3 Things to Know About Interest Rates in July 2023
On July 12th 2023, the Bank of Canada increased the bank rate to five and one quarter percent as part of its quantitative tightening policy. Because our economy has been performing well inflation has not been fully controlled.
What does this mean to you as a potential home buyer?
1. Approved Already
If you are already approved and have secured a commitment letter from you lender you have the balance of approval term (usually 60 to 90 days ) to find a home at todays prices.
2. Not Approved Yet
You would be well advised to get yourself approved and start to shop in earnest whilst interest rates are relatively low and whilst home prices around Edmonton are softer. We usually see home and condo prices soften slightly during the summer months.
3. More Increases Coming
This is the ‘specter in the room’. According to CBC in an article I found online dated July 12th 2023, some fiscal experts are predicting another interest rate increase on September 6th 2023 when the Bank of Canada holds its next meeting to reviews its inflation fighting program.
At the end of the day, only you can decide if home ownership, or moving home is to your advantage.
Many people we help will stop renting simply because they want to enjoy certainty instead of facing the risk that they will need to move every 12 months.
Other people we help simply need a larger or a smaller home due to changes in their family circumstances.
And yet others are coming into Edmonton because our market is so much more affordable when compared to other center’s around Canada and North Americas in general.
If home ownership makes sense to you in 2023, we are standing by.
We can help you search for every home in the open market.
We often help you to find off market opportunities too.
To shop for ALL homes in the metro Edmonton area please go to our website www.AmbergateHomes.ca.
About the author:
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The views expressed in this article are those of Stuart Neal. Exp Realty and our team Ambergate Realty Advisors may not share the same views.
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