January 2014 Vancouver Real Estate Market Update

2014 started off on the right foot for the Greater Vancouver Real Estate Market. We are fast approaching spring and the market has been very active.

The first month of 2014 saw home sale and listing totals outpace historical averages. Property sales increased by 30.3% compared to January 2013.

The Greater Vancouver housing market has been in a balanced market for nearly a year. This has meant steady home sale and listing activity accompanied by stable home prices,” Sandra Wyant, REBGV president said.

 

 Some of the hottest Markets for Sellers in January were:

 

  •  Lynn Valley Detached Homes – 90% Sales Ratio – 9 in 10 homes sold
  •  Edgemont Detached Homes – 36.36 % Sales Ratio – 3.36 in 10 homes sold
  •  Mount Pleasant Condos – 33.33% Sales Ratio – 3.33 in 10 homes sold
  •  Yaletown Condos – 30.86% Sales Ratio – 3.86 in 10 homes sold

 

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

  • TSFA and RRSP season is upon us! In a recent survey, nearly 20% of Canadians polled admitted they were unable to save in 2013. In 2012, the same poll revealed nearly 30% of respondents did not save. Of those who claimed they couldn't save - debt management, insufficient income, and high expenses were the main reasons why. Taking advantage of TSFA and RRSP contribution room will definitely assist when it comes to saving. Accessing equity in your home to invest, and consolidating unsecured high interest debt at incredibly low mortgage rates, will put you back in the black when it comes to savings:

Promotional Offer:

  • Access 2.99%* 5 year fixed
  • Access 2.40%* (Prime-.60%) 5 year variable                                                                                                                                     *No restrictions or penalties, 60 day rate hold

 

  •  Canadian GDP figures for November (2013) were recently published by Statistics Canada. Led by mining and oil and gas, real GDP in Canada grew 0.2% in November, which was the fifth consecutive monthly increase.
  •  The BoC has made it clear it is unlikely to raise its benchmark overnight rate until next year, which is great news for variable rate mortgage borrowers. There is further speculation that a cut in the overnight rate may occur later in 2014.
  • Lenders across the board have been lowering rates (variable & fixed) in the past 30 days. It is important to know all the details on all rate/product offers you are considering. Please contact your mortgage professional for more - 

 

5 year Variable 

2.40%-2.50% (Prime-.40% to .50%)

2 year Fixed

2.69%

5 year Fixed

2.99%*-3.29% (*60 day rate hold)

*Interest rates quoted effective February 6, 2014. Rates subject to qualification, and subject change without notice. Additional discounts may be available upon qualification!

 

For all your Mortgage needs contact: Scott Gingles, DLC-The Mortgage Hub (604) 999 2864

 

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