September 08, 2014
This summer was a busy one for the local real estate market. The brilliant sunny weather put people in the homebuying mood with many choosing to make a move to a new home. The Vancouver Real Estate Board reported that for the 16th consecutive month, sales on MLS increased year over year and, at Polygon, we recorded one of our best summer sales periods on record!
As a result, we sold out of several communities over the summer months, including Harvest in Abbotsford, Moda in Burnaby, and Carrera in Richmond. We’d like to welcome these newest homeowners to the Polygon family!
Interest Rates Remain Low
We’ve continued to enjoy a long period of historically low interest rates that have created tremendous homebuying opportunities. As economies around the world begin to show signs of improvement, it won’t be long before there is upward pressure on interest rates so it is important to take advantage of today’s low rates while you can.
When rates do eventually increase, it will affect people’s buying power. For example, on a $350,000 mortgage with a 10% down payment and a five-year mortgage at 2.99%, today’s monthly payments are $1,654. If rates go up by just half a point, those payments will increase by almost $100 a month! Buying a new home today will save you money in the long run.
Bank of Mom and Dad
Continued low interest rates mean that we see a lot of first time buyers in Polygon sales offices and we love assisting them in making that first move into homeownership. A recent trend we’ve noticed is that parents are bringing their adult children to us! They want to see their children financially stable and owning real estate is part of that equation.
Whether it’s assisting with the down payment, helping clear credit card debt so mortgage financing can be attained or even adding themselves to the home’s title, many parents today are stepping forward to help their children make the biggest purchase of their lives. Our experienced Polygon staff are ready to help guide first-time buyers and their parents with the homebuying process and several of the communities outlined below are ideal for those starting out.
An Investment in Your Future
Vancouver was once again voted by The Economist as the world’s third most liveable city and is the top Canadian city on the list. People from all over the world want to live here and British Columbia is expected to receive upwards of 40,000 new immigrants annually.
With both interest rates and vacancy rates remaining low in Metro Vancouver, many wise investors are diversifying their portfolios to include real estate. Over the last five years, the average house price in Vancouver has increased by 32% and over 10 years, the increase has been an astounding 109%!
These figures highlight how strong demand for housing in our province is and reinforces the benefits of investing in real estate.
So far this year, over 800 families have made the move to a Polygon home! From first-time buyers starting out, to young families upsizing, or empty nesters contemplating retirement, more homeowners in British Columbia start with a Polygon home.
Going forward, we are excited about the future as we continue to welcome new homeowners to our current communities and launch several new communities for sale this fall. Whether you’re looking for the convenience of an urban apartment or the amenities found in a larger master-planned community, start your search with Polygon!