Ben Truscott Real Estate Report - October 2020
Even as we head in to November, the real estate market continues to show no signs of slowing down.
With 32% less listings on the market than there was pre-COVID, but 61% more sales thanks to increasingly low interest rates, we are seeing a strong Seller's Market.
Listings are often receiving multiple offers within the first day because buyers are still out there patiently waiting for the right home to be listed.
Nearly every type of home is selling for record high prices right now. If you are thinking of selling, this is one of the safest times to do so.
It is definitely a competitive market for Buyers right now but with the help of an experienced Realtor it is still possible to get it done! One of the advantages to working with a real estate agent is that you have the chance to get in to a listing before it even hits the market so you can beat the rush and avoid getting in bidding wars with several other buyers.
The Bank of Canada has stated they intend to keep interest rates low until at least 2023 so it's a safe bet that this activity will keep up for a couple years and prices will rise.
If you're thinking of buying a home for the first time, or up-sizing out of your condo or townhome, this could be the best opportunity you get!
Call or text me at 604-798-3960 if you have any questions.
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