B.C. Real Estate Prices - Update
November 1st, 2006According to an October 19th, 2006 Vancouver Sun article, an 8% increase in real estate prices is expected for 2007, which will put an average Vancouver home at $543,240.
According to RE/MAX, which has about 28% of the Vancouver market, there will be fewer sales and an increase in properties on the market.
Even though the B.C. economy is strong, and mortgage rates low, affordability is still a challenge for many buyers. To help buyers, new 30-40 year amortization periods on CMHC-insured loans help keep monthly payments more affordable.
According to RE/MAX, which has about 28% of the Vancouver market, there will be fewer sales and an increase in properties on the market.
Even though the B.C. economy is strong, and mortgage rates low, affordability is still a challenge for many buyers. To help buyers, new 30-40 year amortization periods on CMHC-insured loans help keep monthly payments more affordable.