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New ATMs
Seasons change, interest rates rise and fall, and the demand and supply of housing ebbs and flows. But through it all, one thing is for sure: The housing market is in a constant state of flux!
You can’t always pick the perfect time to buy your dream house – and what is the “perfect time” to buy, anyway?
We met with Marvin Cantillan, Personal Banking Advisor at Cambrian, to talk about the fluctuating housing market in Manitoba:
Most people believe that the best time of year to buy a house is in the spring. But is that really true?
In the fall and winter months, the real estate market slows down; snow falls, kids go back to school, and holidays are just around the corner. That's why many people are reluctant to move during these seasons.
When temperatures rise, the housing market picks up again. The school year ends, which makes moving easier for families – not to mention the lack of snow and ice!
More houses are bought and sold during the spring and summer, and that means prices tend to be higher, too.
“If you’re searching for a deal, fall and winter are a great time of year to look,” says Marvin.
There’s more that goes into finding the right time to buy than the time of year.
“Waiting for rates to decrease might seem appealing, but there are risks. Consider the opportunity cost of waiting for rates to drop. By trying to time the market, you could miss out on a great home or investment property,” says Marvin.
“In that time, the housing market and interest rates could change - and not in your favour.”
When rates are high, mortgages become more expensive. But when rates are low, demand is higher, and that means houses become more expensive.
If you’re waiting for rates to drop before you buy, so are countless other prospective buyers. As soon as rates drop, you’ll be competing with them, too.
“With more competition, that may lead to higher bidding prices, pushing you out of your budget.”
There’s more to buying a house than waiting for the right time in the market. It’s also something you need to look at from a personal perspective and find out if you can take on the commitment of home ownership.
“Ask yourself if you’re ready for that financial commitment - not just to yourself, but to everyone involved,” says Marvin.
“Consider your budgeting skills, employment security, and short-term and long-term goals. Be sure to think through all your options when it comes to mortgage terms and interest rates.”
Be sure to check out our special mortgage offer rates to potentially save thousands on interest!
Before buying, Marvin encourages members to ask themselves questions like:
When you’re budgeting, keep in mind the unexpected costs of owning a home. And if you’re not ready to buy just yet, you can better prepare yourself for the financial hurdles of home ownership by:
At the end of the day, buying a home is a long-term investment. Rates are temporary and constantly changing, but your dream house may only be available for a certain time. Trying to time the market can cause you to miss out on that once-in-a-lifetime opportunity.
We’re here to help you make your decision – and get the best rate.
“Many people think mortgages are complicated. But when you sit and talk with a Cambrian Advisor, it becomes less daunting,” says Marvin.
“We aim to simplify things for our members, but also make sure they leave here with a solid understanding of how their mortgage works.”
“At Cambrian, we offer a Best Rate Guarantee to help members who are thinking about buying now or down the road. This provides the best available rates to our members whether rates increase or decrease.”
Apply for a Cambrian mortgage to unlock your lowest rate! With our Best Rate Guarantee, we’ll hold the best fixed rate for you for 4 months.
Then, whether rates go up or down, you’ll still get the lowest rate once you find your dream home.
“In addition, getting a mortgage pre-approval can help you understand your budget and make the best decision for your financial situation.”
Find out if it’s the right time for you to buy a home - book a meeting with a Cambrian Advisor today!
We would be happy to discuss your unique situation with you.
Our goal is to make complex topics like this one, simple.
It takes less than 5 minutes to make an appointment or to apply online. It is up to you how you want to meet your advisor - you will have the option to meet your advisor:
