Vancouver Real Estate board overall
Single family houses sales for June totalled 924 with the average sale price of $1,061067. This 37% decrease in number of sales and a 12% decrease in average price over last year same time period (June) . Townhouse sales for June totalled 415 with an average sale price of $566,310. This is a 20% decrease in the number of sales and an increase of 2% in average price over the same time period last year (June). Condominiums June sales totalled 1026 with the average sale price of $433,841. This a 18% decrease in number of sales and decease of 2% in average price over the same time period last year (June).
Total of all types for June was 2365 sales with an average sale price of $702,142. This is a 27% decrease in number of sales and a 13% decrease in average price over June last year.
The volume of sales overall continues to decrease substantially over the same month of the previous year. The Vancouver Real Estate Board sales volume year to date is down by 20% and year to date average sales price is down 6%. The number of active listings is 22% higher this June compared to last June. Increased inventory and reduced demand has the Real Estate Board of Greater Vancouver stating that it now a BUYERS market.
Local Maple Ridge
Single family houses June sales totalled 93 with the average sale price of $491,049. This a 10% decrease in number of sales and a 1% increase in average price compared to June last year. Townhouse June sales totalled 36 with an average sale price $279,383. This is a 7% decrease in the number of sales and a 8% decrease in average price compared to last June. Condominiums June sales totalled 17 with the average sale price of $194,114. This no change in number of sales and a 1% decrease in price over last June.
Total of all types of sales for June was 146 with an average sale price of $404,283. This is a 13% decrease in number of sales and a 1% increase in average price over last June.
The number of properties on the market in Maple Ridge is similar to last year and our prices are virtually unchanged in the last 2 years. Negative news in regards mortgage terms and forecasts of declining prices in Vancouver, North Vancouver, Richmond, etc may put some downward pressure on our sale prices.
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Prime Rate remains stable at 3% with term variable rate mortgages at 2.8% - A $300,000 mortgage at 2.8% for 25 years is $1389 per month. The governments change from 30 year to 25year amortization maximum resulted in and increased monthly cost of $150 on this mortgage.
Some banks offering rates as low as 2.69% for 2 years and rates of 3.89 for 10 year terms.
** Note - The government implemented new financing rules as of July 9th 2012. CMHC will not insure a mortgage of 30 years. Most chartered banks will no longer offer a 30 year mortgage although some lenders may offer a 30 year option if you have more than 20% down.
On refinancing your mortgage without moving the maximum is now 80% of the value of your property. This is down from the previous 85% of the value of the property