Even though the unemployment rate has doubled, the housing market continues to rally. Many homeowners in British Columbia, as well as in the rest of the country, were able to keep their homes even though they may have lost their jobs due to unforeseen circumstances. In tandem with that were lower interest rates that allowed some people a foray into the real estate market and gave some prospective buyers more house for their money.
Several factors will affect the market over the next few months. They include when the borders will reopen and immigration continues, future health concerns in the nation as well as globally and future government policies that will inject further fuel into the economy. Canadians are being vigilant financially and choosing to put their money into long-term assets, and buying a home is such an asset.
Seven percent of British Columbia mortgage holders deferred their payments over the last few months, but experts don’t believe many will default. In fact, experts believe some homeowners deferred payments not out of necessity, but in order to save money. Most will likely resume those payments over the short term.
This may be the perfect time for some British Columbia residents to buy or sell real estate. Both buyers and sellers would be wise to have an independent lawyer experienced in real estate law look over any contracts to ensure they are in keeping with the laws. A lawyer’s part in a real estate deal is integral since he or she may be involved in such things as title searches, appraisals, right down to handing over the keys upon closing.