Vancouver’s Buyer’s Storm
Posted April 15th, 2009 in Mortgage Rates, Real Estate | 
Affordable Storm
In the past month we have experienced some nasty blows that have reeked havoc on things other than Vancouver real estate.
While such intermittent storms have caused some to suffer, the Vancouver market has in fact been the benefited from the blow of low interest rates.
According to the BCREA’s head number cruncher Cameron Muir – “fewer MLS® residential sales were recorded last month compared to March 2008, home sales actually climbed 24 per cent from February to March on a seasonally adjusted basis, the second consecutive month of gains.”
Courtesy BCREA
Winds of Summer
The sharp decrease in interest rates has caused more homes to become affordable by making the cost of your monthly mortgage payment “24%” lower. Muir states that
“reduced mortgage interest rates have effectively doubled the impact of lower home prices on affordability.” We could be in for a year of warm summer winds as Mr. Muir concludes with “Housing is now more affordable than at any time in the last three years.”
*Disclaimer: Quotations and graph courtesy BCREA. While believed to be accurate they are not guaranteed.
