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, Sukh Sidhu, “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 rates available. The current variable mortgage rate and prime rate through Dominion Lending are both at 3%. Click here for a breakdown of terms complete with a comparison of bank rates and the rates I can make available to you. In addition, there are some fantastic promotional rates for those who are well-qualified.
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. There is potential to save yourself a lot of money! Please give me a call to discuss the options open to you; it would be my pleasure to help you with financing that will allow you to get ahead financially or help you achieve your dream of home ownership.