News and Information

Desjardins says that Mortgage rates might rise by 2% by 2020.

What does this means?
Earlier this year, everyone has to qualify under this years new mortgage rules, where some people had to qualified for about 4.8% mortgage. Most people will be ok even if the mortgage rate goes up to 5% by 2020.

Market Slowdown over the last 2 weeks.

What does this means?
There are about 33% more homes for sale than last year. Prices have increased about 25% from last year.
Over the last 2 weeks, the market has moved closer to a balanced market. Instead of 4-9 bids for a house, now we are seeing 1-4 bids. The best houses will still have bidding wars. The below average houses are selling slower. Detached homes prices are still rising. Condo are stable to rising slowly, depending on how high end they are. It is still too early to say if this is a trend.

Normally, the market usually slows down this time of year for the summer. It generally picks up again in the fall.

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