The Vancouver Real Estate appraisals has remained strong despite the meltdown of our neighbours to the south. Thanks to a more closely guarded banking method, Canada has been able to slide through the mess comparatively unharmed. The query is: now that the Olympics games are over for Vancouver, will the much anticipated financial hangover start?
With the current strength in the Vancouver Real Estate market matched with historically low mortgage rates to go with it, would say "how could they possibly be headed for a meltdown"? Current stock is low which is again sending Real Estate transactions in to multiple offer situations with Although the latter is for a specific product in a couple of choice neighbourhoods it still has happened. The potential for a bubble is definitely there but not on a broad scale. surrey property assessment It looks more like the micro-markets of Vancouver Real Estate that are getting far ahead of themselves are at the most risk for a bubble.
The Vancouver condo & townhouse market has seen growth over the past year at a pace that has all the right conditions to stay sustainable. 1st-time buyers are usually the demographic in this section & are taking advantage of the low mortgage rates. With the recent changes imposed by the Canadian Government on mortgage lending, they ought to have a tiny more of a cushion against an overall bubble. Another safeguard was to lower the amount of equity could withdraw from their home for refinancing purposes from 95% to 90% of the appraised value. In the case of a market retraction this would give a tiny more cushion for those who are spending close to what their home is worth. Surrey property appraiser
Although there's some challenges ahead the future still looks bright & promising for the Vancouver Real Estate market. Some lessons have been learned that in hindsight ought to help the City & Country avoid the same mess the U.S. got themselves in to. There will be, although, pockets of bubbles where ignorance is driving people in to frenzied purchasing & driving prices to unsustainable levels. On a broad scale the city's actual estate market will see slow growth through the remainder of 2010 with a moderate increase going in to 2011.
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