Market Update:
July saw the first change in the overnight interest rate since July 2015. The overnight rate increased to 0.75% from 0.5%. The next scheduled interest rate announcement date is September 6, 2017 but the experts widely expect no change, particularly since the US Federal Reserve Board did not increase its rates. Of course, it depends on the economic situation at the time but the panic to enter the market before interest rates increase, seems to have eased off. Houses remain relatively flat. The most active market continues to be the one bedroom condominium market, although investor activity seems to have decreased at this end as well.
Looking back at July, the numbers were:
|
|
2 Bedroom |
1 Bedroom |
||||||
|
|
#Active |
/sq.ft. |
#Sold |
/sq.ft. |
#Active |
/sq.ft. |
#Sold |
/sq.ft. |
|
Woodwards |
3 |
$1,128 |
1 |
$1,124 |
3 |
$1,009 |
1 |
$987 |
|
Downtown |
259 |
$1,450 |
79 |
$1,193 |
165 |
$1,136 |
105 |
$1,063 |
|
Coal Harbour |
42 |
$1,904 |
5 |
$1,372 |
14 |
$1,227 |
8 |
$1,235 |
As always I would be happy to discuss your long and short term real estate strategies with you or how the market affects your personal property. Call or email me today!
Regards,
Kim
E&OE
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