February was another busy month for Real Estate in Greater Vancouver. The Real Estate Board of Greater Vancouver reports that residential property sales were up in February 2014 by 40.8% over February 2013 and up 43.8% over January 2014.
In the first two months of 2014, the Greater Vancouver housing market has maintained the steady pace set throughout 2013. I expect to see this momentum carry forward through the spring months.
We saw a number of SELLERS MARKETS in Feburary – Some of the HOTTEST markets included:
Yaletown Condos – 51 Sales in February – 28.33% Sales Ratio
Cambie Detached Homes – 18 Sales in February – 40.91% Sales Ratio
Mount Pleasant Attached – 7 Sales in February – 38.89% Sales Ratio
Pemberton Heights Detached Homes – 6 Sales – 100% Sales Ratio
Princess Park Detached Homes – 5 Sales – 71.43% Sales Ratio
Lower, Central, and Upper Lonsdale Attached were all Sellers Markets in February as well!
For more information on recent sales, market updates, or if you are thinking about making a move this year contact me today – I would love to talk with you!
The past month has seen some significant changes in the mortgage space:
- The Bank of Canada decreased the benchmark rate to 4.99%, making it easier for borrowers to qualify for variable rate & 1-4 year mortgages.
- CMHC (Canadian Mortgage and Housing Corporation) has announced they will be increasing their premiums for mortgage insurance by about 15% on average. This is relevant for anyone purchasing a home with less than 20% downpayment. The new premiums come into effect for mortgages underwritten after May 1, 2014:
Loan Amount New Premium
Up to and including 85% 1.80%
Up to and including 90% 2.40%
Up to and including 95% 3.15%
- In case you missed it (BC Residents), The First-Time Home Buyers exemption limit was raised to $475,000 (up from $425,000) allowing those who qualify to avoid Property Transfer Tax fees.
- The Bank of Canada held its overnight rate at 1% again last week, meaning that Prime did not change. Recent inflation data and a stronger than expected fourth quarter for the Canadian economy has tempered any previous indications of a possible rate cut.
- Lenders across the board continue to offer attractive mortgage products. It is important to know all the details when deciding on a fixed or variable rate mortgage. Please contact your mortgage professional for more -
5 year Variable
3 year Fixed
5 year Fixed
Interest rates quoted effective March 10, 2014. Rates subject to qualification, and subject change without notice. *Additional discounts may be available upon qualification!
For all your Mortgage needs contact: Scott Gingles @ DLC-The Mortgage Hub, (604) 999 2864, email@example.com
For all your Vancouver Real Estate needs call me today!
Century 21 In Town