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