I wanted to take the time to look at the current trend in the Real Estate market, and provide my opinion on it, and how it may effect you in your purchase or sale.
So lets start with a look at the numbers for Chilliwack.
As you can see the trend is not down at all, in fact year over year it rose 20+ percent! that’s almost 80k for just living in your home. Not bad if I do say so myself. But what about other areas?
As you can see dollar for dollar the money is still there and property values climbed. All I hear about on the news is how the bubble is coming and how the market will crash. Who benefits from this kind of report, and fear mongering. It sounds like we are just focusing on the negative, and what that does is create negative.
For example there have been recent changes to the mortgage qualification rules, and for a full break down on the borrowing side, I strongly recommend talking to a Mortgage Broker directly, but basically it made it harder for people with less than 20% down payment to qualify for the purchase of their new home, an section of the buyers who mostly are first time buyers and typically looking at the lower end of the market already, now changing what they can or would buy. If you lived in Vancouver and were looking for a house, now you may need to buy a townhouse, ect.
The number show this trend, although a small sample size, is it mere coincidence that the number of apartment sale rose at the same time single family homes dropped? You decide.
Ultimately I feel the market will return to a more balanced “normal” market, provided the government and media, stop toying with the confidence in our Market. (sorry to sound conspiracy theory like ) As with any specifics it will depend on what is right for the individual…YOU, and each case is different, and please, please, please talk to a professional….ME about your investment.