Ladies and gentlemen, we are seeing fantastic things happening for the potential purchaser thus far in 2015! Now may be the time for you to decide, commit and succeed! (one of my favourite mottos). 2015 could be the year you own your 1st home or your new home!
According to our friends in finance:
Lowest 5 year fixed rate on a mortgage is 2.69% and the lowest 5 year variable is PRIME - .85 which will now be 2.00%. I'm truly excited about it! I'm thinking of purchasing again myself!
In addition to fabulous interest rates for potential buyers, current market statistics favour buyers as well.
These stats, as reported by CMHC for our Eastern Region are as follows.
1. Sales to Active listing Ratio was 7.6% YTD (Buyers Market).
2. Average MLS sales price is $306, 060 which is up 3.4% when compared to January 2014.
3. There was 2182 Active Listings on the Market last month, up 22% compared to January 2014.
4. Unit sales for the month of January was 165 sales which is up 1.2% compared to January 2014.
It is always difficult to look at one month and establish a trend, however, from the image below we can see we have good demand (slightly higher than January 2014 with 165 sales) with higher Inventory levels.
I thought this to be great information to share with clients, potential customers and friends!
Have a great day everyone!