Vancouver, just like Toronto, remained one for the hottest market for a long time. Now, with the stricter rules in effect, affordability has become a major issue and that is why sales are declining.
Vancouver, British Columbia (PRWEB) August 16, 2012
Marcus Arkan, renowned mortgage expert and CEO of Syndicate mortgages has recently shared an in-depth overview of current housing market conditions and prices in the province of British Columbia. Mr. Arkan is hopeful that his analysis will help people in making the right decision regarding buying and selling of homes in the region.
According to Troy Media, one of the most credible news sources in this aspect, July was not a very favorable month for British Columbia. The sales were down and this has also lead to a slow and currently insignificant price decline. According to this report, the trend has remained same in major cities including Vancouver.
Mr. Marcus Arkan is of the opinion that the recent situation is the consequence of the latest mortgage rules effective from July. He said, “Vancouver, just like Toronto, remained one for the hottest market for a long time. Now, with the stricter rules in effect, affordability has become a major issue and that is why sales are declining.”
According to the Real Estate Board of Greater Vancouver, the region is still stuck in 10 year lows in terms of sales. The Board reported that the July sales have dropped 11.2 percent from July. In terms of price, the Board revealed a significant increase compared to prices a year ago. However, as compared to June, housing prices dropped 0.7 percent.
Despite the new mortgage rule, however, Mr. Arkan pointed out that the mortgage rates are still fairly low in British Columbia and the employment rate is also high. This, according to him, might help in bringing back customer confidence. “There are plenty of positive signals we still receive from the British Columbia housing market,” he added.
Mr. Arkan said that his analysis does not overlook the fact that the employment rate has received a significant blow in July. According to Statistics Canada, unemployment rate reached 7% in just one month. However, Mr. Arkan completely agrees with analysts at Statistics Canada who consider this a monthly anomaly more than anything.
Comparing Vancouver situation with Toronto, Mr. Arkan said that both the markets are now cooling down as a result of new mortgage policy. He highlighted one for the major advantages of Vancouver market over the Toronto Market. He said, “While Toronto’s condo market is feared to face a supply-demand situation soon enough, sales-to-active-listing ratio remained favorable for Vancouver at 11.6 percent.”
About Syndicate Mortgages Inc.
Syndicate Mortgages Inc. is one of the leading Canadian mortgage brokerage firms. Founded in 2008 in Ontario, the company specializes in residential, commercial and construction financing across Canada. With years of experience and expertise in the mortgage industry, and access to an array of lending institutions across Canada, Syndicate is known for finding the best mortgage rates for their customers. Syndicate has branch locations across Canada. For contact, please use the following details.
Syndicate Mortgages Inc.
Toll Free: (888) 646-1062
Email: info (at) smibroker (dot) com