Imagine there’s a neighbourhood you’d love to live in someday, but, every
time you drive through, you rarely, if ever, see a For Sale sign. It’s as if
homes get gobbled up by buyers the moment they get listed.
It’s true, properties do tend to sell quickly in desirable, in-demand
neighbourhoods. Does that mean you’re destined to either hope for a lucky
break or miss out on ever living there?
Fortunately, no. There are practical things you can do to increase your
chances of getting into that neighbourhood.
Your first step is to find out the kind of new home you can afford. You want
to get your financial ducks in a row so when a listing does come up in the
area, you’re able to respond quickly. Find out the average price range of
homes in the neighbourhood. Then, if necessary, talk to your lender or
mortgage broker.
The second step is to get your current property ready for sale. You don’t
necessary need to list it now, but you want to be in a position to do so
quickly, if necessary. You may need to clean up and declutter, get repairs
done, and spruce up your home in other ways.
The third step is to talk to us.
You see, listings in popular neighbourhoods often move fast. By the time
you see them advertised on the internet, they may be gone. I can closely
monitor listings in that area for you, so the moment one comes up that
meets your criteria, you can be alerted. This greatly increases your chances
of getting that home.
So if there is a dream neighbourhood you’d love to get into, give us a call!!!

The Bank of Canada announced this morning that it is raising its target for the overnight rate by 25 basis points to 0.75 per cent. In the press release accompanying the decision, the Bank noted that Canada's economy has been robust and a significant amount of economic slack has been absorbed. While inflation data has been soft, the Bank expects that this is temporary and that inflation will return to its 2 per cent target by mid-2018. 

The motivation for today's rate increase seems primarily to be that the Bank feels that the stimulus it injected into the Canadian economy in 2015 through two rate cuts is no longer required given a recent trend of strong economic and employment growth. If that is the case, a further 25 basis point increase before the end of the year will likely follow.  After that, the pace of rate increases relies heavily on the trend in Canadian inflation, which to date has been well below the Bank's 2 per cent target. If that trend does not reverse by early next year, the Bank may decide to stop at a 1 per cent overnight rate until higher inflation emerges. 

As bond markets reprice rate expectations, Canadian mortgage rates have returned to levels observed at the beginning of the year. We expect that mortgage rates will rise further in the second half of 2017, finishing near 3 per cent for a five-year fixed rate. 

“Copyright British Columbia Real Estate Association. Reprinted with permission.”