The WeLoveEastVan Monthly Real Estate Market Update
Happy New Year Everyone! Only two weeks into the year and we’re already in full swing! Our team already has a few accepted offers, increased interest on the listings we put on the market late last year and lots of phone calls from interested Buyers and Sellers. New and previously unsold listings are hitting the market every day and this shouldn’t slow down for the next little while as many people are still settling into a routine after the holidays.
The fall season was busy, especially November, but the holidays came quick and interest slowed considerably in the last few weeks of December. We expect a lot of Buyers who spent their time looking in the fall to be ready to buy in the first few months of the year. Many have already spoken with Mortgage Brokers, and are getting ready to sell the property they currently own.
After a year when mortgage rules were tightened, we don’t expect any more changes to the Canadian Mortgage Market in 2014. Interest Rates should also remain low, giving Home Buyers a good chance to secure a good rate. If you’re curious as to what you can afford, take a look at our Mortgage Calculator, or contact our resident Mortgage Broker, Justin Blacklock at Averbach Mortgages.
Taking a look at the specific market segments, expect every neighbourhood to see a drop in listings and sales in December. Whether or not prices dropped considerably is an important factor to note, as well as the differences between last year and what to expect in 2014.
As always, if you have any questions, or would like to get started looking for your next home, give us a call.