The Inside Scoop....

By the time the Media reports any significant changes in the real estate market, it is old news to those of us working "inside the trenches".  (All statistics quoted are sourced from the Real Estate Board of Greater Vancouver and relate to the West Side Residential Market only, unless otherwise noted).  Bookmark this page and come back often for news on micro changes in the market and to get a prospective from someone in tune with the market, and in direct contact with buyers and sellers on a daily basis.
 

Sunday, June 20, 2010 - Vancouver Westside Market Update - Week Ending June 18/10

Over the past four weeks, the average number of new listings in the Westside is 295, while the average number of properties sold is 137, or a sale to list ratio of 46%.  While this makes a balanced market, the average number of price changes is 174.  Properties are taking a  little longer to sell, and Sellers need to price their properties sharply.  In this market, over-pricing at the outset will lead to Sellers chasing the market as it continues to find its balance. 

posted in Market News at Sun, 20 Jun 2010 08:54:49 -0700

Tuesday, June 1, 2010 - Interest Rates on the Rise

Today, the Bank of Canada has increased it's key interest rate by .25%, to .5%, which signals an increase in the Prime Lending Rate to 2.5%.  The increase will affect homeowners who have variable rate mortgages, but given the rock bottom rates enjoyed, the increase is considered modest, and fixed mortgage rates remain very attractive.  There are some excellent buying opportunities over the summer, as inventory levels are up, and buyers have more choice, less competition from other buyers, and m ... Full Article...

posted in General at Tue, 01 Jun 2010 11:17:51 -0700

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