March Madness - Stable Rates, Spring Market and Upsizer Tips

Friday Mar 08th, 2024

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More interest talk, but some good news this time!

Let's get the more mundane (but still important) rate talk out of the way. Whether you have a mortgage or not, interest affects us all. From the student with the line of credit to the young couple saving to buy their first property to the baby boomer deciding if they should sell and move to Florida or risk refinancing because 1.89% doesn't exist anymore! 

Well rates are stable! And why is that a good thing you ask? You want it to go down, I know, I know. But let's be grateful for what we have everyone. No rate increase means the rate cut is closer than we think. Though we will never see a rate of 1.89% again, we will start to see a decline at a 25 basis point starting as early as June, according to the bank of Canada.
So stability is a good sign. Simply put.

If you want to know what type of rate is best for you, variable or fixed, some short answer advice is maybe consider a short-term fixed rate no more than 2-3 years, however variable rates are starting to look increasingly appealing again!

Ask to speak to my brokers for the best choice. 
SPRING IS ALMOST UPON US! 

Every year, the same time of year, spring triggers an inner need to move. Move our bodies, our junk, and even our choice of home. 

Why is the market so busy this time of year? Well imagine unloading a moving truck in a winter storm... um, ya, no thanks! There are other reasons too but we're keeping it simple today.

So simply, as soon as those buds start to pop so does the hibernation bubble of the market. 

If you're thinking of buying, listing your home for sale or renting let's start the conversation TODAY! And hey, if you're not ready this year, start planning for the next.
As I always say, it's never too early to start.

THE THEME THIS MONTH IS UPSIZING

At some point in life the idea is that we will leave our parents home. Whether we start off in residency at university or get a rental with roommates, or leave on our own, this is the first step to our future of upsizing. 

We upsize to get our own place.
Have a better view.
A bigger couch.
Space for our growing family.
And so many more reasons. 

Timing is very important and may feel a little stressful if you need to sell or give notice to a landlord first. 
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 Here are a few important things to think about:
 
  • Upsizing doesn't always mean upgrading. Depending on your goals, increasing your space or improving a layout for a better work-from-home area doesn't always have to cost more. 
 
  • Have you considered buying a home with additional income potential to offset the increased cost that comes with moving into a larger home with a higher mortgage? 
 
  •  Do you know the area that will help you match your criteria with your budget? Learning about different neighbourhoods that could offer better options than maybe your current one will help keep your needs at the forefront and your budget in mind.
 
  • Selling to buy? If your current home won’t sell beforehand, you may want to consider an option like Bridge Financing. This lets you use your current home’s equity to pay the downpayment on your new home, while you wait to sell your current home. There are other creative options, speak to my brokers to learn what's will work for you.
 
  •  Last but not least, know the expenses with upsizing so you can plan and budget accordingly. Moving from a condo with fixed maintenance fees to a house with variable maintenance and more fluctuations in utiltity costs should be planned for in your total increase of housing costs. 
Working with a good realtor who knows the right questions to ask can make upsizing less worrisome and stressful and be the enjoyable exciting process it should be!
HAPPY MARCH EVERYONE!

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