December 2013 Market Update

The Real Estate market in Greater Vancouver closed out 2013 consistent and balanced.

December proved to be a strong month with residential property sales in Greater Vancouver up71% from December 2012 and just a 15.9% decline compared to November 2013.

 

Some of the hottest Markets for Sellers in December were:

 

  • Kitsilano Condos with a 27% Sales Ratio
  • Downtown Vancouver Condos with a 31% Sales Ratio
  • Yaletown Condos with a 28.5% Sales Ratio
  • Canyon Heights Detached Homes with a 45% Sales Ratio
  • Upper Lonsdale Detached Homes with a 26% Sales Ratio

 

2014 is looking very positive for Real Estate in Vancouver – If you are thinking about making a move this Year contact me today!

 

Mortgage Update

 Kicking off 2014, when asked about the potential for higher rates in 2014, Finance Minister Jim Flaherty indicated there would be some pressure to tighten (raise rates) because the US Federal Reserve will be scaling back its bond-purchasing program. The governor of The Bank of Canada, Stephen Poloz, quickly responded that the BoC should keep its key interest rate on hold until economic data indicates otherwise.

Analysts in a Reuters poll have forecasted that the Bank of Canada will begin raising rates in the second quarter of 2015.
 
If the holidays have caused an unexpected spike in Visa/LOC balances (debt consolidation), if you are considering renovations in the Spring (refinance + improvements), or if you are upgrading your home (purchase + improvements) - attractive mortgage solutions have carried over into 2014:
 
Variable  2.50% (Prime-.50%)
2 year Fixed 2.79%
5 year Fixed 3.39%

*Interest rates quoted effective January 10, 2014. Rates subject to change without notice. Additional discounts may be available upon qualification.

 

For all your Mortgage needs contact Scott Gingles (Mortgage Broker/Owner),  Dominion Lending Centres -The Mortgage Hub,  P: (604) 999 2864 

 

For the December 2013 Greater Vancouver Real Estate Stats click here

 

 ~For all of your Real Estate needs~

 

Warm Regards,

Morgan DuVernet

604-209-1230

info@MorganDuVernet.ca

www.MorganDuVernet.ca

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