Loading articles...

Real estate market sees roller coaster year

Last Updated Dec 15, 2020 at 6:36 am PST

FILE - A real estate sign is pictured in Vancouver. (THE CANADIAN PRESS/ Jonathan Hayward)
Summary

The real estate market has seen its ups and downs this year

Mortgage broker says historically low rates, desire for more space to work from home have powered up real estate markets

Broker says 2020 started with calls from people worried about losing their homes; shift now is to refinancing and buying

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:

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.