How Increases In Canadian Mortgage Rates Could Affect Your Whistler Property
Trump’s victory in the U.S. presidential race raises more questions than confidence. Mr. Trump plan's to stimulate the U.S. economy by spending big on infrastructure, which in-turn has resulted in investors to dump their bonds, making certain interest rates rise. Potential Canadian mortgage rate increases could affect your Whistler property, it is just a question of how much and how fast.
“This Trump win is a game-changer for the rate market, everyone in the industry knows it and consumers are going to start hearing more about it,” veteran mortgage broker Robert McLister said.
If you are looking to buy a house in Whistler or you already own one and it's up for renegotiation, it's time to lock in a pre-approved mortgage rate now to hopefully get you through the busy spring season. Pre-approved mortgages will hold a rate for as long as 120 days in advance, which means you can lock in the best deal before rates begin to rise.
The housing outlook is more uncertain today than it has been since the financial crisis in 2008-09; with such uncertainty in the housing market the more appealing it is to lock in a five year mortgage term. So keep an eye on rates - and remember the more upward houses prices go, the more risk they will drop.
If you are a home owner in the Whistler area and are thinking of selling, pay attention to your mortgage renewal deadline. Banks typically send a reminder notice about a renewal in the last 30 days or so of your term, but you can lock in a rate on a renewal as many as 120 days in advance.