{"id":20326,"date":"2022-11-04T12:04:11","date_gmt":"2022-11-04T16:04:11","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=20326"},"modified":"2022-11-04T12:12:49","modified_gmt":"2022-11-04T16:12:49","slug":"preparing-for-2023","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/preparing-for-2023\/","title":{"rendered":"Buying or Selling in 2023? Here’s How to Prepare Now"},"content":{"rendered":"\n

The Canadian real estate market has been far from dull this year. Prices hit record highs in the early part of the year, but quickly turned to a stalemate between buyers and sellers as interest rates began to rise. In a survey of more than 1800 Zoocasa readers<\/a>, 60% said they were planning to buy in the near future. Many are holding out hope for more inventory in the spring and the end of interest rate hikes. If you\u2019re looking to get into the market in 2023, now is the time to start preparing. Although we don\u2019t know exactly what next year\u2019s market will bring, we do know how you can get a head start to be ready for it. Here\u2019s how to prepare for the 2023 Canadian housing market.<\/p>\n\n\n\n

Talk to a Mortgage Broker Now to Learn What You Can Afford<\/h2>\n\n\n\n

Mortgage rates are an obvious concern for a lot of prospective homebuyers and existing homeowners with a mortgage. The Bank of Canada has raised rates<\/a> six times this year in a bid to curb inflation, with the next announcement scheduled in December. The inflation rate in September was 6.9%, with the eventual goal being around 3% by the end of 2023. It\u2019s possible that if inflation isn\u2019t trending downwards during 2023 then interest rates may have to rise even further. This would, of course, have an effect on the prime lending rate for anyone trying to secure a new mortgage,renew their existing mortgage, as well as anyone currently on a variable rate. <\/p>\n\n\n\n

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The first step in preparing to enter the market is talking to a mortgage broker. A mortgage broker will look at your current financial situation and discuss your debt service ratios. This is what lenders use to calculate the maximum amount you will qualify for. It\u2019s important to talk to a variety of mortgage brokers, and explore lenders outside of the big banks. They can often offer lower rates and different mortgage options. Getting a mortgage pre-approved will help you in your hunt. A pre-approval guarantees the rate you\u2019re offered will be available to you for the next 160 days. So, in the event rates increase in December, or early next year, you\u2019re covered in the early part of your home search.<\/p>\n\n\n\n