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MARKET UPDATE FOR APRIL 2014

UMBRELLA SIZED BICYCLE?

This is pretty cool!  A hubless bicycle that folds to the size of an average umbrella (from one angle anyways).  I'm not sure how big the market is for a folding bicycle considering you're allowed to bring your bike onto public transportation.  I could see if you were traveling and didn't have roof rack on your car or something this could come in handy but I don't think you'll be cycling for a long period of time.  Maybe bar hoping on a sunny day or picking up a few groceries :) You be the judge... Sada Bike

 

Ah, the Spring Real Estate market is here!  That means the weather is getting a little nicer, flowers and trees are blooming, the parks are getting busier and Slo Pitch Softball is underway :) It also means buyers and sellers are out in full effect making things happen before the summer so they are settled for when the kids are out school and the vacations start.  We are seeing steady buyer and seller activity, which is what is expected for this time of year.

 

The number of listings are up; 1.3% more properties were listed in April 2014 than last April and 12% more when compared to March 2014.

 

When looking at that number of sales; all types of residential property the average increase is 14% when compared to April 2013.  With a 1.3% increase in listings and 14% increase in sales that is showing us there is a very good demand for properties.  Buyers are buying!  If you're considering a sale in 2014 you're not too late to catch the spring market. 

 

Are prices rising or falling?  The benchmark price of a home in Vancouver has increased 3.6% over the last 12 months, which is a nice modest pace.  With mortgage rates staying quite low we can expect gradual increases in home prices.

 

Here's some great info from Darcy Doyle with Mortgage Evolution:  With global economics now gaining strength since the crash of 2008, optimisim seems to be the in the air.  Despite this optimism, the Canadian economy is still not at full capacity yet and is not in a position to be increasing our interest rates anytime soon. With this information in mind, variable rate mortgages are looking very good again. In a recent meeting, the Governor of the Bank of Steven Poloz announced that he does not foresee the Prime Rate moving till sometime in 2016. He continues by saying that even when they do start increasing, it will be very controlled and they will not need to be increased very much to have the desired effect on the economy.  Link to article

 

Old news but great news in case you hadn't heard: February was a good month for first time homebuyers with the announcement that the price limit for the First Time Home Buyers Grant has been increased from $425,000 to $475,000. This grant is an exemption of the Property Purchase Transfer Tax applicable to all real estate transactions. In this case, a purchase price of $475,00 would have warranted a tax of $7,500 which, is now a savings that is being offered to first time home buyers. There is also a $5,000 tax exemption offered to first time homebuyers that can be claimed when doing their taxes. Speak to you accountant about your eligibility to take advantage of these savings. 

 

Darcy will happily answer any questions you have and/ or help you secure a great mortgage!

Cell: 604.889.7343

Email: ddoyle@mortgageevolution.ca


 

As always if you or someone you know are planning a move I'd love the opportunity to chat!  


 

 

 

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