Local Snapshot – Quick take on the news…
JUNE – STRONG SALES
of the increased sales volume relates to single family and townhome sales. Condominium-Apartment sales are slower as well as higher end executive houses.
Listing inventory was up this June compared against Fraser Valley MLS listings in 2013: up to 2974 from 2625. With more inventory this can dictate markets making it a more balanced market.
As we head into full summer, which usually cools the Real Estate market a bit, we are still getting reports of multiple offers on well located and well priced single family homes.
Bank of Canada is holding their target for the overnight rate at 1% noting inflation has risen which can prompt raising interest rates to lower inflation; they believe this slows inflation. The bank believes this rise in inflation is caused more by temporary issues like higher energy costs. The Bank of Canada also believes global economics will slow Canada’s growth rate for two years. Best guess now is no real increase until mid 2015
BC REAL ESATE SALES
In the province, total sales are up near 25%. The Okanagan, Kootenays and Chilliwack had the strongest increase with the south Okanagan having a 46% increase in sales from June last year. Total sales volume was also up near 25% to $23.8 billion.
300 – 3303 Immel St. Abbotsford BC V2X 5Y1
1 – 32540 Logan Ave Mission BC V2V 6G3
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