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Now that we are starting to see a semblance of normalcy starting to creep back into our daily lives, with restaurants and shops opening and finally being able to see our family and friends again (with extra precautions of course). A number of news and media outlets have reported predictions of a declining real estate market to come, as home prices are set to possibly decrease. The question I have been asked by many of my clients lately is, “should I wait to buy if the prices are going down?”
 
The challenge with answering this question is, as always, it varies from person to person. However, for the most part, the short answer is likely NO. What we saw for the last few months as Covid-19 became a state of emergency and people were told to stay home, was that banks had temporarily reduced mortgage rates to historical lows. During that time, clients were getting pre-approved for sub 2% rates and, even now, rates are still lower than they were in the beginning of the year. From what I have been hearing from mortgage specialists, it is a general consensus that mortgage rates are almost guaranteed to climb significantly in the next little while. If this is the case, waiting for lower prices could mean still paying more per month (due to interest) even though on paper it looks like you are saving money. This may be the case for almost all people unless they pay all cash and do not require a mortgage. 
 
My best advice is to take advantage of your low mortgage pre-approval as soon as possible, before the locked in rate expires. As the saying goes, “the best time to buy was yesterday”. Don’t wait till tomorrow to kick yourself for not buying before. Contact us today to get a free mortgage pre-appproval with absolutely no obligations!
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I absolutely love Burnaby and have lived in Burnaby for over 18 years now
and I think it’s a great place to live and raise a family. One of the many
things I love about Burnaby is how central it is and how easy it is to get
around. It’s proximity to Vancouver, the mountains and the ocean makes
Burnaby a remarkably attractive place to call home.
Some interesting facts about Burnaby that you may not have known.
Burnaby is east of Vancouver and it is the third largest city in British
Columbia by population, with Vancouver being the largest followed by
Surrey. It has one of the highest ratios of park land to residents in North
America, and maintains some agricultural land, particularly in the Big Bend
neighbourhood along its southern perimeter. The city was incorporated in
1892 and became a city in 1992, exactly 100 years after incorporation.
Another fun fact that you may not have known is, Burnaby’s official flower
is the rhododendron.
One of the main shopping attractions in Burnaby is Metropolis at
Metrotown which is the second largest mall in Canada. It offers over 450
shops, a giant food court, as well as Superstore and T & T Supermarket for
groceries, and don’t forget the Cineplex Cinemas Metropolis to catch that
great movie you have been waiting to see. I recommend that you wear
good shoes and be prepared to walk a lot, as it’s a great way to get your
steps in while being productive.
Burnaby Real Estate is very diverse. You will find condo’s, townhouses,
duplexes, detached houses, commercial properties, agricultural land and
leasehold land which is mainly surrounding Simon Fraser University. There
are many stunning views offered from many areas of Burnaby, namely
Capital Hill, Metrotown, and Brentwood . The Burnaby skyline has
expanded in the last few years, as more and more high-rise towers are
being built and in turn, many more amenities are being built to
accommodate. The Real Estate Market in Burnaby is constantly changing
and Burnaby remains a beautiful city with lots of great parks and beautiful
lakes to enjoy.

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.