The Inside Scoop....

The Bank of Canada hiked its key interest rate by .25 today, for the second month in a row, and most lending institutions are expected to raise their prime lending rates in response.  This will affect those with variable rate mortgages, however, fixed rate mortgages are not affected by today's rate announcement.  Mortgage holders or potential borrowers should consult with their mortgage professional to figure out the best strategy as it relates to their personal financial situation.

It feels like the summer of 2008.  In the first 2 quarters this year, housing prices on the Westside continued to rise, due to a lack of inventory, pent up demand, and low mortgage rates.  April, May and June brought a large number of listing to the market at the same time that buyers were nearing the end of the deadline before a change in mortgage qualification rules.  Prices have peaked in June, and are on a softening trend.  The latest Housing Price Index by the Real Estate Board of Greater ... Full Article...

Over the past week, there has been a 6% decrease in the total inventory of homes for sale in Vancouver's Westside.  In fact, the number of new listings hitting the market has been declining every week in the month of June.  In March, April and May, there was a significant rise in listing inventory, but that seems to be stabilizing or perhaps dropping.  With that said, the total inventory today is at 3,516 units.  Fixed mortgage rates dropped slightly, and prices have stablized over the past mon ... Full Article...