In this episode of the YVR Remo show,

we discuss the current market slow down and transactions that are happening!

Certain transactions are still happening in the current market

• Variable rate mortgage holders are considering their options.
• People are still buying homes despite market conditions.

Multi-generational living and downsizing are common trends in the real estate market.

• Elderly individuals are selling their homes and buying new ones with their children's help.
• First-time home buyers are getting assistance from their families.
• Rental purchases out of town are becoming more popular.
• People are moving to smaller towns with cheaper living costs.
• Some individuals are relocating to other provinces for better employment opportunities and lower living costs.

First-time buyers are comparing the cost of buying a home to renting and finding it to be similar.

• Many first-time buyers are unfamiliar with the home buying process.
• The total cost of living from renting to buying is comparable.
• Interest rates and rate holds are important factors to consider when buying a home.

Importance of rate holds and mortgage renewal options.

• Rate holds can protect purchasing power when rates increase.
• Explore different lending options to secure favorable rates.
• Consider reamortization or refinancing for payment relief.
• Seek a third-party opinion for guidance during uncertain times.

Consider extending the amortization period to lower payments.

• By opting for a 30-year amortization instead of 25 years, you can secure a lower mortgage rate.
• Don't be discouraged by the increase in mortgage term - think of it as a temporary solution to weather the current economic storm.
• Another option is to explore second mortgages or home equity line of credit for additional funds without disrupting your existing mortgage.
• Positive news: Scotiabank has reentered the mortgage market after a year of being priced out.

Scotiabank offers competitive rates and excellent programs for borrowers

• Scotiabank has a high net worth program and a self-employed program.
• Good news for the mortgage and real estate business.
• Borrowers with Scotiabank mortgages should check for potential rate drops.
• Bio financing is driven by life situations and becoming more common.
• Pre-sale financing for properties with delayed completion timelines.

It is important to plan early and be aware of mortgage rates and qualifications when purchasing a pre-sale property.

• Construction delays and municipality approvals can affect mortgage rates and qualifications.
• Pre-qualification rates may not be valid at the time of purchase.
• Early planning allows for alternatives such as adding a cosigner or increasing down payment.
• There are programs available to lock in current rates for future purchases.
• Lack of insurance and mortgage protection may require re-qualification in the event of death.

Reverse mortgages are becoming more popular, especially for seniors who prefer to stay in their homes and utilize the equity.

• Reverse mortgages allow homeowners to access the equity in their homes while still living in them.
• These mortgages are particularly beneficial for older individuals who may never pay off their mortgage balance, yet are still making monthly payments.
• The black cloud surrounding reverse mortgages is diminishing as more lenders offer flexible products for various age groups.
• A deep dive into reverse mortgages will be done in a future episode.