Homeowners pressed by rising interest rates still have options, shouldn’t panic: experts

Winnipeg mortgage agents say homeowners could consider looking into extending their amortization period or refinancing their mortgage.

A Winnipeg real estate agent is confident the local housing market will remain steady, but mortgage and real estate agents alike say Winnipeggers are keeping a watchful eye on rising interest rates.

With limited supply, it’s still a seller’s market in some city neighbourhoods, real estate agent Alberto Carmona told Global News on Monday.

He said he doesn’t think the housing market is going to slow down drastically even as rates continue to climb.

They could, however, shrink the list of homes some Manitobans can afford, especially if they were pre-approved at a lower rate, Carmona said.

“They are concerned because if they were pre-approved at three months ago or two months ago, the rate (was) 2.4, 2.6 per cent,” he said.

“If the pre-approval expires now, the bank needs to pre-approve them again with the new interest rate: 3.6. 3.8.”

At the same time, a handful of Carmona’s clients are looking to sell secondary homes while the market remains strong.

“I do have a couple clients who … purchased for a very good price with a low interest rate, and they are thinking, or we are in the process of selling because we might be able to cash in extra.”