Clinton Wilkins joins CityNews with Rob Snow to talk about the latest Bank Of Canada Update for January 2024. Clinton provides some insight on what no movement of interest rates means for mortgage lenders
In this news hit on CTV news, Clinton Wilkins speaks to Stephanie Tsicos and Todd Battis to talk about inflation concerns and real estate prices, how people are securing their financial futures, and discuss the future of Nova Scotia’s real estate prices.
Don’t feel like watching the video? Check out the transcript below.
Todd Battis: [00:00:00:02] CTV’s Stephanie Tsicos joins us from the newsroom with reaction here at home, Steph.
Stephanie Tsicos: [00:00:05:25] Todd We’re hearing about those same concerns in our region. I spoke with a mortgage broker this afternoon about the impact here. Clinton Wilkins says inflation and interest rates are having huge impacts on consumers.
Mortgage interest has also become more expensive. Wilkins says. as a result, some people are taking a proactive approach and choosing to refinance their existing mortgage and extending the amortization.
Secure your future financial situation
He says some are doing a mid term refinance to clean up debt or to put themselves in a better financial position. As for housing prices, there was a recent report showing we could be in for a big drop.
Clinton Wilkins: [00:00:45:07] Well, there certainly has been some softening across the country, I think here in Halifax and Atlantic Canada. I don’t think we’re going to see the softening that they might be currently seeing in Ontario.
We still need a lot more supply in our market for it to become more balanced. We’re certainly seeing some more listings hit the market, but there certainly more demand out there than there is supply.
Some say home process are expected to drop
Stephanie Tsicos: [00:01:06:24] Todd, this so-called housing correction is expected to come by the end of next year. A recent report showed we could see housing prices drop by 18 to 20 per cent here in the Maritimes, the biggest fall compared to the rest of the country.
The Maritimes saw some of the biggest price increases
However, the Maritimes did see the steepest increase in prices about 60 to 70 per cent in some cases. Newfoundland and Labrador, meanwhile, saw one of the smallest spikes and is only expected to see a 10 per cent drop.
Todd Battis: [00:01:34:08] Todd Okay. Thank you for that, Steph. We’ll certainly be watching what happens there. Stephanie Tsicos in the newsroom and Steph has your late news right here at 11:30.
If you have any questions, get in touch with us at Clinton Wilkins Mortgage Team! You can call us at (902) 482-2770 or contact us here.