Mortgage Minute

First Time Buyers: Now might be the time to enter the market.

Not so deep thought of the day: 

When you clean out a vacuum cleaner,

you become a vacuum cleaner!

For the first time since 2008 and 2009 media headlines have been saying this may be the best chance for first time buyers, who are fortunate enough to still be working, to get into the housing market. Mortgage rates have plummeted and house prices have slowed there upward trajectory, allowing many an opportunity to get into the housing market. This window of opportunity may be short lived as we see more and more people going back to work and about 20% fewer listings than a year ago in most segments of the market.

The bank of Mom and Dad has been going through the wash cycle the last few months so fortunately there are a number of other first time buyer programs available to help people get into the market, like the RRSP tax free withdrawal, Property Transfer tax exemption, and the 5 or 10% interest free loan program. As well, the qualifying rate that once sat at 5.34% is now down to 5.04%, allowing many more people to qualify for their first home.

For more information about these programs or any questions about mortgages, Call Daryl French of LendingMax today, 250-470-8843.