As we start thinking about saying goodbye to 2013 and welcoming 2014 the Vancouver Real Estate Market is staying quite active. Momentum could continue right through December.
Balance, in most aspects is a great thing – for the Real Estate Market in Vancouver this is no exception. Consistent home sales and listing activity has allowed balanced market conditions to prevail in Greater Vancouver for most of 2013. This year’s activity in the market has resulted in gradual and modest increases in home prices of approximately 1% over last year.
November was another strong month - Sales volumes were up over 37% compared to November 2012!
Some of the hottest Markets for Sellers in November were:
- Main Detached Homes with a 58% Sales Ratio
- Main Condos with a 75% Sales Ratio
- Cambie Condos with a 50% Sales Ratio
- Pemberton Heights Detached Homes with a 56% Sales Ratio
- Mount Pleasant condos with a 40% Sales Ratio
2014 is looking very positive for Real Estate in Vancouver – If you are thinking about making a move in the New Year contact me today!
Mortgage Rate Summary:
5 year fixed 3.30%
5 year variable 2.50% (Prime-.50%)
*deeper discounted "quick close" offers may be available + rates listed are subject to change without notice.
Where most economists have been calling for the The Bank of Canada to lift its 1% key lending rate back to a more "normal" 3% level, one of Canada's leading economists (Benjamin Tal) suggests that the new “normal” is significantly less.
Inflation (a significant rate trigger) is extraordinarily low at 1.1%, and the pace of economic growth is in a long-run downtrend. With that said, the new key lending rate "normal" will likely be another 100-125 bpts higher than today (1%).
A low prime lending rate (3%) may stick around for some time to come. With strong variable rate discounts available we will continue to see a shift from fixed rate mortgages to variable rate mortgages for the foreseeable future.
For all your Mortgage needs contact Scott Gingles (Mortgage Broker/Owner), Dominion Lending Centres -The Mortgage Hub, P: (604) 999 2864
For the November 2013 Greater Vancouver Real Estate Stats click here
~For all of your Real Estate needs~