As we start working towards a "New Normal" here in BC and across Canada, I wanted to fill you in on my experiences and outlooks due to this pandemic.
You probably noticed I was pretty quiet online with mortgage rates and financing news/updates during the COVID 19 outbreak. I didn't think it was appropriate or required to advertise my business while so many people were dealing with job & income interruptions, social distancing, or simply trying to stay healthy as we all came to terms with this crazy situation. I basically spent the last two months simply assisting clients who called needing advice or those who were experiencing financial difficulties, helping in any way I could.
Believe it or not, the COVID 19 outbreak also seriously affected many of my mortgage lenders. We had three lenders completely shut down their Mortgage Broker lending operations temporarily due to lack of staff and other COVID related fears, and others tightened up their lending rules and policies even more as they braced for the unknown future after COVID. Things will be challenging for the next while, we all want to see the economy recover without an increase in COVID cases, but with real estate sales down over 50% from last year at this time and people still off work or just returning to work slowly, I think it will be mid summer before we see things get back to any sort of "normal" in the real estate and financing world.
That being said, CMHC is expecting house prices to decline anywhere from 15%-18% in Canada this year (we usually see less drastic changes here in the Okanagan) and I think mortgage rates will remain low for the foreseeable future too, possibly making it an attractive time to buy a home in 2020.
Please know I am here to help with any and all of your mortgage needs. Don't hesitate to call, text or email me at anytime with your questions. Stay safe, stay healthy and lets all do our part to keep from spreading this darn virus any further...