September 2018 Market Update

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View this email in your browser Home buyers continue to be less active as we move into the fall Hey Friends! Home buyers have continued to be less active as we move into the fall, thus edging home prices down for all property types! Home sales in August 2018 have seen a -37% decrease from the previous year in August of 2017. The reasons why the market has cooled off from last year include the rising interest rates, high home prices and government intervention (Mortgage Stress Test). The stress test was implemented to see if buyers could handle the current rising interest rates. With the mortgage stress test, the amount buyers could qualify for is significantly less. At least 18.5% less of what they would normally qualify for before the stress test was implemented. It is more difficult today for buyers to enter the market.    Total Active Listings on the Market for the past few years Source: Real Estate Board of Greater Vancouver Looking for Statistics in your area? Shoot me an email and I'll send you a comprehensive stats package on homes in your area. Thinking about Selling your home? Receive a FREE Comparative Market Evaluation Buying a home? View my FREE Services View my recent blogs For all your Real Estate needs, Jerome Susi Real Estate Agent Team 3000 Realty Ltd.  M: 604-500-5326 E: jerome.susi@gmail.com Share Tweet Forward Copyright © *|CURRENT_YEAR|* Team 3000 Realty Ltd., All rights reserved. *|IFNOT:ARCHIVE_PAGE|* *|LIST:DESCRIPTION|* Our mailing address is: 306 - 6321 King George Blvd Surrey, BC V3X 1G1 Want to change how you receive these emails? You can update your preferences or unsubscribe from this list. *|IF:REWARDS|* *|HTML:REWARDS|* *|END:IF|* This communication is not intended to cause or induce a breach in an existing agency agreement.