Anticipated Bank of Canada rate hikes in 2022 have been creating a “sense of urgency” for buyers.
Canada’s largest markets saw a surge in homebuying demand in November, driven in part by buyers trying to secure mortgages before next year’s expected interest rate hikes. This has been a main driver and discussion point for my clients also.
This is creating an upward pressure on home prices, as it is in part driving some part of that demand. Many have also elected on getting mortgage preapprovals at this time, locking in lower rates with the flexibility of having upwards of 120 days to still decide on a purchase.
My advice would be to speak to a qualified mortgage representative, they would be the best professinal to guide you through to the best next steps for your particular circumstances.