Couple of weeks away in Mexico
  
We finally had our Dominion Lending National Conference in Puerto Vallarta, Mexico. The normally biennial event hadn't held since late 2017 at Palm Springs due to Covid. The family wanted to join me. So we planned a family vacation to overlap with the conclusion of the DLC conference.
At the conference there were so many high performers and higher ups in the industry gathered in one place for one big party of fun, learning and networking. It was wonderful discussing mortgage deals with big lender bosses at poolside while getting served with endless food and drinks.
At the end of the conference I travelled across town to join my family at their resort where the fun continued. It was the first time for the kids at an all-inclusive tropical paradise. So they begged to relocate to Mexico. I gave them an educational talk about the difference between reality and paid pampering lol. Now we are back to reality in Canada, but we all enjoyed the much needed break.
Is Your Mortgage Coming Up for Renewal?
1. Renew at the existing lender
2. Switch to a new lender that is offering a lower rate
3. Increase your mortgage to pull out equity (cash) out to:
3a. Consolidate debts
3b. Do renovations
3c. Purchase a rental property
3d. Purchase a new primary residence.
4. Decrease (pay down) your mortgage if you have the extra cash on hand
5. Set up a home equity line of credit
6. Set up a re-advanceable mortgage
7. Sell the house and escape the mortgage payout penalty
Please let me know if you have questions about any of these.
THE MARKET HAS SHIFTED!!
The Lower Mainland Market has quickly shifted from balanced to very warm for under $3m. April 2023 sales were 2,741 sales, and by May 18, 2023, May sales were already at 2,000+ as May sales have skyrocketed! We are seeing a fair amount of multiple offers out in the marketplace, from 1-bed Downtown condos to 2-bed North Van condos to townhomes and single-family homes from East Van to Tri-Cities!
With the big increase in activity, you should get your pre-qualifications in today so you're ready when the right home comes around! And if you are thinking of upsizing, let's talk before it's too late as prices are creeping upwards!
Check out the the stats from Greater Vancouver Real Estate Board below, and do not put any weight on the fact the sales are down vs April 2022, because sales are up over 268% from January 2023 to April 2023! Click Here!
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