The local real estate market conditions are accelerating. Last month was the highest selling February on record for the Metro Vancouver housing market. Clients purchasing a property are faced with unconditional offers hoping to win against multiple bids. It’s never been more difficult to purchase a home. Inventory levels continue to trend lower, with the exception of a few areas along with elevated demand.
January 2016 real estate results are out and as you probably could expect sales and prices are up. Last month’s sales were up 32% over January 2015. The benchmark price for a detached property in Metro Vancouver now sits at $1,294,000. Did you know that average price of a detached home in Tsawwassen increased 72% within the past 13 months. Click here if you would a copy of the Real Estate Stats. Over the
The New Year has begun with plenty of apprehension. Financial markets around the world have turned negative with Asia leading the charge on worries of an economic slowdown. The Canadian economy is not bearing much better and the outlook here is worrisome. Although many lenders have broadly increased mortgage rates the Bank of Canada is expected to drop the bank rate next Wednesday. The Bank’s governor has eve
It would be hard today to escape the news about our local real estate market. We have seen lots of headlines predicting higher prices or conversely of a real estate collapse. Below are three graphs that can help clarify the market conditions in the Lower Mainland: 1. Total Sales – number of sales have increased consistently since early 2013. 2. Total Inventory – the number of properties for sale has followed a
Buying a home in the Lower Mainland has never been more challenging. It doesn’t seem to be about the price as much as getting the property. The President of the REBGV puts it simply: “Home sales are more than one-third above what’s typical for this time of year yet the supply of homes for sale is the lowest we’ve seen in five years. This activity has created favourable conditions for anyone con
Will interest rates go lower and real estate prices rise further? CMHC has recently predicted that the current real estate boom will come to an end next year with more moderate growth rates. Although it may be hard to believe that prices will continue to rise, there is little evidence to the contrary. Interest rates are not expected to change greatly and there seems to be minimal risk of a recession. Mone
Mortgage rates have moved higher this week. Both fixed term and variable rate mortgages have risen. Customers should not take this as a change in the trend of rates given the economic news across the globe. No industrialized nation is considering raising the cost of borrowing any time soon; with the possible exception of the US. Borrowers should bear in mind that longer term fixed rates can rise while short
During the past few months I have been offering real estate trading services to my clients along with mortgage financing. It’s now easier than ever to purchase a home with our help. Not only am I but all of the team are dually licenced to provide real estate and mortgage solutions. We are now the only local firm dedicated to helping clients with both of these matters of the home. Not only have we helpe
Global economic uncertainty dominates the business news these days and I’m often asked about whether rates are going to rise. Rates at some point will rise and there’s only a few countries that are considering doing so and not at any time soon. Economic growth in Europe and Japan is still anemic and now China’s growth is becoming a concern. The recovery in the US and the UK look good but are far from amazing.