A look at the Bank of Canada’s trend-setting overnight rate

The Bank of Canada has decided to leave the overnight rate unchanged, but the prediction is that there’s a 1 in 3 chance of an increase next month.

If you’re currently in the market to buy or sell, make sure you speak with a mortgage broker to get a pre-approval in place and a rate hold. The rate hold will be secured for up to 120 days, so you don’t have to worry about an increase. On the flip side, if the rates were to lower, you would still get the lower rate. Getting a pre-approval before you start shopping is a quick and easy process that will save you time and money down the road. Most mortgage brokers these days will come to you, so not to worry if you have a bust schedule.

The market trends in the Fraser Valley and Langley in particular are still in the favor of sellers. Work with a buyers agent that has experience and you’ll have a better chance at winning in a multiple offer situation. There are some tricks of the trade that will make all the difference!

I also like pre-sales, they’re always a good idea. Some still offer a low 5% deposit which is perfect for first time buyers and investors. Make sure you write the offer with your trusted buyers agent and not the realtor in the sales centre. Those realtors work for the developer and you are buying unrepresented which can be dangerous!

Questions? We would love to hear from you! Drop us a line anytime.