To lock in a rate, it is crucial to talk to a mortgage broker as soon as possible, and to weigh both fixed and variable rate choices. When predicting mortgage rates, doing your homework and comprehending the economic presumptions as well as the Bank of Canada's recommendations are also crucial.

Click here to read this article from RBC 

https://thoughtleadership.rbc.com/forward-guidance-our-weekly-preview/?nocache&utm_medium=email&utm_source=salesforce&utm_campaign=fg

Wondering about the economy and where it's headed? Inflation, the housing market, interest rates etc.. This easy to understand (economics understandable) 50 minute video by economist Benjamin Tal is worth the ✅ and listen.
If you have any questions please let me know and please share if you think this information may be valuable with someone you may know. Copy and paste this below into your url.

https://cibcvirtual.com/EconomicHousingImplications/s/1778?language=en

Ryan Alty

604 375 7373

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