Front Page News
With all the negative real estate news still broadcasting by the media, would you believe me if I tell you the market is actually very active? I hate to tell you but it's true! I spoke to an inspector last week, he told me his phone died in the month of Nov & Dec. Phone started to ring from Jan 15 and from Feb 1st, he has been fully booked everyday. Most of the buyers are caucasians, young couples with parents' financial assistant. He has been to Vancouver East, Vancouver West, Richmond, Abbotsford, Maple Ridge, Surrey, Downtown, etc.
I was out with my ON buyers who flew in just to buy a home before they relocate to Vancouver. We were out on Sat. and put an offer by Sunday. During our office meeting, we start to hear multiple offers happening again. Killarney lot was asking at 649k and sold for $699k with 11 offers. Many listings have been sitting on the market for 6 months and now all of a sudden got multiple offers.
Interest rate is incredibly low. Best 5 yrs rate is at 4.19%, 3 yrs at 3.7%. Prime rate has a great chance to drop 0.5% to 2.5%.
Got an email from the President's of the real estate board on Feb 18th stating sales are improving:
Dear Member,
In January 2009, we saw an average of 38 sales per day across our Board area. As at the close of business on February 17, we're averaging 77 sales per day for the month! February is typically a busier month for sales than January. Nonetheless, I thought you would appreciate this update. Keep up the great work!
Yours truly,
W. Dave Watt
President
Real Estate Board of Greater Vancouver
