Many buyers are waiting for rates to drop before they jump into the market. But is waiting the right move? To answer that, I sat down with Kristen Vettraino, a mortgage agent that has helped many of our clients demystify home financing and get mortgages at great rates. 

“In my opinion, no,” Kristen says. “We don’t know when rates will fall, and even when they do, they will not reach pandemic lows. Meanwhile, housing prices will continue to rise.” 

“The moment the Bank of Canada signals that rates will drop, pent up demand will cause housing prices to spike. So what environment do you want to be buying in? As the saying goes, the best time to buy real estate is 5 years ago, and the second best time is now.”

“And with more stock on the market, there are more opportunities to negotiate. When you do the math, buying sooner, even at higher interest rates, is less expensive than waiting.”

If you are preparing to purchase a new home or refinance an existing one, message Kristen today! www.mindfulmortgages.ca