As hinted in the previous write-up’s, the real estate market has been going Up and Up and Up!
However, buyers are still able to find homes for decent prices. They just need to act a bit quicker than in previous markets.
So the big question is, will this market continue to increase? Will it slow down due to the second wave?
It is difficult to know for certain, however, more and more analysts are predicting a continued strong market for 2021. This is due to the low mortgage rates that are predicted to remain low (i.e. 1.59% on a 5 year fixed) for the next year or even two.
Also, there seems to be optimism with the anticipated COVID Vaccines coming out; which could jump-start the economy by mid to end of 2021. People who have been working through this time, have been saving money as well and will be ready to invest thier hard earned savings.
LISTING: If you are thinking of waiting to list your home to see if the market will increase in the Spring, my suggestion would be to LIST your home now. Inventory is currently low, which means there is less competition. Your home has a greater chance of having more eyes on your property.
BUYING: If you are in the market to purchase a detached home, condo or townhouse, there are opportunities for you to get in on a property if you act quickly. Make sure you are pre-qualified with a mortgage broker or lender by having all your documents into them prior to looking (if possible). Make sure all your downpayment funds are in CANADIAN banks for at least 3 months. Finally, make sure to get set up on the Collaboration instead of relying on web sites like REW.CA. You have a day or so advantage, time wise, to see listings as soon as they go live with the search we are able to set you up on. Call me if you have questions on this.
CONDO / TOWNHOUSE / DETACHED MARKETS: Currently the detached house market is HOT. Especially if there is an income suite (authorized or unauthorized) attached to it. Townhouses are also moving quickly and receiving multiple offer situations because people are laddering up from Condo’s. The Condo market is healthy especially for those that are still priced right. I would say to NOT expect to get a major discount on any property purchase right now. Properties are trading for close to asking price or even over ask for more desirable properties and locations. However, we are still not seeing the same prices we saw in the 2018 market. That could be coming, so get in quick before that happens.
You can find a copy of all the reports, Snap Stats and detailed write-ups for the Greater Vancouver and Fraser Valley regions below. Enjoy!