Jamie Squires, Fifth Avenue Real Estate Marketing President, says, “The Bank of Canada’s decision to hold interest rates steady provides a sense of stability for home buyers in the short term, as mortgage rates are unlikely to see immediate increases. However, the broader challenges of housing affordability and the potential for future rate hikes should […]

With files from Scott White

WESTMINSTER PLATEAU – NOW SELLING AN EXCLUSIVE COLLECTION OF 36 MODERN TOWNHOMES & 54 EFFICIENTLY DESIGNED 1 BEDROOM TO 2 BEDROOM & DEN CONTEMPORARY CONDOS COMING SOON  

“At its January decision, the Governing Council indicated that it expected to hold the policy interest rate at its current level, conditional on economic developments evolving broadly in line with the MPR outlook,” the bank said in its announcement. “Based on its assessment of recent data, Governing Council decided to maintain the policy rate at […]

Canadians, who have watched the cost of a mortgage rising steadily over the past year, took another hit when the Bank of Canada hiked its interest rate to 4.5 percent on late last month. The hike is the eighth in less than a year and was accompanied by the central bank, which said the rate […]

Affordability Outside of the City Core However, the catch is a low-rise condo outside of Vancouver is where the prices become affordable for most first-time homebuyers, and Squires advises looking in Langley, Surrey and Abbotsford. In a rising interest rate environment, first-time homebuyers need to be cognizant of losing purchasing power as the B-20 mortgage […]

MORTGAGE RATES Rates are continuing to remain low, with 5-year fixed rates available in normal mortgages with full features and no odd restrictions, available at 1.84% and variable at prime -0.75% (1.70%). The sharpest rates are for high-ratio insured purchases. It’s nice to see some larger discounts off of prime for variable-rate mortgages, as those […]