Indo-Canadian Voice Realty - Feb 15 2020

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Saturday, Feb 15, 2020

Volume 29 Number 7

Phone: 604-502-6100

Fax: 604-501-6111 Email: voicerealtyads@gmail.com

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Housing starts in Canada slowed in December, Canadian real estate group says BC Housing Markets Off to a Strong Start in 2020

Vancouver, BC â&#x20AC;&#x201C; February 13, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 4,426 residential unit sales were recorded by the Multiple Listing ServiceÂŽ (MLSÂŽ) in January 2020, an increase of 23.7 per cent from the 3,579 units sold in January 2019. The average MLSÂŽ residential price in BC was $725,370, a 9.1 per cent increase from $664,633 recorded the previous year. Total sales dollar volume in January was $3.2 billion, a 35 per cent increase over 2019. â&#x20AC;&#x153;Housing markets in BC are off to a strong start in 2020,â&#x20AC;? said BCREA Chief Economist Brendon Ogmundson. â&#x20AC;&#x153;We expect a much more typical year of home sales in 2020 as markets recover from the policy-induced slowdown of the past two years.â&#x20AC;?

cent from just 12.1 per cent last January. â&#x20AC;&#x153;While many markets are showing strong signs of recovery, the struggling forestry sec-

tor is having a clear impact on housing demand, particularly in the North and parts of Vancouver Island,â&#x20AC;? added Ogmundson.

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Total MLSÂŽ residential active listings fell 12.6

per cent to 25,790 units compared to the same month last year. The ratio of sales to active residential listings increased to 17.2 per

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Indo-Canadian Voice Saturday, Feb. 15, 2020

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Saturday, Feb. 15, 2020

Indo-Canadian Voice

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Indo-Canadian Voice

Saturday, Feb. 15, 2020

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Mini-mortgage refinance boom continues as coronavirus keeps rates low Refinance demand drove the volume, rising 5% for the week and a remarkable 207% compared with the same week one year ago.

Mortgage rates stopped falling this week, and could move higher if coronavirus fears calm.

GS: Realtor and prospective buyer for house 090602 A real estate agent shows a home to a prospective buyer in Miami.

Mortgage lenders were busy last week, but mostly with current homeowners looking to take advantage of low mortgage rates. Total mortgage application volume increased 1.1% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

Refinance demand drove the volume, rising 5% for the week and a remarkable 207% compared with the same week one year ago.

Mortgage rates began falling about a month ago, as fears of the coronavirus hit financial markets. Mortgage rates loosely follow the yield of the 10-year Treasury. Rates are hovering around a three-year low, sparking an unexpected refinance boom.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($510,400 or less) increased to 3.72% from 3.71%, with points remaining unchanged at 0.28

(including the origination fee) for loans with a 20% down payment.

“The mortgage market continues to be active in early 2020, as applications increased for the third straight week. Rates also rose, but still remained close to their lowest levels since October 2016,” said Joel Kan, an MBA economist. “The refinance index climbed to its highest level since June 2013, and refinance loan sizes also increased as a result of an active jumbo lending market.”

Low mortgage rates spark refinance boom Mortgage applications to purchase a home fell 6% for the week but were 16% higher compared with the same week one year ago.

Buyer demand surged early this year, thanks to fierce competition for a record low supply of homes for sale. Price gains have begun to accelerate, so some started their search early, hoping to get in before the busy spring market. The lack of affordable homes available, however, is clearly keeping some buyers on the sidelines. The comparison to a

year ago is large, but mostly because mortgage rates were about a full percentage point higher a year ago.

Sales should be even more robust now, but the tight inventory is holding them back.

“Last month was the strongest January for purchase applications since 2009, which is perhaps a sign that mild weather brought out prospective buyers earlier than normal,” added Kan. Mortgage rates stopped falling this week, and could move higher if coronavirus fears calm.

“Given that Chinese equities markets are already indicating the financial market psyche has shifted, it may only be a matter of time before US bond markets (which dictate mortgage rates) follow suit,” wrote Matthew Graham, chief operating officer at Mortgage News Daily. “If we assume that bond yields (aka rates) are only as low as they are because of coronavirus, any additional recovery in Chinese equities would likely coincide with upward pressure for interest rates.”

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Saturday, Feb. 15, 2020

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Our unique products cater to those borrowers who do not t into today's conventional nancing box, to multimillion-dollar commercial and construction loans. Our focus is deliverying fast & easy access to money, even to the most challenging of cases.

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Saturday, Feb. 15, 2020

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OFFICE SPACE FOR LEASE FURNISHED OR UNFURNISHED GROUND FLOOR LEVEL 4 Good size offices, Big 10 Chairs Board room and Nice reception area for rent on 120th Street and 93A Avenue.

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Saturday, Feb. 15, 2020

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Saturday, Feb. 15, 2020

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Traditions Begin at Home Bake cookies together, help with homework, plant your own kitchen garden and watch it grow â&#x20AC;&#x201D; create your own traditions at Townsend. Enjoy the convenience of great commuter routes, the YMCA and more than 30 vibrant shops, restaurants and grocery stores all just down the block. The exceptional accessibility means you can spend time on the things that matter.

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