After years of feverous increases in housing prices in the Vancouver, Lower Mainland, Fraser Valley and all of its' cities we have finally seen signs of a balanced market. Make no mistake, this is good for the economy of course Canadian families.
What is a BALANCED Real Estate market?
Typically, interest rates are affordable and the number of buyers and sellers in the marketplace are equal in a balanced market. The, meaning the market is normal without experiencing volatile swings. For some reason, over the past 20-30 years, we have not really experienced many balanced markets in most cities.
Signs of a Balanced Market
- Three to six months of inventory is on the market.
- Comparable sale prices are close to active listing prices.
- Sales numbers have stabilized.
- Median sales prices are flattened (ie. not increasing nor decreasing significantly)
- Real estate advertising remains standard.
- For Sale signs are replaced with pending or sold signs within 30 to 45 days.
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What To Do Next? 😎
- Reach out to us If you are THINKING about buying or Refinancing
- Send This Info & Video to everyone you know who is buying or selling or maybe refinancing Remember: they may be thinking of a refinance, investment property OR know a friend who is currently thinking of buying.
- Send them our way and we will give them an estimate of their before and after rule pre-qualification.
- Contact us early to get ahead of the game, even if your mortgage is not up for renewal until next year.
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