The real estate market in the Lower Mainland continues to astound, with sales volume and prices continuing to set new records.
This activity seems to be driven by two main factors:
1. Local buyers who buy based on record low interest rates. This is supported by continued population growth in our region. Many of these buyers (young and middle age), are being supported in this through gifts of down-payments from parents and grand-parents who have sold the family home.
2. Foreign buyers of many nationalities who are taking advantage of the low Canadian Dollar to boost their purchasing power.
Prices have moved up an incredible pace in the past 12 months, and it is definitely a time for both Buyer and Seller to beware.
I recommend that you read the following article from the Globe and Mail to understand some of the things to look out for. Make sure you read all the way to the end of the article.
Do not accept an un-solicited offer to sell your property, without independent representation that you know and trust. The market is moving very fast, and the best way to ensure that you will maximize the sale price of your property, is to fully expose it to the marketplace.
Please feel free to call me for information or advice for you, or your friends and family.