October 2014 Real Estate Market Update

The Real Estate Board of Greater Vancouver released a news press titled “Home Sales Activity Picks Up the Pace in September

  • September sales were 16.1% above the 10-year sales average (3rd highest selling September over 10 years)
  • Home Price Index was up 5.3% compared to September last year
  • The gains in home value were mostly driven by single family houses. Townhomes and condos do not experience the same price increase.

Observations as Realtors working in the field:

  • Activities have picked up after the summer. Lots buyers are out looking for homes.
  • The Bank of Canada overnight lending rate stays at 1% and it is expected to remain low because of the international economic uncertainty and to encourage stronger export to translate into more business investments and hiring. Lower interest rate = more affordable homes.
  • Political uncertainty in Hong Kong –  is that going to fuel people to seek safe heaven in Canada?
  • Good time to sell single family house right now.
  • Very good time to sell townhouse as demands are very strong.
  • Good time to buy condos in Richmond right now.
  • For statistics for your specific neighborhood (ie. Edmonds, Marpole, etc) please contact Jenny at 604-818-7317
  • According to the City of Vancouver, they have never been so busy with all the development applications flooding in. EVER.

Where are Developers building?

Source: Colliers International

Weekly Mortgage Update

*2 year fixed @ 2.59%
*3 year fixed @ 2.69%
*4 year fixed @ 2.84%
*5 year fixed @ 2.89%
*Variable Rate Mortgage @ prime -.60%
*OAC, Rates Subject to Change without Notice. Provided by Lynn McLellan, Verico Dreyer Group as of October 8, 2014