The Real Estate Board of Greater Vancouver (REBGV) Reported “Home buyer demand increases across Greater Vancouver Housing Market.” According to Ray Harris, the REBGV president, the sales-to-active-listing ratio exceeding 20%, the most active marketplace since spring 2011. This indicates more home buyer demand today than at any point over the last three years.
Recently, the mortgage rate hit a new low with Investors Group’s 3-year variable rate at 1.99% followed by Scotiabank’s 5-year variable rate at 2.47%. A real estate expert with Queen’s University, John Andrew said it was likely that the other big banks would follow suit in today’s competitive market.
Condo King Bob Rennie’s Key-Note Address at Urban Development Institute
- Baby Boomers and super seniors 75+ years old are sitting on $163.4 billion real estate equity
- 1/3 of Greater Vancouver’s housing stock has more bedrooms than people (an 26% increase over the past 10 years)
- The money is going to be freed up over the next 10 to 15 years, as these empty nesters downsize
- Some of the money is used to help out children and grandchildren with their mortgage down payments
- These wealthy boomers are looking for convenient locations with walking distance to coffee, groceries, pharmacies
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