Stories from Tri-City News headlines of decades past will be a reoccurring feature as the publication approaches its 40th anniversary in 2024.
Prices of homes in 1993 were a fraction of what they are now, but mortgage rates were similar — if not actually higher — according to the Tri-City News edition of Sunday, June 27.
A regular advertising feature of the paper at the time was a large ad touting the mortgage rates at about 30 differed providers, including the big banks.
The information was collected by The Equity Centre Mortgage Market and published in the paper.
Now you can go online and check mortgage rates in real time given changing Bank of Canada rates and competition between lenders.
At the time, according to the Equity ad, a six-month convertible mortgage of 5.75 per cent was considered the best rate for those seeking flexibility. You could also get a one year open rate, but it was higher at 7.75 per cent.
Most financial institutions offered closed rates from six months to 10 years with rates ranging from 7.25 per cent for one year to 8.95 for a five year closed mortgage.
You could also get a 10-year closed rate at 9.5 per cent.
Those rates are higher than what most financial institutions are charging today, depending the type of financing and the bank, mortgage lender or credit union.
For example, you can get a five-year fixed rate mortgage for 4.79 per cent.
However, house prices have more than quadrupled, meaning the financial punch of today’s interest rates hurts a lot more than it did 30 years ago.
In 1993, the average detached home price in Greater Vancouver was $337,000, according to one chart published by Global News in 2016, using data from the Real Estate Board of Greater Vancouver (REBGV).
Today, home prices are pushing into the stratosphere.
Single-Family Detached Home May 2023 (REBGV statistics).
- Coquitlam: $1,755,500
- Port Coquitlam: $1,392,100
- Port Moody: $2,007,600
Among the files of the Tri-City News is coverage of Coquitlam, Port Coquitlam and Port Moody councils, local crime, local festivals and events similar to today’s stories you’ll find online and in print on Thursdays.
For a digital version of this week’s paper, visit the Issuu website.
