So, you’re thinking about buying a property but wondering if now’s the right time.
Well, here’s the scoop: inventory is up across the province—condos, houses, farms, ranches, you name it. The median price for August in our region was $718k, down from $798k in 2022. We’re in a buyer’s market, and prices are under pressure.
To sweeten the deal, the Bank of Canada recently lowered the key interest rate to 4.25% and hinted at more cuts on the horizon. Tempted to wait for rates to drop further? Here’s the catch: prices often jump back up when rates bottom out. If you’re a serious buyer, especially a first-timer, waiting could be costly.
The smart move? Chat with your mortgage broker and create a plan to take advantage of the current high inventory and lock in a good rate for a term suiting your situation!
Don’t be a lemming—if you wait for the crowd to rush in, prices will skyrocket, and you’ll miss your shot.
Act now, score your dream home for a great price, and get ahead of the pack!