Interest rates are at or near historical lows. This means we are seeing some of the cheapest mortgage rates ever seen. Mortgage rates at or near the 2% mark are readily available, for qualified buyers.
The availability of cheap mortgage money, for those who can access it, has greatly improved purchasing power versus the past couple of years, when rates were meaningfully higher.
If you feel that your job or employment situation is secure and you're in a good financial position, buying a home right now may be a great move. The Fraser Valley markets offer great relative value. Viewing homes is possible in a fairly safe manner again, with the right precautions.
Besides the extra health precautions necessary when looking at homes, perhaps one of the bigger challenges for home buyers is a relatively smaller pool of listings available, compared to more 'normal times'. Naturally, many potential home sellers are in a wait and see mode, hunkering down in place, while we ride out the pandemic. So fewer homes are on the market right now.
Still, with enough patience, and having your financing needs pre-arranged, it's a great time to house hunt in the Fraser Valley markets like Surrey, Langley and Abbotsford. There is good value to be had and you can stretch your dollar further here.
I highly recommend that you get pre-approved by your lender if your're in the market for a house, townhome or apartment.