Yes you can purchase a home as interest rates and inflation rise.
19 Jul 2022 by John MacLennan

I listened to the CBC Radio podcast: “The Current with Matt Galloway – July 18, 2022” (link below) and it made me optimistic, not the opposite. In some areas of Canada, well educated, well paid consumers remain unable to join the home ownership club and during the podcast, some impacted were interviewed, discussing that challenge, including a potential solution. Related (pardon the pun), a family member and a close pal who have been renting together for six years did some recent brainstorming. They were the two primary tenants with two additional roommates coming and going over time. Trust was long established between the two so they thought: “why don’t we co-purchase a home together?”. They did just that, enjoying the positivity of altering a mindset and finding a way to enter the real estate market rather than glooming away as so many do, who sadly let fear and non-fact-finding bar their own selves from finding, as the fellas did, a Grande Prairie fully developed home with garage plus ample parking. The previous pattern of four in the household continues but now two own with two renting, contributing to the partner-fellas’ plans for likely selling the property in about five years with each then purchasing their own home.

When interest rates rise and inflation spikes, don’t back down. Challenge, face and defeat those obstacles as that’s all they are: game changers, not game breakers. Adapt and change the rules. Too many people give up before they even research or brainstorm with those others who lean into the headwinds of entering real estate and simply find a way. Speak with a real estate lawyer about how to enter (and maybe more importantly, exit) this type of real estate agreement, check your respective pre approvals, seek out those who have ethical experience in real estate and most importantly, let your confidence and self belief rise above the fear mongering so prevalent in society these days. Contact me to discuss.

The podcast that got me thinking:

https://www.cbc.ca/listen/live-radio/1-63/clip/15925603

John MacLennan

An approachable professional, John MacLennan is committed to collaborating and leading when required – as an experienced REALTOR® with RE/MAX Grande Prairie, as Board Director of the Grande Prairie & Area Association of Realtors, as a member and Director of BNI Alberta North, and as a speed skating coach.

John is an excellent negotiator, focused on listening and finding win-win solutions for residential and rural real estate buyers and sellers from start to finish, not 9-5.

As a Director with BNI Alberta North for over 10 years, John consistently supports Grande Prairie’s three chapters through leadership, education and giving back, helping entrepreneurs grow their businesses and achieve their dreams.

Within the speed skating world, John guides athletes with a healthy blend of accountability and fun to help them build confidence and trust within themselves, offering them a safe space to grow and know they matter.