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The following is a 'hot off the press' update regarding the BC housing markets. The information is from an article from July 29th, 2010 by BCREA Chief Economist Cameron Muir.
.... A larger inventory of homes for sale has created the most favourable supply conditions for home buyers in more than a year. While tighter mortgage qualifications for low equity home buyers has negatively impacted demand, more borrowers are now channeling into 5-year fixed mortgage where discounted rates increase purchasing power.
The average MLS residential price is forecast to inrcease 6 percent this year....
Stats from Statistics Canada, BC Stats, and BCREA Forecast suggest that interest rates for a 5-year mortgage for 09 were 5.25, for 2010 will average 5.42 and for 2011 will average 6.10. Overall it appears that prices and interest rates may be gradually on the rise.
This is a great time to be a buyer in the market on the Sunshine Coast. If you are looking a buyer or a seller on the Sunshine Coast, we would like to sit down together and talk about how we can help you to realize you Real Estate goals.
Barbie and Shay
Shay 604 989.9888
Barbie 604 741.1239
Reaching YOUR Goal is OUR Mission