Our market has taken one heck of a u-turn since last winter. September sales were down almost 44% from the same time last year.
October sales plunged another 35% from the same time last year but I am now seeing buyers much more active with all the deals that are now on the market.
My focus for real estate is in Vancouver West and as of last month, interestingly enough, detached homes are up 67% (from September to Oct) because of the major price correction causing lower prices.
Sales for townhomes and condos are also up from September by almost 50% but still way down compared to historical numbers. The supply of properties in Vancouver’s market is the highest amount in over 4 years.
I have statistical data for every area in Greater Vancouver, separated by detached homes, townhouses and condos. I can even break down sub-areas so call me if you want to learn more about your property or the area you want to buy in.
The bank of Canada continues to increase the overnight lending rate which directly effects your variable and line of credit product. Prime now sits at 3.95% for most lenders now.
Don’t stress, The 0.25% increase pushes mortgage payments up by $13 per $100,000 at 25 years amortization. This means $65 for a 500k mortgage and $130 for 1,000,000. Your child college fund is still safe!
Considering we can get Prime minus 1% in most circumstances, the closed variable rate mortgage is offered at 2.95% which is still considered very low and has the best prepayment options.
Check out my website for details of Westbank’s newest mega-project Oakridge. I have VIP access to units so contact me for details!
If you would like to chat more about this, just call me any time! There are some great flipping and investments opportunities within 20 minutes from downtown now, ask me about it anytime.