Mortgage Qualification Challenges

High home prices combined with high mortgage rates are making it very difficult for many prospective homebuyers to attain a conventional mortgage. Mortgage broker Ron Butler was recently on BNN discussing this challenge and why demand for homes will decline, as a result. He is forecasting a slow fall housing market.

Click here for the direct link to the video shown below:

I maintain that anyone looking to get on the Metro Vancouver or Fraser Valley property ladder should still consider resale apartments in Abbotsford, as a viable way to get a toehold into the market. Sardis apartments, although slim on inventory, might also be an interesting option for singles or couples that are first-time buyers especially. These markets have average resale apartment prices between approximately $425,000 to $450,000. A 5% downpayment is about $21,000 to $23,000 at these levels, if one can qualify for a mortgage.

Abbotsford average resale apartment prices.

Sardis average resale apartment prices.

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