Market Update

September 2017 saw the market starting to stabilize.  We are still seeing multiple offers and sales.  Lower priced units continue to move quickly.  However, we are also seeing price reductions throughout the lower mainland including Vancouver.

Contributing to the uncertainty is speculation as to whether the Bank of Canada will raise rates for the third time this year at its next scheduled rate announcement on October 25.  A raise in rates usually contributes to a decrease in prices although it can lead to a short-term increase in activity and hence prices as buyers look to lock in pre-approved lower rates.  We have seen some of that buyer instigated activity since the last two rate increases.  

If you are thinking about buying or selling, feel free to call me to talk about your particular circumstances and how timing could affect your risk. 

And for those of you following the numbers, the September numbers were:

Regards,

Kim

E&OE