Mortgage Rates Are On 🔥 & This Is What's Moving In Real Estate!?

nat rosasco • July 27, 2020

The market is HOT right now, so we're going to break down the 3 things you need to know going into the summer real estate market.


At a glimpse they are


#1 - Interest Rates

#2 - What's going on with CMHC

#3 - What's happening with market statistics


Let's start by jumping into interest rates. They are lower than they have ever been and the government is telling us it is going to stay low! it's currently 1% lower than it was a year ago right now. We're looking to save you $50-$75 for every $100,000 you are borrowing. That means more money in your pocket or you can borrow more money.


Let's move on to what's going on with CMHC. July 1st was intended to be a very important date for all Canadian borrowers looking to purchase a home with less than 20% down. The reason being was because CMHC made some significant changes to their guidelines which would negatively impact how much we can qualify for. The good news is that we have two other major insurers in our country, Canada Guaranty and Genworth. Both of these insurers decided to not follow these changes. Because of that decision we've seen little to no impact from these changes altogether.


Getting into some stats, we find ourselves in a very busy real estate market. in the Fraser Valley alone we are already up 800 sales, in July, from last year and we're only 20 days in. As you can see, it's a very hot market which means high values, short subject removal periods, and multiple offers. It's never been more important to be prepared going into the real estate market and a potential purchase.


If you have any questions about financing or are looking to get into the market, give us a call and we'll be happy to help.


How to Reach US! 📲

Call 604.398.5575 or Email us!


More Questions or READY to get started!?

Just Ask US > Click Here to set up a call or EMAIL us


A podcast episode about tax planning for the self employed borrower.
February 8, 2024
Learn how strategic tax planning impacts mortgage qualification for self-employed borrowers. Discover the key considerations and benefits of maximizing tax efficiency while obtaining a mortgage.
January 31, 2024
Prepare for your first home purchase with valuable insights on mortgage pre-approval, broker selection, financial planning, market trends, and leveraging first-time buyer benefits.
January 11, 2024
Explore the intricacies of timing the market for variable rate mortgages, refinancing, and financial planning in 2024. Gain practical insights and real-life examples from the YVR REMO Show by Thrive Mortgage Co.
December 28, 2023
Discover insights and predictions for mortgage rates and property values in 2024. Explore expert guidance on navigating the evolving mortgage landscape for strategic investments and financial stability.
December 22, 2023
Discover how Thrive Mortgage Co. tackled unexpected hurdles to help a family secure their dream home in record time. Read about our efficient process and dedication to customer satisfaction.
December 14, 2023
Explore the highlights of the mortgage and real estate market in 2023, including market trends, regulatory changes, and the influence of inflation. Discover the opportunities and challenges faced by buyers and lenders.
By Dean Lawton December 12, 2023
The the Canada Emergency Business Account (CEBA) loan was a critical lifeline for many businesses during the Pandemic. The program offered up to $20,000 of free funding, however time is quickly running out to pay out this Loan.
By Dean Lawton November 29, 2023
Explore the current state of the Canadian real estate market, the factors influencing interest rates, and whether now is the right time to buy or wait for property values to increase. Discover the benefits of variable and fixed-rate mortgages, strategies for mitigating risk, and gain insights from a year in review and predictions for 2024.
Have We Hit a Turning Point With Interest Rates in Canada?
November 17, 2023
Over the past two weeks we’ve had a series of major economic data points get released that may signal a turning point for the Canadian Mortgage & Real Estate Market.
By Dean Lawton November 15, 2023
Learn all about the First Home Savings Account (FHSA) in this comprehensive guide. Discover how the FHSA works, who is eligible, the benefits and costs, and how to maximize your savings. Get expert advice on using the FHSA for a home purchase and learn about additional financial planning options. Contact the hosts to get personalized assistance and make the most of the FHSA program.
More Posts
Share by: