Greater Vancouver MLS stats posted monthly sales increases in October 2011. The buyers market that most new home buyers and investors have been waiting for will seem to be shorter then expected. The next 3 months will be ideal for buyers to purchase homes before Spring 2012 come around.
The driving force behind the number of sales is due to Interest rates at low levels and are likely to stay that way for some time to come. Home buyers clearly see the opportunities that the current interest rate environment presents.
A total of 397,561 homes have sold so far this year across the nation, an increase of 1.8% from levels in the first 10 months of 2010, but is directly in line with the 10 year average for the year to date figure. The number of newly listed homes remained little changed in October compared with levels recorded in each of the previous three months.
Year-to-date, BC residential sales dollar volume increased 16.8 per cent to $38 billion, compared to the same period last year. Residential unit sales increased 3.5 per cent to 66,922 units, while the average MLS® residential price rose 12.9 per cent to $566,925 over the same period.
Take advantage of the low mortgage rates, 2.5% 3 year fixed, and the Winter months to purchase a home at the best rate possible.
BUY! BUY! BUY!