After years of peaks and valleys in the housing market, we are seeing a renewed balance in the BC housing market conditions. What this really means is, unlike the tipped market scale we’ve witnessed since 2008, neither buyers nor sellers currently have any specific leveraging advantage. According to BCREA Chief Economist Cameron Muir, the reason for this is two-fold.
1. There are fewer homes on the market and a rising consumer demand;
2. Housing is becoming more affordable as financial institutions compete for mortgages; more specifically, mortgage rates are being dropped to new record lows in order to attract potential customers.
Watch BCREA Chief Economist Cameron Muir discuss the housing market update [May 2014]:
Video Source: http://www.bcrea.bc.ca/news-and-publications/economics/video-podcasts
If you are thinking of buying or selling, now is the perfect time to enlist Duttons. David, Ole and Colin are here to help you leverage your investment to take opportunity of these new market conditions!