It's officially Spring and our Real Estate Market is blooming! I have analyzed all of the stats from February and here are some insights to our market right here in Metro Vancouver:

  • We are in a very active Seller's market for houses with 46% of the homes selling within a month and we are also in a Seller's Market for attached homes with 29.0% of the homes selling within a month.
  • Sales are up 19.8% from last year and up 62.2% from last month!
  • Inventory is down -9.3% from last year and up 14.7% from last month.
  • The detached housing market has 2.9 months of inventory while our attached market has 4.1 months.
  • The average price of a house is $1,405,464 which is up 1.5% from last year and up 3.5% from last month
  • The average price of…

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If you’re thinking of shopping for a new home, one of the first considerations is price range. You want to know what you can reasonably afford.  How do you figure that out?

First of all, you need to determine the initial out-of-pocket costs you will need to cover. There are often more costs associated with purchasing a home than its actual price. You need to take into account such additional expenses as moving costs, legal fees, and a home inspection, not to mention the costs of prepping your current property for sale.

Experts say you should budget 5-10% above the purchase price for these items. So if you can afford to spend $470K on a new home, you should be shopping in the $425-445K range.

Another factor to consider are the potential proceeds…

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