We have seen a significant cool down in the market since last May. While the Lower Mainland realizes a slow-down in all housing segments and cities, other parts of BC have not seen the same decline. As many of you know, I was recently in the Kootenays to meet with brokerages, property managers, and scope out new investment/relocation areas. The Kootenays board was the only board last year to see an increase in sales prices, instead of an overall decrease. There are many Albertans relocating to the Kootenays and retirees from the prairies also relocating there. Ask me more about what you can get for $300,000 and also, how the rental demand is doing!
I’ve heard many people say “We’re going to wait to buy because the market may continue to slow down”. If you’re looking to buy, now is the time to do it. Why? Fixed rates have decreased because they are tied to bond yields, which have also decreased. A 5 year insurable fixed rate is 3.49%. Also, buyers hold a lot of power right now, so if you wanted to put in an offer, 10 or 20% below list price, you may not have any other competing offers. How much are you hoping housing prices will continue to decrease before you’re ready to buy? Continue reading →