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MARKET UPDATE FOR OCTOBER 2014

 

BIG & TALL CORDOVA LOFT | GASTOWN

New to the market is #401-22 E. Cordova Street, Vancover:

 

$639,000 | 1,051 Square Feet | 1 Parking Stall

 

The Van Horne lofts were built in 1997 in the midst of Vancouver's oldest neighbourhood. Gastown is rich with history, and today is known for amazing food, culture, design, fashion, independent businesses and a great sense of community. Simply put, it's cool and fun, just like this loft! This is a perfect space for any who craves huge ceiling height, clean lines, entertaining & an abundance of natural light. Some of the many reasons to love this loft is the uniqueness of the floor plan (only a few in the building), over 700sf of living on the main floor, exposed concrete columns, renovated & remodelled kitchen & beautiful views over Gastown that include amazing sunsets! You'll find that out in a few months!

 


Contact me for more details and showing requests. Glenn 604.782.7545  OPEN HOUSE NOVEMBER 8, 2-4PM.

 


HOW WAS THE MARKET IN OCTOBER OF 2014

The Vancouver Real Estate market has seen a good amount of activity the whole year and October was no excpetion.  The number of sales per month rose from what sold in September 2014 and the number of listings that came on the market were less than September.  If the numbers continued like this then we would be entering into a Sellers Market.  

 

Mortgage Rates:  Recently I've had a few questions and concerns about mortgage rates.  Some people have simply asked what's going to happen with rates?  Others are very concerned about buying a property now and then having rates jump up over the next few years.  Darcy Doyle with the Mortgage Professionals had this to say:

 

"On October 22nd the (BOC) Bank of Canada's Governor Stephen Poloz kept its 3% Prime lending rate steady at the latest scheduled interest rate announcement. With slumping oil prices, lack luster economic performance and inflation staying below the BOC's 2% mandate, there is no immediate pressure on the BOC to do anything with interest rates for the foreseeable future. It has been more than 4 years and counting since the last increase to the prime rate. This has many economists predicting that we wil be well into 2016 before the economy is performing well enough to even consider raising rates.

What does all of this mean? Even with historically low fixed rates still available, Variable Rates will remain my  recommendation for the foreseeable future."

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