Correction

The media is reporting that the real estate market is slowing down however, no one seems to have told my clients that! The office has remained untraditionally busy through August and I am very happy about it. I do not disagree that we will likely see a correction in property prices. Most of the impact will be felt in Vancouver but, I am sure that the Fraser Valley will not be completely immune. I will not be surprised to see a correction of about 5% in home prices over the next 2 years. Following record high prices in the Lower Mainland, a correction in prices is necessary. That being said, if you are considering buying a home to live in, so long as you have a plan to be there for 4 or more years, now is still a great time to get into the market. Interest rates remain at record lows and whether you decide to rent or buy, you are paying a mortgage either way. It just depends on whether you want to pay your mortgage, or someone else's. Whether you are buying your first home or your 4th home, getting pre-approved before purchases helps to ensure you have the purchasing power you want and can get the payments that you need. Contact me today for a free consultation.