A Market on the Move! May 2015 Update...

Sales/prices continue to surge!"

The first 4 months of the year are now behind us.

Here are just a few of the highlights/headlines of the Greater Vancouver Real Estate market that should help our market 'stay the course':

April 1, 2015 brought the official demise of the HST on new homes. We're back to the lower GST on New Home purchases, however, with rising prices, GST along with the PTT remain a large burden on first-time & move-up buyers.

If conditions persist, the average house price is predicted to reach $2 Million by 2030! Langley, Maple Ridge, Pitt Meadows, Port Coquitlam and New Westminster to remain the only affordable areas. However, based on recent sales/price activity, I would question whether New Westminster & Port Coquitlam remain part of this group.

Vancouver vacancy rates at 1%, are the lowest in the country. Good news for investors but many prospective buyers may be forced to the rental market due to affordability. Tenants are likely to see rising rents & tightening supply.

Alberta continues to see a market 'shake out' due to the fall in the price of oil. Sales are off significantly with prices under some pressure. Albertans have always been active in our market and we may see more investors from Alberta looking to a more steady/predictable Vancouver market.

Mortgage rates continued their downward trend helping with buyer affordability. I've seen 5 year fixed rates as low as 2.64% ! Home owners may want to look at their mortgages and consider re-financing.

See full market stats below and waynepasco.com for more details on these and other headlines/topics.
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Family, friends, associates buying or selling?

As always, your referrals are welcome and much appreciated.

Have a great Summer...

Sales/ Listings Statistics and Graphs for all areas.

All information is approximate

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