The Playbook // 003

Hello Everyone

Just as the clocks are set to go ahead this weekend (Yeah, this weekend! I too forgot about that) the housing market is warming up for spring, and so is the mortgage renewal season. Here’s what’s happening:

📈 Home Prices – Sales are picking up, and prices are expected to rise 4-5% nationwide this year. BC? Still the most expensive place to live, but at least we’re not seeing 2021-style bidding wars.

💰 Mortgage Renewals – If yours is coming up, brace yourself. 60% of Canadian mortgages renew by 2026, and most will see payment jumps. Some folks are up $500+ a month at renewal. Ouch.

🔄 Want some good news in all of this? You can switch lenders without passing the stress test now. That means shopping around (or talking to a broker) is easier than ever. Banks don’t want you to know this, but you’re allowed to make them work for your business.

🏠 BC Lending Trends – More people are using mortgage brokers instead of banks (smart move). Plus, short-term fixed rates (2-3 years) are getting all the love since most people don’t trust rates to stay this high forever.

💡 Pro Tip: If your renewal is this year, start early. Rates are shifting, and your lender is hoping you just accept whatever they send. Don’t be that person.

Want to dig a bit deeper?

Until next time,
Andrew Ladriere