Low Mortgage Rates a Key Driver in Spring Market

Vancouver, BC – April 15, 2014. 

The British Columbia Real Estate Association (BCREA) reports that a total of 6,661 residential sales were recorded by the Multiple Listing Service® (MLS®) in March, up 16.8 per cent from March 2013. 

Total sales dollar volume was $3.7 billion, an increase of 21.5 per cent compared to a year ago. The average MLS® residential price in the province rose to $562,316, up 4 per cent from the same period last year. 

“While home sales are up from a year ago, consumer demand in the province has largely been treading water over the first quarter,” said Cameron Muir, BCREA Chief Economist. “However, fewer homes for sale means that most BC markets are moving into balanced conditions, which signals no particular advantage to either home buyers or sellers.”

“Low mortgage interest rates are a key driver in the market, this spring,” added Muir. “It’s unlikely that mortgage rates will be at their current low level a year from now.”

During the first quarter, BC residential sales dollar volume was up 32.4 per cent to $9.5 billion, compared to the same period last year. Residential unit sales were up 21.1 per cent to 16,435 units, while the average MLS® residential price was up 9.3 per cent at $579,775.

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Buyers were on the Hunt for Houses in March

From the Vancouver Sun: 
Sales of detached homes outpaced condos and townhomes throughout the region

Buyers favoured houses in the suburbs and condos in pricier urban communities in March, according to sales results released Wednesday for the Lower Mainland’s main property markets.
March sales showed an improvement from a year ago, but transactions continued to trend below their 10-year average, according to the reports.
“There has been a consistent balance between homeseller supply and homebuyer demand in our marketplace over the last year,” said Ray Harris, the newly installed president of the Real Estate Board of Greater Vancouver, in a news release.

Little Evidence of a Housing Bubble in Calgary

Calgary Herald -- There is not much cause for alarm about a housing bubble in Calgary despite the sharp growth in prices for the city’s resale market, says a new report released Monday by the Conference Board of Canada.

The board’s initial Housing Briefing: Bubble Fears Overblown report said improvements in energy markets have boosted sales in Calgary’s resale market, and the market is approaching sellers’ conditions. Sales have not fallen on a year-over-year basis since April 2011 and price growth accelerated sharply last year.

Helping your Child buy their First Home

From the Vancouver Sun:

The 'bank of mom and dad': Advice on helping children with that first home purchase

BMO Bank of Montreal found that up to 40 per cent of their first-time buyers expect some family help to get on the property ladder. Vancouver Sun reporter Derrick Penner sought some expert advice on how parents can approach the situation.

Q: How can I help my child buy her first home?

A: It can be as simple as co-signing on the mortgage to help a child who has saved some money for a down payment, but still can’t meet all the qualification requirements, said Richard Bell, a real estate lawyer with Bell Alliance Lawyers and Notaries Public in Vancouver. Or, a parent can offer a gift of cash.

Q: How do I go about gifting money to my daughter to help her make up the down payment on her first home?