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Dan discusses why there is reason to pause and review what rate cuts actually mean.

LET’S ADDRESS THE ELEPHANT IN THE ROOM: INTEREST RATE CUTS

As buyers anxiously await the news of rate cuts to motivate their launch back into the market, there is reason to pause and review what that actually means.

I spoke with Nick Shlyakhov of the Mortgage Architects to ask how much of an effect a 0.25% rate cut has on a buyer’s monthly payments. He explained that with a variable mortgage, this drop will only lower monthly payments by about $15/month for every $100,000 borrowed. 

The table below shows what your monthly payments would be if your mortgage was $100,000, your term length was 5 years, and your amortization was over 25 years: 

RATE CUT

RATE

PAYMENT

Current Rate

6.30%

$657.75

0.25%

6.05%

$642.78

0.25%

5.80%

$627.97

0.25%

5.55%

$613.31

The important thing to consider is what happens to housing prices when the rates drop? The market will heat up - buyers will be vying for homes, initiating multiple offers, and properties will be selling over the asking price.

At the moment, housing prices have inched up 4.6% compared to last year. Sales have increased 9.6% and new listings have grown 20.3% as this optimism builds. 

The market is heating up. Contact us today to crunch the numbers before the change in rates and to get a jump on the market now.

It is going to be an active year. Contact me today to get started!

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New property listed at 965 DEVON RD in North Vancouver

I have listed a new property at 965 DEVON RD in North Vancouver.
See details here
Charming Forest Hills Rancher! Discover this adorable 3-bedroom, 2-bathroom rancher nestled in the heart of sought-after Forest Hills. Enjoy a bright south-facing backyard on an expansive 8,000 sq ft lot. Located just moments from Edgemont Village, enjoy easy access to all your daily essentials. Top-rated Handsworth and Canyon Heights schools are within reach. Nature enthusiasts will love the proximity to the stunning trails of Capilano Canyon and Grouse Mountain's slopes just a stone's throw away. Adventure awaits year-round! Embrace the vibrant community with many new luxury homes sprouting up. Bring your design and building ideas to transform this charming rancher into a shining jewel. Don't miss this rare opportunity to create your forever home in a prime location! Act now!
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New property listed at 302 12TH ST E in North Vancouver

I have listed a new property at 302 12TH ST E in North Vancouver.
See details here
Step into a beautifully renovated 1928 heritage gem, blending classic charm with modern luxury. This Central Lonsdale stunner boasts high-end finishes throughout, from the coffered ceilings in the living room to the elegant double-sided gas fireplace.The gourmet kitchen is a chef's dream, featuring sleek granite countertops. Enjoy the convenience of a main floor master bedroom complete with a full ensuite. Upstairs offers two additional bedrooms and another full bathroom, along with a fully finished bonus space perfect for a playroom or office. Benefit from added income or accommodate guests with the self-contained 1-bedroom suite downstairs, equipped with in-suite laundry. Located mere steps from Central Lonsdale amenities, indulge in the best shopping, dining, transit, and more.
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