Hot Summer, Cool Housing Market

August 3, 2018

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The Hot Summer is the right time to purchase a new home.

https://youtu.be/UK8ygZF57oc

Summer is usually a slow real estate market comparing to May-June period or September-October. This summer is particularly a great market to buy due to the new mortgage rules and regulations, the right time to purchase your new home if you pay in cash OR, qualify for a mortgage.

The stat numbers below show that:

  • There are more homes on the market for sale, (so more choices for a buyer),
  • Home prices are not over-blown as what we used to see during 2015-2017 period,
  • Home prices are stable and reasonable,
  • Prices are increased slightly compared to May 2018 or June 2017,
  • Real Estate is anyway, a safe investment

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,093,600. This represents a 9.5 per cent increase over June 2017 and is virtually unchanged from May 2018.

Sales of detached homes in June 2018 reached 766, a 42 per cent decrease from the 1,320 detached sales recorded in June 2017. The benchmark price for a detached home is $1,598,200. This represents a 0.7 per cent increase from June 2017 and a 0.6 per cent decrease compared to May 2018.

Sales of apartment homes reached 1,240 in June 2018, a 34.9 per cent decrease compared to the 1,905 sales in June 2017. The benchmark price for an apartment is $704,200. This represents a 17.2 per cent increase from June 2017 and a 0.4 per cent increase compared to May 2018.

Attached home sales in June 2018 totalled 419, a 37.3 per cent decrease compared to the 668 sales in June 2017. The benchmark price of an attached home is $859,800. This represents a 15.3 per cent increase from June 2017 and is virtually unchanged from May 2018.

Call me now to set and appointment and evaluate your housing needs.

Direct: 604 500 2678