Our real estate market goes up and down as well, but many feel that it is a much safer and more stable investment than equities. A revenue property may be a great option for you. We would be happy to discuss various options with you - just give us a call.
Today we are seeing five year mortgage rates as low as 3.29%. Check with your mortgage broker for details!
Another week goes by and the inventory of houses and condos has dropped again. Inventory has been higher than a healthy level, so this is good news for all as it will increase the stability of the market. At the same time, we continue to see prices oscillate up and down on weekly basis. Simply put, prices seem to be stabilizing after several months of sliding downwards. It is hard to see the bottom of any market until it has passed, but if you are waiting for the opportune time to buy, that time may be now before shrinking inventory starts to push pricing upwards.
Over the last 30 days, 243 single family houses were sold, up by 15 houses from last week. The median price is down $250 to $539,500. The average house was on the market for 49 days.
In the same time period, 137 condos were sold, down by 10 condos from last week. The median price is down $2,500 to $285,000. The average condo was on the market for 47 days.
There are now 1,963 houses for sale, down by 41 from last week. Condo inventory has fallen by 8 to 981 suites.