The lower mainland British Columbia real estate market erupted with increased sales volumes across the region in February 2011.
One of the factors in the sales spike is certainly the rush to purchase properties prior to the upcoming changes in Canadian mortgage rules coming into effect on March 18, 2011. However, this is not entirely the same case across the region.
Home sales in the Fraser Valley surged up by 53.36% in February hitting 1,279 units, the highest level in the past eight months.
Sukh Sidhu, President of the Fraser Valley Real Estate Board said, “We think one of the drivers is the change in mortgage rules that is coming up on March 18. Some clients have asked that their sale complete before that date.”
A similar yet dynamically different story is playing out in the Greater Vancouver real estate market. Sales rose by what some are calling a “stunning figure” with an increase of 70.26% in February 2011 sales.
Greater Vancouver home sales rose to 3,097 sales in February, the highest level since April 2010 propelled by “red hot” real estate markets in Richmond and Vancouver’s west side.
Just how hot is the “sellers market” in Vancouver right now?
Here are six examples of recent sales in Vancouver west side that demonstrate just “how hot” certain segments of the Greater Vancouver real estate market have been in February 2011.
One of the factors in the sales spike is certainly the rush to purchase properties prior to the upcoming changes in Canadian mortgage rules coming into effect on March 18, 2011. However, this is not entirely the same case across the region.
Home sales in the Fraser Valley surged up by 53.36% in February hitting 1,279 units, the highest level in the past eight months.
Sukh Sidhu, President of the Fraser Valley Real Estate Board said, “We think one of the drivers is the change in mortgage rules that is coming up on March 18. Some clients have asked that their sale complete before that date.”
A similar yet dynamically different story is playing out in the Greater Vancouver real estate market. Sales rose by what some are calling a “stunning figure” with an increase of 70.26% in February 2011 sales.
Greater Vancouver home sales rose to 3,097 sales in February, the highest level since April 2010 propelled by “red hot” real estate markets in Richmond and Vancouver’s west side.
Just how hot is the “sellers market” in Vancouver right now?
Here are six examples of recent sales in Vancouver west side that demonstrate just “how hot” certain segments of the Greater Vancouver real estate market have been in February 2011.
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