1st Quarter Market Stats for Greater Vancouver
Posted by Tony Cikes on
I can't believe it's Spring and the 1st quarter of the year is done.
I have analyzed all of the stats for the 1st Quarter and here are some insights to our market right here in Greater Vancouver:
24.2% of the houses that come on the market are selling on average. That trend is increasing and part of that increase is seasonal. However, these are some factors that are causing our 1st Quarter activity to be stronger than it was last year:
1) Interest rates: The big banks have reduced the mortgage rates to be back at our all time low levels again. 5 year borrowing is under 2.99% and the prime rate is at 3.0%. Â
2) Confidence in the market:Â Prices have not declined as the market has maintained it's balanced state since the summer of last year and into the new…
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