For some people, the pandemic has not caused a giant shift in their finances, although for many, with the addition of low oil prices it has been difficult for many Albertans. Yet, new homes are being built, and real estate sales are starting to increase.
In the Wainwright area, if any indication of how busy it is getting in the oilfield is hotel rentals, then things appear to be picking up. More and more work-related vehicles appear to be parked in the local big hotels, indicating some things are getting busier. New home starts may have been a bit slower than usual, but real estate is a solid investment, and getting more affordable. The market has softened a bit, and interest rates are at some of the lowest they’ve been in a long time, so this is a great opportunity to upgrade, add a rental, or finally stop paying rent and buy your own home.
With prices down, and rates down, the affordability is up.
One thing that has been apparent since the pandemic hit, we all spend a lot more time in our homes. You may have noticed things that perhaps when you’re busy you didn’t. Things that may not have bothered you, is now an issue. Why don’t we have an island? This bathroom is too small! If you’re doing any home schooling and likely fewer activities outside of the home, maybe a bit more space is in order. Now is the time to look a new home, with mortgage rates being down more than 1 per cent over the last year or two. That one per cent will save you significant in interest payments over the course of your term. And knowing that rates are low, your best option is to lock that rate in for a five-year period.
Connect with one of our many great local realtors to help you find the right home once you have a mortgage pre-approval in hand before you go shopping to help you pick the right home for your financial situation.
Come see, or get in contact over phone or email with our experienced financial service officers who would be happy to help you navigate those waters of home ownership. At Encompass Credit Union, we also have an online mortgage application that can get the process started. Get a pre-approval by connecting with us today at 780-842-3391 or email at mydreamhome@encompasscu.ca or for more information, visit us at www.encompasscu.ca
