Refinance in this market? Or wait.

[Alexandre Harnois]

Good day, here is my situation I am a homeowner and I purchased my first rental property a year and a half ago. To buy my rental I refinanced my house to get some cash for the down payment and Renos on the rental.(NOW I know a HELOC would of been a better option but the interest rates where so low it's ok) I currently have 2 mortgages [email protected]% for my primary residence and [email protected]% for my rental property. I bought the rental for $140000(a triplex from my wife's grandmother), put $32k to renovate 2 of the 3 apartments. Now cash flowing $659/month. I am currently looking to acquire a 2nd rental property but the market is in a bit worse shape then when I bought in late 2021. A bit scared that I missed the uphill train and now it is going downhill. For my market right now in Trois-Rivieres ,Quebec, Canada it seems all sellers want post Covid prices for properties but the rents did not follow the Covid rise. I am also open to look elsewhere in Canada.

Is it a good idea to refinance right now and hold the money until there is a good deal out there or should I just get it appraised to see what the value would be and then once I find something decent I can get it refinanced? I have no idea how long the refinance process takes and if the deals are far and few between wouldn't want to miss one because of delays in the process. I will have more details next week when I meet with the bank.

Thank you all,

[Fabien Roy]

Good Day Alexandre, Trois-rivière is not my primary market but I know that it has seen a big hike in rent, especially for new contructions and well renovated appartements. For your refinancing, since rates are expected to go down and refinancing for 3 units is kind of a fast process I would wait ti find the deal before refiancing