Will Mortgage Rates Ever Go Back Down in Manitoba?
July 6, 2023 | Posted by: Ron Chan
The Bank of Canada raised the prime rate in June, even though in Q2 of this annum they indicated that they would likely hold it steady. Their July 2023 announcement is in a few days (at press) and experts predict that they’ll either raise the rate to 5% or it will persist at 4.75%. It’s highly unlikely that it will go down.
Between the high prime rate (almost the highest that it’s been in a decade) and the Bank of Canada’s maintenance of quantitive tightening, both variable and fixed rates in Winnipeg are expected to stay where they are this summer. This has buyers wondering; will mortgage rates ever go back down in Manitoba?
We understand the query. However, may we suggest that that you’re focused on the wrong question? Instead, we ask you to consider whether or not to buy a home this summer of 2023, regardless of obstinate mortgage rates. Those who know how to “play the game” will come out of the season as big winners. Below is everything that you need to know.
Why Winnipeg MB Buyers Should Get a Mortgage Regardless of Perceivably High Interest Rates
Mortgage Rates Unlikely to Go Down
Have a look at the historical values for fixed rates in Canada that date back more than 50 years. Ponder the state of the Canadian economy today, then consider how much higher interest rates may actually go should the country come anywhere near the recession of 1981.
While it is unlikely that rates will return to what they were in the peak periods of the early 80s and 90s, they are indeed on a gradual upward trajectory. If you join other buyers who are taking a wait-and-see approach, you take on considerable risk as rates have room to get higher. Furthermore, waiting only delays your progress in building equity and wealth. Every quarter or annum that passes is one further away from reaching your financial (and eventual retirement) goals.
At the minimum, consider a short term fixed mortgage. A short term fixed rate mortgage allows you to enjoy low-risk constancy of payments, while leaving open an option to renew in one to three years from today.
Access to Wider Inventory (while others wait)
Let others delay building real estate wealth, while you make your move today. In doing so, you get first pick of desirable properties in the greater Winnipeg area. In addition to wider inventory, you will have access to better prices than those who wait. Winnipeg real estate sales have plateaued as a consequence of high mortgage rates. This is driving prices down. As a result, you will enjoy your pick of homes and get lower prices than what nervous buyers will pay next year.
You Can Bring Your Mortgage Rate Down Right Now, Here’s How
Will mortgage rates ever go back down in Winnipeg? It’s unlikely to for most buyers in the foreseeable future. But unlike you, most buyers aren’t reading this article. You are taking control of your destiny and can make mortgage rates drop right now! How is this possible? By working with mortgage specialist Ron Chan.
Ron Chan has established relationships with Manitoba’s big banks in addition to alternative private lenders. These lenders have provided Ron with bulk discounts on mortgage rates because he has consistently sent them business through the years. Ron passes these exclusive and discounted rates on to clients - you included!
Take the power away from the Bank of Canada today. All that you need to do is email or call Ron Chan and he’ll take care of the rest. It really is that simple.
Bring Your Winnipeg Mortgage Rate Down
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