Hours: Mon-Fri 8:30-5:00 (Evenings & Weekends by Appointment)

Buying a Home in 2022? Here’s What You Need To Know.

Buying a Home in 2022? Here’s What You Need To Know.

Whether you’re buying your first home or your next home, it’s a major decision that has both emotional and financial considerations. While you will ultimately need to decide on your own whether you will buy a home in 2022, you should have a professional team on your side that will assist you in reaching your goals.

Here are 3 factors you should consider when deciding to buy property in the coming year:


The short supply of properties for sale has been one of the real estate news headlines this year. The reality is that there aren’t enough homes on the market to meet demand – especially in desirable locations like Victoria. Low supply is one of the factors that’s fueling high prices, and until there are more properties available, the folks who need to buy will likely to continue to pay whatever it takes to get their next home.

It’s important as a buyer to do your due diligence on any property you are interested in purchasing. Since your dollars may not stretch as far, you’ll want to be sure you’re getting what you expect for the price you pay. That includes ensuring the property is in good condition through a home inspection and making sure any potential issues are properly disclosed. A mortgage lender may also need an appraisal of the property you are going to purchase to verify that it supports the amount of the loan they will be granting to you.

You may feel pressured to buy anything within your price range, but it’s important to consider your lifestyle and goals. If your new home doesn’t check all the boxes on your ‘must-have’ list, will you really be happy living there for the next few years?

If you think you’re ready to jump in but aren’t sure what you can afford, we have a maximum mortgage calculator on our website. Our team offers a complimentary consultation as part of the pre-approval process to give you a personalized assessment of your buying potential.


We always say that if we had a crystal ball and knew what rates are going to do in the future, our team would all be retiring early and living our dream West coast lives! The reality is that neither mortgage professionals or consumers know for sure what rates will be like in the coming year. There are many economic factors that go into setting mortgage rates. The important thing to remember is that even the rates we’re seeing as we start 2022 are among the lowest that have ever been available in Canada.

Chasing the lowest mortgage rate can lead you into a product that has more restrictions. There may be a higher penalty to pay out these kinds of mortgages before the end of the term, including if you decide to refinance mid-term, or you may be limited when it comes to pre-payment options.

Instead, consider what you want your monthly payments to look like. What fits with your budget? Can we find a mortgage solution that gives you some flexibility in your finances?

Using the services of a mortgage broker rather than a bank means that we shop the market for you. With access to over 40 lenders, including all of the major banks, we are able to compare the mortgage products that you qualify for and offer you options for your financing.

Your Goals

Ultimately, buying a home comes down to your goals. For most people a property is a long-term investment, either to live in or to build a rental portfolio. Your mortgage should be a piece of your overall financial plan.

If you plan to own the property you are buying for a long time, you’ll want a mortgage solution that offers you stability. Small annual variations will even out over the years that you own your home. Our team will bring options to the table that make the most of being settled at home.

If you prefer flexibility, we have mortgage solutions for that, too! It all comes down to having a candid conversation about your reasons for buying now, and what you hope to do in the future. We pride ourselves on staying in touch with our clients and being responsive to their needs, so that your mortgage can change and grow along with you.

Let’s Work Together on Buying Your Next Home

Our team stays on top of the latest real estate and financial news to make sure the mortgage solution we find fits with your lifestyle and goals. We also do the math for you, which many folks tell us is a plus! If you’re ready to take the next step, contact us to start a conversation with a mortgage specialist.

Auxilium Mortgage Corporation is based in Victoria, BC and works with clients locally and across Canada. The Auxilium team has over 100 years of combined financial experience and access to dozens of lenders to help you meet your goals.

This post reflects the best available information at the time of writing/last update. In order to ensure that you have the most up-to-date information, contact us to confirm the details for your specific situation.

Sharing is caring!