Real estate market sees roller coaster year

VANCOUVER (NEWS 1130) – Historically low mortgage rates and the desire for more space to work from home have powered up real estate markets across the country.

It’s been an epic year on so many levels, but for those in real estate, it’s been filled with ups and downs.

In the spring, at the start of the COVID-19 pandemic, mortgage broker Katy Mackenzie with TMG The Mortgage Group, says she was flooded with calls from people trying to figure out how to navigate deferred payments and government help.

“We had that initial flood of clients coming in saying, ‘We’ve lost our jobs, we need to access these programs, how do we stay in our homes?'” she explains.

Related articles:

• Low inventory, unmet demand: Forecast suggests Greater Vancouver home prices will go up in 2021

• Federal foreign buyers tax unlikely to improve Metro Vancouver housing affordability: economist

• Rising B.C. home sales fueled by demand, record-low interest rates: economist

Then, when rates plunged, her business shifted to buyers looking to get into the market.

“Every possible connection point you could have with a client that you’ve ever worked with, we’ve seen,” Mackenzie notes

If you’re wondering if historic low offerings are worth breaking your current mortgage, Mackenzie says it never hurts to ask.

“We’ve had every client we’ve ever been in contact with connecting with us to refinance, look at penalties, breaking their terms, and taking new or lower interest rates,” she tells NEWS 1130.

“I just worked with a client this week and we looked at their penalty and it was $30,000, and they still came out ahead by $6,500 by breaking the term, paying the penalty, wrapping it into the mortgage and taking today’s lower rate.”

Mackenzie says her brokerage recorded its highest month in November for dollars funded and number of mortgages closed.