March Market Update
March is here and Spring is near! February has come and gone, as did many great opportunities across the Vancouver housing market. A 19.1% increase in homes for sale from January to February meant more options for many patient buyers. Clients have continued to transact in the market in creative ways that are ultimately creating value for themselves and their families.
March’s thought of the month is a mantra to add to your Spring Cleaning mindset: if it doesn’t matter, get rid of it! Thoughts and things alike, it’s a great time of year to get rid of what no longer serves you. Free up space in your head and your home to hold useful, meaningful things – and of course, if you find yourself dreaming of a change in space altogether, let’s chat!
A few interesting conversations in the world of Real Estate:
• The Bank of Canada has increased the overnight lending rate by 0.25%. Lender’s prime rate will follow by the same amount. What does it mean if you have a variable rate mortgage? Your mortgage payment will increase $12 a month per every $100k borrowed. To understand how this will affect you, reach out to your Mortgage Broker or connect with a broker we recommend by visiting our resources page!
• BCREA is recommending the implementation of a “pre-offer period” instead of the provincial government’s proposed cooling-off period. This would prevent offers from being presented to a seller on a new listing until the listings have been posted for at least five business days.
Thoughts?… Questions? Send them our way! Have a fabulous March everyone!