MBMM Newsletter - February 2023

Mike Morisset - Mortgage Broker

Mortgages by Mike Morisset

mike@mbmm.ca
(778) 240-6641
http://www.mbmm.ca

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Foreclosures and Court Ordered Sales January 2023

North Vancouver West Vancouver Detached
Langley Attached
Abbotsford Detached
Vancouver West Detached
Abbotsford Attached
Mission detached
Maple Ridge, Pitt Meadows Detached
Burnaby Attached
New Westminster Attached
Langley Detached
New Westminster Detached
Richmond Detached
Surrey, North Delta, Cloverdale Attached
richmond Attached
Port Coquitlam, Coquitlam, Port Moody Detached
Vancouver East Attached
Surrey Delta Cloverdale Detached
Vancouver West Attached

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Fixed mortgage rates are falling

While rates have been steadily climbing for variable mortgages, fixed mortgage rates have been moving in the opposite direction.

Certain lenders and national brokerages have been gradually dropping rates for select terms since the start of the month. Average nationally-available deep-discount 5-year fixed mortgage rates are now about 20 basis points lower compared to earlier in the month, according to data from MortgageLogic.news.

The move follows the recent decline in the 5-year Government of Canada bond yield, which typically leads fixed mortgage rates.

The 5-year bond yield closed at 3.05% on Monday, bouncing back slightly from a 5-month low of 2.80% reached last week. Still, yields are down from about 3.40% four weeks ago and the 14-year high of 3.89% reached in October.

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B.C. Homebuyers Now Have 3 Days to Change Their Minds

VANCOUVER - Ben Miljure for CTV News

Most homebuyers in British Columbia now have three business days to think about their purchase, allowing them to back out if they can’t secure financing or arrange a home inspection – or even if they just get cold feet.

The province’s Home Buyer Rescission period came into effect Tuesday and takes effect at midnight following the acceptance of an offer.

The government says it will give buyers some protection in the face of rising interest rates and what it calls high-pressure sales tactics.

"Housing remains a top concern for people in B.C. and a top priority for this government," said Finance Minister Katrine Conroy said in a news release. "Buying a home is one of the biggest decisions of people's lives. This is an important milestone as we lead the way in protecting people and strengthening public confidence in the real estate market."

The cooling off period applies to detached houses, townhomes and condos but does not apply when homes are auctioned or when the home is on leased land.

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Happy 9th Birthday Max!!

Wow! I can't believe my youngest is 9! The first month of 2023 has been a whirlwind of sports and birthdays and everything in between. While my littlest is celebrating is 9th Birthday with his big sister and mom; my oldest son and I are in Regina for his last away tournament of the season. Happy Birthday Max! I hope Mom and Neely and the rest of the fam made it a great day!

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No Surprises Here: The Bank of Canada Hiked Rates By Only 25 bps, Signaling a Pause

By Dr Sherry Cooper, Chief Economist for Dominion Lending Centres

As expected, the Bank of Canada--satisfied with the sharp decline in recent inflation pressure--raised the policy rate by only 25 bps to 4.5%. Forecasting that inflation will return to roughly 3.0% later this year and to the target of 2% in 2024 is subject to considerable uncertainty.

The Bank acknowledges that recent economic growth in Canada has been stronger than expected, and the economy remains in excess demand. Labour markets are still tight, and the unemployment rate is at historic lows. "However, there is growing evidence that restrictive monetary policy is slowing activity, especially household spending. Consumption growth has moderated from the first half of 2022 and housing market activity has declined substantially. As the effects of interest rate increases continue to work through the economy, spending on consumer services and business investment is expected to slow. Meanwhile, weaker foreign demand will likely weigh on exports. This overall slowdown in activity will allow supply to catch up with demand."

Is your mortgage up for renewal in 2023?

Many home owners with mortgages coming up for renewal this year will see a huge increase in their rate and payments as a result of mortgage rate increases in 2022.

The best strategy is to be proactive. I am actively reaching out to all my Renewals for 2023 early and proactively so we can come up with a strategy that works for you, to ease the burden of the rate increases and to set you up to take advantage of rate decreases in the coming years. There are certainly options and strategies to ease the financial burden.

If I have not contacted you yet, please feel free to reach out and we can get the ball rolling!

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My address is: Mike Morisset Mortgages by Mike Morisset 2487 224th Street Langley, V2Z2Z3 Canada	Powered By HippoContact