Housing Market Turnaround Continues Unabated
TheBritish Columbia Real Estate Association (BCREA) reports that a total of 6,863 residential sales were recorded by the Multiple Listing Service® (MLS®) in BC during August, up 28.6 per cent from August 2012. Total sales dollar volume was 39.7 per cent higher than a year ago at $3.66 billion. The average MLS® residential price in the province was $533,400, up 8.6 per cent from August 2012.
"After sitting on the sidelines for much of 2012, home buyers were out in force during the summer months,” said Cameron Muir, BCREA Chief Economist. “Fear of a housing market hard landing has given way to a sense of urgency to lock-in a mortgage at a low interest rate."
While higher mortgage interest rates are on the horizon, BCREA forecasts the five-year posted mortgage rate to be 50 basis points higher a year from now. The impact on consumer demand is expected to be largely offset by stronger economic conditions and the associated employment growth.
What does it mean for you? ------
Home buyers who have realized you live in the payment have understood now is the time to buy before mortgage rates rise more then they already have. At the begining of 2013 a 5 year fixed was 3%. Today the same mortgage is 3.69%.
This is why home sales have risen in the last year.
If you are planning on buying a home seek professional advice and compare the numbers. You live in the payment, get more bang for you buck.
For more info or need professional advice please call The Aziz Group.