We are well into 2020, and all signs are looking positive for Canadians and their home ownership aspirations.
While home prices didn’t appreciate in 2019 as they had in previous years, CMHC expects to see “a recovery of housing activity in 2020 because of overall economic and demographic conditions and income growth.” Here are 3 areas where CMHC predicts the market will recover this year:
- Housing sales will start recovering, offsetting recent declines.
- Positive price growth will resume, driving the average price above its 2017 level.
- Housing starts will stabilize.
If the market does recover as CMHC predicts, home prices likely will increase. That’s why it might you might want to act now and see what you could qualify for, whether you’re a first-time home buyer or moving up to your next home.
Did you know that it might be possible to move up to a bigger home or your dream home without increasing your monthly payment significantly? This is especially true if you’ve built some equity in your current home or have paid down a significant portion of your mortgage over the last few years. You might even be able to move without having to pay any penalties on your existing mortgage. Together, we can find out what’s possible for you.
February is typically one of the best months to get pre-approved. Rates are low, and those rates can be locked in for 90 days. So, you can get pre-approved, take some time to think about it, maybe look around, and if you decide to buy but interest rates have increased, you’re protected.
If you—or people you know—are thinking of getting a mortgage pre-approval, let us know and we can assist. Remember, there’s no obligation, even if you decide not to buy or move. Plus, the pre-approval process is completely free.