“Vancouver and Victoria, especially, are posting near record unit sales this fall,” said Cameron Muir, BCREA Chief Economist.
With mortgage rates ranging from 3.89% to 4.29% for a 5 year fixed in the past 6 months there has been large consumer demand. Unit sales have increased by 20% from 2008 and there is a forecasted increase of another 8% in 2010.
Affordability constraints should help keep the home price inflation down even with the strong unit sales.
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If you have any questions about purchasing or refinancing while the rates are low, please contact me by email, phone or online application.
Chris