Prudence suggests based on the trend it is wise to wait to buy and hurry up if you need to sell because you'll be paying a higher mortgage payment when you refinance
Some good insight for sure! I think a lot will be based off of what the BOC will do on July 24. If they hold rates it will still be a great time to be a buyer for the remainder of the year. History shows us that once the BOC drops rates on average we see a 2.35% drop which is significant. I rather buy now at a higher rate than wait for a lower rate and have to compete in a multiple scenario pushing up the purchase price, erasing your equity and carrying a higher mortgage amount.
@@iamkylemark BOC will not be able to do anything. If you like history study the late 70's and early 80's to see how this all comes apart. Too much debt and the printing press is no longer working.
That will have no bearing on the Vancouver market. Perhaps in other parts of Canada but Vancouver is vastly in a different place than where it was 50 years ago. People such as yourself have been calling for the bubble to burst for half a century and they will continue to be wrong.
Prudence suggests based on the trend it is wise to wait to buy and hurry up if you need to sell because you'll be paying a higher mortgage payment when you refinance
Some good insight for sure! I think a lot will be based off of what the BOC will do on July 24. If they hold rates it will still be a great time to be a buyer for the remainder of the year. History shows us that once the BOC drops rates on average we see a 2.35% drop which is significant. I rather buy now at a higher rate than wait for a lower rate and have to compete in a multiple scenario pushing up the purchase price, erasing your equity and carrying a higher mortgage amount.
@@iamkylemark BOC will not be able to do anything. If you like history study the late 70's and early 80's to see how this all comes apart. Too much debt and the printing press is no longer working.
That will have no bearing on the Vancouver market. Perhaps in other parts of Canada but Vancouver is vastly in a different place than where it was 50 years ago. People such as yourself have been calling for the bubble to burst for half a century and they will continue to be wrong.