From the Mortgage Experts: 5 Tips to Navigate Canada's Housing Market

Canadian real estate continues to defy expectations, with the housing market setting and subsequently breaking records month after month. Whether it’s low interest rates, lack of supply, FOMO, or the increased value the pandemic and over a year inside has placed on our homes, real estate is a hot commodity across the

country. That’s right, Toronto and Vancouver are no longer alone when it comes to unaffordable, incredibly competitive housing markets — buyers are reporting challenges all over, including Atlantic Canada and cottage country.

Has remote work allowed you the freedom to move out of the city? Are you looking to get while the getting’s good? Whatever your motivation, buying a house is still one of the biggest financial decisions you will make in your lifetime. Before you bid blind, wave conditions, and pen a heartfelt letter to the sellers and/or Chrystia Freeland, we have five simple tips to help you stay cool in this hot market. See if you can spot the pattern!

1. Get Industry Expertise When You Hire a Mortgage Broker

— Working with a mortgage broker means you’re not on your own when it comes to navigating the complexities of buying a home. You have access to an individual or individuals with experience in the real estate industry who can speak to insurance, taxes, and more.

2. Find The Best Rate When You Hire a Mortgage Broker

— While you can get a mortgage through your bank, a mortgage broker works with multiple banks and other lenders and isn't restricted to just one lender’s product options. A mortgage broker can find you the best interest rate, but because of differing lender preferences for borrower type, they can also find a product tailored to your specific financial circumstances.

3. Discover Broader Lending Options When You Hire a Mortgage Broker

— Mortgage brokers can do more when it comes to inconsistent income streams, bad credit, and other more complex situations that might otherwise preclude an individual from getting a mortgage through their bank.

4.

Feel More Secure in Your Purchase When You Hire a Mortgage Broker — A mortgage broker can provide trustworthy industry experience and advice. Make the decision to have a knowledgeable expert in your

corner and feel more secure in your home purchase. A broker will also guide you through the process of completing and submitting mortgage applications and supporting documentation required by the lender. If the terminology seems a little confusing, your broker is there to explain important information and conditions set out by the lender

as well as any steps required to close the mortgage transaction.

5. Save Big When You Hire a Mortgage Broker

— Choosing to work with a mortgage broker means you’re hiring a licensed professional to find the best mortgage solution for your needs and circumstances. Let this industry expert negotiate the best rate for you. Save time, money, and headaches.