Waiting for Interest Rates to Go Down Before You Buy a Home? Why That Math Doesn't Math
✨ Karri was formerly a mortgage broker (2022-24) ✨
The Bank of Canada hiked interest rates 10 times between 2022 and 2023. Today, in 2024, the economy is showing signs of weakness, and inflation is (slowly) coming down. It's reasonably safe to say that rate cuts are coming. How much and how fast? Trickier to predict.
Unfortunately this has put a lot of homebuyers into a fence sitting game of 'Waiting for Rates for To Come Down and Then I'll Buy."
However, the Waiting Game is a dangerous game to play, particularly if you're looking to buy a home in Alberta where population growth is easily outpacing housing supply.
The strategy to achieve home ownership is counterintuitive -- and important to act on sooner than later (in my opinion).
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