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Some Key Information for the First time Buyer's Loan Program

By now most of you will have heard that the British Columbia government is providing matching low interest loans to first time buyers. This is a remarkable opportunity for many that have been able to save but perhaps not have quite enough for a downpayment. Here are the details: 

To qualify, buyers must:

• Be buying their first home;
• Obtain a high-ratio, insured first mortgage for at least 80 per cent of the purchase price;  ...

Listening to the news these days one is led to believe that things are slowing down, but some perspective on the numbers locally shows very strong underlying demand. Despite a pace of sales which is about half of what we saw last year, two things stand out: First, despite a marginally increasing inventory, the sales vs. listings ratio continues to steadily climb towards a Seller's Market. This is resulting in steady price increases year over year with well over half our detached listings priced...

From our RE/MAX Oceanview Office:

The April statistics show our Spring market is in full bloom. There were 67 detached homes sold this past month. That’s an increase of 13% over March and the second busiest April in 10 years. The Benchmark Price – that is, the price of an average home in an average area – rose another 2.8% last month to $532,300. This is due mainly to fewer listings, which are down 25% from last year. 

Apartments and townhome sales totaled 23. That...