It seems that all the doom and gloom about the current economic downturn hasn’t dampened consumer demand for residential properties. Every day I see yet another article discussing how housing sales are booming due to low interest rates. Traditionally, November isn’t the busiest month in the real estate market but this whole economic crisis seems to have changed all the rules.
Last month saw the Metro Vancouver area’s third busiest November ever. The Real Estate Board of Greater Vancouver reported that 3,083 sales were made through the Multiple Listing Service, a 12.4 per cent increase from last November.
It’s not only first time homebuyers taking advantage of the low rates, but established homeowners who are interested in upsizing their houses for roughly the same monthly mortgage payment.
Of course, it’s important to realize that by the time those mortgages terms are up interest rates may have dramatically risen. It’ll be interesting to see which direction housing sales figures take by November 2010.
