It’s all about condos
There’s no lack of news on our local real estate markets and as much as there is some softness in certain market places, it’s the condo market that remains ‘on fire’. Buyers looking to purchase a modest priced condo are challenged with competing in multiple cash offers. This is not new news to any of us living in lower mainland but it’s a trend that seems to defy gravity.
Some noteworthy stats to mention:
- Downtown condo prices are up 40% since January 2017.
- Port Coquitlam condo prices are up 25% since January 2017
- South Surrey/White Rock detached home prices are DOWN 13% since January 2017
- Cloverdale detached home prices are up 25% since January 2017
The rate environment is changing
Most borrowers are now aware of the changes in the mortgage world. Our government once again introduced new rules designed to make it harder to qualify for bank type mortgages. On top of this fixed mortgage rates have increased along with a recent increase in the bank rate. Many clients now require financing solutions outside of a qualified bank mortgage. I have plenty of private lenders looking to lend and help you get the money you need regardless of the reason.
Best qualified rates:
- 5 year fixed: 3.25%*
- 5 year variable: 2.50%*
Certain conditions apply.