Perfect storm for first-time home buyers in Lower Mainland

MAYUR ARORA
VANCOUVER DESI

A perfect storm of factors has created a home buyer’s market in Vancouver. Gerry Kahrmann/PNG files

It takes a variety of factors to be in sync for a spectacular storm to commence. Then it takes a confluence of factors to stay in position to achieve a perfect storm. Such has been the case in the Lower Mainland’s Real Estate market.

The market has seen all-time lows and an elongated period of time where the interest rates have been at record lows. You can get a five-year fixed rate mortgage at 2.99 per cent. This is a great rate for any home buyer.

Finally, it appears that the sellers are getting tired of waiting for the market to go up and are now ready to reduce the prices. I have noticed deals with fairly significant price reductions going through. Of course it all depends on the seller’s situation.

Now, is also a good time to buy because there seems to be a fair number of listings in the market that are fresh with decent pricing. It definitely is a good time to buy because of all the factors stated.

Now for some stats: In January 2013 3,400 homes sold, which was down 14 per cent from January of 2012. Comparatively the median home price is only down 2.7 per cent from last year.

So if you are in the market to buy a home and especially if you are a first time buyer, there may never be a better time to make your move.

Mayur Arora is ranked Number 2 Realtor® (Sales) in Greater Vancouver in 2011. You can contact him at info@oneflatfee.ca or visit www.oneflatfee.ca

Tags: Lower Mainland Real Estate, MLS listing in lower mainland, Real Estate Market, Trends in Real Estate in BC