Vancouver Real Estate Sales Rise for First Time Since March

Jeff Evans

As stated in this article in the Vancouver Sun, the Canadian Real Estate Association has come out with new data for August showing home sales had increased 4.1% from July. This appears to indicate that the market is fairly stable for properties and sales, despite the numerous mortgage lending restrictions imposed upon the market over the past year in an attempt to protect the real estate market.

On less of a “bright” note, home sales were down 22.5% from August of a year ago. The article has many “experts” making predictions that housing sales are going to slow even further in the upcoming months. They primarily use the reasoning that mortgage rates are going to increase and will make lending even more difficult.

It is my perception that last August was a fairly busy period in the housing markets, particularly compared to historical numbers. There were grumblings by my associates and mortgage clients that it was a sellers housing market at that time, which tends to mean a lot of housing sales. Also, September is generally the start of a busier period for real estate, which usually runs through November.

Also, the residential mortgage rates have recently declined significantly, following similar decreases in the bond market. Fixed mortgage rates are back at the lowest ever rates.

Additionally, despite many chicken-littles out there, the sky is still not falling, and neither are real estate prices, which were statistically on par with the previous month.

The market appears to be remaining stable, and with a the busier autumn season now here, it is my prediction that you will see another month of increased sales compared to August.

A good question that you as a reader of my website should be asking yourself is “Do I really want a hot real estate market?” Presuming that you are planning on purchasing a property, the answer should be “not until I have bought.” The main consideration for this is not even prices. Prices will go up, and sometimes they will even go down. However, many of my mortgage clients have been in the market at the same time everyone else was and it was a frenzy trying to find a great deal because there was so much competition out there for the same place. However, right now, while there is still some, and everyone is always looking for a great deal, there is much less competition out there for properties than there has been over the past few years, and there is a much better chance for you to get the ideal property you are looking for, and get a mortgage rate that is very low at the same time.

Why not take advantage of these great conditions for purchasers. Simply fill out the form below with your name and contact info and we can get started on getting you a home.

Author: Jeff Evans

I am a mortgage broker, hair salon owner, squash player, student, and husband, aspiring to do good for people.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

mortgage broker Vancouver BC
Good news regarding OSFI rule changes
Jeff Evans
No Comments
This is just a quick note to let viewers know that IF you are one of the people with 20% or more down-payment and are in a position that the new OSFI rule changes affect your pre-qualification, that I can extend the current guidelines into the new year by up to 120 days provided that I have an application and am able to get a pre-approval in place with a lender for you before January 1.Read More
OSFI B20 mortgage guideline changes 2017 – Part 2
Jeff Evans
No Comments
This is a continuation of the article published here about the OSFI B20 morgage guidline changes for 2017. If you are familiar with mortgage brokers at all (which you probably aren't) you would know that we also have alternative sources of lending for situations where a mortgage borrower will not qualify with a prime institution.  We have what we call "B" lenders, who have higher rates but more flexible lending criteria, and we have private lenders, which are individuals and corporations who can lend money on on anything that suits them.Read More
OSFI B20 mortgage guideline changes 2017 – Part 1
Jeff Evans
1 Comment

B20?  Is that some kind of vitamin?

It certainly sounds like a vitamin, but unfortunately, it is something else altogether.  The Office of the Superintendent of Financial Institutions is the regulator for all federal mortgage lending institutions.  They set the regulations for mortgage companies like banks to follow (or ignore). The latest updates to the B20 mortgage regulations could bring some potentially very disrupting changes to the real estate market, especially if you are wanting to get a mortgage in Vancouver, or you are a mortgage broker in Vancouver. In summary:Read More