What You Can Afford This Summer: Interest Rates vs. Market Prices

As summer gets underway, many buyers are asking the same question: what can I actually afford right now? With interest rates beginning to trend downward and inventory levels rising significantly across the Tri-Cities, we’re entering a new phase of the market—one where affordability is shifting not just because of borrowing costs, but because of changing home values too.

While mortgage rates remain higher than the historic lows of previous years, the recent rate cuts are welcome news for buyers. That said, the real story this season is inventory. We're seeing a notable increase in homes for sale, which is softening demand and tipping the balance toward buyers. With more supply and less competition, prices are expected to decline in the coming months—a reversal from the upward pressure we’ve seen in recent years.

In areas like Coquitlam and across the Tri-Cities, some properties are still moving—especially if they’re well-priced—but the pace has slowed, and buyers now have more room to negotiate. If you're considering buying or selling, being prepared is key. Here are a few ways to position yourself for success:

• Get Pre-Approved: Understanding your budget is essential, especially in a changing market. We work with trusted mortgage brokers who can help.
• Stay Flexible: A slightly higher interest rate could be offset by a lower purchase price, making your overall monthly costs more manageable.
• Dig into Micro-Market Trends: Not all neighbourhoods behave the same. Knowing which areas are softening more quickly—or holding firm—can give you a strategic edge. I can help break it down.

This summer, affordability isn’t just about rates—it’s about timing, preparation, and understanding the shifting landscape. If you're thinking about making a move, I’d love to guide you through what’s happening locally and help you make a smart, informed decision.