Perfect storm for first-time home buyers in Lower Mainland

Published: February 22, 2013

MAYUR ARORA
VANCOUVER DESI

Real estate

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: , , ,





Featured

ADOPTION INDIA

India’s ‘shameful’ adoption record

With 30 million orphans, just 2,500 adoptions took place in India in 2014 RAMA LAKSHMI WASHINGTON POST When Shreya Roy applied to adopt an orphan…
Continue Reading »

allergy-death-manslaughter

Restaurateur faces manslaughter charge after customer died of peanut allergy

IANS London – An Indian restaurant owner in Britain has been charged with manslaughter following the death of a customer after eating curry prepared at…
Continue Reading »

ferocious pets

Exotic Pets: African lioness kept as pet in central Pakistan gives birth to litter of 5 cubs

THE ASSOCIATED PRESS MULTAN, Pakistan — It’s a baby boom for the owner of a pet lioness in central Pakistan. The African lioness named Queen…
Continue Reading »

LOCAL NEWS

Vancouver car sales

Planning to buy a new car? Check out what’s on offer at Like It Buy It Vancouver

POSTMEDIA NEWS Act fast to buy your dream car at a discount. A rare new Roush RS3 race car is on sale now for 25…
Continue Reading »

Vancouver Yoga Fashion

Lululemon sees surge in fourth-quarter sales

MICHELLE MCQUIGGE THE CANADIAN PRESS Strong North American sales helped drive fourth-quarter results at Lululemon Athletica Inc., but the Vancouver-based retailer says its hopes for…
Continue Reading »

Bollywood

Canadian YouTube sensation Superwoman meets Bollywood’s ‘Dilwale’

IANS Mumbai – Indo-Canadian YouTube sensation Lilly Singh, famously known as Superwoman, met filmmaker Rohit Shetty and actor Varun Dhawan on the set of their…
Continue Reading »

Don't Miss...

Vancouver car sales

Planning to buy a new car? Check out what’s on offer at Like It Buy It Vancouver

POSTMEDIA NEWS Act fast to buy your dream car at a discount. A rare new Roush RS3 race car is on sale now for 25…
Continue Reading »

India-Vancouver Desi

Justin Bieber’s roast on Indian TV on Fools’ Day

IANS New Delhi – Singer Justin Bieber’s infamous ‘roast’, hosted by Kevin Hart, will hit Indian television on April 1, just months after the controversial…
Continue Reading »

messy custody battle-desi lingerie model

Jeremy Renner’s messy divorce from B.C. model gets messier as custody battle rages

VANCOUVER DESI A B.C. woman who was married to Hollywood actor Jeremy Renner is being accused of being a gold digger and blackmailer who has…
Continue Reading »

India-Canada-Vancouver Desi

Indian PM Narendra Modi to visit Vancouver, Toronto and Ottawa in April

VANCOUVER DESI Indian Prime Minister Narendra Modi is coming to Canada in April, Prime Minister Stephen Harper announced Wednesday. Modi will be visiting Toronto, Ottawa…
Continue Reading »

India marriage-abuse-prostitution-poverty

Indian child bride became a mother of three at age 14, was forced into prostitution by husband, then abondoned

HINDUSTAN TIMES She was barely 10 when her parents sold her off, became a mother of three by the age of 14 and was abandoned…
Continue Reading »


Bollywood Latest

Bollywood bride

Bollywood actress Anushka Sharma becomes a bride, not for Kohli but 7Up

IANS New Delhi – “Band Baaja Baaraat” actress Anushka Sharma, who was spotted at the India-Australia cricket match in Sydney on Thursday, had decked up…
Continue Reading »

Bollywood-Cricket

Bollywood filmmaker Ram Gopal Varma’s cricket bomb: I am sooooo happyyy India lost

HINDUSTAN TIMES We have an advice for filmmaker Ram Gopal Varma and it’s a simple one: Think before you tweet. Hot on the heels on…
Continue Reading »

Bollywood actor Salman Khan

Bollywood actor Salman Khan’s statement to be recorded in hit-and-run case

IANS Mumbai – Bollywood mega star Salman Khan will step into the witness box on Friday to record his statement on the 13-year-old hit-and-run case…
Continue Reading »