House and Home Archives - macdonald realty
 
Greater Victoria, Parksville and Nanaimo Real Estate Market Statistics – April 2021

Greater Victoria, Parksville and Nanaimo Real Estate Market Statistics – April 2021

Here are the latest real estate market statistics from Macdonald Realty on Greater Victoria, Parksville/Qualicum, and Nanaimo listings and sales in April 2021.
Find all the infographics related to the April Market Statistics by visiting the Facebook Album.

Greater Victoria

According to the Victoria Real Estate Board the housing market in Greater Victoria remains in high demand.

“Comparing last year’s April market to 2021 does not provide us any real insight into long term market trends,” said Victoria Real Estate Board President David Langlois. “Instead of comparing to last year’s numbers, we need to look at years before the pandemic to see how April 2021 compares to average. In the most recent five years pre-pandemic, the average number of sales in the month of April was 896. April 2016 holds the record for sales with 1,286 properties sold. The five-year average for active listings was 2,596, so we sit at more than one thousand homes fewer than a recent average level of inventory.”

A total of 1,116 properties sold in the Victoria Real Estate Board region this April, 288.9% more than the 287 properties sold in April 2020, but 4.9% fewer than the previous month of March. Sales of
condominiums were up 353.4% from April 2020 with 331 units sold. 12.2% fewer condominiums sold in April 2021 than in the previous month of March. Sales of single-family homes were up 246% from
April 2020 with 564 sold. 1.7% fewer single-family homes sold in April 2021 than in the previous month of March.


 

Nanaimo

Parksville / Qualicum


Looking for more information about the real estate market in specific neighbourhoods in Victoria, Parksville, Nanaimo, Vancouver Island and the Gulf Islands? 

Macdonald Realty has offices in downtown Victoria, Sidney, Parksville and Salt Spring Island. Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.

MLS® Home Price Index (HPI) Benchmark Price

Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.

This blog post is based on market data provided by the Victoria Real Estate Board (VREB) www.vreb.org and the Vancouver Island Real Estate Board (VIREB) www.vireb.com. Market data from the VIREB includes listings and sales in Campbell River, Comox Valley, Cowichan Valley Nanaimo, Parksville/Qualicum, Port Alberni/West, North Island, and the Islands.

Abbotsford, Mission, Surrey and Fraser Valley Real Estate Market Statistics – April 2021

Abbotsford, Mission, Surrey and Fraser Valley Real Estate Market Statistics – April 2021

According to the Fraser Valley Real Estate Board “monthly sales and new listings in the Fraser Valley continue blistering pace; surge in inventory starting to calm prices”.

According to the board, for the 8th consecutive month, Fraser Valley real estate saw record‐breaking sales with April topping the previous monthly high set in 2016. The 2020/2021 pandemic seller’s market in the Fraser Valley has now surpassed the previous longest stretch of seven consecutive, record‐breaking months, last set in 2015/2016.

In April, also released by the Fraser Valley Real Estate Board (FVREB) processed 3,016 sales on its Multiple Listing Service® (MLS®), an increase of 338% compared to April 2020 and a 9% decrease compared to March. (Note that sales and new listings in April 2020 were significantly restricted due to the pandemic lockdown.) The previous record high for sales in April was 2,969 in 2016.

Larry Anderson, President of the Board, said of this month’s statistics, “Although it remains very competitive and challenging for buyers, April could be the turning point in this historic market. In the last couple of weeks, we have seen evidence of a change in pace.

“In general, we’re seeing fewer multiple offers, fewer subject‐free offers, and homes over‐priced are starting to sit longer. These are positive signs that the market is responding to near‐record levels of new inventory.”

Find all the infographics related to the April Market Statistics by visiting the Facebook Album.

Abbotsford

Cloverdale

Langley

Mission

North Delta

North Surrey

Surrey Central

 

White Rock / South Surrey

 

Looking for more information about the real estate market in specific neighbourhoods in Surrey, Langley and Fraser Valley

Macdonald Realty has offices in North Delta, White Rock/South Surrey, and Langley.  Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.

MLS® Home Price Index (HPI) Benchmark Price

Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.

This blog post is based on market data provided by the Fraser Valley Real Estate Board (FVREB) www.fvreb.bc.ca

What to do when you’re a first-time home-buyer – update response to COVID19

What to do when you’re a first-time home-buyer – update response to COVID19

Thinking of buying your first home during COVID19? 

We understand that buying a home might be the biggest purchase you make and based on the current economic situation brought on by COVID-19, together let’s eliminate some stress from the process with these essential tips from the team at Macdonald Realty.

We’ve also prepared a guide to buy and sell during COVID, which you can access for free by clicking HERE.

 

 

1. Asses your financial situation

  • Credit:

This is a critical first step in the home-buying process. You don’t want to start house-hunting and fall for a home you can’t afford. Understanding your credit score is important not only because you will want to make sure it is accurate and free of errors as it will be checked before getting your mortgage approved.

What else is important to be considered? Two other crucial factors are income and, of course, your down payment.

  • Income:

Most mortgages are long-term commitments: Keep in mind that you may be making those payments every month for the next 25-30 years.

Are you expecting a raise soon or changing jobs? You may want to consider if you will have more buying power in a few short months and wait the grace period for getting approved after you move.

Are you self-employed? There are different qualifications needed for different types of income earners, make sure you talk with a mortgage broker on your options.

  • Down Payment:

As a first time home buyer there are some programs to help you increase your down payment which will help your mortgage payments and buying power.

   1. First Time Home Buyers

The First-Time Home Buyer Incentive helps people across Canada purchase their first home. The program offers 5 or 10% of the home’s purchase price to put toward a down payment. This addition to your down payment lowers your mortgage carrying costs, making homeownership more affordable.

According to placetocallhome.ca these are a few criteria to determine your eligibility for the First-Time Home Buyer Incentive:

  • you have your minimum down payment
  • your total annual qualifying income doesn’t exceed $120,000
  • your total borrowing is no more than 4 times your qualifying income
  • you or your partner are a first-time homebuyer
  • you are a Canadian citizen, permanent resident or non-permanent resident authorized to work in Canada

READ MORE!

   2. Home Buyer’s Plan / RRSPs

The Home Buyers’ Plan (HBP) is a program that allows you to withdraw from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself. If you’re buying with your partner you can contribute $50,000 together from your RRSPs.


2. Get your approval

“Getting pre‑approved for a mortgage before looking at properties gives you a more realistic expectation of what you can afford.” – CREA

According to CREA, a mortgage is a loan, generally used to buy a property. How much you pay depends on how much you borrow (the principal), the loan’s interest rate, and how long you take to pay it back (the amortization period). You can negotiate interest rates and mortgage terms with different lenders.

Assess mortgage products and different types of lenders to see what fits your needs helps you make an informed decision.

Recently, the Bank of Canada announced an emergency rate cut – the unscheduled March 27 reduction brought the overnight rate down to 0.25 percent, and the BoC described the level as being the policy rate’s “effective lower bound”. As such, many feel it is unlikely to be reduced any further.

“For its part, the Bank of Canada has taken measures to improve market function so that monetary policy actions have their intended effect on the economy,” the BoC said in a statement. “This helps ensure that households and businesses continue to have access to the credit they need to bridge this difficult time, and that lower interest rates find their way to ultimate borrowers.”

  • Types of Mortgages

What type of mortgage is best for you?

   1. Fixed rate mortgages: Your interest rate is locked in for a specified period called a term. Your payments stay the same for the mortgage’s term so you will not pay more if interest rates increase over time.

   2. Variable rate mortgages: Rate of interest you pay may change if rates go up or down.

   3. Conventional mortgages: Require a down payment of 20% or more of the property’s value. You are not required to get mortgage default insurance with a conventional mortgage.

   4. Closed mortgages: The mortgage cannot be paid off early without paying a prepayment charge.

   5. Open mortgages: A mortgage that can be paid off at any time during the term, without having to pay a charge. The interest rate for an open mortgage may be higher than for a closed mortgage with the same term.

READ MORE!


3. Determine your down payment amount

Just because the bank approves you for a certain amount doesn’t mean you have to spend it all. Think about what would happen if you lost your job and stay unemployed for three months or if you have any other unexpected financial situations.

Based on CREA’s Homebuyer’s Road Map, you may have to pay penalties if you prepay large portions of your mortgage early or if you break your mortgage due to unforeseen life changes. It is your right to know how lenders calculate prepayment penalties.

“Read your mortgage contract carefully and make sure you understand how penalties will be calculated before you sign.” – CREA


4. Find a real estate agent

If it’s your first time going through the process of buying a home, having a real estate agent by your side is extremely recommended. The agent knows essential information about the current market, fair pricing, neighbourhood amenities and so much more. They are there to guide you through the process and help you make the best decision for you.

The Real Estate Council of BC is the legislated regulatory agency that works to ensure real estate professionals have the skills and knowledge to provide you with a high standard of service.

Real estate professionals have a regulatory requirement to present you with some consumer information before providing services to you. When you become a client, you may be asked to sign a written agreement setting out you and the real estate professional’s responsibilities.

Contact us today to be connected with one of our agents who can help you achieve your goals.


5. Stay positive & open to opportunities

Maybe your first home will most likely look nothing like a multi-million-dollar property, but keep your options open for small renovations or upgrades that could help save money. Don’t concern too much about wallpaper, or lighting fixtures; these are easy to change or update. The things you should be more concerned about are the size and layout of the property, along with the condition of the roof, hot water system and plumbing, etc. — the reason why an inspection is one of the most important recommendations during this process.


6. Found your space, now what?

Buying a house requires a lot of time and effort but we can help you make the home buying process manageable and make the process as easy as possible. There are many things to consider along the process and an agent can help be your guide beyond finding your home. The home buying process is a long map all the way through your possession date!

You can count on Macdonald Realty to help you dream big and help you to make things happen. Visit our website to find more information: www.macrealty.com

 

 

Thinking of buying your first home during COVID19? 

We understand that buying a home might be the biggest purchase you make and based on the current economic situation brought on by COVID-19, together let’s eliminate some stress from the process with these essential tips from the team at Macdonald Realty.

We’ve also prepared a guide to buy and sell during COVID, which you can access for free by clicking HERE.

 

 

1. Asses your financial situation

  • Credit:

This is a critical first step in the home-buying process. You don’t want to start house-hunting and fall for a home you can’t afford. Understanding your credit score is important not only because you will want to make sure it is accurate and free of errors as it will be checked before getting your mortgage approved.

What else is important to be considered? Two other crucial factors are income and, of course, your down payment.

  • Income:

Most mortgages are long-term commitments: Keep in mind that you may be making those payments every month for the next 25-30 years.

Are you expecting a raise soon or changing jobs? You may want to consider if you will have more buying power in a few short months and wait the grace period for getting approved after you move.

Are you self-employed? There are different qualifications needed for different types of income earners, make sure you talk with a mortgage broker on your options.

  • Down Payment:

As a first time home buyer there are some programs to help you increase your down payment which will help your mortgage payments and buying power.

   1. First Time Home Buyers

The First-Time Home Buyer Incentive helps people across Canada purchase their first home. The program offers 5 or 10% of the home’s purchase price to put toward a down payment. This addition to your down payment lowers your mortgage carrying costs, making homeownership more affordable.

According to placetocallhome.ca these are a few criteria to determine your eligibility for the First-Time Home Buyer Incentive:

  • you have your minimum down payment
  • your total annual qualifying income doesn’t exceed $120,000
  • your total borrowing is no more than 4 times your qualifying income
  • you or your partner are a first-time homebuyer
  • you are a Canadian citizen, permanent resident or non-permanent resident authorized to work in Canada

READ MORE!

   2. Home Buyer’s Plan / RRSPs

The Home Buyers’ Plan (HBP) is a program that allows you to withdraw from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself. If you’re buying with your partner you can contribute $50,000 together from your RRSPs.


2. Get your approval

“Getting pre‑approved for a mortgage before looking at properties gives you a more realistic expectation of what you can afford.” – CREA

According to CREA, a mortgage is a loan, generally used to buy a property. How much you pay depends on how much you borrow (the principal), the loan’s interest rate, and how long you take to pay it back (the amortization period). You can negotiate interest rates and mortgage terms with different lenders.

Assess mortgage products and different types of lenders to see what fits your needs helps you make an informed decision.

Recently, the Bank of Canada announced an emergency rate cut – the unscheduled March 27 reduction brought the overnight rate down to 0.25 percent, and the BoC described the level as being the policy rate’s “effective lower bound”. As such, many feel it is unlikely to be reduced any further.

“For its part, the Bank of Canada has taken measures to improve market function so that monetary policy actions have their intended effect on the economy,” the BoC said in a statement. “This helps ensure that households and businesses continue to have access to the credit they need to bridge this difficult time, and that lower interest rates find their way to ultimate borrowers.”

  • Types of Mortgages

What type of mortgage is best for you?

   1. Fixed rate mortgages: Your interest rate is locked in for a specified period called a term. Your payments stay the same for the mortgage’s term so you will not pay more if interest rates increase over time.

   2. Variable rate mortgages: Rate of interest you pay may change if rates go up or down.

   3. Conventional mortgages: Require a down payment of 20% or more of the property’s value. You are not required to get mortgage default insurance with a conventional mortgage.

   4. Closed mortgages: The mortgage cannot be paid off early without paying a prepayment charge.

   5. Open mortgages: A mortgage that can be paid off at any time during the term, without having to pay a charge. The interest rate for an open mortgage may be higher than for a closed mortgage with the same term.

READ MORE!


3. Determine your down payment amount

Just because the bank approves you for a certain amount doesn’t mean you have to spend it all. Think about what would happen if you lost your job and stay unemployed for three months or if you have any other unexpected financial situations.

Based on CREA’s Homebuyer’s Road Map, you may have to pay penalties if you prepay large portions of your mortgage early or if you break your mortgage due to unforeseen life changes. It is your right to know how lenders calculate prepayment penalties.

“Read your mortgage contract carefully and make sure you understand how penalties will be calculated before you sign.” – CREA


4. Find a real estate agent

If it’s your first time going through the process of buying a home, having a real estate agent by your side is extremely recommended. The agent knows essential information about the current market, fair pricing, neighbourhood amenities and so much more. They are there to guide you through the process and help you make the best decision for you.

The Real Estate Council of BC is the legislated regulatory agency that works to ensure real estate professionals have the skills and knowledge to provide you with a high standard of service.

Real estate professionals have a regulatory requirement to present you with some consumer information before providing services to you. When you become a client, you may be asked to sign a written agreement setting out you and the real estate professional’s responsibilities.

Contact us today to be connected with one of our agents who can help you achieve your goals.


5. Stay positive & open to opportunities

Maybe your first home will most likely look nothing like a multi-million-dollar property, but keep your options open for small renovations or upgrades that could help save money. Don’t concern too much about wallpaper, or lighting fixtures; these are easy to change or update. The things you should be more concerned about are the size and layout of the property, along with the condition of the roof, hot water system and plumbing, etc. — the reason why an inspection is one of the most important recommendations during this process.


6. Found your space, now what?

Buying a house requires a lot of time and effort but we can help you make the home buying process manageable and make the process as easy as possible. There are many things to consider along the process and an agent can help be your guide beyond finding your home. The home buying process is a long map all the way through your possession date!

You can count on Macdonald Realty to help you dream big and help you to make things happen. Visit our website to find more information: www.macrealty.com

 

 

Thinking of buying your first home during COVID19? 

We understand that buying a home might be the biggest purchase you make and based on the current economic situation brought on by COVID-19, together let’s eliminate some stress from the process with these essential tips from the team at Macdonald Realty.

We’ve also prepared a guide to buy and sell during COVID, which you can access for free by clicking HERE.

 

 

1. Asses your financial situation

  • Credit:

This is a critical first step in the home-buying process. You don’t want to start house-hunting and fall for a home you can’t afford. Understanding your credit score is important not only because you will want to make sure it is accurate and free of errors as it will be checked before getting your mortgage approved.

What else is important to be considered? Two other crucial factors are income and, of course, your down payment.

  • Income:

Most mortgages are long-term commitments: Keep in mind that you may be making those payments every month for the next 25-30 years.

Are you expecting a raise soon or changing jobs? You may want to consider if you will have more buying power in a few short months and wait the grace period for getting approved after you move.

Are you self-employed? There are different qualifications needed for different types of income earners, make sure you talk with a mortgage broker on your options.

  • Down Payment:

As a first time home buyer there are some programs to help you increase your down payment which will help your mortgage payments and buying power.

   1. First Time Home Buyers

The First-Time Home Buyer Incentive helps people across Canada purchase their first home. The program offers 5 or 10% of the home’s purchase price to put toward a down payment. This addition to your down payment lowers your mortgage carrying costs, making homeownership more affordable.

According to placetocallhome.ca these are a few criteria to determine your eligibility for the First-Time Home Buyer Incentive:

  • you have your minimum down payment
  • your total annual qualifying income doesn’t exceed $120,000
  • your total borrowing is no more than 4 times your qualifying income
  • you or your partner are a first-time homebuyer
  • you are a Canadian citizen, permanent resident or non-permanent resident authorized to work in Canada

READ MORE!

   2. Home Buyer’s Plan / RRSPs

The Home Buyers’ Plan (HBP) is a program that allows you to withdraw from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself. If you’re buying with your partner you can contribute $50,000 together from your RRSPs.


2. Get your approval

“Getting pre‑approved for a mortgage before looking at properties gives you a more realistic expectation of what you can afford.” – CREA

According to CREA, a mortgage is a loan, generally used to buy a property. How much you pay depends on how much you borrow (the principal), the loan’s interest rate, and how long you take to pay it back (the amortization period). You can negotiate interest rates and mortgage terms with different lenders.

Assess mortgage products and different types of lenders to see what fits your needs helps you make an informed decision.

Recently, the Bank of Canada announced an emergency rate cut – the unscheduled March 27 reduction brought the overnight rate down to 0.25 percent, and the BoC described the level as being the policy rate’s “effective lower bound”. As such, many feel it is unlikely to be reduced any further.

“For its part, the Bank of Canada has taken measures to improve market function so that monetary policy actions have their intended effect on the economy,” the BoC said in a statement. “This helps ensure that households and businesses continue to have access to the credit they need to bridge this difficult time, and that lower interest rates find their way to ultimate borrowers.”

  • Types of Mortgages

What type of mortgage is best for you?

   1. Fixed rate mortgages: Your interest rate is locked in for a specified period called a term. Your payments stay the same for the mortgage’s term so you will not pay more if interest rates increase over time.

   2. Variable rate mortgages: Rate of interest you pay may change if rates go up or down.

   3. Conventional mortgages: Require a down payment of 20% or more of the property’s value. You are not required to get mortgage default insurance with a conventional mortgage.

   4. Closed mortgages: The mortgage cannot be paid off early without paying a prepayment charge.

   5. Open mortgages: A mortgage that can be paid off at any time during the term, without having to pay a charge. The interest rate for an open mortgage may be higher than for a closed mortgage with the same term.

READ MORE!


3. Determine your down payment amount

Just because the bank approves you for a certain amount doesn’t mean you have to spend it all. Think about what would happen if you lost your job and stay unemployed for three months or if you have any other unexpected financial situations.

Based on CREA’s Homebuyer’s Road Map, you may have to pay penalties if you prepay large portions of your mortgage early or if you break your mortgage due to unforeseen life changes. It is your right to know how lenders calculate prepayment penalties.

“Read your mortgage contract carefully and make sure you understand how penalties will be calculated before you sign.” – CREA


4. Find a real estate agent

If it’s your first time going through the process of buying a home, having a real estate agent by your side is extremely recommended. The agent knows essential information about the current market, fair pricing, neighbourhood amenities and so much more. They are there to guide you through the process and help you make the best decision for you.

The Real Estate Council of BC is the legislated regulatory agency that works to ensure real estate professionals have the skills and knowledge to provide you with a high standard of service.

Real estate professionals have a regulatory requirement to present you with some consumer information before providing services to you. When you become a client, you may be asked to sign a written agreement setting out you and the real estate professional’s responsibilities.

Contact us today to be connected with one of our agents who can help you achieve your goals.


5. Stay positive & open to opportunities

Maybe your first home will most likely look nothing like a multi-million-dollar property, but keep your options open for small renovations or upgrades that could help save money. Don’t concern too much about wallpaper, or lighting fixtures; these are easy to change or update. The things you should be more concerned about are the size and layout of the property, along with the condition of the roof, hot water system and plumbing, etc. — the reason why an inspection is one of the most important recommendations during this process.


6. Found your space, now what?

Buying a house requires a lot of time and effort but we can help you make the home buying process manageable and make the process as easy as possible. There are many things to consider along the process and an agent can help be your guide beyond finding your home. The home buying process is a long map all the way through your possession date!

You can count on Macdonald Realty to help you dream big and help you to make things happen. Visit our website to find more information: www.macrealty.com

 

 

Thinking of buying your first home during COVID19? 

We understand that buying a home might be the biggest purchase you make and based on the current economic situation brought on by COVID-19, together let’s eliminate some stress from the process with these essential tips from the team at Macdonald Realty.

We’ve also prepared a guide to buy and sell during COVID, which you can access for free by clicking HERE.

 

 

1. Asses your financial situation

  • Credit:

This is a critical first step in the home-buying process. You don’t want to start house-hunting and fall for a home you can’t afford. Understanding your credit score is important not only because you will want to make sure it is accurate and free of errors as it will be checked before getting your mortgage approved.

What else is important to be considered? Two other crucial factors are income and, of course, your down payment.

  • Income:

Most mortgages are long-term commitments: Keep in mind that you may be making those payments every month for the next 25-30 years.

Are you expecting a raise soon or changing jobs? You may want to consider if you will have more buying power in a few short months and wait the grace period for getting approved after you move.

Are you self-employed? There are different qualifications needed for different types of income earners, make sure you talk with a mortgage broker on your options.

  • Down Payment:

As a first time home buyer there are some programs to help you increase your down payment which will help your mortgage payments and buying power.

   1. First Time Home Buyers

The First-Time Home Buyer Incentive helps people across Canada purchase their first home. The program offers 5 or 10% of the home’s purchase price to put toward a down payment. This addition to your down payment lowers your mortgage carrying costs, making homeownership more affordable.

According to placetocallhome.ca these are a few criteria to determine your eligibility for the First-Time Home Buyer Incentive:

  • you have your minimum down payment
  • your total annual qualifying income doesn’t exceed $120,000
  • your total borrowing is no more than 4 times your qualifying income
  • you or your partner are a first-time homebuyer
  • you are a Canadian citizen, permanent resident or non-permanent resident authorized to work in Canada

READ MORE!

   2. Home Buyer’s Plan / RRSPs

The Home Buyers’ Plan (HBP) is a program that allows you to withdraw from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself. If you’re buying with your partner you can contribute $50,000 together from your RRSPs.


2. Get your approval

“Getting pre‑approved for a mortgage before looking at properties gives you a more realistic expectation of what you can afford.” – CREA

According to CREA, a mortgage is a loan, generally used to buy a property. How much you pay depends on how much you borrow (the principal), the loan’s interest rate, and how long you take to pay it back (the amortization period). You can negotiate interest rates and mortgage terms with different lenders.

Assess mortgage products and different types of lenders to see what fits your needs helps you make an informed decision.

Recently, the Bank of Canada announced an emergency rate cut – the unscheduled March 27 reduction brought the overnight rate down to 0.25 percent, and the BoC described the level as being the policy rate’s “effective lower bound”. As such, many feel it is unlikely to be reduced any further.

“For its part, the Bank of Canada has taken measures to improve market function so that monetary policy actions have their intended effect on the economy,” the BoC said in a statement. “This helps ensure that households and businesses continue to have access to the credit they need to bridge this difficult time, and that lower interest rates find their way to ultimate borrowers.”

  • Types of Mortgages

What type of mortgage is best for you?

   1. Fixed rate mortgages: Your interest rate is locked in for a specified period called a term. Your payments stay the same for the mortgage’s term so you will not pay more if interest rates increase over time.

   2. Variable rate mortgages: Rate of interest you pay may change if rates go up or down.

   3. Conventional mortgages: Require a down payment of 20% or more of the property’s value. You are not required to get mortgage default insurance with a conventional mortgage.

   4. Closed mortgages: The mortgage cannot be paid off early without paying a prepayment charge.

   5. Open mortgages: A mortgage that can be paid off at any time during the term, without having to pay a charge. The interest rate for an open mortgage may be higher than for a closed mortgage with the same term.

READ MORE!


3. Determine your down payment amount

Just because the bank approves you for a certain amount doesn’t mean you have to spend it all. Think about what would happen if you lost your job and stay unemployed for three months or if you have any other unexpected financial situations.

Based on CREA’s Homebuyer’s Road Map, you may have to pay penalties if you prepay large portions of your mortgage early or if you break your mortgage due to unforeseen life changes. It is your right to know how lenders calculate prepayment penalties.

“Read your mortgage contract carefully and make sure you understand how penalties will be calculated before you sign.” – CREA


4. Find a real estate agent

If it’s your first time going through the process of buying a home, having a real estate agent by your side is extremely recommended. The agent knows essential information about the current market, fair pricing, neighbourhood amenities and so much more. They are there to guide you through the process and help you make the best decision for you.

The Real Estate Council of BC is the legislated regulatory agency that works to ensure real estate professionals have the skills and knowledge to provide you with a high standard of service.

Real estate professionals have a regulatory requirement to present you with some consumer information before providing services to you. When you become a client, you may be asked to sign a written agreement setting out you and the real estate professional’s responsibilities.

Contact us today to be connected with one of our agents who can help you achieve your goals.


5. Stay positive & open to opportunities

Maybe your first home will most likely look nothing like a multi-million-dollar property, but keep your options open for small renovations or upgrades that could help save money. Don’t concern too much about wallpaper, or lighting fixtures; these are easy to change or update. The things you should be more concerned about are the size and layout of the property, along with the condition of the roof, hot water system and plumbing, etc. — the reason why an inspection is one of the most important recommendations during this process.


6. Found your space, now what?

Buying a house requires a lot of time and effort but we can help you make the home buying process manageable and make the process as easy as possible. There are many things to consider along the process and an agent can help be your guide beyond finding your home. The home buying process is a long map all the way through your possession date!

You can count on Macdonald Realty to help you dream big and help you to make things happen. Visit our website to find more information: www.macrealty.com

 

 

Thinking of buying your first home during COVID19? 

We understand that buying a home might be the biggest purchase you make and based on the current economic situation brought on by COVID-19, together let’s eliminate some stress from the process with these essential tips from the team at Macdonald Realty.

We’ve also prepared a guide to buy and sell during COVID, which you can access for free by clicking HERE.

 

1. Asses your financial situation

  • Credit:

This is a critical first step in the home-buying process. You don’t want to start house-hunting and fall for a home you can’t afford. Understanding your credit score is important not only because you will want to make sure it is accurate and free of errors as it will be checked before getting your mortgage approved.

What else is important to be considered? Two other crucial factors are income and, of course, your down payment.

  • Income:

Most mortgages are long-term commitments: Keep in mind that you may be making those payments every month for the next 25-30 years.

Are you expecting a raise soon or changing jobs? You may want to consider if you will have more buying power in a few short months and wait the grace period for getting approved after you move.

Are you self-employed? There are different qualifications needed for different types of income earners, make sure you talk with a mortgage broker on your options.

  • Down Payment:

As a first time home buyer there are some programs to help you increase your down payment which will help your mortgage payments and buying power.

   1. First Time Home Buyers

The First-Time Home Buyer Incentive helps people across Canada purchase their first home. The program offers 5 or 10% of the home’s purchase price to put toward a down payment. This addition to your down payment lowers your mortgage carrying costs, making homeownership more affordable.

According to placetocallhome.ca these are a few criteria to determine your eligibility for the First-Time Home Buyer Incentive:

  • you have your minimum down payment
  • your total annual qualifying income doesn’t exceed $120,000
  • your total borrowing is no more than 4 times your qualifying income
  • you or your partner are a first-time homebuyer
  • you are a Canadian citizen, permanent resident or non-permanent resident authorized to work in Canada

READ MORE!

   2. Home Buyer’s Plan / RRSPs

The Home Buyers’ Plan (HBP) is a program that allows you to withdraw from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself. If you’re buying with your partner you can contribute $50,000 together from your RRSPs.


2. Get your approval

“Getting pre‑approved for a mortgage before looking at properties gives you a more realistic expectation of what you can afford.” – CREA

According to CREA, a mortgage is a loan, generally used to buy a property. How much you pay depends on how much you borrow (the principal), the loan’s interest rate, and how long you take to pay it back (the amortization period). You can negotiate interest rates and mortgage terms with different lenders.

Assess mortgage products and different types of lenders to see what fits your needs helps you make an informed decision.

Recently, the Bank of Canada announced an emergency rate cut – the unscheduled March 27 reduction brought the overnight rate down to 0.25 percent, and the BoC described the level as being the policy rate’s “effective lower bound”. As such, many feel it is unlikely to be reduced any further.

“For its part, the Bank of Canada has taken measures to improve market function so that monetary policy actions have their intended effect on the economy,” the BoC said in a statement. “This helps ensure that households and businesses continue to have access to the credit they need to bridge this difficult time, and that lower interest rates find their way to ultimate borrowers.”

  • Types of Mortgages

What type of mortgage is best for you?

   1. Fixed rate mortgages: Your interest rate is locked in for a specified period called a term. Your payments stay the same for the mortgage’s term so you will not pay more if interest rates increase over time.

   2. Variable rate mortgages: Rate of interest you pay may change if rates go up or down.

   3. Conventional mortgages: Require a down payment of 20% or more of the property’s value. You are not required to get mortgage default insurance with a conventional mortgage.

   4. Closed mortgages: The mortgage cannot be paid off early without paying a prepayment charge.

   5. Open mortgages: A mortgage that can be paid off at any time during the term, without having to pay a charge. The interest rate for an open mortgage may be higher than for a closed mortgage with the same term.

READ MORE!


3. Determine your down payment amount

Just because the bank approves you for a certain amount doesn’t mean you have to spend it all. Think about what would happen if you lost your job and stay unemployed for three months or if you have any other unexpected financial situations.

Based on CREA’s Homebuyer’s Road Map, you may have to pay penalties if you prepay large portions of your mortgage early or if you break your mortgage due to unforeseen life changes. It is your right to know how lenders calculate prepayment penalties.

“Read your mortgage contract carefully and make sure you understand how penalties will be calculated before you sign.” – CREA


4. Find a real estate agent

If it’s your first time going through the process of buying a home, having a real estate agent by your side is extremely recommended. The agent knows essential information about the current market, fair pricing, neighbourhood amenities and so much more. They are there to guide you through the process and help you make the best decision for you.

The Real Estate Council of BC is the legislated regulatory agency that works to ensure real estate professionals have the skills and knowledge to provide you with a high standard of service.

Real estate professionals have a regulatory requirement to present you with some consumer information before providing services to you. When you become a client, you may be asked to sign a written agreement setting out you and the real estate professional’s responsibilities.

Contact us today to be connected with one of our agents who can help you achieve your goals.


5. Stay positive & open to opportunities

Maybe your first home will most likely look nothing like a multi-million-dollar property, but keep your options open for small renovations or upgrades that could help save money. Don’t concern too much about wallpaper, or lighting fixtures; these are easy to change or update. The things you should be more concerned about are the size and layout of the property, along with the condition of the roof, hot water system and plumbing, etc. — the reason why an inspection is one of the most important recommendations during this process.


6. Found your space, now what?

Buying a house requires a lot of time and effort but we can help you make the home buying process manageable and make the process as easy as possible. There are many things to consider along the process and an agent can help be your guide beyond finding your home. The home buying process is a long map all the way through your possession date!

You can count on Macdonald Realty to help you dream big and help you to make things happen. Visit our website to find more information: www.macrealty.com

 

 

Thinking of buying your first home during COVID19? 

We understand that buying a home might be the biggest purchase you make and based on the current economic situation brought on by COVID-19, together let’s eliminate some stress from the process with these essential tips from the team at Macdonald Realty.

We’ve also prepared a guide to buy and sell during COVID, which you can access for free by clicking HERE.

 

 

1. Asses your financial situation

  • Credit:

This is a critical first step in the home-buying process. You don’t want to start house-hunting and fall for a home you can’t afford. Understanding your credit score is important not only because you will want to make sure it is accurate and free of errors as it will be checked before getting your mortgage approved.

What else is important to be considered? Two other crucial factors are income and, of course, your down payment.

  • Income:

Most mortgages are long-term commitments: Keep in mind that you may be making those payments every month for the next 25-30 years.

Are you expecting a raise soon or changing jobs? You may want to consider if you will have more buying power in a few short months and wait the grace period for getting approved after you move.

Are you self-employed? There are different qualifications needed for different types of income earners, make sure you talk with a mortgage broker on your options.

  • Down Payment:

As a first time home buyer there are some programs to help you increase your down payment which will help your mortgage payments and buying power.

   1. First Time Home Buyers

The First-Time Home Buyer Incentive helps people across Canada purchase their first home. The program offers 5 or 10% of the home’s purchase price to put toward a down payment. This addition to your down payment lowers your mortgage carrying costs, making homeownership more affordable.

According to placetocallhome.ca these are a few criteria to determine your eligibility for the First-Time Home Buyer Incentive:

  • you have your minimum down payment
  • your total annual qualifying income doesn’t exceed $120,000
  • your total borrowing is no more than 4 times your qualifying income
  • you or your partner are a first-time homebuyer
  • you are a Canadian citizen, permanent resident or non-permanent resident authorized to work in Canada

READ MORE!

   2. Home Buyer’s Plan / RRSPs

The Home Buyers’ Plan (HBP) is a program that allows you to withdraw from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself. If you’re buying with your partner you can contribute $50,000 together from your RRSPs.


2. Get your approval

“Getting pre‑approved for a mortgage before looking at properties gives you a more realistic expectation of what you can afford.” – CREA

According to CREA, a mortgage is a loan, generally used to buy a property. How much you pay depends on how much you borrow (the principal), the loan’s interest rate, and how long you take to pay it back (the amortization period). You can negotiate interest rates and mortgage terms with different lenders.

Assess mortgage products and different types of lenders to see what fits your needs helps you make an informed decision.

Recently, the Bank of Canada announced an emergency rate cut – the unscheduled March 27 reduction brought the overnight rate down to 0.25 percent, and the BoC described the level as being the policy rate’s “effective lower bound”. As such, many feel it is unlikely to be reduced any further.

“For its part, the Bank of Canada has taken measures to improve market function so that monetary policy actions have their intended effect on the economy,” the BoC said in a statement. “This helps ensure that households and businesses continue to have access to the credit they need to bridge this difficult time, and that lower interest rates find their way to ultimate borrowers.”

  • Types of Mortgages

What type of mortgage is best for you?

   1. Fixed rate mortgages: Your interest rate is locked in for a specified period called a term. Your payments stay the same for the mortgage’s term so you will not pay more if interest rates increase over time.

   2. Variable rate mortgages: Rate of interest you pay may change if rates go up or down.

   3. Conventional mortgages: Require a down payment of 20% or more of the property’s value. You are not required to get mortgage default insurance with a conventional mortgage.

   4. Closed mortgages: The mortgage cannot be paid off early without paying a prepayment charge.

   5. Open mortgages: A mortgage that can be paid off at any time during the term, without having to pay a charge. The interest rate for an open mortgage may be higher than for a closed mortgage with the same term.

READ MORE!


3. Determine your down payment amount

Just because the bank approves you for a certain amount doesn’t mean you have to spend it all. Think about what would happen if you lost your job and stay unemployed for three months or if you have any other unexpected financial situations.

Based on CREA’s Homebuyer’s Road Map, you may have to pay penalties if you prepay large portions of your mortgage early or if you break your mortgage due to unforeseen life changes. It is your right to know how lenders calculate prepayment penalties.

“Read your mortgage contract carefully and make sure you understand how penalties will be calculated before you sign.” – CREA


4. Find a real estate agent

If it’s your first time going through the process of buying a home, having a real estate agent by your side is extremely recommended. The agent knows essential information about the current market, fair pricing, neighbourhood amenities and so much more. They are there to guide you through the process and help you make the best decision for you.

The Real Estate Council of BC is the legislated regulatory agency that works to ensure real estate professionals have the skills and knowledge to provide you with a high standard of service.

Real estate professionals have a regulatory requirement to present you with some consumer information before providing services to you. When you become a client, you may be asked to sign a written agreement setting out you and the real estate professional’s responsibilities.

Contact us today to be connected with one of our agents who can help you achieve your goals.


5. Stay positive & open to opportunities

Maybe your first home will most likely look nothing like a multi-million-dollar property, but keep your options open for small renovations or upgrades that could help save money. Don’t concern too much about wallpaper, or lighting fixtures; these are easy to change or update. The things you should be more concerned about are the size and layout of the property, along with the condition of the roof, hot water system and plumbing, etc. — the reason why an inspection is one of the most important recommendations during this process.


6. Found your space, now what?

Buying a house requires a lot of time and effort but we can help you make the home buying process manageable and make the process as easy as possible. There are many things to consider along the process and an agent can help be your guide beyond finding your home. The home buying process is a long map all the way through your possession date!

You can count on Macdonald Realty to help you dream big and help you to make things happen. Visit our website to find more information: www.macrealty.com

 

 

Thinking of buying your first home during COVID19? 

We understand that buying a home might be the biggest purchase you make and based on the current economic situation brought on by COVID-19, together let’s eliminate some stress from the process with these essential tips from the team at Macdonald Realty.

We’ve also prepared a guide to buy and sell during COVID, which you can access for free by clicking HERE.

 

 

1. Asses your financial situation

  • Credit:

This is a critical first step in the home-buying process. You don’t want to start house-hunting and fall for a home you can’t afford. Understanding your credit score is important not only because you will want to make sure it is accurate and free of errors as it will be checked before getting your mortgage approved.

What else is important to be considered? Two other crucial factors are income and, of course, your down payment.

  • Income:

Most mortgages are long-term commitments: Keep in mind that you may be making those payments every month for the next 25-30 years.

Are you expecting a raise soon or changing jobs? You may want to consider if you will have more buying power in a few short months and wait the grace period for getting approved after you move.

Are you self-employed? There are different qualifications needed for different types of income earners, make sure you talk with a mortgage broker on your options.

  • Down Payment:

As a first time home buyer there are some programs to help you increase your down payment which will help your mortgage payments and buying power.

   1. First Time Home Buyers

The First-Time Home Buyer Incentive helps people across Canada purchase their first home. The program offers 5 or 10% of the home’s purchase price to put toward a down payment. This addition to your down payment lowers your mortgage carrying costs, making homeownership more affordable.

According to placetocallhome.ca these are a few criteria to determine your eligibility for the First-Time Home Buyer Incentive:

  • you have your minimum down payment
  • your total annual qualifying income doesn’t exceed $120,000
  • your total borrowing is no more than 4 times your qualifying income
  • you or your partner are a first-time homebuyer
  • you are a Canadian citizen, permanent resident or non-permanent resident authorized to work in Canada

READ MORE!

   2. Home Buyer’s Plan / RRSPs

The Home Buyers’ Plan (HBP) is a program that allows you to withdraw from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself. If you’re buying with your partner you can contribute $50,000 together from your RRSPs.


2. Get your approval

“Getting pre‑approved for a mortgage before looking at properties gives you a more realistic expectation of what you can afford.” – CREA

According to CREA, a mortgage is a loan, generally used to buy a property. How much you pay depends on how much you borrow (the principal), the loan’s interest rate, and how long you take to pay it back (the amortization period). You can negotiate interest rates and mortgage terms with different lenders.

Assess mortgage products and different types of lenders to see what fits your needs helps you make an informed decision.

Recently, the Bank of Canada announced an emergency rate cut – the unscheduled March 27 reduction brought the overnight rate down to 0.25 percent, and the BoC described the level as being the policy rate’s “effective lower bound”. As such, many feel it is unlikely to be reduced any further.

“For its part, the Bank of Canada has taken measures to improve market function so that monetary policy actions have their intended effect on the economy,” the BoC said in a statement. “This helps ensure that households and businesses continue to have access to the credit they need to bridge this difficult time, and that lower interest rates find their way to ultimate borrowers.”

  • Types of Mortgages

What type of mortgage is best for you?

   1. Fixed rate mortgages: Your interest rate is locked in for a specified period called a term. Your payments stay the same for the mortgage’s term so you will not pay more if interest rates increase over time.

   2. Variable rate mortgages: Rate of interest you pay may change if rates go up or down.

   3. Conventional mortgages: Require a down payment of 20% or more of the property’s value. You are not required to get mortgage default insurance with a conventional mortgage.

   4. Closed mortgages: The mortgage cannot be paid off early without paying a prepayment charge.

   5. Open mortgages: A mortgage that can be paid off at any time during the term, without having to pay a charge. The interest rate for an open mortgage may be higher than for a closed mortgage with the same term.

READ MORE!


3. Determine your down payment amount

Just because the bank approves you for a certain amount doesn’t mean you have to spend it all. Think about what would happen if you lost your job and stay unemployed for three months or if you have any other unexpected financial situations.

Based on CREA’s Homebuyer’s Road Map, you may have to pay penalties if you prepay large portions of your mortgage early or if you break your mortgage due to unforeseen life changes. It is your right to know how lenders calculate prepayment penalties.

“Read your mortgage contract carefully and make sure you understand how penalties will be calculated before you sign.” – CREA


4. Find a real estate agent

If it’s your first time going through the process of buying a home, having a real estate agent by your side is extremely recommended. The agent knows essential information about the current market, fair pricing, neighbourhood amenities and so much more. They are there to guide you through the process and help you make the best decision for you.

The Real Estate Council of BC is the legislated regulatory agency that works to ensure real estate professionals have the skills and knowledge to provide you with a high standard of service.

Real estate professionals have a regulatory requirement to present you with some consumer information before providing services to you. When you become a client, you may be asked to sign a written agreement setting out you and the real estate professional’s responsibilities.

Contact us today to be connected with one of our agents who can help you achieve your goals.


5. Stay positive & open to opportunities

Maybe your first home will most likely look nothing like a multi-million-dollar property, but keep your options open for small renovations or upgrades that could help save money. Don’t concern too much about wallpaper, or lighting fixtures; these are easy to change or update. The things you should be more concerned about are the size and layout of the property, along with the condition of the roof, hot water system and plumbing, etc. — the reason why an inspection is one of the most important recommendations during this process.


6. Found your space, now what?

Buying a house requires a lot of time and effort but we can help you make the home buying process manageable and make the process as easy as possible. There are many things to consider along the process and an agent can help be your guide beyond finding your home. The home buying process is a long map all the way through your possession date!

You can count on Macdonald Realty to help you dream big and help you to make things happen. Visit our website to find more information: www.macrealty.com

 

 

Thinking of buying your first home during COVID19? 

We understand that buying a home might be the biggest purchase you make and based on the current economic situation brought on by COVID-19, together let’s eliminate some stress from the process with these essential tips from the team at Macdonald Realty.

We’ve also prepared a guide to buy and sell during COVID, which you can access for free by clicking HERE.

 

1. Asses your financial situation

  • Credit:

This is a critical first step in the home-buying process. You don’t want to start house-hunting and fall for a home you can’t afford. Understanding your credit score is important not only because you will want to make sure it is accurate and free of errors as it will be checked before getting your mortgage approved.

What else is important to be considered? Two other crucial factors are income and, of course, your down payment.

  • Income:

Most mortgages are long-term commitments: Keep in mind that you may be making those payments every month for the next 25-30 years.

Are you expecting a raise soon or changing jobs? You may want to consider if you will have more buying power in a few short months and wait the grace period for getting approved after you move.

Are you self-employed? There are different qualifications needed for different types of income earners, make sure you talk with a mortgage broker on your options.

  • Down Payment:

As a first time home buyer there are some programs to help you increase your down payment which will help your mortgage payments and buying power.

   1. First Time Home Buyers

The First-Time Home Buyer Incentive helps people across Canada purchase their first home. The program offers 5 or 10% of the home’s purchase price to put toward a down payment. This addition to your down payment lowers your mortgage carrying costs, making homeownership more affordable.

According to placetocallhome.ca these are a few criteria to determine your eligibility for the First-Time Home Buyer Incentive:

  • you have your minimum down payment
  • your total annual qualifying income doesn’t exceed $120,000
  • your total borrowing is no more than 4 times your qualifying income
  • you or your partner are a first-time homebuyer
  • you are a Canadian citizen, permanent resident or non-permanent resident authorized to work in Canada

READ MORE!

   2. Home Buyer’s Plan / RRSPs

The Home Buyers’ Plan (HBP) is a program that allows you to withdraw from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself. If you’re buying with your partner you can contribute $50,000 together from your RRSPs.


2. Get your approval

“Getting pre‑approved for a mortgage before looking at properties gives you a more realistic expectation of what you can afford.” – CREA

According to CREA, a mortgage is a loan, generally used to buy a property. How much you pay depends on how much you borrow (the principal), the loan’s interest rate, and how long you take to pay it back (the amortization period). You can negotiate interest rates and mortgage terms with different lenders.

Assess mortgage products and different types of lenders to see what fits your needs helps you make an informed decision.

Recently, the Bank of Canada announced an emergency rate cut – the unscheduled March 27 reduction brought the overnight rate down to 0.25 percent, and the BoC described the level as being the policy rate’s “effective lower bound”. As such, many feel it is unlikely to be reduced any further.

“For its part, the Bank of Canada has taken measures to improve market function so that monetary policy actions have their intended effect on the economy,” the BoC said in a statement. “This helps ensure that households and businesses continue to have access to the credit they need to bridge this difficult time, and that lower interest rates find their way to ultimate borrowers.”

  • Types of Mortgages

What type of mortgage is best for you?

   1. Fixed rate mortgages: Your interest rate is locked in for a specified period called a term. Your payments stay the same for the mortgage’s term so you will not pay more if interest rates increase over time.

   2. Variable rate mortgages: Rate of interest you pay may change if rates go up or down.

   3. Conventional mortgages: Require a down payment of 20% or more of the property’s value. You are not required to get mortgage default insurance with a conventional mortgage.

   4. Closed mortgages: The mortgage cannot be paid off early without paying a prepayment charge.

   5. Open mortgages: A mortgage that can be paid off at any time during the term, without having to pay a charge. The interest rate for an open mortgage may be higher than for a closed mortgage with the same term.

READ MORE!


3. Determine your down payment amount

Just because the bank approves you for a certain amount doesn’t mean you have to spend it all. Think about what would happen if you lost your job and stay unemployed for three months or if you have any other unexpected financial situations.

Based on CREA’s Homebuyer’s Road Map, you may have to pay penalties if you prepay large portions of your mortgage early or if you break your mortgage due to unforeseen life changes. It is your right to know how lenders calculate prepayment penalties.

“Read your mortgage contract carefully and make sure you understand how penalties will be calculated before you sign.” – CREA


4. Find a real estate agent

If it’s your first time going through the process of buying a home, having a real estate agent by your side is extremely recommended. The agent knows essential information about the current market, fair pricing, neighbourhood amenities and so much more. They are there to guide you through the process and help you make the best decision for you.

The Real Estate Council of BC is the legislated regulatory agency that works to ensure real estate professionals have the skills and knowledge to provide you with a high standard of service.

Real estate professionals have a regulatory requirement to present you with some consumer information before providing services to you. When you become a client, you may be asked to sign a written agreement setting out you and the real estate professional’s responsibilities.

Contact us today to be connected with one of our agents who can help you achieve your goals.


5. Stay positive & open to opportunities

Maybe your first home will most likely look nothing like a multi-million-dollar property, but keep your options open for small renovations or upgrades that could help save money. Don’t concern too much about wallpaper, or lighting fixtures; these are easy to change or update. The things you should be more concerned about are the size and layout of the property, along with the condition of the roof, hot water system and plumbing, etc. — the reason why an inspection is one of the most important recommendations during this process.


6. Found your space, now what?

Buying a house requires a lot of time and effort but we can help you make the home buying process manageable and make the process as easy as possible. There are many things to consider along the process and an agent can help be your guide beyond finding your home. The home buying process is a long map all the way through your possession date!

You can count on Macdonald Realty to help you dream big and help you to make things happen. Visit our website to find more information: www.macrealty.com

 

 

Abbotsford, Mission, Surrey and Fraser Valley Real Estate Market Statistics – March 2021

Abbotsford, Mission, Surrey and Fraser Valley Real Estate Market Statistics – March 2021

According to the Fraser Valley Real Estate Board March shatters monthly sales and new listings records.

As released by the FVREB “In March, the Fraser Valley real estate hit two historical highs in March, setting records for both sales and new listings processed in one month since the Fraser Valley Real Estate Board’s (FVREB) inception in 1921.

In March, the FVREB processed 3,329 residential and commercial sales on its Multiple Listing Service® (MLS®), an increase of 131 per cent compared to March 2020 and 18 per cent more than were processed in February. The previous record of 3,006 sales was set in March of 2016

Larry Anderson, President of the Board, said of this month’s statistics, “This market is uncharted territory for Fraser Valley real estate. The surprising strength of the economy, the influence of the pandemic and a lack of inventory of all property types has created unprecedented demand for housing in our region.

“It is very stressful for buyers. REALTORS® are working hard to guide them through what has become a protracted, powerful seller’s market. As we continue to help our clients grapple with escalating prices and multiple offers, March did bring some good news. It set a record for volume of new listings received improving selection,” said Anderson.

Find all the infographics related to the May Market Statistics by visiting the Facebook Album.

Abbotsford

Cloverdale

Langley

Mission

North Delta

North Surrey

Surrey Central

 

White Rock / South Surrey

 

Looking for more information about the real estate market in specific neighbourhoods in Surrey, Langley and Fraser Valley

Macdonald Realty has offices in North Delta, White Rock/South Surrey, and Langley.  Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.

MLS® Home Price Index (HPI) Benchmark Price

Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.

This blog post is based on market data provided by the Fraser Valley Real Estate Board (FVREB) www.fvreb.bc.ca

Greater Victoria, Parksville and Nanaimo Real Estate Market Statistics – March 2021

Greater Victoria, Parksville and Nanaimo Real Estate Market Statistics – March 2021

Here are the latest real estate market statistics from Macdonald Realty on Greater Victoria, Parksville/Qualicum, and Nanaimo listings and sales in March 2021.
Find all the infographics related to the February Market Statistics by visiting the Facebook Album.

Greater Victoria

According to the Victoria Real Estate Board “A total of 1,173 properties sold in the Victoria Real Estate Board region this March, 92.9 per cent more than the 608 properties sold in March 2020 and 35.9 per cent more than the previous month of February. Sales of condominiums were up 111.8 per cent from March 2020 with 377 units sold. Sales of single family homes were up 88.2 per cent from March 2020 with 574 sold.”

“Limited supply with overwhelming demand has been the story for the first quarter of 2021,” said Victoria Real Estate Board President David Langlois. “This time last year was the beginning of the pandemic and most everything was shut down – so we cannot compare year over year numbers – but if we look at longer term trends, the average number of sales from the month of March in the past ten years before 2020 was 715 properties. Numbers from last month are close to the market trends we saw in 2016, but with an even greater imbalance in inventory due to a surge in consumer demand for homes in the Victoria area.”

 

Nanaimo

Parksville / Qualicum


Looking for more information about the real estate market in specific neighbourhoods in Victoria, Parksville, Nanaimo, Vancouver Island and the Gulf Islands? 

Macdonald Realty has offices in downtown Victoria, Sidney, Parksville and Salt Spring Island. Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.

MLS® Home Price Index (HPI) Benchmark Price

Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.

This blog post is based on market data provided by the Victoria Real Estate Board (VREB) www.vreb.org and the Vancouver Island Real Estate Board (VIREB) www.vireb.com. Market data from the VIREB includes listings and sales in Campbell River, Comox Valley, Cowichan Valley Nanaimo, Parksville/Qualicum, Port Alberni/West, North Island, and the Islands.

Abbotsford, Mission, Surrey and Fraser Valley Real Estate Market Statistics – February

Abbotsford, Mission, Surrey and Fraser Valley Real Estate Market Statistics – February

According to the Fraser Valley Real Estate Board for the sixth consecutive month, Fraser Valley’s real estate market experienced property sales at
levels are never seen before in the 100‐year history of the Fraser Valley Real Estate Board (FVREB).

As released by the FVREB “In February, the FVREB processed a total of 2,815 sales on its Multiple Listing Service® (MLS®), an increase of 108 per cent compared to February 2020 and 64 per cent more than were processed in January 2021. To provide a historical perspective, sales in February were 88 per cent above the 10‐year average for that month; and 18 per cent higher than the previous record of 2,387 sales in February 2016.”

Chris Shields, President of the Board said of this month’s record numbers, “This is new territory for us. We have never seen such consistent and persistent demand for housing in the Fraser Valley.
“What’s fueling the demand is the combination of record‐low interest rates and the response to the pandemic. It’s not something that could have been predicted and it has created a very complex market for buyers that requires the knowledge and expertise of a professional. For family‐sized homes, prices climbed 3 to 5 per cent in February alone and sold on average in three weeks. We understand the stress and frustration with the market currently and we’re here to help guide and protect home buyers.”

Find all the infographics related to the May Market Statistics by visiting the Facebook Album.

Abbotsford

Cloverdale

Langley

Mission

North Delta

North Surrey

Surrey Central

 

White Rock / South Surrey

 

Looking for more information about the real estate market in specific neighbourhoods in Surrey, Langley and Fraser Valley

Macdonald Realty has offices in North Delta, White Rock/South Surrey, and Langley.  Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.

MLS® Home Price Index (HPI) Benchmark Price

Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.

This blog post is based on market data provided by the Fraser Valley Real Estate Board (FVREB) www.fvreb.bc.ca

1 2 3 9