Date Posted: April 18, 2020
COVID-19 continues to have an impact on the real estate market, but realtors and mortgage brokers are adjusting to the new normal and are coming up with creative ways to assist their clients who still need to buy or sell a home and secure financing to do so.
Federal government wage subsidy programs have provided much needed relief for many Canadians, who now feel they will not need to sell their homes. As a result, many clients are looking to provide for their immediate financial health. If you have equity in your home this may be an ideal time to contact your Mortgage Broker and talk about your options.
Fixed interest rates are starting to decrease with many lenders and Variable mortgage interest rates are very attractive at the moment. With the Bank of Canada lowering their overnight lending rate 50 basis points three times in March the Prime rate of various financial institutions should remain low for some time.
Having a trusted Realtor and Mortgage Broker during these chaotic and confusing times is essential in making informed decisions.