Kristina Eng  BA  MA  MCNE  CIPS

Your Residential and Investment Specialist

Real estate in the Lower Mainland is currently two distinct markets:
  • a seller's market for affordable condos and townhouses, and
  • a buyer's market for detached homes and higher end townhouses and condos.
 
Condos and Townhouses:
For affordable condos and townhouses there can be multiple offers, bidding wars, and often subject free offers with fast sales putting upward pressure on prices at the lower end of the market. This is true everywhere from North Vancouver, through Vancouver, Coquitlam,...
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Higher inventory means more selection and more ability to negotiate vigorously with motivated sellers for homes that may include ocean views, are more luxurious, have more amenities, acreage and are in prestigious neighbourhoods.

 

 

The cut off price point from balanced market to buyer’s market varies by area, but in many areas, for example in South Surrey / White Rock and the eastside of Vancouver the pivot point is properties over $1.75 million.

 

The surge of investor...

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Proposed changes to mortgage qualifications are anticipated to take effect in January 2018.

 

How you may be affected?

  1. The major change is the introduction of the Federal Government's required new 'mortgage stress test'. Essentially all borrowers, regardless of how much down payment, would have to qualify at a rate 2% above the contract rate. As of today that rate is 5.34% for a 5 year fixed term. On average it is anticipated that borrowers will qualify for 25% less than what you would...
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There is continuing pressure from buyers for “more affordable” housing – condos up to about $500,000, townhouses up to about $750,000 (threshold prices vary by area).

 

The strong demand is coming from all sectors: families, downsizers, first time buyers, divorces, and investors. Given the limited supply of inventory in this range compared to demand, these types of housing in pretty much all areas of the lower mainland continue to get multiple offers and move quickly....

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.