Market Update
  
While home buyers have remained active in Metro Vancouver* throughout the summer, the supply of homes for sale has declined steadily since June.
The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential homes sold in the region increased 3.4% from August 2020, and decreased 5.2% from July 2021. Last month’s sales were 20.4% above the 10-year August sales average. For all property types, the sales-to-active listings ratio for August 2021 is 35%.
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.
“When assessing the market, it’s important to understand that while year-over-year price increases have reached double digits, most of the increases happened three or more months ago,” said Keith Stewart, REBGV economist.
To better understand the latest home price trends in your preferred location and home type, talk with your local REALTOR®! Contact us today!
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Planning Ahead To Get the Best Terms On Renewal!
If your mortgage term is almost up for renewal, there’s a good chance you’ll be pleasantly surprised with the low interest rates available on the market today. While the pandemic has caused a lot of economic uncertainty, the result has been very low interest rates. In fact, the Government of Canada has indicated that rates will most likely stay low until 2023.
So if your mortgage is up for renewal in the next 6 months, here’s what you should do. Start now. Yes, right now. Getting ahead of your renewal is one of the most important things you can do. This will ensure that you don’t get busy, forget about the deadline, and have to make a rush decision. Or worse yet, your mortgage will renew into a product you didn’t choose for yourself. You’ll want to weigh your options and make the best choice for you. This can take time. So start now and reach out to me today.
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