Homes in the Greater Vancouver Area are starting see market shifts in home values. It seems that the prices are starting to vary acording to "micro markets." This applies mostly to the Single family homes category as it's seeing higher inventory levels in some areas. Despite the increase, sales in some markets remain strong. In the attached categories, the Condo and Townhouse market is remaining strong. Prices are continuing to surge in these markets. Are you wondering what your home's value is or just curious about the market in your area? Home owners please visit www.allvancouvergroup.com and click on "Home Evaluation" under the "Selling" tab.
Following the US Fed, The Bank of Canada, in an unprecedented move lowered the overnight rate, twice by two basis points (-.5%), on March 4th and March 16th; resulting in a reduction to lending institutions of a full percentage point. Hopefully this becomes the lowered amount that they will pass along to consumers, when issuing mortgages to new purchases and refinances.
The overnight rate is the interest rate at which major financial institutions borrow and lend one-day (or "overnight") funds among themselves; the Bank sets a target level for that rate. This target for the overnight rate is often referred to as the Bank's policy interest rate.
Whether you are contemplating a purchase, an upgrade or a refinance, this means that it is not all “bad news” out there.
Don’t wait until everyone is back into the market to start planning for your families future!
“The smart buyers are already looking at homes, to take advantage of price value and interest rate opportunities”
As a real estate agent, the question I’m often asked, whether I’m at the supermarket, a party with friends, or at a restaurant from a server, is usually “what’s happening in the market?”. As we might all know, the media can be a very scary place. It is often the source of prevalent information on current trends, but can also create a circulation of irrational fears.
Many people I encounter are under the impression that the real estate market is “SLOW” or that we are in some sort of recession. The good and bad news here, is that this is not the case!
The good? Houses are selling and people are buying. Just in the last couple of months I have continuously seen homes sold within a week with multiple offers. As such, I have many times, called about property showings to find out they are already sold before viewing. This applies to condos, townhomes, and detached homes; none are excluded.
The bad? This misinformation creates complacency. We now encounter many people who feel it is still a buyer’s market and end up placing themselves in many situations where they lose out on the perfect home. The worst feeling is finding the perfect home, imagining a life there, then losing it in a multiple offer situation. Then, what’s even worse? Having this happen over and over again!
As real estate advisors, we are here to make sure that doesn’t happen to you. In today’s market, pricing and timing is everything. This is why we have systems in place to help you beat out other buyers in getting the perfect home.
If you would like to stay active and be notified about the true market trends, just let us know and we can definitely provide you with that information.