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Continued low mortgage interest rates offered by the bank of Canada are the topic of discussion in a recent report from the Real Estate Board of Greater Vancouver. 

 

Why are rates remaining low? See below for an exert from the report from the REBGV:

 

"On September 3, 2014, the Bank of Canada announced that it was holding its trend-setting overnight lending rate at one per cent. The overnight rate has not moved in four years. It’s likely that it will remain where it is for some time yet. Why?


1. Inflation is on target

2. Uncertainty remains high

3. Canadian exports need help from the currency exchange rate

4. Higher exports have not yet translated into stronger investment or hiring

...With these reasons in mind, interest rates are unlikely to rise in the near future. One notable change in language in the September 3 announcement was the removal of any references to a soft landing in the housing market. The Bank said that the housing market has in fact remained stronger than previously anticipated and that risks associated with household imbalances have “not diminished.”"


For more information & to read the whole report, click here.


Do you have questions about the local market & how these low mortgage rates can affect you? Contact me with your questions and I'll be happy to help you understand how low mortgage rates can benefit you as a buyer or seller.


Image Source: Greg Michie

 

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According to the recent report from the FVREB, the local market experienced the strongest August since 2011.

 

More than 1,300 sales were processed in August, a 3% increase over the same month last year.

 

According to Ray Werger, president of the Board, “As usual, we saw a typical summer slowdown in August compared to July, however like every month so far in 2014, August sales were higher than last year. It’s the continuation of the story we’ve seen all year; a return to a normal, balanced market.”

 

Here are a few of the report highlights:

 

- Single family homes continue to outpace sales of townhouses and condos

 

- Many first time home buyers are skipping condos as a first- time home purchase and proceeding directly to townhomes and other larger properties

 

- The benchmark price for detached homes in August was $569,800; for townhouses it was $298,200

 

To view the full report, click here.

 

Are you a first time home buyer? What do you hope for as your first home purchase? Or are you a seasoned home buyer looking to move up the property ladder? I can help you find the area that's right for you and get you a home you'll be excited about. Contact me today!

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