One of the major banks has lowered its five year fixed mortgage rate to 2.84 % and others are expected to follow suit. I expect the market in 2015 to pick up where last year left off with low inventory of homes for sale being the driving force behind the demand.
I am encouraging clients to take advantage of a lower rate. If a client wants to move up and can afford a detached home now, this is an opportune time. For sellers who need to downsize, it is great time to sell with little or no inventory on the real estate market. Their homes will sell quickly and for top dollar.
I also encourage buyers to be proactive in paying down the mortgage and give them lots of tips on how to do that.