The Bank of Canada announced that they are going to be maintaining the overnight rate at it's current level. This is due to uncertainty in the world markets and the expectation that inflation rates will decline in the near future. So long as inflation stay low there shouldn't be a need for the lending rate to be increased any time soon. This is great news for those looking to buy a home as we are still seeing great rates being offered by lenders. While the variables rates are not as low as we have seen recently, the 5 year rates have remained quite low.
We are often asked whether or not you should list your home in the winter time or whether you should wait until spring. While the answer to this question will be affected by your personal situation, in general, the spring market is the hottest market of the year. That being said, the spring market also offers the greatest amount of competition for your home. During the winter months, less buyers are out looking for a home but with the internet being a tool that most buyers are using in their house hunt, buyers are always keeping an eye on the market waiting for new homes to show up. Over the holidays the market will usually die right down and January can be quite slow. Once February comes around and we get a couple days of nice weather, buyers start to get excited to see homes and this time can be great to be on the market. As a seller you will have less competition and can get your home sold before the flood of new listings arrive in March and April.
Call today to discuss your particular situation and come up with a plan to get your home sold.
Before starting your house hunt, be sure to visit a bank or mortgage broker to learn how much you can afford to spend. By getting pre-approved for a mortgage you are then better prepared to begin your search for a new house and you are in a better negotiating position having that pre-approval in place.
