MARKET CHAT: JANUARY 2013

As we enter the new year, we look back at 2012 with great satisfaction. Despite the numerous news reports of a pending collapse of the Vancouver housing market, Polygon enjoyed another year of strong sales and welcomed over 1,000 new homeowners to our family. And while it is true that prices have softened, by all accounts, most real estate experts agree that the market has stabilized and we have experienced a “soft landing.”

Moving forward with confidence

On the heels of a slower fall market, the prospects of an active new home market this spring are promising. Great prices, low interest rates and a great selection of new homes gives homebuyers the advantage as we start the new year.

Polygon remains optimistic about the future of British Columbia and will begin construction on over 1,300 new homes in 2013. Our province led the country in job creation in 2012 and our economic performance exceeded that of all other provinces. A recovery in the U.S. housing market is sure to provide a boost to our economic prospects as our forestry industry ramps up production.

British Columbia continues to be a desirable destination for new Canadians and it is expected that upwards of 40,000 new immigrants will arrive in the year ahead. Many new residents will ultimately call the Greater Vancouver region home, providing further stability to the local new home market.

First-time buyers act now

There are many reasons to be positive about the market, particularly if you are a first-time homebuyer. Here are three special incentives that provide good reason for you to act quickly.

For starters, the government’s $10,000 First-Time New Home Buyers’ Bonus expires on March 31st of this year. In order to take advantage of this opportunity, you must purchase and close on a home by the end of March. Further details of the program can be found at our sales offices.

Secondly, interest rates remain at an all-time low and for quick closings, five-year mortgages offered at rates as low as 2.99%. Many economists are forecasting interest rates to rise later this year so do yourself a favour and secure these historically low borrowing rates!

Finally, with prices softening last fall, there are many great values being offered in the market today. For instance, at Polygon’s Red Maple Park in Langley, you can find a three bedroom townhome for only $329,900 or, in Coquitlam, you can find a two bedroom condominium at Tamarack for only $279,900. These represent some of the exceptional values that can be found in the market today!

The Polygon difference

More than 20,000 families across the Lower Mainland live in a Polygon home. From first-time buyers starting out, young families upsizing, or empty nesters contemplating retirement; more new homeowners in British Columbia start with Polygon.

Whether you are looking for the convenience of an urban apartment or the amenities found in a larger master-planned community – for whatever’s next in your life, start your search with Polygon.

Neil Chrystal
President and Chief Executive Officer
Polygon Homes Ltd.