Mortgage broker : A rebound is expected from housing market

Mortgage rates: Where to Start?

Maybe it is because we were one of the first provinces in Canada to reduce the social distancing measure, but the housing market in Saskatchewan is showing great signs of improvement. In fact, we have observed a rebound of 80% since the lowest point of the COVID crisis. Robert Hogue, an RBC senior economist, has said that Regina has one of the strongest rebounds in all of the RBC tracked markets. This being said, it might be a good time for you to consult your mortgage expert

What happened To The Housing Market?

When the COVID outbreak happened a couple of months ago, the housing market in Canada had to face a lot of problems. The number of sales compared to other years was down 14% (compared to the month of May last year). There were 20% fewer new listings and the average price of those listings was down almost 6%. 

Even with such negative numbers, there is still hope when it comes to mortgages. The recession that was caused by the COVID pandemic has created a recession in which Saskatchewan is performing quite well and it is continuing to improve as more and more of the province are starting to re-open. 

What was, only a couple of months ago, a terrifying situation for homeowners in Saskatchewans has turned into new opportunities. The number of sales and the prices are starting to go back to where they were in April (before the crisis). This improvement will help a lot of people who own mortgages to reduce their level of stress towards the pandemic effect on the value of their homes. 


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What’s Going To Happen?

A lot of what is to come is unknown for now because this is the first pandemic of this importance worldwide. A big reason that drove the prices of the housing market down was that there was more inventory than there was demand because people did not want to buy houses during the pandemic due to loss of employment or economical instability. 

What we are observing now is a rise in the housing demand and a lot more people are consulting their experts in mortgage to see what opportunities were created during the pandemic. With more people buying houses and the economy returning slowly to what it was, the housing market is expected to not only stabilize but also go back to what it was.

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Contact Me For Your Mortgage Broker Needs

If you are looking for a new home in this market of opportunity, you should give me a call to see what can be done about your new mortgage. I am always staying ahead of the curve to make sure that you get the best deal for your mortgage. Give me a call today to see what kind of house you are able to afford in this unique situation that will slowly but surely go back to normal.  

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