As we approach the end of 2010 it's interesting to take a look at BC's real estate market; where we are and where we have come from...
BC MLS Sales
Now: here we are in late December 2010 and it looks as though we are at roughly 6000 units.
December 2009: from the chart below looks like BC was setting records at about 9000 units.
Trend: 2011 should bring a continuation of increased market activity.
Posted 1 and 5 year mortgage rates
Now: approaching 2010 we are seeing posted rates for 5-year around 5.5% and 1-year under 3.5% - in both cases close to historic lows. However, perhaps the biggest change has been the qualification process - it's tougher now to qualify for the best rates.
December 2009: rates were a bit higher in both cases; the 1-year was hovering closer to 3.75%.
Trend: rates are rising? - see http://www.canadianmortgagetrends.com/canadian_mortgage_trends/interest_rate_direction/
Sellers or Buyers Market?
From the chart below, the grey band indicates a 'balanced' market - good for Sellers and Buyers alike. Looks like we are headed for just that in 2011.
Let 2011 be a great year for all!
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