The Spring market is heating up in some price ranges, but the Vancouver Island Real Estate Board (VIREB) reports that the Guideline B-20 mortgage stress test is preventing some potential buyers from entering the market. Millennials are taking the stress test hit the hardest. View the latest VIREB release here:
We are in a transitional phase, moving from a sellers market to a buyers market in some pricing categories. Please be aware that this is not the rule across the board. Prices are variable and the desire for the right home, even at a higher than expected price, is still possible in today’s marketplace.
The most important thing to realize is that experience, market savvy and a sound professional opinion from a real estate agent, one that monitors the market extensively, is the best route to take in the world of real estate. This applies to both buyers and sellers.
Contact me today to discuss the current market and lets see how you fit in, whether buying or selling. I look forward to meeting you!