Sales🔽 : 25.6% decrease compared from March 2022, and and 34.1% decrease from April 2021. Last month’s sales were 1.5% above the 10-year April sales average.
Inventories🔽 : 8.5% decrease compared to March 2022 (6673) and a 23.1% decrease compared to March 2021 (7938).
Price 🔼: Benchmark price for all residential properties in Metro Vancouver is currently $1,374,500. This represents a 1% increase over March 2022 and 18.9 increase compared to April 2021.
We had a slow month with multiple rate hikes. The price has stopped going up for sure but the decent properties are still selling for high prices. What we recommended clients to do now, is to refinance your property when the prices are still high. Refinancing your property does not necessarily mean you need to buy another property, it is more for a rainy day. (Or a downpayment towards your investment property would be a smart way) Banks can access up to 70 -80% of your home equity. A simple calculation is as follows. A quick example, the accessible equity in your home is 80% of the home’s value, less the current mortgage amount. So if your home is worth $1,600,000, and your current mortgage amount is $600,000, the calculation is:
|(Home value x 80%) – Mortgage Amount|
|$1,600,000 x 80% = $1,280,000 $1,280,000 – $600,000 = $680,000|
Income, assets and debts are factors banks will look into. There are no payments required if you don’t use it. There are some fees such as legal fees, bank registration fees etc associated. Some things to consider when the real estate prices are high. Any details please refer to your mortgage specialist.