First off I have to admit that I am a huge geek or nerd or whatever you call us who love sci-fi and superhero movies. I am extremely lucky as my wife also likes them as well. We went to see the new Spiderman No Way Home last night, yes fully masked and distanced. No spoilers here but just stay till they turn the lights on as there are two post credit scenes.
Now about the home part of my post. There was plenty of talk this week as OFSI ( office of the superintendent of financial institutions) was meeting to discuss any changes to the mortgage qualifying rate, which is currently at 5.25%. Luckily for the future homebuyers there was no change to the qualifying rate today, so it is staying at 5.25%. So any changes to this rate would really effect affordability for future homebuyers.
So although Spiderman came home then went far from home and now has no way home, there is in-fact still a way for you to own your own home. See what I did right there! With the qualifying rate staying the same, this means that there is no changes to affordability. So even though the real estate market is very hot and homes are selling as fast as they are listed, they are not going to try to cool it off by changing how much house you can afford. Covid may in-fact have other plans for the market but we shall see.
I look forward to hearing from you in regard to your mortgage needs.
p.s.s- I should tell you that I am licensed in Nova Scotia, Ontario(M18001555) & in British Columbia(BCFSA #504098).
p.s.s.s You can download my new mortgage app here