Tony’s Latest Updates – March 3, 2016

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.

Click here if you would a copy of the Real Estate Stats.

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.

Tony’s Latest Updates – February 2, 2016

January 2016 real estate results are out and as you probably could expect sales and prices are up.  Last month’s sales were up 32% over January 2015.  The benchmark price for a detached property in Metro Vancouver now sits at $1,294,000.   Did you know that average price of a detached home in Tsawwassen increased 72% within the past 13 months.

Click here if you would a copy of the Real Estate Stats.

Over the past few months fixed term mortgage rates had inched higher reaching near 3%.  The increasing trend seemed short lived given that fixed rates are once again headed down.  Best 5 year fixed is now being offered as low as 2.54%.

With real estate values growing and rates falling, it is a fantastic time to refinance your mortgage and consider using funds to purchase an investment property and earn positive cash flow.   We now offer real estate services.  We have a competitive advantage when helping customers buy a home and within the past year, we have helped many of our clients purchase a property at below market prices.

Variable: 2.25%

5 year fixed:  2.54%

3 year fixed: 2.29%

Line of Credit: 3.2%

35 year amortizations are available which helps keep payments affordable.