The housing market for Vancouver has been steady, increasing by 12.9% from February, 2012. Home sellers have generally been more active than buyers for the first quarter of the year, though the market remains fairly balanced in terms of supply and demand.
I am pleased to hear that Canadians are finally starting to work on decreasing their household debt. Reports state that 63% of Canadians are planning on temporarily deferring large purchases, and the number of Canadians focused on reducing their debt has increased by 5%.
Thanks in part to record low, fixed mortgage rates, the usual spring, real estate market surge started early this year. I am anticipating that rates will rise a little this month, but not drastically.
With that being said, if your mortgage is up for renewal, now is the time to review your options. Did you know that when your mortgage is up for renewal, you can usually move your mortgage to a different lender at no charge? About 85% of people either sign the paper that comes in the mail or accepts what the bank tells them over the phone. This is a great time to review where you are and see if there is a better mortgage out there for you while rates are still low. Even if your mortgage is not currently up for renewal, this is still a great time to review your mortgage. Planning ahead helps avoid payment shock when your mortgage does renew, whether that be now or in a few years.