Vancouver Market Has Posted a Record Increase of 46.3% in September

Despite the doom and gloom reported in the media, the real estate market is far from flat! The Vancouver market has posted a record increase of 46.3% in September from the same month last year. While this may not seem important, it does have an impact on our market in Squamish, as more Vancouverites discover the easy lifestyle Squamish has to offer.

While this news is greeted with relief, the reason for the bounce back is varied. Industry experts believe low mortgage rates remain a primary factor and buyers who previously shied away from purchasing, are now adjusting to the stress test parameters. Still others believe shared equity mortgages (SEMs) may have influenced first time buyers back into the market. SEMs, which came into effect in September, provide a first time home buyer with up to 10% of the purchase price for an equity stake in the property, thus reducing monthly mortgage payments.