Advantage for Buyers in the Fraser Valley Housing MarketPosted by amanbath on Nov 9, 2011 in Blog, Market Updates | 0 comments
Statistics have shown that below average home sales, a regular influx of new listings and great mortgage rates continue to give buyers the upper hand in communities south of the Fraser River, including Mission. However, according to the president of the Fraser Valley Real Estate Board, “There is action when the property is competitively priced.”
The Fraser Valley Real Estate Board processed 1,139 sales in October, an increase of 12% compared to the 1,014 sales during October 2010 and a decrease of 2% compared to the 1,165 sales processed in September. 2,511 new properties were listed in October, an increase of 18% compared to October of 2010. The number of active listings in the Fraser Valley dipped in October, going from 10,096 in September to 10,005.
The benchmark price (which is the price of homes with characteristics typical to that area) of a single family detached home in the Fraser Valley in October was $530,335, an increase of 4.9% compared to $505,759 in October 2010. For townhouses, the benchmark price in October was $325,482, an increase of 2% compared to the same month last year when it was $319,058. The benchmark price of apartments in October was $243,725, an increase of 1.3% compared to October 2010.
Furthermore, although there is a possibility that the Bank of Canada may increase rates in the near future, there are still great mortgage interest rates available. The current variable mortgage rate and prime rate through Dominion Lending are both at 3%.
If you have been considering getting into the market, buying a new home or even refinancing then this is a great time to do so. Please give me a call to discuss the options open to you; I can help you find the house best suited to your needs as well as connect you with a mortgage broker who will offer you the top-quality service and attention you expect and deserve.