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