Canadian Home Prices DOWN, Mortgage Payments UP!

With rising interest rates and falling real estate sale prices, what does that mean in terms of what you may now qualify for when it comes to a mortgage and more specifically your monthly mortgage payment? Could it actually be possible that with home prices down, mortgage payments are actually up due to the rise in interest rates?

In this video, Surrey Real Estate Specialist Steve Karrasch of Macdonald Realty discusses just how affordable the current Fraser Valley real estate market actually is by taking a hypothetical example of what a buyer would have potentially bought, qualified for and paid monthly on a mortgage had they bought a home at the peak of the market versus what that same buyer looking at the same type of property would buy, qualify for and pay monthly on a mortgage now.

#SurreyRealtor #SurreyRealEstate #CanadianMortgages

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If you are looking for help or have any questions regarding real estate in Surrey, B.C. or the Fraser Valley, please reach out below using which ever way is most convenient. We also service real estate sales Langley, Delta, White Rock, Abbotsford, Mission, and more Greater Vancouver Cities.
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The opinions expressed herein are solely that of Steve Karrasch PREC and not Macdonald Realty or the FVREB and should not be misconstrued as advice or the basis of an agency relationship whatsoever. Please consult your professional advisor prior to taking action on any decisions relating to the matters discussed in these videos. This communication is not intended to cause or induce breach of an existing agency agreement.