July 2008 Market Update
Over the past few months there has been a definite shift in Vancouver’s housing market.
After years of double-digit growth, the market has now slowed down and is definitely favoring home buyers.
Though prices have not gone down, they have stabilized. At the same time, the inventory of homes on the market has increased. This is giving buyers not only the opportunity to look around for that “perfect” location, but for a home that is suitable for them. Buyers can now take the time to make educated decisions vs getting caught up in a buying frenzy.
According to the British Columbia Real Estate Association, resale inventory in the Greater Vancouver area is at its highest since 1998.
The unemployment rate is still at an all time low, and at the same time BC’s population continues to grow.
The Demise of the 40-Year Mortgage, which comes into being on October 15th, is sure to affect the market over the next few months, as some first time buyers try to take advantage of the old rules.
Be sure to give us a call if you need help making your way through the rapidly changing mortgage market. We work hard for our clients, getting you the best mortgage available.
Mike Averbach 604-710-2550
Justin Blacklock 604-736-1855
