What’s happening this week in the real estate market? Rising mortgage rates are expected to affect the primary homeowner’s market but the investment market is still hotter than ever. With 70% of primary home owners already locked in closer to 3%, they are not going to be motivated to make a move. Investors on the other hand are continuing to buy as the rental market is keeping up with the sales market so investment properties are still turning a profit. First time home buyers are still being encouraged to get into the market now before interest rates get any higher. Some good news in the new construction market is that the commerce department is expected to make significant cuts in taxes on Canadian lumber in order to lower costs of building new homes. Also February is historically the month when lumber prices peak, so we should see construction costs lowering into the Spring.
We’ve had 2 new listings this week; check them out here. There have been 16 condo sales and 12 home sales so far this year with a median sales price of $600,000 and $1,537,000 respectively.
I sent out my in-depth market update to everyone on my mailing list in January. If you would like to be included in my quarterly updates please reply with your current address and I’ll add you to my mailing list.
I’ve put together some information below that I think you’ll find useful. If you have anything you want to share with our community please let us know so that it can be included in future newsletters. We at the Zager Group are honored to continue to serve our community and are available if you have any questions or if we can provide you with any services, please feel free to reach out anytime. Thank you for the opportunity to serve you and for your continued trust and support!
