The Canadian labour market ended 2024 on a high note, with 91,000 new jobs added in December and the unemployment rate dropping to 6.7%. These numbers, released in the latest Labour Force Survey, signal a stronger economy, increased financial stability, and growing confidence among buyers. But what does this mean for Vancouver homeowners?
Let’s break it down.
A Boost in Buyer Confidence
Job growth often translates into increased buyer confidence, and December’s surge was no exception. With significant employment gains in industries like finance, real estate, and transportation, more Canadians are feeling secure in their financial footing. For Vancouver homeowners, this could lead to stronger housing demand in 2025, making it an excellent time to explore refinancing or selling opportunities.
Why It’s a Great Time to Refinance
With growing economic stability and competitive mortgage rates, homeowners may find this an ideal time to revisit their mortgage terms. Refinancing can help you:
Secure a lower interest rate.
Consolidate debt or access home equity for renovations or investments.
Adjust your loan term to better suit your financial goals.
If you’ve been considering a refinance, now’s the time to act before potential market shifts occur.
Thinking of Selling? The Market Favours Sellers
Increased employment and economic confidence often lead to higher buyer activity, particularly in desirable markets like Vancouver. If you’ve been on the fence about selling, this could be the perfect opportunity to list your property and maximize its value.
Steps to Take as a Homeowner in 2025
Assess Your Current Mortgage: Review your current terms and determine if refinancing could save you money or help you achieve financial goals.
Understand Your Home’s Value: With demand likely to increase, get a professional valuation to understand what your property is worth in today’s market.
Plan Your Next Move: Whether you’re looking to upgrade, downsize, or leverage your home’s equity, having a clear strategy is key.
Let’s Make 2025 Your Year of Financial Success
As Vancouver-based mortgage brokers, we're here to help you navigate these market changes and make informed decisions. Whether it’s refinancing, leveraging equity, or preparing to sell, we can provide the expertise you need to succeed in today’s evolving real estate landscape.
Contact us today to discuss your options and create a mortgage strategy that works for you!
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