How are the interest rate hikes affecting you? Some of you will own your homes outright, some are currently renting, some are on fixed rate mortgages but if you are on a variable rate you are likely noticing a significant jump in your monthly payments. If you're looking to buy, the higher rates also mean less purchasing power. If you're a cash buyer, you're in a good position to capture some deals. We can expect at least one more rate hike before we settle into a new normal. Many buyers are taking a 'wait and see' approach, hoping for lower prices in the spring. Spring is typically a time of renewal and prices actually tend to bolster, so I would suggest buyers will find the best 'deals' from now into early 2023.
Andrew Plank
250-360-6106
www.andrewplank.com
