The local real estate market conditions are accelerating. Last month was the highest selling February on record for the Metro Vancouver housing market. Clients purchasing a property are faced with unconditional offers hoping to win against multiple bids. It’s never been more difficult to purchase a home. Inventory levels continue to trend lower, with the exception of a few areas along with elevated demand. The total number of properties currently listed for sale in Metro Vancouver is almost 40 per cent lower compared to February 2015. Unless there is some unforeseen crisis; there little reason to expect this trend to change.
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Even though lending conditions remain tight it’s a fantastic time to refinance or renew your mortgage. Increasing home values are making it easier for everyone to reach into their home equity. Clients should review their financial position and consider things such as paying out balances on their credit cards and make debt reduction a priority.