NO BUBBLE BURST IN SIGHT!
According to the National News last night, we are in a booming real estate market throughout Canada.
The average growth rate in British Columbia over the last 5 years has been 11%. The benchmark price of the average home in Vancouver is now $564,000, including all areas of Vancouver.
There is discussion that the Banks will be having a small interest rate hike any moment now. If you are shopping to buy property, make the effort to get pre-qualified and locked into a good rate for 90 days. Also, negotiate the posted rates. Many people think that they cannot negotiate the posted rates, but you are the consumer. Shop around and compare rates before committing to your loan and ask your for Realtor for their opinion.
The current real estate market and prediction for the next 2 years is very positive. It's a great to invest in property!
Jessica Diskant, Realtor, Royal Lepage Westside, 604-263-9311