Waiting for Interest Rates to Go Down Before You Buy a Home? Why That Math Doesn't Math

The Bank of Canada hiked rates 10 times between 2022 and 2023. Today in 2024, the economy appears to be weakening and inflation is coming into target range. However, a number of homebuyers continue to sit the fence, often with pre-approval in hand, waiting for rate cuts to begin.

While the first rate cut could come within weeks, this Waiting Game could cost homebuyers big time, particularly those looking to buy a home in Alberta where population growth is easily outpacing housing supply.

Trying to time interest rates is a fool's errand in this challenging real estate market. And that is all the more reason for Alberta homebuyers to get a fully underwritten pre-approval, so they can shop -- and negotiate -- with confidence.

The strategy to achieve home ownership is counterintuitive -- and important to act on sooner than later. Watch my video below to understand how the numbers land if you don't get off the fence today!