Did you hold off purchasing a home for whatever reason?
- Saving some more money for a down payment?
- Waiting for a raise at work?
- Exiting a rental agreement?
The average detached home in the Fraser Valley (Abbotsford all the way to North Delta) in the last calendar month, year over year, went up over 38.3% from May 2015 to May 2016.
Check out the infographic below.
The biggest question potential purchasers want to ask themselves is,"Is waiting really the best option?"
If you are saving for a down payment, can you save more in a year than the property's price is raising? Likely not...
The numbers are staggering and intimidating, yet the best thing you can do is know what is possible in your current situation. Have you talked to a bank or mortgage professional about financing? Have you spoke with your Realtor regarding a purchase? If not, now may be a good time to get pointed in the right direction.
Until next time,