Summer has now come to a close and a lot is changing in the mortgage world. The 100%/40 year mortgages are basically finished now, and rates are on the rise. In the last week most lenders got rid of their discounts on variable rate mortgages. Instead of offering rates of say 4.25%, they are now at prime (4.75%) or even prime plus+. Though I've been a longtime believer in variable rate mortgages, most people in the mortgage industry are now favoring fixed rates. It is a great time to lock into a fixed rate mortgage at 5.45% (5 year term), and you won't have to worry about your adjustable rate (prime) going up. If the bank of canada decides to raise the overnight rate you could see your rate of 4.75% change to 6.00% in a heartbeat. Call me for more info on this.
The Vancouver market has slowed down and prices are down roughly 5% in the last few months. There are some better deals to be had in this buyers market. Have a great day and happy rainy season!