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Condo sales grew in 2014, but is it sustainable?

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Real Estate Professional | 16 Jan 2015, 09:48 AM Agree 0
Condo sales in Canada’s major cities were up in 2014, but will sinking oil values and uncertainty surrounding mortgage rates finally pop the supposed condo bubble?
  • Mazaheri/Soo Team | 16 Jan 2015, 11:49 AM Agree 0
    If the numbers are accurate, there are still tens of thousands of people moving to BC annually. The vacancy rate is less than 1% for rentals, and although there are a few places available for sale in each market segment, the amount of buyers is greater. Rent is as high as it has ever been, which encourages first time home-buyers to enter the market. Even if rates rise .5% from current Approx. 2.99% Fixed, that`s still historically rock bottom. Variable rate is ``free $`` Right Now. If oil and other recent global news does finally take its toll on Vancouver, then I believe it will slow us down to a NORMAL market, as oppose to this faster market where ``well priced`` properties sell within a couple of weeks.

    For more info:

    Dave Haboosheh
    Mazaheri/Soo Team
    Coldwell Banker Prestige Realty
    M/S TEAM 20+ Years Experience
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