We’ve made it to the last month of 2020, and what a crazy year it has been. Looking back over the last 12 months it feels like we’ve been on a crazy roller coaster ride. This is especially true when you review the past year in the Saskatoon real estate market.
2020 started out pretty strong from January through March and then when COVID-19 hit in April, it felt like the market came to a standstill. At that time, we weren’t sure what the rest of the year in real estate might look like in Saskatoon.
After another slow month in May, I don’t think either of us could have predicted the rocket-like trajectory the market would take for the rest of the year.
The month of June kicked off the strong market in Saskatoon and it continued to get stronger each month after that. Our monthly sales were consistently and significantly higher in comparison to the sales in 2019.
This past month was no exception. There were 358 sales in November 2020 compared to 243 sales in November...
Should I Refinance My Mortgage?
I think we can safely say that 2020 has been a strange year. A year of lockdowns due to a pandemic, financial support from the government, and the lowest interest rates in recent history. This has led to a rise in the number of homeowners who are considering refinancing their mortgage. According to a recent poll, approximately 20% of Canadian homeowners say they plan to refinance their mortgage in the next 12 months.
Like all financial decisions, it’s important to look at the bigger picture, which includes reviewing your goals.
First Things First -- What’s a refinance?
A refinance alters the terms and conditions of your mortgage – it’s essentially a new mortgage. Specifically, you are increasing the amount of your mortgage, whether to pay off consumer debt, finance a renovation, invest, or to get a lower rate.
Here are a few reasons to opt for a refinance:
- Decrease your overall monthly debt payments by using the equity in your home...