June Sales Set New Record!

Chinese a key market driver"

Since my last update in May, not too much has changed other than last month’s sales ending up as the ‘Biggest June on record’!

In a surprise move, the BOC (Bank of Canada) reduced interest rates even further to boost a struggling Canadian economy. I've seen the 5 year rate as low as 2.59% so if you're getting close to refinancing, it may be a good time to act.

This should help boost the market even further by helping with affordability in the short-term. However, much of the savings are likely to be offset by ongoing/rapid price increases in many areas.

New listings are just not keeping pace with buyer demand and it's being reflected by a 10.3 % price increase (benchmark) vs. June 2014. Houses led the way +14% while townhomes & condos followed at 7% & 5% respectively. (contact me for your specific situation)

Contrary to what our government officials are saying, there is no question that the Mainland Chinese are a key driver in this market. Recent weakness in the loonie, softness in the Chinese economy, Stock & Real Estate markets could mean an even bigger inflow of Chinese and other international buyers to Vancouver in the short term.

Another growing buyer segment is the Boomer demographic. Some have new found wealth from their parents estate/gift and are targeting both entry level houses and condos. Their focus is on safe/secure (rental) income to help support their retirement years and/or give their kids the opportunity of having a Vancouver home at some point in the future.

Family, friends, associates buying or selling?

As always, your referrals are welcome and much appreciated.

Enjoy the remainder of your summer.

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Sales/ Listings Statistics and Graphs for all areas.
Contact me for your latest ‘Snap Stats’ Report - detailed update for your area/home type.

Sales/ Listings Statistics and Graphs for all areas.

All information is approximate

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