The Vancouver Sun is now reporting on the newest housing sales statistics for the month of September…and guess what? Sales increased in September from the month before. The article states that there is more balance in the market now due to less properties for sale and a further decrease in mortgage interest rates has also helped.
Further, it also states that housing prices in the Greater Vancouver Area were up 4 percent from September of last year. Most of these results are much in line with a number of things I had written previously.
It seems to me that conditions are quite solid at the moment, and that property values are being quite well protected with conservative policies, and that mortgage rates will stay low until the economy heats up, at which time many borrowers should be able to afford higher mortgage rates again due to greater prosperity.
It does still seem like the US market is a couple of years away from recovery though, so it could be reasonable to expect low mortgage rates for quite a while yet.
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