The Vancouver Life Real Estate Podcast Interest Rate Discussion With #1 BMO Mortgage Specialist
In the ever-evolving landscape of the Vancouver real estate market, homebuyers find themselves grappling with a compelling question: How long will they be forced to navigate the challenges imposed by elevated interest rates?
In this insightful episode, we engage in a candid conversation with Mychal Ferrera, the No. 1 BMO Mortgage Specialist in the country, to gain a comprehensive understanding of the current state of interest rates as we try to anticipate their trajectory for the remainder of 2023.
We also focus on the Top 5 most frequently asked questions that dominate the minds of those considering property purchase in this challenging environment.
Variable Rate versus Fixed Rates? How much of my monthly income should I expect contribute to home ownership especially considering how expensive it’s become?
Furthermore, we delve into pertinent topics such as signs of panic selling, major debt restructuring, the dynamics of new mortgage originations, and the unconventional economic circumstances that are defining this time.
It was somewhat expected that this month's inflation rate has surged to 3.3% over the past month, marking a 0.5% increase. Notably, the cost of mortgages has surged by an alarming 30.6% over the course of the year. Amidst these disconcerting statistics we discuss the potential for interest rate stability and whether the BoC will raise rates in September. We both take a different stance of this and for very different reasons.
We also discuss whether Buyer’s should go ahead with the decision to purchase amidst high rates or if they should wait for a more favourable climate?
Mychal provides great insights into the advantages and disadvantages of both approaches. He addresses the potential repercussions of delaying purchase decisions and how to navigate your financial position in this challenging time. Check out the episode for more information!
Contact Mychal:
- mychal.ferreira@bmo.com
- 778.288.3173
- @mychalmortgages
_________________________________
Contact Us To Book Your Private Consultation:
📆 https://calendly.com/thevancouverlife
Dan Wurtele, PREC, REIA
604.809.0834
Ryan Dash PREC
778.898.0089
ryan@thevancouverlife.com