Metro Vancouver home sales eclipsed 5,000 in March for the first time on record.
Average benchmark prices for our local real estate climbed 23% compared to March 2015. Prices on average continue to climb and inventory levels remain tight. The trend for detached properties was opposed by a few communities last month. Langley, New Westminster, Tsawwassen, East Vancouver and Richmond had the average prices decline and/or a higher year over year inventory level. One month does not make a trend but it’s something that we are keeping an eye on.
Mortgage rates have remained stable and five year fixed rates have pushed to the lowest levels we’ve seen all year at 2.39%. The Bank of Canada will announce rates again on April 13th and there is no expectation for a change to the rate. Variable rate mortgages remain the best choice, however; given a five year fixed can now in many cases be offered at a rate lower than the variable rate; it can be a great alternative to many borrowers.
Did you know: To purchase an average condo downtown Vancouver; borrowers need: $39,800 for the minimal down payment with a $2,788 per month mortgage payment. The closing costs can range up $12,000. This can be challenging to many first time buyers. We can help you reduce your costs to purchase and save you money. To find out more please email me; tony@tonyiannetti.ca
Interest rates that matter:
Best 5 year fixed – 2.39%
Best Variable – 2.25%
Line of Credit – 3.30%
Prime – 2.70%