Market Update June 2020

Dated: 06/10/2020

Views: 47

 

**CLICK THE IMAGE ABOVE TO READ THE FULL MARKET UPDATE**

 

Home sales picked up steam and prices remained stable in May as buyers & sellers begin to adapt to the ongoing issues surrounding C19. The phased reopening of our economy appears to be having a positive effect on consumer confidence, and we're beginning to see more people head back to work.   

 

The Real Estate Board of Greater Vancouver reports that home sales in the region totaled 1,485 in May 2020, a 43.7% decrease from the 2,638 sales recorded in May 2019 and a 33.9% increase from the 1,109 homes sold in April of this year.

 

CMHC has announced new mortgage rules that will have an impact on buyers with a high ratio mortgage (<20% down payment). These new rules come into effect July 01, and will reduce the purchasing power of some buyers. In response, Genworth announced this week that they would not be following CMHC's lead and their polices will remain unchanged. If you're preparing for a purchase, it's important that you speak with your mortgage broker to confirm if CMHC's announcement affects you. Overall, mortgage rates remain near all time lows. HSBC is now offering 1.99% on a 5-year fixed term mortgage, which is the first time this type of rate has dipped below 2%.

 

REALTORS® have been designated an essential service and we've been working hard to serve our clients in a safe manner during C19. Many people have understandably chosen to put their home buying or selling plans on hold. Others have more urgent needs and we’re working with them to address those needs in a safe and responsible way. I’m hosting meetings via video conference, documents are being signed with digital signatures, and properties can be viewed through video tours and 3D floor plans.

 

If you're ready to make a move, I'm ready to help.  

Chris Lambert

604-340-6457

chris@chrislambert.ca

Blog author image

Chris Lambert

Hi, I’m Chris. I help people like you to buy, sell, and invest in real estate throughout beautiful British Columbia. I love what I do, and I’d love to help you too. I'm an experienced and hard w....

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