Jason Beattie, Your Realtor with eXp Realty describes here, how the Coronavirus could create a rare opportunity for you that could save you thousands of dollars when you buy your home or condo in Edmonton, AB. Did you know that the coronavirus that is just beginning right now could be on the verge of giving you an opportunity to save you thousands of dollars if you were going to buy a home this year? Give me 2 minutes to explain.
My name is Jason Beattie and I am your Realtor with eXp Realty, Because your move matters!
As the chaos being created over the deadly Wuhan coronavirus continues to cause fear, it is now becoming the world’s—and Canada’s—latest economic influencer.
The coronavirus fear had moved onto our financial markets on Monday. The TSX fell 142 points and New York’s Dow Jones was down over 450 points. We also saw that Canada’s 5-year bond fell to a three-month low, which typically signals that our Canadian mortgage rates will probably be heading lower as well.
RateSpy.com founder Rob McLister wrote an article in the Globe and Mail and he stated “…the new coronavirus is going to put fixed mortgage rates on sale”. He gave a recent example of how the 2003 SARS epidemic, which dragged Canada’s GDP down by a tenth of a percentage.
“The present contagion creates yet another risk for Canada’s economy,” he wrote. He further pointed out that the Bank of Canada rate announcement last week indicated it will be “watching closely to see if the recent slowdown in growth is more persistent than forecast.”
Rob McLister went on to say, “The impact of the Wuhan coronavirus on mortgage rates could potentially last until reports of new cases slow significantly,”
So what this means is, Canadian fixed mortgage rates had already trended downward over the course of 2019. They fell to near two-year lows in the fall. They even went lower than most variable rates.
Therefore if you are thinking of buying a home in 2020 I would strongly suggest that you click the link below and I will introduce you to a mortgage broker that has promised to keep my clients updated with all rate drops and then to provide them the opportunity to lock in the rates that work for my clients.
By clicking the link, it could save you thousands over the life of owning the home.
Jason Beattie is a top producing Realtor in Edmonton that works with eXp Realty. He is also a mentor, trainer at eXp Realty in Edmonton and so if you have any questions at all, please don't hesitate to reach out to him.
You can find Jason through his website at www.BTGroup.ca.
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