Saskatoon Mortgage Broker Talks Mortgage Rates and Saskatchewan Housing Prices

On Wednesday January 24, 2024 The Bank of Canada left its overnight target rate unchanged at 5.00%, as was widely expected by markets.  In it's statement, the Bank said it is “still concerned about risks to the outlook for inflation, particularly the persistence in underlying inflation,” and that it wants to see “further and sustained easing in core inflation.”

So with many economists predicting that rates will fall in 2024 is now the time to enter the housing market.  This is complex as historically when mortgage rates decrease home prices increase.  In Saskatchewan this is further complicated by historically low inventories which also increase home prices.

According to Chris Guerete of the Saskatchewan Realtors Association, “Higher lending rates continue to push prospective buyers to seek more affordable options within our market while inventory levels within that market segment remain extremely tight.  When paired with declining new listings in more affordable properties, there simply isn’t enough inventory in lower price ranges right now.”

My best advise is to contact me to fully understand your budget and threshold for change and be fully prepared when the right property catches your eye.