Did you catch Ryan Bamford on CTV Morning Live on October 7th?

Real Estate Demand:

• The market has low inventory
• Unprecedented low interest rates
• It’s a good time to sell
• If you are looking at buying – you might want to wait depending on your personal situation

Mortgage Deferrals:

• Banks gave 6 months relief during COVID-19
• These deferrals have to be repaid
• It would be wise to talk to your specific bank as every bank will be different and all repayments will be different

Repayments:

• Lenders add principle and interest for the deferred months
• Sometimes amortization periods are extended
• Sometimes monthly payments are being increased
• If you have extra money it would be wise to pay a little more and get the mortgage payments down
• The City of Saskatoon is equalizing payments for

Refinancing:

• Banks will look at loan to value ratio
• Principle and interest added to loan
• Typically this will be at a higher price point

As always, if you need help buying or selling your house, do not hesitate to contact Gregg Bamford or Ryan Bamford.