Interest rates are at a 22 year high and with the Canadian 5 year bond yield surging higher in recent weeks, putting further pressure on fixed rate mortgages, Canadian mortgage borrowers should brace for significant interest rate increases and mortgage payments upon renewal. So what can you do to prevent yourself from losing your home in the looming Canadian housing crash?

In this month's Surrey Report, Surrey Real Estate Specialist, Steve Karrasch of Macdonald Realty provides some actionable ways you can help ease the pain of renewing into a significantly higher mortgage interest rate in the coming years. As with every Surrey Report, the team also breaks down the September 2023 benchmark stats for the City of Surrey.

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Benchmark Prices: (Surrey Combined) (+/- yoy):

🏠 Detached = $1,671,900 (+4.0%)
🏘 Townhomes = $883,500 (+6.2%)
🌆 Condos = $539,500 (+3.8%)

#SurreyRealtor #SurreyRealEstate #CanadianMortgageRenewals

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If you are looking for help or have any questions regarding real estate in Surrey, B.C. or the Fraser Valley, please reach out below using which ever way is most convenient. We also service real estate sales Langley, Delta, White Rock, Abbotsford, Mission, and more Greater Vancouver Cities.
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The opinions expressed herein are solely that of Steve Karrasch PREC and not Macdonald Realty or the FVREB and should not be misconstrued as advice or the basis of an agency relationship whatsoever. Please consult your professional advisor prior to taking action on any decisions relating to the matters discussed in these videos. This communication is not intended to cause or induce breach of an existing agency agreement.

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