After the Bank of Canada announced it is keeping interest rates steady, experts chimed in on how this could be good news for potential home buyers.
“When rates go down, house prices go up. So, there’s no time like the present to buy a house,” said Elanna Brennand, a TMG Mortgage associate. “We’ve already seen quite a bit of decrease in rates from last year. So, I do think it’s a great time to purchase homes.”
Brennand said getting pre-approved by a mortgage professional is very important as they play a role in matching a home that fits your budget.
Regina resident Laura Sterns turned to Brennand while recently buying a new home with her partner. Sterns said she had been browsing on a realtor app for a while and then decided to talk to a real estate agent about their options.
“We were looking all summer and fall, and then got the house in December and we just moved in,” said Sterns. “The housing market was just so crazy. It’s like prices were going up. And then when you’d go to look at a house, they would just sell so quickly.”
Get breaking National news
Sterns said the toughest part about buying a house was being available immediately to go look at a house especially when she works long hours as a nurse. Her advice for first-time home buyers is to look at your finances and save money.
“You have to save way more than what you think and make sure you get a good real estate agent, because they can really make or break it. And you want someone that has your back,” she said. “I’m happy with what I got.”
Regina realtor Jimmy Schimmel says Saskatchewan describes the market as better for sellers with the number of properties as less than the number of buyers.
However, he says buyers should reach out to professionals to make sure they can afford the house they want. “That is my job as a realtor (to put) you in a house that doesn’t make you ‘house poor’. I want all my clients to still have a good lifestyle.”
Comments