Welcome to the Homes On The Sunshine Coast Blog
The first day of fall arrived and with it came the wind and the rain. The air is fresh and today looks like it will be a lovely, mild fall day here on the Coast. The fishermen were at the sea shore early in the morning taking in the Sunrise and enjoying the anticipation of catching salmon. Life is good here on the Sunshine Coast.
The timing is excellent for buying a home. There is still enough selection in the market to choose from, in most cases the prices are reasonable, and the interest rates are excellent. If you are in the market to purchase a property or home, now is a good time to proceed.
Below is an excerpt from a report from the BC Real Estate Association regarding mortgage rates:
The silver-lining in the lacklustre economic outlook is that the normalization of both short-term and long-term interest rates will be deferred. BC households with variable rate mortgages will therefore be facing lower payments than we would have originally predicted at the beginning of the year.
Moreover, new homebuyers or homeowners set to renew their mortgages will be offered a second chance at securing rates at levels last seen at the depths of the financial crisis.
The BCREA mortgage rate forecast is for a continuation of the current low-rate environment into early 2011, when prompted by a new round of tightening by the Bank of Canada and (hopefully) brighter economic prospects, interest rates will renew their ascendency to historical norms but at a measured pace.
The 1-year fixed mortgage rate is forecasted to finish 2010 at around 3.2 % and to reach 4.05% by the end of 2011. The 5-year fixed mortgage rate is forecasted to end the year at 5.35% and to reach 6.1 % by the end of 2011.
Barbie and Shay
Barbie 604 741.1239
Shay 604 989.9888
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