Our summer has started with a bang – a strong market. With a variable mortgage rate quoted at 1.8% right now & other types of mortgages being offered in the low 2% range, buyers have decided there is no time like the present. Finally our inventory is rising in many local neighbourhoods – many times because sellers who were hesitantly thinking about moving pre pandemic have spent way too many hours inside the same 4 walls and are more than ready to make that move.
It feels like a more balanced market these days, although it still has hot price points in most of our areas where we are continuing to see multiple offers. Price is still key to selling quickly and at the best price – it has to make sense given other similar neighbourhood sales. Most areas have had an increased number of sales to match the increase in available homes. Port Moody experienced the largest inventory increase of any local market in the townhome & condo sector, while their detached category pretty much flat lined. Maple Ridge needs an increase in available homes of all types for the ready, willing buyers there
So…summer time is here and our market feels like early Spring – guess home purchases taking the place of holidays!
We have all available data for buyers, sellers & investors considering jumping into the market right now and are happy to discuss the possibilities and potential. We are your long time local resource – here for the long haul. Call us for a virtual meeting or a safe in person discussion.
Generations Real Estate Partners:- Michelle Hawthorne, Scott Johnson, Sheila Francis, Ray Harris and Shane Goutsis.