Locally higher price housing has seen an upsurge in sales. Subdivisions like Eagle Mountain in Abbotsford have recorded solid increased sales in both new and existing homes. Perhaps this is a result of the buoyant market to the west in White Rock, Vancouver, etc spilling over.
- OIL PRICES – BC REAL ESTATE VALUES UPDATE
Alberta Real Estate is showing the effects of the large drop in oil prices. For us in BC, we should not be overly affected and indeed, it could have a positive impact for the BC economy. Lower gas prices, more tourism, and less residents shopping across the border all can have an impact on the BC economy which supports BC housing.
- Market Commentary
Well at least it feels like Spring for us in this part of Canada, yet in some parts of the country it still looks cold! The latest happenings in the mortgage rate war are a sure sign that “The Spring Real Estate Market” is in full bloom.
Some smaller lenders are promoting some record low rates, but they may come with conditions that may make them restrictive for borrowers in Abbotsford, Mission and Chilliwack.
The housing industry, though, seems to be anticipating some pent-up demand. Housing starts for March climbed. Urban multiples led the way with a 48.2% jump. CMHC points out, though, that the trend is lower since September.
None the less, the forward looking building permits numbers are positive. Despite a slight, overall decline in February, residential permits saw a 1.5% increase powered by a 20.7% surge in multi-family permits. The numbers were dragged down by the non-residential component in central Canada, led by Quebec.
300 – 3303 Immel St. Abbotsford BC V2X 5Y1
1 – 32540 Logan Ave Mission BC V2V 6G3
O 604 859 3141 or 604 826 2699 F 604 859 5226 or 604 826 2621
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