I hear the "coulda - woulda - shoulda" phrase from clients often. The time to buy is now. There is a very good selection available. Prices have come down dramatically since 2008, and have stayed down. It's hard to say for how much longer. If you are in a position to make your move, I recommend you do not sit on the sidelines for much longer. Interest rates really don't have much of an effect here as most retirees buy with cash. As the rates are so low, some do still borrow for buying real estate and then invest their other available equity elsewhere. The weather has warmed up at last and people have come out of hibernation. I am quite busy as of early April. The real estate market is taking off...Call Tom soon, or you too could be saying...
The following article from the BC Real Estate Association's Chief Economist is particularly relevant at the end of the first quarter in 2013 and leading into the busy Spring real estate season.
BCREA ECONOMICS NOW - Bank of
The Bank of Canada left its overnight rate unchanged at 1 per cent for the 13th consecutive meeting. In the statement accompanying the decision the Bank noted that economic momentum in Canada is slightly firmer than the Bank had forecast in January and that economic headwinds from the US and Europe have abated somewhat. However, the Bank still judges the continued accumulation of debt by Canadian households to be the biggest domestic risk facing the economy. The Bank further noted that the degree of economic slack has been smaller than anticipated in January and that the economy is now expected to return to full capacity in the first half of 2013. Given a more rapid return to full capacity, we may see rate increases sooner than the mid-2013 date that most economists have penciled in. Indeed, the Bank sounded a more hawkish note in concluding their statement on the interest rate decision, citing that a modest withdrawal of monetary stimulus may become appropriate given firmer underlying inflation. However, the Bank was careful to condition that any withdrawal of stimulus would need to be balanced against domestic and global economic developments. Our bias, and our modeling, still point to rates remaining at 1 per cent until the first quarter of 2013. However, expectations of an increasingly hawkish Bank of Canada may start to get priced into long-term interest rates which could push mortgage rates higher in coming months.
For those who are thinking about buying a property, do not stay on the sidelines too long - the tide of good buys and very low interest rates may be about to change!
And a hearty THANK YOU to all my past clients! Remember, I am never too busy for the referral of your friends and family for their real estate needs.